Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001040130 | |
Entity Registrant Name | PETMED EXPRESS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-28827 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0680967 | |
Entity Address, Address Line One | 420 South Congress Avenue | |
Entity Address, City or Town | Delray Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33445 | |
City Area Code | 561 | |
Local Phone Number | 526-4444 | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | PETS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,272,072 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 86,821 | $ 103,762 |
Accounts receivable, less allowance for doubtful accounts of $41 and $59, respectively | 2,710 | 3,843 |
Inventories - finished goods | 43,071 | 17,884 |
Prepaid expenses and other current assets | 3,277 | 3,529 |
Total current assets | 135,879 | 129,018 |
Noncurrent assets: | ||
Property and equipment, net | 26,016 | 25,445 |
Intangible assets | 860 | 860 |
Total noncurrent assets | 26,876 | 26,305 |
Total assets | 162,755 | 155,323 |
Current liabilities: | ||
Accounts payable | 20,975 | 19,658 |
Accrued expenses and other current liabilities | 5,169 | 4,214 |
Income taxes payable | 3,025 | 471 |
Total current liabilities | 29,169 | 24,343 |
Deferred tax liabilities | 715 | 970 |
Total liabilities | 29,884 | 25,313 |
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; 20,166 and 20,166 shares issued and outstanding, respectively | 20 | 20 |
Additional paid-in capital | 4,544 | 3,804 |
Retained earnings | 128,298 | 126,177 |
Total shareholders' equity | 132,871 | 130,010 |
Total liabilities and shareholders' equity | $ 162,755 | $ 155,323 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Allowance for doubtful accounts | $ 41 | $ 59 |
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) | 20,166 | 20,166 |
Common stock, shares outstanding (in shares) | 20,166 | 20,166 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Sales | $ 96,204 | $ 79,988 |
Cost of sales | 69,419 | 58,127 |
Gross profit | 26,785 | 21,861 |
Operating expenses: | ||
General and administrative | 7,754 | 6,508 |
Advertising | 9,033 | 8,624 |
Depreciation | 562 | 568 |
Total operating expenses | 17,349 | 15,700 |
Income from operations | 9,436 | 6,161 |
Other income: | ||
Interest income, net | 90 | 567 |
Other, net | 255 | 257 |
Total other income | 345 | 824 |
Income before provision for income taxes | 9,781 | 6,985 |
Provision for income taxes | 2,013 | 1,642 |
Net income | $ 7,768 | $ 5,343 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.39 | $ 0.26 |
Diluted (in dollars per share) | $ 0.39 | $ 0.26 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 19,984 | 20,235 |
Diluted (in shares) | 20,042 | 20,245 |
Cash dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.27 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 7,768 | $ 5,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 562 | 568 |
Share based compensation | 740 | 635 |
Deferred income taxes | (255) | (182) |
Bad debt expense | 33 | 25 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | ||
Accounts receivable | 1,100 | 372 |
Inventories - finished goods | (25,187) | (8,798) |
Prepaid income taxes | 0 | 582 |
Prepaid expenses and other current assets | (737) | (98) |
Accounts payable | 1,317 | (586) |
Accrued expenses and other current liabilities | 903 | 934 |
Income taxes payable | 2,554 | 1,241 |
Net cash (used in) provided by operating activities | (11,202) | 36 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (145) | (192) |
Net cash used in investing activities | (145) | (192) |
Cash flows from financing activities: | ||
Repurchase and retirement of common stock | 0 | (11,496) |
Dividends paid | (5,594) | (5,479) |
Net cash used in financing activities | (5,594) | (16,975) |
Net decrease in cash and cash equivalents | (16,941) | (17,131) |
Cash and cash equivalents, at beginning of period | 103,762 | 100,529 |
Cash and cash equivalents, at end of period | 86,821 | 83,398 |
Supplemental disclosure of cash flow information: | ||
Dividends payable in accrued expenses | $ 297 | $ 243 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2020 | |
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 March 31, 2021 2020 March 31, 2021 2020, 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, 2020, three June 30, 2020 2019, three June 30, 2020 2019. three June 30, 2020 not March 31, 2021. 10 March 31, 2020. 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 June 2016, 2016 13, 326 2016 13” 2021. 2016 13 not In December 2019, No. 2019 12, 740 2019 12” 2019 12. 2019 12 April 1, 2021. The Company does not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Jun. 30, 2020 | |
