Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Oct. 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 | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 94,897 | $ 100,529 |
Accounts receivable, less allowance for doubtful accounts of $22 and $39, respectively | 1,466 | 2,542 |
Inventories - finished goods, net | 19,061 | 21,370 |
Prepaid expenses and other current assets | 2,841 | 1,408 |
Prepaid income taxes | 582 | |
Total current assets | 118,265 | 126,431 |
Noncurrent assets: | ||
Property and equipment, net | 26,412 | 27,136 |
Intangible assets | 860 | 860 |
Total noncurrent assets | 27,272 | 27,996 |
Total assets | 145,537 | 154,427 |
Current liabilities: | ||
Accounts payable | 15,155 | 16,275 |
Accrued expenses and other current liabilities | 2,871 | 2,351 |
Income taxes payable | 525 | |
Total current liabilities | 18,551 | 18,626 |
Deferred tax liabilities | 1,395 | 1,121 |
Total liabilities | 19,946 | 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; 20,175 and 20,674 shares issued and outstanding, respectively | 20 | 21 |
Additional paid-in capital | 2,347 | 12,478 |
Retained earnings | 123,215 | 122,172 |
Total shareholders' equity | 125,591 | 134,680 |
Total liabilities and shareholders' equity | $ 145,537 | $ 154,427 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 |
Allowance for doubtful accounts | $ 22 | $ 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) | 20,175 | 20,674 |
Common stock, shares outstanding (in shares) | 20,175 | 20,674 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Sales | $ 69,936 | $ 71,396 | $ 149,924 | $ 158,786 |
Cost of sales | 49,934 | 46,141 | 108,061 | 103,577 |
Gross profit | 20,002 | 25,255 | 41,863 | 55,209 |
Operating expenses: | ||||
General and administrative | 6,303 | 6,200 | 12,811 | 13,134 |
Advertising | 4,756 | 5,300 | 13,380 | 12,007 |
Depreciation | 572 | 552 | 1,140 | 1,108 |
Total operating expenses | 11,631 | 12,052 | 27,331 | 26,249 |
Income from operations | 8,371 | 13,203 | 14,532 | 28,960 |
Other income: | ||||
Interest income, net | 459 | 428 | 1,026 | 807 |
Other, net | 304 | 255 | 561 | 572 |
Total other income | 763 | 683 | 1,587 | 1,379 |
Income before provision for income taxes | 9,134 | 13,886 | 16,119 | 30,339 |
Provision for income taxes | 2,469 | 3,134 | 4,111 | 7,005 |
Net income | 6,665 | 10,752 | 12,008 | 23,334 |
Comprehensive income | $ 6,665 | $ 10,752 | $ 12,008 | $ 23,334 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.33 | $ 0.53 | $ 0.60 | $ 1.14 |
Diluted (in dollars per share) | $ 0.33 | $ 0.52 | $ 0.60 | $ 1.14 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 19,963 | 20,463 | 20,098 | 20,436 |
Diluted (in shares) | 19,973 | 20,520 | 20,109 | 20,485 |
Cash dividends declared per common share (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.54 | $ 0.52 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 12,008 | $ 23,334 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,140 | 1,108 |
Share based compensation | 1,365 | 1,500 |
Deferred income taxes | 274 | 189 |
Bad debt expense | 64 | 49 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | ||
Accounts receivable | 1,012 | 457 |
Inventories - finished goods | 2,309 | (5,279) |
Prepaid income taxes | 582 | 170 |
Prepaid expenses and other current assets | (1,433) | (94) |
Accounts payable | (1,120) | (996) |
Accrued expenses and other current liabilities | 568 | (36) |
Income taxes payable | 525 | |
Net cash provided by operating activities | 17,294 | 20,402 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (416) | (450) |
Net cash used in investing activities | (416) | (450) |
Cash flows from financing activities: | ||
Repurchase and retirement of common stock | (11,496) | |
Dividends paid | (11,014) | (10,756) |
Net cash used in financing activities | (22,510) | (10,756) |
Net (decrease) increase in cash and cash equivalents | (5,632) | 9,196 |
Cash and cash equivalents, at beginning of period | 100,529 | 77,936 |
Cash and cash equivalents, at end of period | 94,897 | 87,132 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,730 | 6,645 |
