ePlus (PLUS) 10-Q 3 Feb 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2016	Jan. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	EPLUS INC
Entity Central Index Key	1,022,408
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,080,655
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 69,677	$ 94,766
Accounts receivable-trade, net	297,460	234,628
Accounts receivable-other, net	34,183	41,771
Inventories-net	111,076	33,343
Financing receivables-net, current	65,945	56,448
Deferred costs	6,418	6,371
Other current assets	4,035	10,649
Total current assets	588,794	477,976
Financing receivables and operating leases - net	74,490	75,906
Property, equipment and other assets	11,704	8,644
Goodwill and other intangible assets - net	61,690	54,154
TOTAL ASSETS	736,678	616,680
Current liabilities:
Accounts payable	121,562	76,780
Accounts payable-floor plan	120,854	121,893
Salaries and commissions payable	17,412	14,981
Deferred revenue	63,665	18,344
Recourse notes payable - current	1,605	2,288
Non-recourse notes payable - current	41,785	26,042
Other current liabilities	15,842	13,118
Total current liabilities	382,725	273,446
Recourse notes payable - long term	0	1,054
Non-recourse notes payable - long term	10,608	18,038
Deferred tax liability - net	3,075	3,001
Other liabilities	6,475	2,263
TOTAL LIABILITIES	402,883	297,802
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' EQUITY
Preferred stock, $.01 per share par value; 2,000 shares authorized; none issued or outstanding	0	0
Common stock, $.01 per share par value; 25,000 shares authorized; 13,310 issued and 7,080 outstanding at December 31, 2016 and 13,237 issued and 7,365 outstanding at March 31, 2016	133	132
Additional paid-in capital	122,031	117,511
Treasury stock, at cost, 6,230 and 5,872 shares at December 31, 2016 and March 31, 2016, respectively	(158,948)	(129,518)
Retained earnings	371,290	331,224
Accumulated other comprehensive income - foreign currency translation adjustment	(711)	(471)
Total Stockholders' Equity	333,795	318,878
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 736,678	$ 616,680

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2016	Mar. 31, 2016
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	25,000	25,000
Common stock, shares issued (in shares)	13,310	13,237
Common stock, shares outstanding (in shares)	7,080	7,365
Treasury stock, shares (in shares)	6,230	5,872

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 326,657	$ 298,644	$ 996,622	$ 904,796
Cost of sales	252,871	234,584	773,239	709,685
Gross profit	73,786	64,060	223,383	195,111
Professional and other fees	1,397	1,882	4,918	4,913
Salaries and benefits	42,385	37,372	124,479	108,326
General and administrative expenses	6,378	5,434	20,424	17,390
Depreciation and amortization	1,910	1,331	5,408	3,739
Interest and financing costs	409	396	1,158	1,371
Operating expenses	52,479	46,415	156,387	135,739
Operating income	21,307	17,645	66,996	59,372
Other income	0	0	380	0
Earnings before tax	21,307	17,645	67,376	59,372
Provision for income taxes	8,687	7,348	27,310	24,582
Net earnings	$ 12,620	$ 10,297	$ 40,066	$ 34,790
Net earnings per common share-basic (in dollars per share)	$ 1.83	$ 1.41	$ 5.77	$ 4.79
Net earnings per common share-diluted (in dollars per share)	$ 1.81	$ 1.40	$ 5.71	$ 4.74
Weighted average common shares outstanding-basic (in shares)	6,896	7,280	6,946	7,260
Weighted average common shares outstanding-diluted (in shares)	6,960	7,329	7,013	7,336

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
NET EARNINGS	$ 12,620	$ 10,297	$ 40,066	$ 34,790
OTHER COMPREHENSIVE INCOME, NET OF TAX:
Foreign currency translation adjustments	(145)	(139)	(240)	(273)
Other comprehensive income (loss)	(145)	(139)	(240)	(273)
TOTAL COMPREHENSIVE INCOME	$ 12,475	$ 10,158	$ 39,826	$ 34,517

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash Flows From Operating Activities:
Net earnings	$ 40,066	$ 34,790
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	8,758	13,020
Reserve for credit losses, inventory obsolescence and sales returns	926	(91)
Share-based compensation expense	4,520	4,210
Deferred taxes	89	0
Payments from lessees directly to lenders-operating leases	(1,831)	(3,587)
Gain on disposal of property, equipment and operating lease equipment	(3,742)	(2,621)
Gain on sale of financing receivables	(3,968)	(5,439)
Other	227	224
Changes in:
Accounts receivable - trade	(57,732)	(31,692)
Accounts receivable - other	(4,232)	(1,176)
Inventories	(77,422)	(5,643)
Financing receivables - net	17,797	(10,670)
Deferred costs, other intangible assets and other assets	1,838	5,888
Accounts payable	53,208	(5,912)
Salaries and commissions payable, deferred revenue and other liabilities	51,200	(9,018)
Net provided by (cash used) in operating activities	29,702	(17,717)
Cash Flows From Investing Activities:
Proceeds from sale of property, equipment and operating lease equipment	6,380	5,349
Purchases of property, equipment and operating lease equipment	(7,300)	(17,008)
Purchases of assets to be leased or financed	(5,897)	(10,828)
Issuance of financing receivables	(114,671)	(102,612)
Repayments of financing receivables	44,091	49,230
Proceeds from sale of financing receivables	39,857	48,174
Cash used in acquisitions, net of cash acquired	(9,500)	(16,649)
Net cash used in investing activities	(47,040)	(44,344)
Cash Flows From Financing Activities:
Borrowings of non-recourse and recourse notes payable	34,020	27,865
Repayments of non-recourse and recourse notes payable	(5,412)	(254)
Repurchase of common stock	(30,493)	(2,475)
Dividends paid	0	(80)
Payments of contingent consideration	(718)	(1,158)
Net borrowings (repayments) on floor plan facility	(5,602)	28,581
Net cash provided by (used in) financing activities	(8,205)	52,479
Effect of exchange rate changes on cash	454	(26)
Net Decrease in Cash and Cash Equivalents	(25,089)	(9,608)
Cash and Cash Equivalents, Beginning of Period	94,766	76,175
Cash and Cash Equivalents, End of Period	69,677	66,567
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	38	65
Cash paid for income taxes	23,381	26,463
Investing Activities
Proceeds from sale of property, equipment, and operating lease equipment	429	7,993
Purchase of property, equipment, and operating lease equipment	(2,442)	(11,985)
Purchase of assets to be leased or financed	(12,700)	(8,554)
Issuance of financing receivables	(110,120)	(91,022)
Repayment of financing receivables	16,454	12,357
Proceeds from sale of financing receivables	104,430	75,584
Financing Activities
Borrowing of non-recourse and recourse notes payable	33,651	42,840
Repayments of non-recourse and recourse notes payable	(20,438)	(22,292)
Vesting of share-based compensation	$ 7,982	$ 7,743

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Dec. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Mar. 31, 2016	$ 132	$ 117,511	$ (129,518)	$ 331,224	$ (471)	$ 318,878
Balance (in shares) at Mar. 31, 2016	7,365					7,365
Issuance of restricted stock awards	$ 1	0	0	0	0	$ 1
Issuance of restricted stock awards (in shares)	73
Share-based compensation	$ 0	4,520	0	0	0	4,520
Share-based compensation (in shares)	0
Repurchase of common stock	$ 0	0	(29,430)	0	0	(29,430)
Repurchase of common stock (in shares)	(358)
Net earnings	$ 0	0	0	40,066	0	40,066
Foreign currency translation adjustment	0	0	0	0	(240)	(240)
Balance at Dec. 31, 2016	$ 133	$ 122,031	$ (158,948)	$ 371,290	$ (711)	$ 333,795
Balance (in shares) at Dec. 31, 2016	7,080					7,080

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2016
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS — Our company was founded in 1990 and is a Delaware corporation. ePlus inc. is sometimes referred to in this Quarterly Report on Form 10-Q as "we," "our," "us," "ourselves," or "ePlus." ePlus inc. is a holding company that through its subsidiaries provides information technology solutions which enable organizations to optimize their IT environment and supply chain processes. We also provide consulting, professional and managed services and complete lifecycle management services including flexible financing solutions. We focus on middle market and large enterprises in North America and the United Kingdom. BASIS OF PRESENTATION — The consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition. INTERIM FINANCIAL STATEMENTS — The unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2016 and 2015 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for such periods. Operating results for the three and nine months ended December 31, 2016 and 2015 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2017 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2016 (“2016 Financial Statements”), which should be read in conjunction with these interim condensed consolidated financial statements. USE OF ESTIMATES — The notes to the consolidated financial statements contained in the 2016 Financial Statements include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the nine months ended December 31, 2016. DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third party costs associated with deferred revenue arrangements. Deferred revenue includes payments received from customers in advance of delivering equipment and software or performing professional, managed and hosting services and amounts deferred when any of the other revenue recognition criteria have not been met. At December 31, 2016, total deferred costs and revenues were $9.4 million and $67.3 million, respectively, compared to $8.2 million and $20.2 million, respectively, as of March 31, 2016. The increase in deferred revenue is primarily due to prepayments by a customer for equipment that we expect to deliver in the next three to six months. CONCENTRATIONS OF RISK — A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett Packard Enterprise (“HPE”), and NetApp products, which represented approximately 45%, 6% and 6% and 49%, 6% and 5%, respectively, for the three and nine months ended December 31, 2016. Sales of Cisco Systems, Hewlett Packard (“HP”), and NetApp products represented approximately 48%, 6%, and 7%, and 49%, 8%, and 5%, respectively, for the three and nine months ended December 31, 2015. Any changes in our vendors’ ability to provide products or incentive programs could have a material adverse effect on our business, results of operations and financial condition.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Dec. 31, 2016
RECENTLY ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Stock Compensation RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In February 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

