PetMed Express (PETS) 10-Q 30 Oct 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Oct. 30, 2018
Document Information [Line Items]
Entity Registrant Name	PETMED EXPRESS INC
Entity Central Index Key	1,040,130
Trading Symbol	pets
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		20,673,921
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 87,132	$ 77,936
Accounts receivable, less allowance for doubtful accounts of $37 and $35, respectively	1,786	2,292
Inventories - finished goods	28,616	23,337
Prepaid expenses and other current assets	976	882
Prepaid income taxes	618	788
Total current assets	119,128	105,235
Noncurrent assets:
Property and equipment, net	28,083	28,741
Intangible assets	860	860
Total noncurrent assets	28,943	29,601
Total assets	148,071	134,836
Current liabilities:
Accounts payable	14,278	15,274
Accrued expenses and other current liabilities	2,767	2,835
Total current liabilities	17,045	18,109
Deferred tax liabilities	1,185	996
Total liabilities	18,230	19,105
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000 shares authorized; 20,674 and 20,601 shares issued and outstanding, respectively	21	21
Additional paid-in capital	10,881	9,381
Retained earnings	118,930	106,320
Total shareholders' equity	129,841	115,731
Total liabilities and shareholders' equity	$ 148,071	$ 134,836

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2018	Mar. 31, 2018
Allowance for doubtful accounts	$ 37	$ 35
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Preferred stock, shares issued (in shares)	3	3
Preferred stock, shares outstanding (in shares)	3	3
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares issued (in shares)	20,674	20,601
Common stock, shares outstanding (in shares)	20,674	20,601

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales	$ 71,396	$ 66,711	$ 158,786	$ 146,368
Cost of sales	46,141	43,232	103,577	95,424
Gross profit	25,255	23,479	55,209	50,944
Operating expenses:
General and administrative	6,200	6,178	13,134	12,404
Advertising	5,300	4,526	12,007	10,818
Depreciation	552	527	1,108	1,058
Total operating expenses	12,052	11,231	26,249	24,280
Income from operations	13,203	12,248	28,960	26,664
Other income:
Interest income, net	428	143	807	226
Other, net	255	249	572	490
Total other income	683	392	1,379	716
Income before provision for income taxes	13,886	12,640	30,339	27,380
Provision for income taxes	3,134	3,880	7,005	9,344
Net income	10,752	8,760	23,334	18,036
Comprehensive income	$ 10,752	$ 8,760	$ 23,334	$ 18,036
Net income per common share:
Basic (in dollars per share)	$ 0.53	$ 0.43	$ 1.14	$ 0.89
Diluted (in dollars per share)	$ 0.52	$ 0.43	$ 1.14	$ 0.88
Weighted average number of common shares outstanding:
Basic (in shares)	20,463	20,349	20,436	20,321
Diluted (in shares)	20,520	20,437	20,485	20,442
Cash dividends declared per common share (in dollars per share)	$ 0.27	$ 0.20	$ 0.52	$ 0.40

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 23,334	$ 18,036
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,108	1,058
Share based compensation	1,500	1,146
Deferred income taxes	189	216
Bad debt expense	49	46
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	457	(250)
Inventories - finished goods	(5,279)	(2,777)
Prepaid income taxes	170
Prepaid expenses and other current assets	(94)	(87)
Accounts payable	(996)	(4,845)
Income taxes payable		5,349
Accrued expenses and other current liabilities	(36)	411
Net cash provided by operating activities	20,402	18,303
Cash flows from investing activities:
Purchases of property and equipment	(450)	(350)
Net cash used in investing activities	(450)	(350)
Cash flows from financing activities:
Dividends paid	(10,756)	(8,240)
Net cash used in financing activities	(10,756)	(8,240)
Net increase in cash and cash equivalents	9,196	9,713
Cash and cash equivalents, at beginning of period	77,936	58,730
Cash and cash equivalents, at end of period	87,132	68,443
Supplemental disclosure of cash flow information:
Cash paid for income taxes	6,645	3,780
Dividends payable in accrued expenses	$ 207	$ 202