Dividends payable in accrued expenses | $ 155 | $ 207 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 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 not September 30, 2019, three six September 30, 2019 2018, six September 30, 2019 2018. three six September 30, 2019 not March 31, 2020. 10 March 31, 2019. 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, December 15, 2018, April 1, 2019, Consequently, on adoption, the Company recognized an additional current operating liability, 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. As of September 30, 2019, $220,000 not The Company does not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Sep. 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 September 30, Revenue (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 61,851 88.4 % $ 60,979 85.4 % $ 872 1.4 % New Order Sales 8,085 11.6 % 10,417 14.6 % (2,332 ) -22.4 % Total Net Sales $ 69,936 100.0 % $ 71,396 100.0 % $ (1,460 ) -2.0 % Internet Sales $ 58,453 83.6 % $ 60,306 84.5 % $ (1,853 ) -3.1 % Contact Center Sales 11,483 16.4 % 11,090 15.5 % 393 3.5 % Total Net Sales $ 69,936 100.0 % $ 71,396 100.0 % $ (1,460 ) -2.0 % Six Months Ended September 30, Sales (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 129,593 86.4 % $ 132,493 83.4 % $ (2,900 ) -2.2 % New Order Sales 20,331 13.6 % 26,293 16.6 % (5,962 ) -22.7 % Total Net Sales $ 149,924 100.0 % $ 158,786 100.0 % $ (8,862 ) -5.6 % Internet Sales $ 125,476 83.7 % $ 134,625 84.8 % $ (9,149 ) -6.8 % Contact Center Sales 24,448 16.3 % 24,161 15.2 % 287 1.2 % Total Net Sales $ 149,924 100.0 % $ 158,786 100.0 % $ (8,862 ) -5.6 % 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, 2019 March 31, 2019. |
Note 3 - Net Income Per Share
Note 3 - Net Income Per Share | 6 Months Ended |
Sep. 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 September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net income (numerator): Net income $ 6,665 $ 10,752 $ 12,008 $ 23,334 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 19,963 20,463 20,098 20,436 Common shares issuable upon vesting of restricted stock - 47 1 39 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 19,973 20,520 20,109 20,485 Net income per common share: Basic $ 0.33 $ 0.53 $ 0.60 $ 1.14 Diluted $ 0.33 $ 0.52 $ 0.60 $ 1.14 For the three six September 30, 2019, 76,620 three six September 30, 2018, 46,868 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [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 162,158 2016 “2016 2006 272,000 2006 “2006 135,000 2015 “2015 2006 September 30, 2019, third three In July 2019, 77,125 40,000 2016 $15.98 July 2019, 37,500 2015 $15.98 September 30, 2019 2018, $730,000 $781,000, six September 30, 2019 2018, $1.4 $1.5 September 30, 2019 2018, $4.3 $5.5 three September 30, 2019 2018 191,000 |
Note 5 - Fair Value
Note 5 - Fair Value | 6 Months Ended |
Sep. 30, 2019 | |
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, 2019, $94.9 1. |
Note 6 - Changes in Shareholder
Note 6 - Changes in Shareholders' Equity and Comprehensive Income: | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6 : Changes in S hare holders’ Equity and Comprehensive Income: Changes in shareholders’ equity for the six September 30, 2019 2018 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 Share based compensation 730 - Dividends declared - (5,447 ) Net income - 6,665 Ending balance at September 30, 2019: $ 2,347 $ 123,215 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 Share based compensation 781 - Dividends declared - (5,573 ) Net income - 10,752 Ending balance at September 30, 2018: $ 10,881 $ 118,930 During the six September 30, 2019, 613,000 $11.5 no six September 30, 2018. September 30, 2019, $28.7 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7: The Company was a defendant in a putative class action lawsuit, filed in May 2019, Valentin Reid, on behalf of himself and all others similarly situated v. PetMed Express, Inc. No. 19 4169, www.1800petmeds.com not July 30, 2019, $8,500 In January 2019, www.1800petmeds.com not not April 9, 2019. April 18, 2019, Brian Fischler, individually and on behalf of all other persons similarly situated v. PetMed Express, Inc. No. 19 02391. July 24, 2019, 24 $10,000. The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no not no |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 : Income Taxes For the quarters ended September 30, 2019 2018, $2.5 $3.1 six September 30, 2019 2018, $4.1 $7.0 six September 30, 2019 The effective tax rate for the quarter ended September 30, 2019 27.0%, 22.6% September 30, 2018, six September 30, 2019 25.5% 23.1% six September 30, 2018. three six September 30, 2019 $322,000 $134,000 September 30, 2018. