PetMed Express (PETS) 10-Q 30 Jul 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Document Information [Line Items]
Entity Registrant Name	PETMED EXPRESS INC
Entity Central Index Key	0001040130
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)		20,174,932
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 83,398	$ 100,529
Accounts receivable, less allowance for doubtful accounts of $33 and $39, respectively	2,145	2,542
Inventories - finished goods	30,168	21,370
Prepaid expenses and other current assets	1,506	1,408
Prepaid income taxes		582
Total current assets	117,217	126,431
Noncurrent assets:
Property and equipment, net	26,760	27,136
Intangible assets	860	860
Total noncurrent assets	27,620	27,996
Total assets	144,837	154,427
Current liabilities:
Accounts payable	15,689	16,275
Accrued expenses and other current liabilities	3,325	2,351
Income taxes payable	1,241
Total current liabilities	20,255	18,626
Deferred tax liabilities	939	1,121
Total liabilities	21,194	19,747
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; 20,060 and 20,674 shares issued and outstanding, respectively	20	21
Additional paid-in capital	1,617	12,478
Retained earnings	121,997	122,172
Total shareholders' equity	123,643	134,680
Total liabilities and shareholders' equity	$ 144,837	$ 154,427

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Allowance for doubtful accounts	$ 33	$ 39
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)	20,060	20,674
Common stock, shares outstanding (in shares)	20,060	20,674

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Sales	$ 79,988	$ 87,390
Cost of sales	58,127	57,436
Gross profit	21,861	29,954
Operating expenses:
General and administrative	6,508	6,934
Advertising	8,624	6,707
Depreciation	568	556
Total operating expenses	15,700	14,197
Income from operations	6,161	15,757
Other income:
Interest income, net	567	379
Other, net	257	317
Total other income	824	696
Income before provision for income taxes	6,985	16,453
Provision for income taxes	1,642	3,871
Net income	5,343	12,582
Comprehensive income	$ 5,343	$ 12,582
Net income per common share:
Basic (in dollars per share)	$ 0.26	$ 0.62
Diluted (in dollars per share)	$ 0.26	$ 0.62
Weighted average number of common shares outstanding:
Basic (in shares)	20,235	20,408
Diluted (in shares)	20,245	20,449
Cash dividends declared per common share (in dollars per share)	$ 0.27	$ 0.25

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 5,343	$ 12,582
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	568	556
Share based compensation	635	719
Deferred income taxes	(182)	(165)
Bad debt expense	25	32
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	372	(171)
Inventories - finished goods	(8,798)	(1,709)
Prepaid income taxes	582	788
Prepaid expenses and other current assets	(98)	(396)
Accounts payable	(586)	5,908
Accrued expenses and other current liabilities	934	643
Income taxes payable	1,241	3,247
Net cash provided by operating activities	36	22,034
Cash flows from investing activities:
Purchases of property and equipment	(192)	(306)
Net cash used in investing activities	(192)	(306)
Cash flows from financing activities:
Repurchase and retirement of common stock	(11,496)
Dividends paid	(5,479)	(5,103)
Net cash used in financing activities	(16,975)	(5,103)
Net (decrease) increase in cash and cash equivalents	(17,131)	16,625
Cash and cash equivalents, at beginning of period	100,529	77,936
Cash and cash equivalents, at end of period	83,398	94,561
Supplemental disclosure of cash flow information:
Dividends payable in accrued expenses	$ 243	$ 288