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1: Organization PetMed Express, Inc. and subsidiaries, d/b/a 1 800 “1 800 www.1800petmeds.com, March 31, 2019 2018 March 31, 2019 2018, Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not September 30, 2018, three six September 30, 2018 2017, six September 30, 2018 2017. three six September 30, 2018 not March 31, 2019. 10 March 31, 2018. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Recent Accounting Pronouncements In May 2014, 2014 09, 606” 606 2016, 606 April 1, 2018. not The Company evaluated only contracts not five 606, 1 2 3 4 5 606 not 1 606 2 3 605 606. 606. 606 not In February 2016, December 15, 2018, not The Company does not not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: The Company generates revenue by selling pet medication products and pet supplies. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one not not no The Company disaggregates revenue in the following two 1 2 Three Months Ended September 30, Revenue (In thousands) 2018 % 2017 % $ Variance % Variance Reorder Sales $ 60,979 85.4 % $ 55,065 82.5 % $ 5,914 10.7 % New Order Sales 10,417 14.6 % 11,646 17.5 % (1,229 ) -10.6 % Total Net Sales $ 71,396 100.0 % $ 66,711 100.0 % $ 4,685 7.0 % Internet Sales $ 60,306 84.5 % $ 56,169 84.2 % $ 4,137 7.4 % Contact Center Sales 11,090 15.5 % 10,542 15.8 % 548 5.2 % Total Net Sales $ 71,396 100.0 % $ 66,711 100.0 % $ 4,685 7.0 % Six Months Ended September 30, Sales (In thousands) 2018 % 2017 % $ Variance % Variance Reorder Sales $ 132,493 83.4 % $ 119,532 81.7 % $ 12,961 10.8 % New Order Sales 26,293 16.6 % 26,836 18.3 % (543 ) -2.0 % Total Net Sales $ 158,786 100.0 % $ 146,368 100.0 % $ 12,418 8.5 % Internet Sales $ 134,625 84.8 % $ 122,817 83.9 % $ 11,808 9.6 % Contact Center Sales 24,161 15.2 % 23,551 16.1 % 610 2.6 % Total Net Sales $ 158,786 100.0 % $ 146,368 100.0 % $ 12,418 8.5 % The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no September 30, 2018 March 31, 2018.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3: Net Income Per Share In accordance with the provisions of Accounting Standards Codification (ASC) Topic 260 Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net income (numerator): Net income $ 10,752 $ 8,760 $ 23,334 $ 18,036 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,463 20,349 20,436 20,321 Common shares issuable upon vesting of restricted stock 47 78 39 111 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,520 20,437 20,485 20,442 Net income per common share: Basic $ 0.53 $ 0.43 $ 1.14 $ 0.89 Diluted $ 0.52 $ 0.43 $ 1.14 $ 0.88 For the three six September 30, 2018, 46,868 three six September 30, 2017, 79,200

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 4: Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 “Share Based Payment” 2016 09 972,175 2006 “2006 85,600 2016 “2016 2006 272,000 2006 “2006 97,500 2015 “2015 2006 September 30, 2018, third three In July 2018, 47,450 2016 $35.43 July 2018, 37,500 2015 $35.43 September 30, 2018 2017, $781,000 $652,000, six September 30, 2018 2017, $1.5 $1.1 September 30, 2018 2017, $5.5 $6.0 three September 30, 2018 2017, 191,000 236,000

Note 5 - Fair Value

Note 5 - Fair Value	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5: Fair Value The Company carries various assets and liabilities at fair value in the Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 three Level 1 Level 2 Level 3 no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At September 30, 2018, $87.1 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6: The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no not no

Note 7 - Changes in Shareholder

Note 7 - Changes in Shareholders' Equity and Comprehensive Income	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7: Changes in shareholders’ equity for the six September 30, 2018 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2018: $ 9,381 $ 106,320 Share based compensation 1,500 - Dividends declared - (10,724 ) Net income - 23,334 Ending balance at September 30, 2018: $ 10,881 $ 118,930 No six September 30, 2018 2017.

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8: For the quarters ended September 30, 2018 2017, $3.1 $3.9 six September 30, 2018 2017, $7.0 $9.3 September 30, 2018 22.6%, 30.7% September 30, 2017. six September 30, 2018 23.1%, 34.1% six September 30, 2017. three six September 30, 2018, 35.0% 21.0% 2017.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	Note 9: On October 22, 2018 $0.27 November 5, 2018 November 16, 2018 October 31, 2018 $5.6

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis Of Presentation and Consolidation [Policy Text Block]	Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not September 30, 2018, three six September 30, 2018 2017, six September 30, 2018 2017. three six September 30, 2018 not March 31, 2019. 10 March 31, 2018.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, 2014 09, 606” 606 2016, 606 April 1, 2018. not The Company evaluated only contracts not five 606, 1 2 3 4 5 606 not 1 606 2 3 605 606. 606. 606 not In February 2016, December 15, 2018, not The Company does not not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Revenue (In thousands) 2018 % 2017 % $ Variance % Variance Reorder Sales $ 60,979 85.4 % $ 55,065 82.5 % $ 5,914 10.7 % New Order Sales 10,417 14.6 % 11,646 17.5 % (1,229 ) -10.6 % Total Net Sales $ 71,396 100.0 % $ 66,711 100.0 % $ 4,685 7.0 % Internet Sales $ 60,306 84.5 % $ 56,169 84.2 % $ 4,137 7.4 % Contact Center Sales 11,090 15.5 % 10,542 15.8 % 548 5.2 % Total Net Sales $ 71,396 100.0 % $ 66,711 100.0 % $ 4,685 7.0 % Six Months Ended September 30, Sales (In thousands) 2018 % 2017 % $ Variance % Variance Reorder Sales $ 132,493 83.4 % $ 119,532 81.7 % $ 12,961 10.8 % New Order Sales 26,293 16.6 % 26,836 18.3 % (543 ) -2.0 % Total Net Sales $ 158,786 100.0 % $ 146,368 100.0 % $ 12,418 8.5 % Internet Sales $ 134,625 84.8 % $ 122,817 83.9 % $ 11,808 9.6 % Contact Center Sales 24,161 15.2 % 23,551 16.1 % 610 2.6 % Total Net Sales $ 158,786 100.0 % $ 146,368 100.0 % $ 12,418 8.5 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net income (numerator): Net income $ 10,752 $ 8,760 $ 23,334 $ 18,036 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,463 20,349 20,436 20,321 Common shares issuable upon vesting of restricted stock 47 78 39 111 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,520 20,437 20,485 20,442 Net income per common share: Basic $ 0.53 $ 0.43 $ 1.14 $ 0.89 Diluted $ 0.52 $ 0.43 $ 1.14 $ 0.88