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9 : Subsequent Events On October 21, 2019 $0.27 November 4, 2019 November 15, 2019 October 31, 2019 $5.4 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 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 September 30, 2019, three six September 30, 2019 2018, six September 30, 2019 2018. three six September 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, 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. As of September 30, 2019, $220,000 not The Company does not not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Revenue (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 61,851 88.4 % $ 60,979 85.4 % $ 872 1.4 % New Order Sales 8,085 11.6 % 10,417 14.6 % (2,332 ) -22.4 % Total Net Sales $ 69,936 100.0 % $ 71,396 100.0 % $ (1,460 ) -2.0 % Internet Sales $ 58,453 83.6 % $ 60,306 84.5 % $ (1,853 ) -3.1 % Contact Center Sales 11,483 16.4 % 11,090 15.5 % 393 3.5 % Total Net Sales $ 69,936 100.0 % $ 71,396 100.0 % $ (1,460 ) -2.0 % Six Months Ended September 30, Sales (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 129,593 86.4 % $ 132,493 83.4 % $ (2,900 ) -2.2 % New Order Sales 20,331 13.6 % 26,293 16.6 % (5,962 ) -22.7 % Total Net Sales $ 149,924 100.0 % $ 158,786 100.0 % $ (8,862 ) -5.6 % Internet Sales $ 125,476 83.7 % $ 134,625 84.8 % $ (9,149 ) -6.8 % Contact Center Sales 24,448 16.3 % 24,161 15.2 % 287 1.2 % Total Net Sales $ 149,924 100.0 % $ 158,786 100.0 % $ (8,862 ) -5.6 % |
Note 3 - Net Income Per Share (
Note 3 - Net Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2019 2018 2019 2018 Net income (numerator): Net income $ 6,665 $ 10,752 $ 12,008 $ 23,334 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 19,963 20,463 20,098 20,436 Common shares issuable upon vesting of restricted stock - 47 1 39 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 19,973 20,520 20,109 20,485 Net income per common share: Basic $ 0.33 $ 0.53 $ 0.60 $ 1.14 Diluted $ 0.33 $ 0.52 $ 0.60 $ 1.14 |
Note 6 - Changes in Sharehold_2
Note 6 - Changes in Shareholders' Equity and Comprehensive Income: (Tables) | 6 Months Ended |
Sep. 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 Share based compensation 730 - Dividends declared - (5,447 ) Net income - 6,665 Ending balance at September 30, 2019: $ 2,347 $ 123,215 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 Share based compensation 781 - Dividends declared - (5,573 ) Net income - 10,752 Ending balance at September 30, 2018: $ 10,881 $ 118,930 |
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 | $ 220,000 |
Accrued Expenses and Other Current Liabilities [Member] | |
Operating Lease, Liability, Current | $ 220,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 6 Months Ended |
Sep. 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 | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 69,936 | $ 71,396 | $ 149,924 | $ 158,786 |
Revenues, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Revenues, variance | $ (1,460) | $ (8,862) | ||
Revenues, variance, percentage | 2.00% | 5.60% | ||
Internet [Member] | ||||
Revenues | $ 58,453 | $ 60,306 | $ 125,476 | $ 134,625 |
Revenues, percentage | 83.60% | 84.50% | 83.70% | 84.80% |
Revenues, variance | $ (1,853) | $ (9,149) | ||
Revenues, variance, percentage | 3.10% | 6.80% | ||
Contact Center [Member] | ||||
Revenues | $ 11,483 | $ 11,090 | $ 24,448 | $ 24,161 |
Revenues, percentage | 16.40% | 15.50% | 16.30% | 15.20% |
Revenues, variance | $ 393 | $ 287 | ||
Revenues, variance, percentage | 3.50% | 1.20% | ||
Reorder Customer [Member] | ||||
Revenues | $ 61,851 | $ 60,979 | $ 129,593 | $ 132,493 |
Revenues, percentage | 88.40% | 85.40% | 86.40% | 83.40% |