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) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 80,425 83.6 % $ 67,742 84.7 % $ 12,683 18.7 % New Order Sales 15,779 16.4 % 12,246 15.3 % 3,533 28.9 % Total Net Sales $ 96,204 100.0 % $ 79,988 100.0 % $ 16,216 20.3 % Internet Sales $ 81,511 84.7 % $ 67,023 83.8 % $ 14,488 21.6 % Contact Center Sales 14,693 15.3 % 12,965 16.2 % 1,728 13.3 % Total Net Sales $ 96,204 100.0 % $ 79,988 100.0 % $ 16,216 20.3 % 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, 2020 March 31, 2020. |
Note 3 - Net Income Per Share
Note 3 - Net Income Per Share | 3 Months Ended |
Jun. 30, 2020 | |
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, 2020 2019 Net income (numerator): Net income $ 7,768 $ 5,343 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 19,984 20,235 Common shares issuable upon vesting of restricted stock 48 - Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,042 20,245 Net income per common share: Basic $ 0.39 $ 0.26 Diluted $ 0.39 $ 0.26 For the three June 30, 2020 2019, |
Note 4 - Accounting for Stock-b
Note 4 - Accounting for Stock-based Compensation | 3 Months Ended |
Jun. 30, 2020 | |
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 2006 “2006 2016 “2016 2006 2006 “2006 2015 “2015 2006 June 30, 2020, third one three The Company did not June 30, 2020 2019, June 30, 2020 2019, one three June 30, 2020 2019, |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5 : Fair Value The Company carries cash and cash equivalents 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, 2020, 1. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6 : Commitments and Contingencies 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, 2020 | |
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, 2020 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298 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 During the quarter ended June 30, 2019, June 30, 2020. June 30, 2020, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 : Income Taxes For the quarters ended June 30, 2020 2019, June 30, 2020 June 30, 2020 June 30, 2019. June 30, 2020 one |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9 : Su b sequent Event s On July 20, 2020, July 31, 2020 August 7, 2020 July 31, 2020 Effective July 31, 2020, No. 8 No. 8” July 31, 2020 July 31, 2021, July 31, 2021. 2020 1 2 3 4 one No. 8, 2021 2021 1 35% 2 35% 3 20% 4 10% On July 31, 2020, 2016 2015 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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, 2020, three June 30, 2020 2019, three June 30, 2020 2019. three June 30, 2020 not March 31, 2021. 10 March 31, 2020. |
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 June 2016, 2016 13, 326 2016 13” 2021. 2016 13 not In December 2019, No. 2019 12, 740 2019 12” 2019 12. 2019 12 April 1, 2021. The Company does not not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Revenue (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 80,425 83.6 % $ 67,742 84.7 % $ 12,683 18.7 % New Order Sales 15,779 16.4 % 12,246 15.3 % 3,533 28.9 % Total Net Sales $ 96,204 100.0 % $ 79,988 100.0 % $ 16,216 20.3 % Internet Sales $ 81,511 84.7 % $ 67,023 83.8 % $ 14,488 21.6 % Contact Center Sales 14,693 15.3 % 12,965 16.2 % 1,728 13.3 % Total Net Sales $ 96,204 100.0 % $ 79,988 100.0 % $ 16,216 20.3 % |
Note 3 - Net Income Per Share (
Note 3 - Net Income Per Share (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2020 2019 Net income (numerator): Net income $ 7,768 $ 5,343 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 19,984 20,235 Common shares issuable upon vesting of restricted stock 48 - Common shares issuable upon conversion of preferred shares 10 10 Shares used in diluted computation 20,042 20,245 Net income per common share: Basic $ 0.39 $ 0.26 Diluted $ 0.39 $ 0.26 |
Note 7 - Changes in Sharehold_2
Note 7 - Changes in Shareholders' Equity (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298 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 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 3 Months Ended |
Jun. 30, 2020 | |
Minimum [Member] | |
Credit Card Sales, Cash Settlement Period (Day) | 2 days |
Maximum [Member] | |
Credit Card Sales, Cash Settlement Period (Day) | 3 days |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | $ 96,204 | $ 79,988 |