FINANCING RECEIVABLES AND OPERA

FINANCING RECEIVABLES AND OPERATING LEASES	9 Months Ended
	Dec. 31, 2016
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
FINANCING RECEIVABLES AND OPERATING LEASES	3. FINANCING RECEIVABLES AND OPERATING LEASES Our financing receivables and operating leases consist of assets that we finance for our customers, which we manage as a portfolio of investments. Equipment financed for our customers is accounted for as investments in direct financing, sales-type or operating leases in accordance with Accounting Standards Codification (“ASC”) Topic 840, Leases FINANCING RECEIVABLES—NET Our financing receivables, net consist of the following (in thousands): December 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 53,167 $ 71,343 $ 124,510 Estimated unguaranteed residual value (1) - 18,069 18,069 Initial direct costs, net of amortization (2) 465 518 983 Unearned income - (7,017 ) (7,017 ) Reserve for credit losses (3) (3,508 ) (778 ) (4,286 ) Total, net $ 50,124 $ 82,135 $ 132,259 Reported as: Current $ 32,269 $ 33,676 $ 65,945 Long-term 17,855 48,459 66,314 Total, net $ 50,124 $ 82,135 $ 132,259 (1) Includes estimated unguaranteed residual values of $11,932 thousand for direct financing leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $665 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 44,442 $ 66,303 $ 110,745 Estimated unguaranteed residual value (1) - 12,693 12,693 Initial direct costs, net of amortization (2) 312 475 787 Unearned income - (5,543 ) (5,543 ) Reserve for credit losses (3) (3,381 ) (685 ) (4,066 ) Total, net $ 41,373 $ 73,243 $ 114,616 Reported as: Current $ 24,962 $ 31,486 $ 56,448 Long-term 16,411 41,757 58,168 Total, net $ 41,373 $ 73,243 $ 114,616 (1) Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $612 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” OPERATING LEASES—NET Operating leases—net represents leases that do not qualify as direct financing leases. The components of the operating leases—net are as follows (in thousands): December 31, 2016 March 31, 2016 Cost of equipment under operating leases $ 17,062 $ 36,635 Accumulated depreciation (8,886 ) (18,897 ) Investment in operating lease equipment—net (1) $ 8,176 $ 17,738 (1) These totals include estimated unguaranteed residual values of $928 thousand and $3,417 thousand as of December 31, 2016 and March 31, 2016, respectively. TRANSFERS OF FINANCIAL ASSETS We enter into arrangements to transfer the contractual payments due under financing receivables and operating lease agreements, which are accounted for as sales or secured borrowings in accordance with Codification Topic 860, Transfers and Servicing For transfers accounted for as sales, we derecognize the carrying value of the asset transferred and recognize a net gain or loss on the sale, which are presented within net sales in the consolidated statement of operations. During the three months ended December 31, 2016 and 2015, we recognized net gains of $0.9 million and $1.4 million, respectively, and total proceeds from these sales were $55.8 million and $54.1 million, respectively. During the nine months ended December 31, 2016 and 2015, we recognized net gains of $4.1 million and $5.4 million, respectively. The total proceeds from these sales were $185.4 million and $162.7 million for the nine months ended December 31, 2016 and 2015, respectively. For certain assignments of financial assets, we retain a servicing obligation. For assignments accounted for as sales, we allocate a portion of the proceeds to deferred revenues, which is recognized as we perform the services. In a limited number of such sales, we indemnified the assignee in the event that the lessee elected to early terminate the lease. As of December 31, 2016, our maximum potential future payments related to such guarantees is $1.2 million. We believe the possibility of making any payments to be remote.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2016
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS Our goodwill and other intangible assets consist of the following (in thousands): December 31, 2016 March 31, 2016 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Goodwill $ 58,145 $ (8,673 ) $ 49,472 $ 50,824 $ (8,673 ) $ 42,151 Customer relationships & other intangibles 22,818 (11,640 ) 11,178 20,401 (9,193 ) 11,208 Capitalized software development 3,247 (2,207 ) 1,040 2,709 (1,914 ) 795 Total $ 84,210 $ (22,520 ) $ 61,690 $ 73,934 $ (19,780 ) $ 54,154 GOODWILL Goodwill represents the premium paid over the fair value of the net tangible and intangible assets that are individually identified and separately recognized in business combinations. All of our goodwill as of December 31, 2016 and March 31, 2016 is related to our technology reportable segment, which we also determined to be one reporting unit. Goodwill increased by $7.3 million from March 31, 2016 to December 31, 2016 due to the addition of $7.6 million from our acquisition of certain assets and assumption of certain liabilities of the IT Services equipment and integration business of Consolidated Communications Holdings, Inc. (“Consolidated IT Services”) in December, 2016, partially offset by $0.3 million due to foreign currency translation. See Note 15, “Business Combinations” for additional information. We performed our annual test for impairment for fiscal year 2017 as of October 1, 2016. We elected to bypass the qualitative assessment of goodwill and estimate the fair value of our reporting units. The fair value of our technology reporting unit substantially exceeded its carrying value as of October 1, 2016. Our conclusions would not be impacted by a ten percent change in our estimate of the fair value of the reporting unit. We performed our annual test for impairment for fiscal year 2016 as of October 1, 2015. We performed a qualitative assessment for goodwill and concluded that the fair value of our reporting units, more likely than not, exceeded their respective carrying values as of October 1, 2015. OTHER INTANGIBLE ASSETS Customer relationships and capitalized software development costs are amortized over an estimated useful life, which is generally between 3 to 7 years. Total amortization expense for other intangible assets was $1.1 million and $0.8 million for the three months and $3.4 million and $2.1 million for the nine months ended December 31, 2016 and 2015, respectively.

RESERVES FOR CREDIT LOSSES

RESERVES FOR CREDIT LOSSES	9 Months Ended
	Dec. 31, 2016
RESERVES FOR CREDIT LOSSES [Abstract]
RESERVES FOR CREDIT LOSSES	5. RESERVES FOR CREDIT LOSSES Activity in our reserves for credit losses for the nine months ended December 31, 2016 and 2015 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Provision for credit losses 229 139 93 461 Write-offs and other (32 ) (12 ) - (44 ) Balance December 31, 2016 $ 1,324 $ 3,508 $ 778 $ 5,610 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Provision for credit losses 12 7 (50 ) (31 ) Write-offs and other (119 ) - - (119 ) Balance December 31, 2015 $ 1,062 $ 3,580 $ 831 $ 5,473 Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): December 31, 2016 March 31, 2016 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 406 $ 655 $ 279 $ 562 Ending balance: individually evaluated for impairment 3,102 123 3,102 123 Ending balance $ 3,508 $ 778 $ 3,381 $ 685 Minimum payments: Ending balance: collectively evaluated for impairment $ 50,016 $ 71,201 $ 41,340 $ 66,161 Ending balance: individually evaluated for impairment 3,151 142 3,102 142 Ending balance $ 53,167 $ 71,343 $ 44,442 $ 66,303 As of December 31, 2016 and March 31, 2016 we had a balance outstanding of $3.2 million for a customer in bankruptcy which is in a non-accrual status. We place receivables on non-accrual status when events, such as a customer’s declaring bankruptcy, occur that indicate a receivable will not be collectable. We charge off uncollectable financing receivables when we stop pursuing collection. The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of December 31, 2016 and March 31, 2016 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure December 31, 2016 High CQR $ 163 $ 49 $ 98 $ 310 $ 137 $ 45,570 $ 46,017 $ (3,466 ) $ (21,532 ) $ 21,019 Average CQR 44 25 96 165 43 24,976 25,184 (1,667 ) (12,684 ) 10,833 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 207 $ 74 $ 336 $ 617 $ 180 $ 70,546 $ 71,343 $ (5,152 ) $ (34,216 ) $ 31,975 March 31, 2016 High CQR $ 575 $ 52 $ 94 $ 721 $ 984 $ 46,157 $ 47,862 $ (2,705 ) $ (22,914 ) $ 22,243 Average CQR 15 17 78 110 159 18,030 18,299 (1,387 ) (8,714 ) 8,198 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 590 $ 69 $ 314 $ 973 $ 1,143 $ 64,187 $ 66,303 $ (4,111 ) $ (31,628 ) $ 30,564 The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as December 31, 2016 and March 31, 2016 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure December 31, 2016 High CQR $ 1,369 $ 312 $ 827 $ 2,508 $ 1,244 $ 28,206 $ 31,958 $ (15,330 ) $ 16,628 Average CQR 157 10 - 167 920 16,971 18,058 (12,640 ) 5,418 Low CQR - - 3,151 3,151 - - 3,151 - 3,151 Total $ 1,526 $ 322 $ 3,978 $ 5,826 $ 2,164 $ 45,177 $ 53,167 $ (27,970 ) $ 25,197 March 31, 2016 High CQR $ 399 $ 305 $ 2,168 $ 2,872 $ 301 $ 24,092 $ 27,265 $ (11,644 ) $ 15,621 Average CQR - - - - 202 13,873 14,075 (9,942 ) 4,133 Low CQR - - 3,102 3,102 - - 3,102 - 3,102 Total $ 399 $ 305 $ 5,270 $ 5,974 $ 503 $ 37,965 $ 44,442 $ (21,586 ) $ 22,856 We estimate losses on our net credit exposure to be between 0% - 5% for customers with highest CQR, as these customers are investment grade or the equivalent of investment grade. We estimate losses on our net credit exposure to be between 2% - 15% for customers with average CQR, and between 15% - 100% for customers with low CQR, which includes customers in bankruptcy.