Revenues, variance | $ 872 | $ (2,900) | ||
Revenues, variance, percentage | 1.40% | 2.20% | ||
New Order Customer [Member] | ||||
Revenues | $ 8,085 | $ 10,417 | $ 20,331 | $ 26,293 |
Revenues, percentage | 11.60% | 14.60% | 13.60% | 16.60% |
Revenues, variance | $ (2,332) | $ (5,962) | ||
Revenues, variance, percentage | 22.40% | 22.70% |
Note 3 - Net Income Per Share_2
Note 3 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 76,620 | 46,868 | 76,620 | 46,868 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income (numerator): | ||||
Net income | $ 6,665 | $ 10,752 | $ 12,008 | $ 23,334 |
Shares (denominator): | ||||
Weighted average number of common shares outstanding used in basic computation (in shares) | 19,963 | 20,463 | 20,098 | 20,436 |
Common shares issuable upon vesting of restricted stock (in shares) | 47 | 1 | 39 | |
Common shares issuable upon conversion of preferred shares (in shares) | 10 | 10 | 10 | 10 |
Shares used in diluted computation (in shares) | 19,973 | 20,520 | 20,109 | 20,485 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.33 | $ 0.53 | $ 0.60 | $ 1.14 |
Diluted (in dollars per share) | $ 0.33 | $ 0.52 | $ 0.60 | $ 1.14 |
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, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Expense | $ 730,000 | $ 781,000 | $ 1,400,000 | $ 1,500,000 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4,300,000 | $ 5,500,000 | $ 4,300,000 | $ 5,500,000 | |
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 | 77,125 | 162,158 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.98 | ||||
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 40,000 | ||||
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 | 37,500 | 135,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.98 | ||||
Employee and Director Plans [Member] | Restricted Stock [Member] | |||||
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 | 191,000 | 191,000 | 191,000 | 191,000 |
Note 5 - Fair Value (Details Te
Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 94,897 | $ 100,529 | $ 87,132 | $ 77,936 |
Note 6 - Changes in Sharehold_3
Note 6 - Changes in Shareholders' Equity and Comprehensive Income: (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Sep. 30, 2019 | Sep. 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 6 - Changes in Sharehold_4
Note 6 - 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, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 134,680 | $ 134,680 | ||||
Repurchase and retirement of common stock | (11,500) | |||||
Net income | $ 6,665 | $ 10,752 | 12,008 | $ 23,334 | ||
Balance | 125,591 | 125,591 | ||||
Additional Paid-in Capital [Member] | ||||||
Balance | 1,617 | 12,478 | 10,100 | $ 9,381 | 12,478 | 9,381 |
Share based compensation | 730 | 635 | 781 | 719 | ||
Dividends declared | ||||||
Repurchase and retirement of common stock | (11,496) | |||||
Net income | ||||||
Balance | 2,347 | 1,617 | 10,881 | 10,100 | 2,347 | 10,881 |
Retained Earnings [Member] | ||||||
Balance | 121,997 | 122,172 | 113,751 | 106,320 | 122,172 | 106,320 |
Share based compensation | ||||||
Dividends declared | (5,447) | (5,518) | (5,573) | (5,151) | ||
Repurchase and retirement of common stock | ||||||
Net income | 6,665 | 5,343 | 10,752 | 12,582 | ||
Balance | $ 123,215 | $ 121,997 | $ 118,930 | $ 113,751 | $ 123,215 | $ 118,930 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Jul. 30, 2019 | Jul. 24, 2019 |
Settled Litigation [Member] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 8,500 | |
Pending Litigation [Member] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 10,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 2,469,000 | $ 3,134,000 | $ 4,111,000 | $ 7,005,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.00% | 22.60% | 25.50% | 23.10% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 322,000 | $ (134,000) |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Oct. 21, 2019 | Oct. 31, 2019 |
Dividends Payable, Date Declared | Oct. 21, 2019 | |
Dividends Payable, Amount Per Share | $ 0.27 | |
Dividends Payable, Date of Record | Nov. 4, 2019 | |
Dividends Payable, Date to be Paid | Nov. 15, 2019 | |
Dividends Payable | $ 5.4 |