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2019
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, 2020 2019 March 31, 2020 2019, Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 -Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at June 30, 2019, the Statements of Comprehensive Income for the three months ended June 30, 2019 and 2018, and Cash Flows for the three months ended June 30, 2019 and 2018. The results of operations for the three months ended June 30, 2019 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2020. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10 -K for the fiscal year ended March 31, 2019. The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on leases which supersedes the current lease guidance. The core principle requires lessees to recognize the assets and liabilities that arise from nearly all leases in the statement of financial position. Accounting applied by lessors will remain largely consistent with previous guidance. Additional changes are set to align lessor accounting with the revised lessee model and the FASB’s revenue recognition guidance. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard on April 1, 2019, using this effective date as the date of initial application. Consequently, on adoption, the Company recognized an additional current operating liability of approximately $275,000 , with a corresponding right of use asset of approximately the same amount based on the present value of the remaining rental payments under current leasing standards for existing operating leases. The lease liability and right of use asset is reflected in the condensed consolidated balance sheet as part of accrued expenses and other current liabilities and as part of prepaid expenses and other current assets. The amended guidance did not have a material impact on the Company’s condensed consolidated financial statements. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Jun. 30, 2019
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 June 30, Revenue (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 67,742 84.7 % $ 71,501 81.8 % $ (3,759 ) -5.3 % New Order Sales 12,246 15.3 % 15,889 18.2 % (3,643 ) -22.9 % Total Net Sales $ 79,988 100.0 % $ 87,390 100.0 % $ (7,402 ) -8.5 % Internet Sales $ 67,023 83.8 % $ 74,320 85.0 % $ (7,297 ) -9.8 % Contact Center Sales 12,965 16.2 % 13,070 15.0 % (105 ) -0.8 % Total Net Sales $ 79,988 100.0 % $ 87,390 100.0 % $ (7,402 ) -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 June 30, 2019 March 31, 2019.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	3 Months Ended
	Jun. 30, 2019
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 June 30, 2019 2018 Net income (numerator): Net income $ 5,343 $ 12,582 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,235 20,408 Common shares issuable upon vesting of restricted stock - 31 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,245 20,449 Net income per common share: Basic $ 0.26 $ 0.62 Diluted $ 0.26 $ 0.62 For the three June 30, 2019 2018, 136,601 77,350

Note 4 - Accounting for Stock-b

Note 4 - Accounting for Stock-based Compensation	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4 : Accounting for 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 85,033 2016 “2016 2006 272,000 2006 “2006 97,500 2015 “2015 2006 June 30, 2019, third three The Company did not June 30, 2019 2018, $635,000 $719,000, June 30, 2019 2018, $3.2 $3.7 three June 30, 2019 2018, 150,000 193,000

Note 5 - Fair Value

Note 5 - Fair Value	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5 : Fair Value The Company carries cash and cash equivalents and investments 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 June 30, 2019, $83.4 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6 : Commitments and Contingencies The Company is a defendant in a putative class action lawsuit, filed in May 2019, No. 19 4169, www.1800petmeds.com, not In January 2019, www.1800petmeds.com, not not April 9, 2019. April 18, 2019, No. 19 02391. 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	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7 : Changes in S hare holders’ Equity: Changes in shareholders’ equity for the three June 30, 2019 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2019: $ 12,478 $ 122,172 Share based compensation 635 - Dividends declared - (5,518 ) Repurchase and retirement of common stock (11,496 ) - Net income - 5,343 Ending balance at June 30, 2019: $ 1,617 $ 121,997 Changes in shareholders’ equity for the three June 30, 2018 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2018: $ 9,381 $ 106,320 Share based compensation 719 - Dividends declared - (5,151 ) Net income - 12,582 Ending balance at June 30, 2018: $ 10,100 $ 113,751 During the quarter ended June 30, 2019, 613,000 $11.5 no June 30, 2018. June 30, 2019, $28.7

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 : Income Taxes For the quarters ended June 30, 2019 2018, $1.6 $3.9 June 30, 2019 2018 23.5%

Note 9 - Subsequent Events

Note 9 - Subsequent Events	3 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	Note 9 : Su b sequent Event s On July 22, 2019 $0.27 August 2, 2019 August 9, 2019 July 30, 2019 $5.4 On July 26, 2019, 40,000 37,125 2016 37,500 2015

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2019
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 June 30, 2019, three June 30, 2019 2018, three June 30, 2019 2018. three June 30, 2019 not March 31, 2020. 10 March 31, 2019.
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 February 2016, December 15, 2018, April 1, 2019, Consequently, on adoption, the Company recognized an additional current operating liability of approximately $275,000 not The Company does not not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Revenue (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 67,742 84.7 % $ 71,501 81.8 % $ (3,759 ) -5.3 % New Order Sales 12,246 15.3 % 15,889 18.2 % (3,643 ) -22.9 % Total Net Sales $ 79,988 100.0 % $ 87,390 100.0 % $ (7,402 ) -8.5 % Internet Sales $ 67,023 83.8 % $ 74,320 85.0 % $ (7,297 ) -9.8 % Contact Center Sales 12,965 16.2 % 13,070 15.0 % (105 ) -0.8 % Total Net Sales $ 79,988 100.0 % $ 87,390 100.0 % $ (7,402 ) -8.5 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2019 2018 Net income (numerator): Net income $ 5,343 $ 12,582 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,235 20,408 Common shares issuable upon vesting of restricted stock - 31 Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,245 20,449 Net income per common share: Basic $ 0.26 $ 0.62 Diluted $ 0.26 $ 0.62