PROPERTY, EQUIPMENT, OTHER ASSE

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	9 Months Ended
	Dec. 31, 2016
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES	6. PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES Our property, equipment, other assets and liabilities consist of the following (in thousands): December 31, 2016 March 31, 2016 Other current assets: Deposits & funds held in escrow $ 485 $ 3,116 Prepaid assets 2,773 6,683 Other 777 850 Total other current assets $ 4,035 $ 10,649 Other assets: Deferred costs $ 2,979 $ 1,831 Property and equipment, net 6,945 6,266 Other 1,780 547 Total other assets - long term $ 11,704 $ 8,644 December 31, March 31, Other current liabilities: Accrued expenses $ 6,969 $ 7,109 Accrued income taxes payable 1,093 - Other 7,780 6,009 Total other current liabilities $ 15,842 $ 13,118 Other liabilities: Deferred revenue $ 3,599 $ 1,866 Other 2,876 397 Total other liabilities - long term $ 6,475 $ 2,263

NOTES PAYABLE AND CREDIT FACILI

NOTES PAYABLE AND CREDIT FACILITY	9 Months Ended
	Dec. 31, 2016
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	7. NOTES PAYABLE AND CREDIT FACILITY Non-recourse and recourse obligations consist of the following (in thousands): December 31, March 31, Recourse notes payable with interest rates ranging from 2.75% and 4.13% at December 31, 2016 and ranging from 2.70% and 4.13%at March 31, 2016. Current $ 1,605 $ 2,288 Long-term - 1,054 Total recourse notes payable $ 1,605 $ 3,342 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.0% to 7.50% at December 31, 2016 and ranging from 1.70% to 8.50% as of March 31, 2016. Current $ 41,785 $ 26,042 Long-term 10,608 18,038 Total non-recourse notes payable $ 52,393 $ 44,080 Principal and interest payments on non-recourse notes payable are generally due monthly in amounts that are approximately equal to the total payments due from the customer under the leases or notes receivable that collateralize the notes payable. The weighted average interest rate for our non-recourse notes payable was and 3.13%, as of December 31, 2016 and March 31, 2016, respectively. The weighted average interest rate for our recourse notes payable was 3.24%, as of December 31, 2016 and March 31, 2016. Under recourse financing, in the event of a default by a customer, the lender has recourse to the customer, the assets serving as collateral, and us. Under non-recourse financing, in the event of a default by a customer, the lender generally only has recourse against the customer, and the assets serving as collateral, but not against us. Our technology segment, through our subsidiary e As of December 31, 2016, the facility agreement had an aggregate limit of the two components of $250 million, and the accounts receivable component had a sub-limit of $30 million, which bears interest assessed at a rate of the One Month LIBOR plus two and one half percent. The credit facility has full recourse to e e e e e e The facility provided by WFCDF requires a guaranty of $10.5 million by e e Fair Value As of December 31, 2016 and March 31, 2016, the fair value of our long-term recourse and non-recourse notes payable approximated their carrying value.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are not currently a party to any legal proceedings with loss contingencies that are expected to be material. From time to time, we may be or have been a plaintiff, or may be or have been named as a defendant, in legal actions arising from our normal business activities, none of which has had a material effect on our business, results of operations or financial condition. Legal proceedings which may arise in the ordinary course of business including preference payment claims asserted in customer bankruptcy proceedings, tax audits, claims of alleged infringement of patents, trademarks, copyrights and other intellectual property rights, claims of alleged non-compliance with contract provisions, employment-related claims, claims by competitors, vendors or customers, claims related to alleged violations of laws and regulations, and claims relating to alleged security or privacy breaches. We attempt to ameliorate the effect of potential litigation through insurance coverage and contractual protections such as rights to indemnifications and limitations of liability. We do not expect that the outcome in any of these matters, individually or collectively, will have a material adverse effect on our financial condition or results of operations, however, litigation is inherently unpredictable. Therefore, judgments could be rendered or settlements entered that could adversely affect our results of operations or cash flows in a particular period. We provide for costs related to contingencies when a loss is probable and the amount is reasonably determinable. During the nine months ended December 31, 2016, we received $380 thousand related to the dynamic random access memory (“DRAM”) class action lawsuit, which claimed that manufacturers fixed the price for DRAM, which was included within other income on our unaudited consolidated statement of operations. Contingencies Related to Third-Party Review From time to time, we are subject to potential claims and assessments from third parties. We are also subject to various governmental, customer and partner audits. We continually assess whether or not such claims have merit and warrant accrual. Where appropriate, we accrue estimates of anticipated liabilities in our consolidated financial statements. Such estimates are subject to change and may affect our results of operations and our cash flows.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2016
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE Basic earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by dividing net earnings available to common shareholders by the basic weighted average number of shares of common stock outstanding plus common stock equivalents during each period. The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three and nine months ended December 31, 2016 and 2015 (in thousands, except per share data): Three Months Ended Nine Months Ended December 31, 2016 2015 2016 2015 Net earnings attributable to common shareholders - basic and diluted $ 12,620 $ 10,297 $ 40,066 $ 34,790 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 6,896 7,280 6,946 7,260 Effect of dilutive shares 64 49 67 76 Weighted average shares common outstanding — diluted 6,960 7,329 7,013 7,336 Earnings per common share - basic $ 1.83 $ 1.41 $ 5.77 $ 4.79 Earnings per common share - diluted $ 1.81 $ 1.40 $ 5.71 $ 4.74 Stock Split On February 2, 2017, our Board of Directors declared a two-for-one stock split effected in the form of a stock dividend. The share distribution will occur March 31, 2017. All references made to share or per share amounts in the accompanying unaudited condensed consolidated financial statements and applicable disclosures are presented on a pre-split basis. As a result of the stock split, all historical per share data and number of shares outstanding presented in future financial statements will be retroactively adjusted. The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Earnings per common share: Basic — pro forma $ 0.92 $ 0.71 $ 2.88 $ 2.40 Diluted — pro forma $ 0.91 $ 0.70 $ 2.86 $ 2.37 Weighted average common shares outstanding: Basic — pro forma 13,791 14,561 13,891 14,519 Diluted — pro forma 13,920 14,659 14,026 14,672

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY On August 18, 2016, The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. During the nine months ended December 31, 2016, we purchased 328,481 shares of our outstanding common stock at an average cost of $81.62 per share for a total purchase price of $26.8 million under the share repurchase plan. We also purchased 29,736 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. During the nine months ended December 31, 2015, we did not purchase any shares of our outstanding common stock under the share repurchase plan; however, we did purchase 30,447 shares of common stock at a value of $2.5 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock. Since the inception of our initial repurchase program on September 20, 2001 to December 31, 2016, we have repurchased approximately 6.0 million shares of our outstanding common stock at an average cost of $24.44 per share for a total purchase price of $147.3 million.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	11. SHARE-BASED COMPENSATION Share-Based Plans As of December 31, 2016, we had share-based awards outstanding under the following Restricted Stock Activity For the nine months ended December 31, 2016, we granted 5,692 restricted shares under the 2008 Director LTIP, and 67,269 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2015, we granted 6,383 restricted shares under the 2008 Director LTIP, and 118,974 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2016 203,828 $ 72.33 Granted 72,961 $ 86.24 Vested (90,356 ) $ 65.99 Forfeited (349 ) $ 76.87 Nonvested December 31, 2016 186,084 $ 80.86 Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. For the nine months ended December 31, 2016, the Company had withheld 29,736 shares of common stock at a value of $2.6 million, which was included in treasury stock. Compensation Expense We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period. There are no additional conditions for vesting other than service conditions. During each of the three months ended December 31, 2016 and 2015, we recognized $1.5 million of total share-based compensation expense. During the nine months ended December 31, 2016 and 2015, we recognized $4.5 million and $4.2 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $11.8 million as of December 31, 2016, which will be fully recognized over the next forty-two (42) months. We also provide our employees with a contributory 401(k) plan. Employer contribution percentages are determined by us and are discretionary each year. The employer contributions vest pro-ratably over a four-year service period by the employees, after which all employer contributions will be fully vested. For the three months ended December 31, 2016 and 2015 our estimated contribution expense for the plan were $0.5 million and $0.4 million, respectively. For the nine months ended December 31, 2016 and 2015, our estimated contribution expense for the plan was $1.2 million and $1.1 million, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2016
INCOME TAXES [Abstract]
INCOME TAXES	12. INCOME TAXES We account for our tax positions in accordance with Codification Topic 740, Income Taxes We recognize interest and penalties for uncertain tax positions. As of December 31, 2016 our gross liability related to uncertain tax positions was $72 thousand. At December 31, 2016 if the unrecognized tax benefits of $72 thousand were to be recognized, including the effect of interest, penalties and federal tax benefit, the impact would be $106 thousand. We also recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We did not recognize any additional penalties in the three and nine month periods ended December 31, 2016. We had $51 thousand and $47 thousand accrued for the payment of interest at December 31, 2016 and 2015, respectively. As permitted by the recently issued ASU 2016-09, Stock Compensation