Revenues, percentage | 100.00% | 100.00% |
Revenues, variance | $ 16,216 | |
Revenues, variance, percentage | 20.30% | |
Internet [Member] | ||
Revenues | $ 81,511 | $ 67,023 |
Revenues, percentage | 84.70% | 83.80% |
Revenues, variance | $ 14,488 | |
Revenues, variance, percentage | 21.60% | |
Contact Center [Member] | ||
Revenues | $ 14,693 | $ 12,965 |
Revenues, percentage | 15.30% | 16.20% |
Revenues, variance | $ 1,728 | |
Revenues, variance, percentage | 13.30% | |
Reorder Customer [Member] | ||
Revenues | $ 80,425 | $ 67,742 |
Revenues, percentage | 83.60% | 84.70% |
Revenues, variance | $ 12,683 | |
Revenues, variance, percentage | 18.70% | |
New Order Customer [Member] | ||
Revenues | $ 15,779 | $ 12,246 |
Revenues, percentage | 16.40% | 15.30% |
Revenues, variance | $ 3,533 | |
Revenues, variance, percentage | 28.90% |
Note 3 - Net Income Per Share_2
Note 3 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 72,120 | 136,601 |
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, 2020 | Jun. 30, 2019 | |
Net income (numerator): | ||
Net income | $ 7,768 | $ 5,343 |
Shares (denominator): | ||
Weighted average number of common shares outstanding used in basic computation (in shares) | 19,984 | 20,235 |
Common shares issuable upon vesting of restricted stock (in shares) | 48 | 0 |
Common shares issuable upon conversion of preferred shares (in shares) | 10 | 10 |
Shares used in diluted computation (in shares) | 20,042 | 20,245 |
Net income per common share | ||
Basic (in dollars per share) | $ 0.39 | $ 0.26 |
Diluted (in dollars per share) | $ 0.39 | $ 0.26 |
Note 4 - Accounting for Stock_2
Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") [Member] | Restricted Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 972,175 | |
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 153,608 | |
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") [Member] | Restricted Stock [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 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 (in shares) | 135,000 | |
Employee and Director Plans [Member] | ||
Share-based Payment Arrangement, Expense | $ 740,000 | $ 635,000 |
Employee and Director Plans [Member] | Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,900,000 | $ 3,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 183,000 | 150,000 |
Employee and Director Plans [Member] | Restricted Stock [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | |
Employee and Director Plans [Member] | Restricted Stock [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years |
Note 5 - Fair Value (Details Te
Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 86,821 | $ 103,762 |
Note 7 - Changes in Sharehold_3
Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 613,000 |
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 - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 130,010 | |
Net income | 7,768 | $ 5,343 |
Repurchase and retirement of common stock | (11,500) | |
Balance | 132,871 | |
Additional Paid-in Capital [Member] | ||
Balance | 3,804 | 12,478 |
Share based compensation | 740 | 635 |
Dividends declared | 0 | 0 |
Net income | 0 | 0 |
Repurchase and retirement of common stock | (11,496) | |
Balance | 4,544 | 1,617 |
Retained Earnings [Member] | ||
Balance | 126,177 | 122,172 |
Share based compensation | 0 | 0 |
Dividends declared | (5,647) | (5,518) |
Net income | 7,768 | 5,343 |
Repurchase and retirement of common stock | 0 | |
Balance | $ 128,298 | $ 121,997 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ 2,013,000 | $ 1,642,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.60% | 23.50% |
Proceeds from Income Tax Refunds | $ 285,000 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - USD ($) | Jul. 31, 2020 | Jul. 30, 2020 | Jul. 20, 2020 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||
Subsequent Event [Member] | ||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.28 | |||
Dividends Payable | $ 5,600,000 | |||
Dividends Payable, Date Declared | Jul. 20, 2020 | |||
Dividends Payable, Date of Record | Jul. 31, 2020 | |||
Dividends Payable, Date to be Paid | Aug. 7, 2020 | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||
Annual Salary | $ 626,860 | $ 607,880 | ||
Subsequent Event [Member] | Chief Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 37,800 | |||
Subsequent Event [Member] | Employees [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,390 | |||
Subsequent Event [Member] | Director [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 37,500 |