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity and Comprehensive Income (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2018: $ 9,381 $ 106,320 Share based compensation 1,500 - Dividends declared - (10,724 ) Net income - 23,334 Ending balance at September 30, 2018: $ 10,881 $ 118,930

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Contract with Customer, Liability, Total	$ 0	$ 0
Contract with Customer, Asset, Net, Total	$ 0	$ 0
Minimum [Member]
Credit Card Sales, Cash Settlement Period	2 days
Maximum [Member]
Credit Card Sales, Cash Settlement Period	3 days

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation Of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 71,396	$ 66,711	$ 158,786	$ 146,368
Revenues	100.00%	100.00%	100.00%	100.00%
Revenues	$ 4,685		$ 12,418
Revenues	7.00%		8.50%
Internet [Member]
Revenues	$ 60,306	$ 56,169	$ 134,625	$ 122,817
Revenues	84.50%	84.20%	84.80%	83.90%
Revenues	$ 4,137		$ 11,808
Revenues	7.40%		9.60%
Contact Center [Member]
Revenues	$ 11,090	$ 10,542	$ 24,161	$ 23,551
Revenues	15.50%	15.80%	15.20%	16.10%
Revenues	$ 548		$ 610
Revenues	5.20%		2.60%
Reorder Customer [Member]
Revenues	$ 60,979	$ 55,065	$ 132,493	$ 119,532
Revenues	85.40%	82.50%	83.40%	81.70%
Revenues	$ 5,914		$ 12,961
Revenues	10.70%		10.80%
New Order Customer [Member]
Revenues	$ 10,417	$ 11,646	$ 26,293	$ 26,836
Revenues	14.60%	17.50%	16.60%	18.30%
Revenues	$ (1,229)		$ (543)
Revenues	10.60%		2.00%

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	46,868	79,200	46,868	79,200

Note 3 - Net Income Per Share -

Note 3 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 10,752	$ 8,760	$ 23,334	$ 18,036
Weighted average number of common shares outstanding used in basic computation (in shares)	20,463	20,349	20,436	20,321
Common shares issuable upon vesting of restricted stock (in shares)	47	78	39	111
Common shares issuable upon conversion of preferred shares (in shares)	10	10	10	10
Shares used in diluted computation (in shares)	20,520	20,437	20,485	20,442
Basic (in dollars per share)	$ 0.53	$ 0.43	$ 1.14	$ 0.89
Diluted (in dollars per share)	$ 0.52	$ 0.43	$ 1.14	$ 0.88

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Allocated Share-based Compensation Expense, Total		$ 781,000	$ 652,000	$ 1,500,000	$ 1,100,000
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				85,600
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				972,175
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	47,450
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 35.43
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				272,000
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				97,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 35.43
Employee and Director Plans [Member] | Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance		191,000	236,000	191,000	236,000
Employee and Director Plans [Member] | Restricted Stock [Member] | General and Administrative Expense [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 5,500,000	$ 6,000,000	$ 5,500,000	$ 6,000,000

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 87,132	$ 77,936	$ 68,443	$ 58,730

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity and Comprehensive Income (Details Textual) - shares shares in Thousands	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Treasury Stock, Shares, Acquired	0	0

Note 7 - Changes in Sharehold_4

Note 7 - Changes in Shareholders' Equity and Comprehensive Income - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Balance			$ 115,731
Net income	$ 10,752	$ 8,760	23,334	$ 18,036
Balance	129,841		129,841
Additional Paid-in Capital [Member]
Balance			9,381
Share based compensation			1,500
Dividends declared
Net income
Balance	10,881		10,881
Retained Earnings [Member]
Balance			106,320
Share based compensation
Dividends declared			(10,724)
Net income			23,334
Balance	$ 118,930		$ 118,930

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Expense (Benefit), Total	$ 3,134	$ 3,880	$ 7,005	$ 9,344
Effective Income Tax Rate Reconciliation, Percent, Total	22.60%	30.70%	23.10%	34.10%

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Oct. 22, 2018USD ($)$ / shares
Dividends Payable, Amount Per Share | $ / shares	$ 0.27
Dividends Payable | $	$ 5.6
Dividends Payable, Date Declared	Oct. 22, 2018
Dividends Payable, Date of Record	Nov. 5, 2018
Dividends Payable, Date to be Paid	Nov. 16, 2018