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	13. FAIR VALUE OF FINANCIAL INSTRUMENTS We account for the fair values of our assets and liabilities in accordance with ASC Topic 820, Fair Value Measurement and Disclosure. Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31.2016 Assets: Money market funds $ 29,851 $ 29,851 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554 March 31, 2016 Assets: Money market funds $ 39,509 $ 39,509 $ - $ - Liabilities: Contingent consideration $ 1,041 $ - $ - $ 1,041 We recorded no adjustments that increased the fair value of our liability for contingent consideration for the three months ended December 31, 2016. For the nine months December 31, 2016, we recorded adjustments that increased the fair value of our liability for contingent consideration by $232 thousand; and such adjustments were presented within general and administrative expenses in our unaudited condensed consolidated statement of operations. During the three months and nine months ended December 31, 2016, we paid $0.7 million to satisfy the current obligations of the contingent consideration arrangement. For the three and nine months ended December 31, 2015, we recorded adjustments that increased the fair value of our liability for contingent consideration by $3 thousand and $318 thousand, respectively. During the three months and nine months ended December 31, 2015, we paid $1.2 million to satisfy the current obligations of the contingent consideration arrangement.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 2016
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	14. SEGMENT REPORTING Our operations are conducted through two operating segments that are also both reportable segments. Our technology segment includes sales of information technology products, third-party software, third-party maintenance, advanced professional and managed services and our proprietary software to commercial enterprises, state and local governments, and government contractors. Our financing segment consists of the financing of IT equipment, software and related services to commercial enterprises, state and local governments, and government contractors. We measure the performance of the segments based on operating income. Our reportable segment information was as follows (in thousands): Three Months Ended December 31, 2016 December 31, 2015 Technology Financing Total Technology Financing Total Sales of product and services $ 317,391 $ - $ 317,391 $ 287,859 $ - $ 287,859 Financing revenue - 8,190 8,190 - 9,289 9,289 Fee and other income 915 161 1,076 1,506 (10 ) 1,496 Net sales 318,306 8,351 326,657 289,365 9,279 298,644 Cost of sales, product and services 251,729 - 251,729 231,503 - 231,503 Direct lease costs - 1,142 1,142 - 3,081 3,081 Cost of sales 251,729 1,142 252,871 231,503 3,081 234,584 Professional and other fees 1,216 181 1,397 1,608 274 1,882 Salaries and benefits 40,155 2,230 42,385 35,043 2,329 37,372 General and administrative expenses 6,409 (31 ) 6,378 5,203 231 5,434 Depreciation and amortization 1,908 2 1,910 1,327 4 1,331 Interest and financing costs - 409 409 10 386 396 Operating expenses 49,688 2,791 52,479 43,191 3,224 46,415 Operating income $ 16,889 $ 4,418 $ 21,307 $ 14,671 $ 2,974 $ 17,645 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 1,941 $ 985 $ 2,926 $ 1,365 $ 3,152 $ 4,517 Purchases of property, equipment and operating lease equipment $ 849 $ 3,282 $ 4,131 $ 506 $ 884 $ 1,390 Selected Financial Data - Balance Sheet Total assets $ 546,728 $ 189,950 $ 736,678 $ 401,422 $ 229,012 $ 630,434 Nine Months Ended December 31, 2016 December 31, 2015 Statement of Operations Technology Financing Total Technology Financing Total Sales of product and services $ 968,799 $ - $ 968,799 $ 871,814 $ - $ 871,814 Financing revenue - 23,899 23,899 - 27,914 27,914 Fee and other income 3,679 245 3,924 5,038 30 5,068 Net sales 972,478 24,144 996,622 876,852 27,944 904,796 Cost of sales, product and services 769,780 - 769,780 700,429 - 700,429 Direct lease costs - 3,459 3,459 - 9,256 9,256 Cost of sales 769,780 3,459 773,239 700,429 9,256 709,685 Professional and other fees 4,138 780 4,918 4,175 738 4,913 Salaries and benefits 117,822 6,657 124,479 101,471 6,855 108,326 General and administrative expenses 19,335 1,089 20,424 16,653 737 17,390 Depreciation and amortization 5,400 8 5,408 3,728 11 3,739 Interest and financing costs - 1,158 1,158 51 1,320 1,371 Operating expenses 146,695 9,692 156,387 126,078 9,661 135,739 Operating income $ 56,003 $ 10,993 $ 66,996 $ 50,345 $ 9,027 $ 59,372 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 5,494 $ 3,264 $ 8,758 $ 3,831 $ 9,189 $ 13,020 Purchases of property, equipment and operating lease equipment $ 2,413 $ 4,887 $ 7,300 $ 1,700 $ 15,308 $ 17,008 Selected Financial Data - Balance Sheet Total assets $ 546,728 $ 189,950 $ 736,678 $ 401,422 $ 229,012 $ 630,434 The total of the reportable segments’ measure of profit or loss excludes other income of $380 thousand for the nine months ended December 31, 2016, which is included in the consolidated earnings before tax but is not allocated to the segments. On July 25, 2016, the Company announced its appointment of a new Chief Executive Officer and President effective August 1, 2016. We are currently evaluating the impact of this change

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Dec. 31, 2016
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	15. BUSINESS COMBINATIONS Consolidated IT Services acquisition On December 6, 2016, our subsidiary ePlus Technology, inc., acquired certain assets and assumed certain liabilities of Consolidated IT Services. Consolidated IT Services business provides data center, unified communications, networking, and security solutions to a diverse set of domestic and international customers including commercial, enterprise, and state, local, and education (SLED) organizations in the upper Midwest. The primary reasons for this acquisition are that Consolidated IT Services expands our reach to the upper Midwest, a new geography for ePlus, and enables us to market our advanced technology solutions to their long-standing client base. The total purchase price is $13.1 million including $9.5 million paid in cash at closing and $4.0 million that will be paid in cash in equal quarterly installments over 2 years, less $0.4 million that we believe is due back to us as part of the final working capital adjustment. Our preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable and other current assets $ 7,501 Property and equipment 1,045 Identified intangible assets 3,340 Accounts payable and other current liabilities (6,411 ) Total identifiable net assets 5,475 Goodwill 7,614 Total purchase consideration $ 13,089 As stated above, our allocation of the purchase consideration is preliminary and subject to revision as additional information related to the fair value of assets and liabilities becomes available. The identified intangible assets of $3.3 million consist entirely of customer relationships with an estimated useful life of 7 years. We recognized goodwill related to this transaction of $7.6 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill is expected to be deductible for tax purposes. The amount of revenues and earnings of the acquiree since the acquisition date are not material. Likewise, the impact to the revenue and earnings of the combined entity for the current reporting period through the acquisition date had the acquisition date been April 1, 2016, is not material. IGX acquisition On December 4, 2015, our subsidiary ePlus Technology, inc., acquired certain assets and assumed certain liabilities of IGX Acquisition Global, LLC (“IGX Acquisition”), and IGX Support, LLC, including IGX Acquisition’s wholly-owned subsidiary, IGXGlobal UK Limited (collectively, “IGX”), which provide advanced security solutions, secured networking products and related professional services to a diverse set of domestic and international customers including commercial, enterprise, and state and local government and education (“SLED”) organizations. IGX is headquartered near Hartford, CT and has a sales presence in New York and Boston as well as an operating branch in London that serves its United Kingdom (“UK”) and global customers. IGXGlobal UK Limited is a private limited company, registered in England and Wales. The total purchase price, net of cash acquired, was $16.6 million paid in cash. The allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable—trade, net $ 8,457 Property and equipment 81 Identified intangible assets 8,710 Accounts payable and other current liabilities (8,641 ) Deferred tax liability (89 ) Total identifiable net assets 8,518 Goodwill 8,131 Total purchase consideration $ 16,649 The identified intangible assets consist of the following: Estimated Useful Lives Acquisition Intangible assets—customer relationships 7 $ 7,680 Intangible assets—trade names 10 520 Intangible assets—backlog 1 510 Total identified intangible assets $ 8,710 We recognized goodwill related to this transaction of $8.1 million, which was assigned to our technology reporting unit. The goodwill recognized in the acquisition is attributable to the acquired assembled workforce, an entry into the UK and European markets and expected synergies, none of which qualify for recognition as a separate intangible asset. The total amount of goodwill that is expected to be deductible for tax purposes is $5.8 million. The impact to our revenues and net earnings from this acquisition is not material.

ORGANIZATION AND SUMMARY OF S23

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2016
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION — The consolidated financial statements include the accounts of ePlus inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounts of businesses acquired are included in the consolidated financial statements from the dates of acquisition.
INTERIM FINANCIAL STATEMENTS	INTERIM FINANCIAL STATEMENTS — The unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2016 and 2015 were prepared by us, without audit, and include all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of our financial position, results of operations, changes in comprehensive income and cash flows for such periods. Operating results for the three and nine months ended December 31, 2016 and 2015 are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year ending March 31, 2017 or any other future period. These unaudited condensed consolidated financial statements do not include all disclosures required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for annual financial statements. Our audited consolidated financial statements are contained in our annual report on Form 10-K for the year ended March 31, 2016 (“2016 Financial Statements”), which should be read in conjunction with these interim condensed consolidated financial statements.
USE OF ESTIMATES	USE OF ESTIMATES — The notes to the consolidated financial statements contained in the 2016 Financial Statements include additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There have been no material changes to our significant accounting policies and estimates during the nine months ended December 31, 2016.
DEFERRED COSTS AND DEFERRED REVENUES	DEFERRED COSTS AND DEFERRED REVENUES — Deferred costs include internal and third party costs associated with deferred revenue arrangements. Deferred revenue includes payments received from customers in advance of delivering equipment and software or performing professional, managed and hosting services and amounts deferred when any of the other revenue recognition criteria have not been met. At December 31, 2016, total deferred costs and revenues were $9.4 million and $67.3 million, respectively, compared to $8.2 million and $20.2 million, respectively, as of March 31, 2016. The increase in deferred revenue is primarily due to prepayments by a customer for equipment that we expect to deliver in the next three to six months.
CONCENTRATIONS OF RISK	CONCENTRATIONS OF RISK — A substantial portion of our sales of product and services are from sales of Cisco Systems, Hewlett Packard Enterprise (“HPE”), and NetApp products, which represented approximately 45%, 6% and 6% and 49%, 6% and 5%, respectively, for the three and nine months ended December 31, 2016. Sales of Cisco Systems, Hewlett Packard (“HP”), and NetApp products represented approximately 48%, 6%, and 7%, and 49%, 8%, and 5%, respectively, for the three and nine months ended December 31, 2015. Any changes in our vendors’ ability to provide products or incentive programs could have a material adverse effect on our business, results of operations and financial condition.