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2019: $ 12,478 $ 122,172 Share based compensation 635 - Dividends declared - (5,518 ) Repurchase and retirement of common stock (11,496 ) - Net income - 5,343 Ending balance at June 30, 2019: $ 1,617 $ 121,997 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2018: $ 9,381 $ 106,320 Share based compensation 719 - Dividends declared - (5,151 ) Net income - 12,582 Ending balance at June 30, 2018: $ 10,100 $ 113,751

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Details Textual) - Accounting Standards Update 2016-02 [Member]	Apr. 01, 2019USD ($)
Prepaid Expenses and Other Current Assets [Member]
Operating Lease, Right-of-Use Asset	$ 275,000
Accrued Expenses and Other Current Liabilities [Member]
Operating Lease, Liability, Current	$ 275,000

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	3 Months Ended
	Jun. 30, 2019
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
	Jun. 30, 2019	Jun. 30, 2018
Revenues	$ 79,988	$ 87,390
Revenues, percentage	100.00%	100.00%
Revenues, variance	$ (7,402)
Revenues, variance, percentage	(8.50%)
Internet [Member]
Revenues	$ 67,023	$ 74,320
Revenues, percentage	83.80%	85.00%
Revenues, variance	$ (7,297)
Revenues, variance, percentage	(9.80%)
Contact Center [Member]
Revenues	$ 12,965	$ 13,070
Revenues, percentage	16.20%	15.00%
Revenues, variance	$ (105)
Revenues, variance, percentage	(0.80%)
Reorder Customer [Member]
Revenues	$ 67,742	$ 71,501
Revenues, percentage	84.70%	81.80%
Revenues, variance	$ (3,759)
Revenues, variance, percentage	(5.30%)
New Order Customer [Member]
Revenues	$ 12,246	$ 15,889
Revenues, percentage	15.30%	18.20%
Revenues, variance	$ (3,643)
Revenues, variance, percentage	(22.90%)

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	136,601	77,350

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
	Jun. 30, 2019	Jun. 30, 2018
Net income (numerator):
Net income	$ 5,343	$ 12,582
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,235	20,408
Common shares issuable upon vesting of restricted stock (in shares)		31
Common shares issuable upon conversion of preferred shares (in shares)	10	10
Shares used in diluted computation (in shares)	20,245	20,449
Net income per common share
Basic (in dollars per share)	$ 0.26	$ 0.62
Diluted (in dollars per share)	$ 0.26	$ 0.62

Note 4 - Accounting for Stock_2

Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement, Expense	$ 635,000	$ 719,000
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
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	85,033
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
Employee and Director Plans [Member] | Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 3,200,000	$ 3,700,000
Share-based Payment Arrangement, Nonvested Award, 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	150,000	193,000

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 83,398	$ 100,529	$ 94,561	$ 77,936

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Stock Repurchased and Retired During Period, Shares	613,000	0
Stock Repurchased and Retired During Period, Value	$ 11.5
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 28.7

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
	Jun. 30, 2019	Jun. 30, 2018
Balance	$ 134,680
Repurchase and retirement of common stock	(11,500)
Net income	5,343	$ 12,582
Balance	123,643
Additional Paid-in Capital [Member]
Balance	12,478	9,381
Share based compensation	635	719
Dividends declared
Repurchase and retirement of common stock	(11,496)
Net income
Balance	1,617	10,100
Retained Earnings [Member]
Balance	122,172	106,320
Share based compensation
Dividends declared	(5,518)	(5,151)
Repurchase and retirement of common stock
Net income	5,343	12,582
Balance	$ 121,997	$ 113,751

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Expense (Benefit), Total	$ 1,642	$ 3,871
Effective Income Tax Rate Reconciliation, Percent, Total	23.50%	23.50%

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Jul. 26, 2019	Jul. 22, 2019
Dividends Payable, Amount Per Share		$ 0.27
Dividends Payable		$ 5.4
Dividends Payable, Date Declared		Jul. 22, 2019
Dividends Payable, Date of Record		Aug. 2, 2019
Dividends Payable, Date to be Paid		Aug. 9, 2019
Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,125
Chief Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	40,000
Director [Member] | Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,500