RECENT ACCOUNTING PRONOUNCEME24

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Dec. 31, 2016
RECENTLY ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS — In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Stock Compensation
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Principal versus Agent Considerations Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In February 2016, the FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

FINANCING RECEIVABLES AND OPE25

FINANCING RECEIVABLES AND OPERATING LEASES (Tables)	9 Months Ended
	Dec. 31, 2016
FINANCING RECEIVABLES AND OPERATING LEASES [Abstract]
Components of Notes Receivable Net and Investments in Leases	Our financing receivables, net consist of the following (in thousands): December 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 53,167 $ 71,343 $ 124,510 Estimated unguaranteed residual value (1) - 18,069 18,069 Initial direct costs, net of amortization (2) 465 518 983 Unearned income - (7,017 ) (7,017 ) Reserve for credit losses (3) (3,508 ) (778 ) (4,286 ) Total, net $ 50,124 $ 82,135 $ 132,259 Reported as: Current $ 32,269 $ 33,676 $ 65,945 Long-term 17,855 48,459 66,314 Total, net $ 50,124 $ 82,135 $ 132,259 (1) Includes estimated unguaranteed residual values of $11,932 thousand for direct financing leases, which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $665 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.” March 31, 2016 Notes Receivables Lease-Related Receivables Total Financing Receivables Minimum payments $ 44,442 $ 66,303 $ 110,745 Estimated unguaranteed residual value (1) - 12,693 12,693 Initial direct costs, net of amortization (2) 312 475 787 Unearned income - (5,543 ) (5,543 ) Reserve for credit losses (3) (3,381 ) (685 ) (4,066 ) Total, net $ 41,373 $ 73,243 $ 114,616 Reported as: Current $ 24,962 $ 31,486 $ 56,448 Long-term 16,411 41,757 58,168 Total, net $ 41,373 $ 73,243 $ 114,616 (1) Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases which have been sold and accounted for as sales. (2) Initial direct costs are shown net of amortization of $612 thousand. (3) For details on reserve for credit losses, refer to Note 5, “Reserves for Credit Losses.”
Investment in Operating Lease Equipment - Net	The components of the operating leases—net are as follows (in thousands): December 31, 2016 March 31, 2016 Cost of equipment under operating leases $ 17,062 $ 36,635 Accumulated depreciation (8,886 ) (18,897 ) Investment in operating lease equipment—net (1) $ 8,176 $ 17,738 (1) These totals include estimated unguaranteed residual values of $928 thousand and $3,417 thousand as of December 31, 2016 and March 31, 2016, respectively.

GOODWILL AND OTHER INTANGIBLE26

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2016
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Components of Goodwill and Other Intangible Assets	Our goodwill and other intangible assets consist of the following (in thousands): December 31, 2016 March 31, 2016 Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Loss Net Carrying Amount Goodwill $ 58,145 $ (8,673 ) $ 49,472 $ 50,824 $ (8,673 ) $ 42,151 Customer relationships & other intangibles 22,818 (11,640 ) 11,178 20,401 (9,193 ) 11,208 Capitalized software development 3,247 (2,207 ) 1,040 2,709 (1,914 ) 795 Total $ 84,210 $ (22,520 ) $ 61,690 $ 73,934 $ (19,780 ) $ 54,154

RESERVES FOR CREDIT LOSSES (Tab

RESERVES FOR CREDIT LOSSES (Tables)	9 Months Ended
	Dec. 31, 2016
RESERVES FOR CREDIT LOSSES [Abstract]
Activity in Reserves for Credit Losses	Activity in our reserves for credit losses for the nine months ended December 31, 2016 and 2015 were as follows (in thousands): Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2016 $ 1,127 $ 3,381 $ 685 $ 5,193 Provision for credit losses 229 139 93 461 Write-offs and other (32 ) (12 ) - (44 ) Balance December 31, 2016 $ 1,324 $ 3,508 $ 778 $ 5,610 Accounts Receivable Notes Receivable Lease-Related Receivables Total Balance April 1, 2015 $ 1,169 $ 3,573 $ 881 $ 5,623 Provision for credit losses 12 7 (50 ) (31 ) Write-offs and other (119 ) - - (119 ) Balance December 31, 2015 $ 1,062 $ 3,580 $ 831 $ 5,473
Reserve for Credit Losses and Minimum Lease Payments Associated with Notes Receivable and Investment in Direct Financing and Sales-type Lease Balances Disaggregated on the Basis of Impairment Method	Our reserves for credit losses and minimum payments associated with our notes receivables and lease-related receivables disaggregated on the basis of our impairment method were as follows (in thousands): December 31, 2016 March 31, 2016 Notes Receivable Lease- Related Receivables Notes Receivable Lease- Related Receivables Reserves for credit losses: Ending balance: collectively evaluated for impairment $ 406 $ 655 $ 279 $ 562 Ending balance: individually evaluated for impairment 3,102 123 3,102 123 Ending balance $ 3,508 $ 778 $ 3,381 $ 685 Minimum payments: Ending balance: collectively evaluated for impairment $ 50,016 $ 71,201 $ 41,340 $ 66,161 Ending balance: individually evaluated for impairment 3,151 142 3,102 142 Ending balance $ 53,167 $ 71,343 $ 44,442 $ 66,303
Age of the Recorded Notes Receivable Balance Disaggregated Based on Internally Assigned CQR	The age of the recorded minimum lease payments and net credit exposure associated with our investment in direct financing and sales-type leases that are past due disaggregated based on our internally assigned credit quality rating (“CQR”) were as follows as of December 31, 2016 and March 31, 2016 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Minimum Lease Payments Total Minimum Lease Payments Unearned Income Non- Recourse Notes Payable Net Credit Exposure December 31, 2016 High CQR $ 163 $ 49 $ 98 $ 310 $ 137 $ 45,570 $ 46,017 $ (3,466 ) $ (21,532 ) $ 21,019 Average CQR 44 25 96 165 43 24,976 25,184 (1,667 ) (12,684 ) 10,833 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 207 $ 74 $ 336 $ 617 $ 180 $ 70,546 $ 71,343 $ (5,152 ) $ (34,216 ) $ 31,975 March 31, 2016 High CQR $ 575 $ 52 $ 94 $ 721 $ 984 $ 46,157 $ 47,862 $ (2,705 ) $ (22,914 ) $ 22,243 Average CQR 15 17 78 110 159 18,030 18,299 (1,387 ) (8,714 ) 8,198 Low CQR - - 142 142 - - 142 (19 ) - 123 Total $ 590 $ 69 $ 314 $ 973 $ 1,143 $ 64,187 $ 66,303 $ (4,111 ) $ (31,628 ) $ 30,564
Balance Disaggregated Based on Internally Assigned CQR	The age of the recorded notes receivable balance disaggregated based on our internally assigned CQR were as follows as December 31, 2016 and March 31, 2016 (in thousands): 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Current Unbilled Notes Receivable Total Notes Receivable Non- Recourse Notes Payable Net Credit Exposure December 31, 2016 High CQR $ 1,369 $ 312 $ 827 $ 2,508 $ 1,244 $ 28,206 $ 31,958 $ (15,330 ) $ 16,628 Average CQR 157 10 - 167 920 16,971 18,058 (12,640 ) 5,418 Low CQR - - 3,151 3,151 - - 3,151 - 3,151 Total $ 1,526 $ 322 $ 3,978 $ 5,826 $ 2,164 $ 45,177 $ 53,167 $ (27,970 ) $ 25,197 March 31, 2016 High CQR $ 399 $ 305 $ 2,168 $ 2,872 $ 301 $ 24,092 $ 27,265 $ (11,644 ) $ 15,621 Average CQR - - - - 202 13,873 14,075 (9,942 ) 4,133 Low CQR - - 3,102 3,102 - - 3,102 - 3,102 Total $ 399 $ 305 $ 5,270 $ 5,974 $ 503 $ 37,965 $ 44,442 $ (21,586 ) $ 22,856

PROPERTY, EQUIPMENT, OTHER AS28

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2016
PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES [Abstract]
Property, Equipment, Other Assets and Liabilities	Our property, equipment, other assets and liabilities consist of the following (in thousands): December 31, 2016 March 31, 2016 Other current assets: Deposits & funds held in escrow $ 485 $ 3,116 Prepaid assets 2,773 6,683 Other 777 850 Total other current assets $ 4,035 $ 10,649 Other assets: Deferred costs $ 2,979 $ 1,831 Property and equipment, net 6,945 6,266 Other 1,780 547 Total other assets - long term $ 11,704 $ 8,644 December 31, March 31, Other current liabilities: Accrued expenses $ 6,969 $ 7,109 Accrued income taxes payable 1,093 - Other 7,780 6,009 Total other current liabilities $ 15,842 $ 13,118 Other liabilities: Deferred revenue $ 3,599 $ 1,866 Other 2,876 397 Total other liabilities - long term $ 6,475 $ 2,263

NOTES PAYABLE AND CREDIT FACI29

NOTES PAYABLE AND CREDIT FACILITY (Tables)	9 Months Ended
	Dec. 31, 2016
NOTES PAYABLE AND CREDIT FACILITY [Abstract]
Non-recourse and Recourse Obligations	Non-recourse and recourse obligations consist of the following (in thousands): December 31, March 31, Recourse notes payable with interest rates ranging from 2.75% and 4.13% at December 31, 2016 and ranging from 2.70% and 4.13%at March 31, 2016. Current $ 1,605 $ 2,288 Long-term - 1,054 Total recourse notes payable $ 1,605 $ 3,342 Non-recourse notes payable secured by financing receivables and investments in operating leases with interest rates ranging from 2.0% to 7.50% at December 31, 2016 and ranging from 1.70% to 8.50% as of March 31, 2016. Current $ 41,785 $ 26,042 Long-term 10,608 18,038 Total non-recourse notes payable $ 52,393 $ 44,080

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2016
EARNINGS PER SHARE [Abstract]
Reconciliation of Numerators and Denominators Used to Calculate Basic and Diluted Earnings per Common Share	The following table provides a reconciliation of the numerators and denominators used to calculate basic and diluted net income per common share as disclosed on our consolidated statements of operations for the three and nine months ended December 31, 2016 and 2015 (in thousands, except per share data): Three Months Ended Nine Months Ended December 31, 2016 2015 2016 2015 Net earnings attributable to common shareholders - basic and diluted $ 12,620 $ 10,297 $ 40,066 $ 34,790 Basic and diluted common shares outstanding: Weighted average common shares outstanding — basic 6,896 7,280 6,946 7,260 Effect of dilutive shares 64 49 67 76 Weighted average shares common outstanding — diluted 6,960 7,329 7,013 7,336 Earnings per common share - basic $ 1.83 $ 1.41 $ 5.77 $ 4.79 Earnings per common share - diluted $ 1.81 $ 1.40 $ 5.71 $ 4.74
Pro forma Earnings Per Share	The following table provides pro forma earnings per share, giving retroactive effect to the stock split (in thousands, except per share data): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Earnings per common share: Basic — pro forma $ 0.92 $ 0.71 $ 2.88 $ 2.40 Diluted — pro forma $ 0.91 $ 0.70 $ 2.86 $ 2.37 Weighted average common shares outstanding: Basic — pro forma 13,791 14,561 13,891 14,519 Diluted — pro forma 13,920 14,659 14,026 14,672

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2016
SHARE-BASED COMPENSATION [Abstract]
Summary of Restricted Shares	A summary of the restricted shares is as follows: Number of Shares Weighted Average Grant- date Fair Value Nonvested April 1, 2016 203,828 $ 72.33 Granted 72,961 $ 86.24 Vested (90,356 ) $ 65.99 Forfeited (349 ) $ 76.87 Nonvested December 31, 2016 186,084 $ 80.86

FAIR VALUE OF FINANCIAL INSTR32

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Fair Value Hierarchy of Financial Instruments	The following table summarizes the fair value hierarchy of our financial instruments as of December 31, 2016 and March 31, 2016 (in thousands): Fair Value Measurement Using Recorded Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs December 31.2016 Assets: Money market funds $ 29,851 $ 29,851 $ - $ - Liabilities: Contingent consideration $ 554 $ - $ - $ 554 March 31, 2016 Assets: Money market funds $ 39,509 $ 39,509 $ - $ - Liabilities: Contingent consideration $ 1,041 $ - $ - $ 1,041

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 2016
SEGMENT REPORTING [Abstract]
Segment Reporting Information, by Reportable Segment	Three Months Ended December 31, 2016 December 31, 2015 Technology Financing Total Technology Financing Total Sales of product and services $ 317,391 $ - $ 317,391 $ 287,859 $ - $ 287,859 Financing revenue - 8,190 8,190 - 9,289 9,289 Fee and other income 915 161 1,076 1,506 (10 ) 1,496 Net sales 318,306 8,351 326,657 289,365 9,279 298,644 Cost of sales, product and services 251,729 - 251,729 231,503 - 231,503 Direct lease costs - 1,142 1,142 - 3,081 3,081 Cost of sales 251,729 1,142 252,871 231,503 3,081 234,584 Professional and other fees 1,216 181 1,397 1,608 274 1,882 Salaries and benefits 40,155 2,230 42,385 35,043 2,329 37,372 General and administrative expenses 6,409 (31 ) 6,378 5,203 231 5,434 Depreciation and amortization 1,908 2 1,910 1,327 4 1,331 Interest and financing costs - 409 409 10 386 396 Operating expenses 49,688 2,791 52,479 43,191 3,224 46,415 Operating income $ 16,889 $ 4,418 $ 21,307 $ 14,671 $ 2,974 $ 17,645 Selected Financial Data - Statement of Cash Flow Depreciation and amortization $ 1,941 $ 985 $ 2,926 $ 1,365 $ 3,152 $ 4,517 Purchases of property, equipment and operating lease equipment $ 849 $ 3,282 $ 4,131 $ 506 $ 884 $ 1,390 Selected Financial Data - Balance Sheet Total assets $ 546,728 $ 189,950 $ 736,678 $ 401,422 $ 229,012 $ 630,434

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
	Dec. 31, 2016
Business Acquisition [Line Items]
Schedule of Identified Intangible Assets	The identified intangible assets consist of the following: Estimated Useful Lives Acquisition Intangible assets—customer relationships 7 $ 7,680 Intangible assets—trade names 10 520 Intangible assets—backlog 1 510 Total identified intangible assets $ 8,710
Consolidated IT Services [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	Acquisition Date Amount Accounts receivable and other current assets $ 7,501 Property and equipment 1,045 Identified intangible assets 3,340 Accounts payable and other current liabilities (6,411 ) Total identifiable net assets 5,475 Goodwill 7,614 Total purchase consideration $ 13,089
IGX Acquisition [Member]
Business Acquisition [Line Items]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed	The allocation of the purchase consideration to the assets acquired and liabilities assumed is presented below (in thousands): Acquisition Date Amount Accounts receivable—trade, net $ 8,457 Property and equipment 81 Identified intangible assets 8,710 Accounts payable and other current liabilities (8,641 ) Deferred tax liability (89 ) Total identifiable net assets 8,518 Goodwill 8,131 Total purchase consideration $ 16,649

ORGANIZATION AND SUMMARY OF S35

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
DEFERRED COSTS AND DEFERRED REVENUES [Abstract]
Deferred costs	$ 9.4		$ 9.4		$ 8.2
Deferred revenue	$ 67.3		$ 67.3		$ 20.2
Sales Revenue, Goods and Services [Member] | Cisco [Member]
CONCENTRATION OF RISK [Abstract]
Percentage of concentration risk	45.00%	48.00%	49.00%	49.00%
Sales Revenue, Goods and Services [Member] | Hewlett Packard [Member]
CONCENTRATION OF RISK [Abstract]
Percentage of concentration risk	6.00%	6.00%	6.00%	8.00%
Sales Revenue, Goods and Services [Member] | NetApp [Member]
CONCENTRATION OF RISK [Abstract]
Percentage of concentration risk	6.00%	7.00%	5.00%	5.00%

RECENT ACCOUNTING PRONOUNCEME36

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits and deficiencies	$ 8,687	$ 7,348	$ 27,310	$ 24,582
New Accounting Pronouncement, Early Adoption, Effect [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits and deficiencies	$ (500)		$ (500)
Excess tax benefits and deficiencies (in dollars per share)			$ (0.07)
Excess tax benefits related to share-based awards				$ 1,200

FINANCING RECEIVABLES AND OPE37

FINANCING RECEIVABLES AND OPERATING LEASES (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2016		Dec. 31, 2015	Mar. 31, 2016		Mar. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Reserve for credit losses		$ (5,610)		$ (5,473)	$ (5,610)		$ (5,473)	$ (5,193)		$ (5,623)
Reported as [Abstract]
Current		65,945			65,945			56,448
Estimated unguaranteed residual values for direct financing lease		11,932			11,932			6,722
Accumulated amortization of initial direct cost		665			665			612
Collateral for non-recourse notes payable - Finance receivables		54,900			54,900			36,100
Collateral for non-recourse notes payable - Operating leases		6,700			6,700			13,900
Gain on sale of financing receivables		900		1,400	4,100		5,400
Proceeds from sale of financing receivables		55,800		54,100	185,400		162,700
Investment in operating lease equipment - net [Abstract]
Cost of equipment under operating lease		17,062			17,062			36,635
Accumulated depreciation		(8,886)			(8,886)			(18,897)
Investment in operating lease equipment - net	[1]	8,176			8,176			17,738
Unguaranteed residual value of operating lease equipment net		928			928			3,417
Maximum potential future payments related guarantees		1,200			1,200
Notes Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		53,167			53,167			44,442
Estimated unguaranteed residual value		0	[2]		0	[2]		0	[3]
Initial direct costs, net of amortization		465	[4]		465	[4]		312	[5]
Unearned income		0			0			0
Reserve for credit losses		(3,508)	[6]	(3,580)	(3,508)	[6]	(3,580)	(3,381)	[6]	(3,573)
Total, net		50,124			50,124			41,373
Reported as [Abstract]
Current		32,269			32,269			24,962
Long-term		17,855			17,855			16,411
Total, net		50,124			50,124			41,373
Lease-Related Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		71,343			71,343			66,303
Estimated unguaranteed residual value		18,069	[2]		18,069	[2]		12,693	[3]
Initial direct costs, net of amortization		518	[4]		518	[4]		475	[5]
Unearned income		(7,017)			(7,017)			(5,543)
Reserve for credit losses		(778)	[6]	$ (831)	(778)	[6]	$ (831)	(685)	[6]	$ (881)
Total, net		82,135			82,135			73,243
Reported as [Abstract]
Current		33,676			33,676			31,486
Long-term		48,459			48,459			41,757
Total, net		82,135			82,135			73,243
Financing Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Minimum payments		124,510			124,510			110,745
Estimated unguaranteed residual value		18,069	[2]		18,069	[2]		12,693	[3]
Initial direct costs, net of amortization		983	[4]		983	[4]		787	[5]
Unearned income		(7,017)			(7,017)			(5,543)
Reserve for credit losses	[6]	(4,286)			(4,286)			(4,066)
Total, net		132,259			132,259			114,616
Reported as [Abstract]
Current		65,945			65,945			56,448
Long-term		66,314			66,314			58,168
Total, net		$ 132,259			$ 132,259			$ 114,616
[1]	These totals include estimated unguaranteed residual values of $928 thousand and $3,417 thousand as of December 31, 2016 and March 31, 2016, respectively.
[2]	Includes estimated unguaranteed residual values of $11,932 thousand for direct financing leases, which have been sold and accounted for as sales.
[3]	Includes estimated unguaranteed residual values of $6,722 thousand for direct financing leases which have been sold and accounted for as sales.
[4]	Initial direct costs are shown net of amortization of $665 thousand.
[5]	Initial direct costs are shown net of amortization of $612 thousand.
[6]	For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses."

GOODWILL AND OTHER INTANGIBLE38

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)	Dec. 06, 2016USD ($)	Mar. 31, 2016USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]
Goodwill and other intangible assets, Gross carrying amount	$ 84,210		$ 84,210			$ 73,934
Goodwill and other intangible assets, Accumulated amortization	(22,520)		(22,520)			(19,780)
Goodwill and other intangible assets Net	61,690		$ 61,690			54,154
Finite-Lived Intangible Assets [Line Items]
Number of reporting units | Unit			1
Percentage change in the fair value			10.00%
Total amortization expense	1,100	$ 800	$ 3,400	$ 2,100
Goodwill [Line Items]
Goodwill Gross	58,145		58,145			50,824
Goodwill, Accumulated Amortization / Impairment Loss	(8,673)		(8,673)			(8,673)
Goodwill, Net Carrying Amount	49,472		49,472			42,151
Consolidated IT Services [Member]
Finite-Lived Intangible Assets [Line Items]
Additions to goodwill amount			7,300
Goodwill increased due to acquisition			7,600
Goodwill translation adjustments			300
Goodwill [Line Items]
Goodwill, Net Carrying Amount					$ 7,614
Customer Relationships & Other Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets, Gross carrying amount	22,818		22,818			20,401
Intangibles Assets, Accumulated amortization / Impairment Loss	(11,640)		(11,640)			(9,193)
Intangible assets, Net Carrying Amount	11,178		$ 11,178			11,208
Customer Relationships & Other Intangibles [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life			3 years
Customer Relationships & Other Intangibles [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life			7 years
Capitalized Software Development [Member]
Finite-Lived Intangible Assets [Line Items]
Intangibles assets, Gross carrying amount	3,247		$ 3,247			2,709
Intangibles Assets, Accumulated amortization / Impairment Loss	(2,207)		(2,207)			(1,914)
Intangible assets, Net Carrying Amount	$ 1,040		$ 1,040			$ 795
Capitalized Software Development [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life			3 years
Capitalized Software Development [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life			7 years
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life			10 years

RESERVES FOR CREDIT LOSSES (Det

RESERVES FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2016		Mar. 31, 2016
Activity in reserves for credit losses [Roll Forward]
Balance	$ 5,193		$ 5,623
Provision for credit losses	461		(31)
Write-offs and other	(44)		(119)
Balance	5,610		5,473
Reserve for credit losses [Abstract]
Ending balance: individually evaluated for impairment				$ 3,200		$ 3,200
Ending balance	5,193		5,623	5,610		5,193
Accounts Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	1,127		1,169
Provision for credit losses	229		12
Write-offs and other	(32)		(119)
Balance	1,324		1,062
Reserve for credit losses [Abstract]
Ending balance	1,127		1,169	1,324		1,127
Notes Receivable [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	3,381	[1]	3,573
Provision for credit losses	139		7
Write-offs and other	(12)		0
Balance	3,508	[1]	3,580
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment				406		279
Ending balance: individually evaluated for impairment				3,102		3,102
Ending balance	3,508	[1]	3,573	3,508	[1]	3,381	[1]
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment				50,016		41,340
Ending balance: individually evaluated for impairment				3,151		3,102
Ending balance				53,167		44,442
Lease-Related Receivables [Member]
Activity in reserves for credit losses [Roll Forward]
Balance	685	[1]	881
Provision for credit losses	93		(50)
Write-offs and other	0		0
Balance	778	[1]	831
Reserve for credit losses [Abstract]
Ending balance: collectively evaluated for impairment				655		562
Ending balance: individually evaluated for impairment				123		123
Ending balance	$ 685	[1]	$ 881	778	[1]	685	[1]
Minimum payments [Abstract]
Ending balance: collectively evaluated for impairment				71,201		66,161
Ending balance: individually evaluated for impairment				142		142
Ending balance				$ 71,343		$ 66,303
[1]	For details on reserve for credit losses, refer to Note 5, "Reserves for Credit Losses."

RESERVES FOR CREDIT LOSSES, CQR

RESERVES FOR CREDIT LOSSES, CQR (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	$ 617	$ 973
Current	180	1,143
Unbilled Minimum Lease Payments	70,546	64,187
Total Minimum Lease Payments	71,343	66,303
Unearned income	(5,152)	(4,111)
Non-Recourse Notes Payable	(34,216)	(31,628)
Net Credit Exposure	31,975	30,564
Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	5,826	5,974
Current	2,164	503
Unbilled Minimum Lease Payments	45,177	37,965
Total Minimum Lease Payments	53,167	44,442
Non-Recourse Notes Payable	(27,970)	(21,586)
Net Credit Exposure	$ 25,197	22,856
High CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	0.00%
High CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	5.00%
High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	$ 310	721
Current	137	984
Unbilled Minimum Lease Payments	45,570	46,157
Total Minimum Lease Payments	46,017	47,862
Unearned income	(3,466)	(2,705)
Non-Recourse Notes Payable	(21,532)	(22,914)
Net Credit Exposure	21,019	22,243
High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	2,508	2,872
Current	1,244	301
Unbilled Minimum Lease Payments	28,206	24,092
Total Minimum Lease Payments	31,958	27,265
Non-Recourse Notes Payable	(15,330)	(11,644)
Net Credit Exposure	$ 16,628	15,621
Average CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	2.00%
Average CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	15.00%
Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	$ 165	110
Current	43	159
Unbilled Minimum Lease Payments	24,976	18,030
Total Minimum Lease Payments	25,184	18,299
Unearned income	(1,667)	(1,387)
Non-Recourse Notes Payable	(12,684)	(8,714)
Net Credit Exposure	10,833	8,198
Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	167	0
Current	920	202
Unbilled Minimum Lease Payments	16,971	13,873
Total Minimum Lease Payments	18,058	14,075
Non-Recourse Notes Payable	(12,640)	(9,942)
Net Credit Exposure	$ 5,418	4,133
Low CQR [Member] | Minimum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	15.00%
Low CQR [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Losses on net credit exposure	100.00%
Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	$ 142	142
Current	0	0
Unbilled Minimum Lease Payments	0	0
Total Minimum Lease Payments	142	142
Unearned income	(19)	(19)
Non-Recourse Notes Payable	0	0
Net Credit Exposure	123	123
Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	3,151	3,102
Current	0	0
Unbilled Minimum Lease Payments	0	0
Total Minimum Lease Payments	3,151	3,102
Non-Recourse Notes Payable	0	0
Net Credit Exposure	3,151	3,102
31 to 60 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	207	590
31 to 60 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	1,526	399
31 to 60 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	163	575
31 to 60 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	1,369	399
31 to 60 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	44	15
31 to 60 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	157	0
31 to 60 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	0	0
31 to 60 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	0	0
61 to 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	74	69
61 to 90 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	322	305
61 to 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	49	52
61 to 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	312	305
61 to 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	25	17
61 to 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	10	0
61 to 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	0	0
61 to 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	0	0
Greater than 90 Days Past Due [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	336	314
Greater than 90 Days Past Due [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	3,978	5,270
Greater than 90 Days Past Due [Member] | High CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	98	94
Greater than 90 Days Past Due [Member] | High CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	827	2,168
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	96	78
Greater than 90 Days Past Due [Member] | Average CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	0	0
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Investment in Direct Financing and Sales-type Leases that are Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	142	142
Greater than 90 Days Past Due [Member] | Low CQR [Member] | Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Past Due	$ 3,151	$ 3,102

PROPERTY, EQUIPMENT, OTHER AS41

PROPERTY, EQUIPMENT, OTHER ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Other current assets [Abstract]
Deposits & funds held in escrow	$ 485	$ 3,116
Prepaid assets	2,773	6,683
Other	777	850
Total other current assets	4,035	10,649
Other assets [Abstract]
Deferred costs	2,979	1,831
Property and equipment, net	6,945	6,266
Other	1,780	547
Total other assets - long term	11,704	8,644
Other current liabilities [Abstract]
Accrued expenses	6,969	7,109
Accrued income taxes payable	1,093	0
Other	7,780	6,009
Total other current liabilities	15,842	13,118
Other liabilities [Abstract]
Deferred revenue	3,599	1,866
Other	2,876	397
Total other liabilities - long term	$ 6,475	$ 2,263

NOTES PAYABLE AND CREDIT FACI42

NOTES PAYABLE AND CREDIT FACILITY (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2016USD ($)Component	Mar. 31, 2016USD ($)
Recourse Notes Payable [Abstract]
Current	$ 1,605	$ 2,288
Long-term	0	1,054
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Current	41,785	26,042
Long-term	10,608	18,038
Guarantor obligations for credit facility, maximum	$ 1,200
WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Number of components under credit facility | Component	2
Maximum amount can be borrowed under credit facility	$ 250,000
Period of notice required to terminate credit facility at year end	90 days
Period of filing of financial statements for each quarter end	45 days
Guarantor obligations for credit facility, maximum	$ 10,500
WFCDF [Member] | One Month LIBOR [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Basis spread on reference rate	2.50%
Account Receivable Component [Member] | WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Amount outstanding under credit facility	$ 0	0
Maximum amount can be borrowed under credit facility	30,000
Floor Plan Component [Member] | WFCDF [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Amount outstanding under credit facility	120,900	121,900
Recourse Note Payable [Member]
Recourse Notes Payable [Abstract]
Current	1,605	2,288
Long-term	0	1,054
Total recourse notes payable	$ 1,605	$ 3,342
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Weighted average interest rate of notes	3.24%	3.24%
Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes	2.75%	2.70%
Recourse Note Payable [Member] | Maximum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes	4.13%	4.13%
Non-Recourse Note Payable [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Current	$ 41,785	$ 26,042
Long-term	10,608	18,038
Total non-recourse notes payable	$ 52,393	$ 44,080
Weighted average interest rate of notes	3.38%	3.13%
Non-Recourse Note Payable [Member] | Minimum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes	2.00%	1.70%
Non-Recourse Note Payable [Member] | Maximum [Member]
Non-recourse Notes Payable Secured by Financing Receivables and Investments in Operating Leases [Abstract]
Interest rate of notes	7.50%	8.50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
	Dec. 31, 2016USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Claim settlement received	$ 380,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Net earnings attributable to common shareholders - basic and diluted	$ 12,620	$ 10,297	$ 40,066	$ 34,790
Basic and diluted common shares outstanding [Abstract]
Weighted average common shares outstanding-basic (in shares)	6,896	7,280	6,946	7,260
Effect of dilutive shares (in shares)	64	49	67	76
Weighted average shares common outstanding-diluted (in shares)	6,960	7,329	7,013	7,336
Earnings per common share - basic (in dollars per share)	$ 1.83	$ 1.41	$ 5.77	$ 4.79
Earnings per common share - diluted (in dollars per share)	1.81	1.40	5.71	4.74
Earnings Per Share, Pro Forma [Abstract]
Basic - pro forma	0.92	0.71	2.88	2.40
Diluted - pro forma	$ 0.91	$ 0.70	$ 2.86	$ 2.37
Weighted Average Common Shares Outstanding - Pro Forma:
Basic - pro forma	13,791	14,561	13,891	14,519
Diluted - pro forma	13,920	14,659	14,026	14,672

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		180 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Aug. 18, 2016
STOCKHOLDERS' EQUITY [Abstract]
Authorized number of shares under stock repurchase program (in shares)				500,000
Common stock repurchased during the period (in shares)	328,481		6,000,000
Average cost of share repurchased (in dollars per share)	$ 81.62		$ 24.44
Common stock repurchased during the period	$ 26.8		$ 147.3
Shares repurchased to satisfy tax withholding obligation (in shares)	29,736	30,447
Value of Shares repurchased to satisfy tax withholding obligation	$ 2.6	$ 2.5

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)			29,736	30,447
Vested share-based awards withheld to satisfy income tax obligations			$ 2,600	$ 2,500
Compensation Expense [Abstract]
Share-based compensation expense	$ 1,500	$ 1,500	$ 4,520	4,210
401 (k) Profit Sharing Plan [Abstract]
Period over which employer contribution is vested			4 years
Contribution to profit sharing plan	$ 500	$ 400	$ 1,200	$ 1,100
Restricted Stock [Member]
Number of Shares [Rollforward]
Nonvested at beginning of period (in shares)			203,828
Granted (in shares)			72,961
Vested (in shares)			(90,356)
Forfeited (in shares)			(349)
Nonvested at end of period (in shares)	186,084		186,084
Weighted Average Grant-date Fair Value [Rollforward]
Nonvested at beginning of period(in dollars per share)			$ 72.33
Granted (in dollars per share)			86.24
Vested (in dollars per share)			65.99
Forfeited (in dollars per share)			76.87
Nonvested at end of period (in dollars per share)	$ 80.86		$ 80.86
Compensation Expense [Abstract]
Unrecognized compensation expense	$ 11,800		$ 11,800
Unrecognized compensation expense, period for recognition			42 months
2008 Director LTIP [Member] | Restricted Stock [Member]
Number of Shares [Rollforward]
Granted (in shares)			5,692	6,383
2012 Employee LTIP [Member] | Restricted Stock [Member]
Number of Shares [Rollforward]
Granted (in shares)			67,269	118,974
Additional Disclosures [Abstract]
Vested share-based awards withheld to satisfy income tax obligations (in shares)			29,736
Vested share-based awards withheld to satisfy income tax obligations			$ 2,600

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES [Abstract]
Gross liability related to uncertain tax positions	$ 72		$ 72
Impact of recognizing the unrecognized tax benefit	106		106
Accrued interest on income taxes	51	$ 47	51	$ 47
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits and deficiencies	8,687	$ 7,348	27,310	$ 24,582
New Accounting Pronouncement, Early Adoption, Effect [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits and deficiencies	$ (500)		$ (500)

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Assets [Abstract]
Money market funds	$ 29,851		$ 29,851		$ 39,509
Liabilities [Abstract]
Contingent consideration	554		554		1,041
Adjustment to fair value of contingent consideration	0	$ 3	232	$ 318
Payments of contingent consideration	700	$ 1,200	700	$ 1,200
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Money market funds	29,851		29,851		39,509
Liabilities [Abstract]
Contingent consideration	0		0		0
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Money market funds	0		0		0
Liabilities [Abstract]
Contingent consideration	0		0		0
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Money market funds	0		0		0
Liabilities [Abstract]
Contingent consideration	$ 554		$ 554		$ 1,041

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)Segment	Dec. 31, 2015USD ($)	Mar. 31, 2016USD ($)
SEGMENT REPORTING [Abstract]
Number of business segments | Segment			2
Segment Reporting Information [Line Items]
Sales of product and services	$ 317,391	$ 287,859	$ 968,799	$ 871,814
Financing revenue	8,190	9,289	23,899	27,914
Fee and other income	1,076	1,496	3,924	5,068
Net sales	326,657	298,644	996,622	904,796
Cost of sales, product and services	251,729	231,503	769,780	700,429
Direct lease costs	1,142	3,081	3,459	9,256
Cost of sales	252,871	234,584	773,239	709,685
Professional and other fees	1,397	1,882	4,918	4,913
Salaries and benefits	42,385	37,372	124,479	108,326
General and administrative expenses	6,378	5,434	20,424	17,390
Depreciation and amortization	1,910	1,331	5,408	3,739
Interest and financing costs	409	396	1,158	1,371
Operating expenses	52,479	46,415	156,387	135,739
Operating income	21,307	17,645	66,996	59,372
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	2,926	4,517	8,758	13,020
Purchases of property, equipment and operating lease equipment	4,131	1,390	7,300	17,008
Selected Financial Data - Balance Sheet [Abstract]
Total assets	736,678	630,434	736,678	630,434	$ 616,680
Operating Segments [Member] | Technology [Member]
Segment Reporting Information [Line Items]
Sales of product and services	317,391	287,859	968,799	871,814
Financing revenue	0	0	0	0
Fee and other income	915	1,506	3,679	5,038
Net sales	318,306	289,365	972,478	876,852
Cost of sales, product and services	251,729	231,503	769,780	700,429
Direct lease costs	0	0	0	0
Cost of sales	251,729	231,503	769,780	700,429
Professional and other fees	1,216	1,608	4,138	4,175
Salaries and benefits	40,155	35,043	117,822	101,471
General and administrative expenses	6,409	5,203	19,335	16,653
Depreciation and amortization	1,908	1,327	5,400	3,728
Interest and financing costs	0	10	0	51
Operating expenses	49,688	43,191	146,695	126,078
Operating income	16,889	14,671	56,003	50,345
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	1,941	1,365	5,494	3,831
Purchases of property, equipment and operating lease equipment	849	506	2,413	1,700
Selected Financial Data - Balance Sheet [Abstract]
Total assets	546,728	401,422	546,728	401,422
Operating Segments [Member] | Financing [Member]
Segment Reporting Information [Line Items]
Sales of product and services	0	0	0	0
Financing revenue	8,190	9,289	23,899	27,914
Fee and other income	161	(10)	245	30
Net sales	8,351	9,279	24,144	27,944
Cost of sales, product and services	0	0	0	0
Direct lease costs	1,142	3,081	3,459	9,256
Cost of sales	1,142	3,081	3,459	9,256
Professional and other fees	181	274	780	738
Salaries and benefits	2,230	2,329	6,657	6,855
General and administrative expenses	(31)	231	1,089	737
Depreciation and amortization	2	4	8	11
Interest and financing costs	409	386	1,158	1,320
Operating expenses	2,791	3,224	9,692	9,661
Operating income	4,418	2,974	10,993	9,027
Selected Financial Data - Statement of Cash Flow [Abstract]
Depreciation and amortization	985	3,152	3,264	9,189
Purchases of property, equipment and operating lease equipment	3,282	884	4,887	15,308
Selected Financial Data - Balance Sheet [Abstract]
Total assets	$ 189,950	$ 229,012	$ 189,950	$ 229,012

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands	Dec. 06, 2016	Dec. 04, 2015	Dec. 31, 2016	Mar. 31, 2016
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Goodwill			$ 49,472	$ 42,151
IGX Acquisition [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable - trade, net		$ 8,457
Property and equipment		81
Identified intangible assets		8,710
Accounts payable and other current liabilities		(8,641)
Deferred tax liability		(89)
Total identifiable net assets		8,518
Goodwill		8,131
Total purchase consideration		16,649
Schedule of Identified Intangible Assets [Abstract]
Goodwill expected to be deductible for tax purpose		5,800
IGX Acquisition [Member] | Customer Relationships [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Identified intangible assets		$ 7,680
Schedule of Identified Intangible Assets [Abstract]
Estimated useful lives		7 years
IGX Acquisition [Member] | Trade Names [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Identified intangible assets		$ 520
Schedule of Identified Intangible Assets [Abstract]
Estimated useful lives		10 years
IGX Acquisition [Member] | Backlog [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Identified intangible assets		$ 510
Schedule of Identified Intangible Assets [Abstract]
Estimated useful lives		1 year
Consolidated IT Services [Member]
Allocation of Purchase Price Consideration to Assets Acquired and Liabilities Assumed [Abstract]
Accounts receivable - trade, net	$ 7,501
Property and equipment	1,045
Identified intangible assets	3,340
Accounts payable and other current liabilities	(6,411)
Total identifiable net assets	5,475
Goodwill	7,614
Total purchase consideration	13,089
Schedule of Identified Intangible Assets [Abstract]
Cash portion of the acquisition	$ 9,500		$ 4,000
Contingent consideration payout period			2 years
Contingent consideration cash periodic payment			$ 400