PetMed Express (PETS) 10-Q 3 Nov 20 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2020	Nov. 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	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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 Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,272,072

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,344	$ 103,762
Accounts receivable, less allowance for doubtful accounts of $34 and $59, respectively	2,212	3,843
Inventories - finished goods, net	21,451	17,884
Prepaid expenses and other current assets	2,613	3,529
Total current assets	132,620	129,018
Noncurrent assets:
Property and equipment, net	25,469	25,445
Intangible assets	860	860
Total noncurrent assets	26,329	26,305
Total assets	158,949	155,323
Current liabilities:
Accounts payable	16,058	19,658
Accrued expenses and other current liabilities	4,486	4,214
Income taxes payable	618	471
Total current liabilities	21,162	24,343
Deferred tax liabilities	1,378	970
Total liabilities	22,540	25,313
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; 20,272 and 20,166 shares issued and outstanding, respectively	20	20
Additional paid-in capital	5,317	3,804
Retained earnings	131,063	126,177
Total shareholders' equity	136,409	130,010
Total liabilities and shareholders' equity	$ 158,949	$ 155,323

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Allowance for doubtful accounts	$ 34	$ 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)	20,272	20,166
Common stock, shares outstanding (in shares)	20,272	20,166

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales	$ 75,436	$ 69,936	$ 171,640	$ 149,924
Cost of sales	52,418	49,934	121,837	108,061
Gross profit	23,018	20,002	49,803	41,863
Operating expenses:
General and administrative	6,809	6,303	14,563	12,811
Advertising	5,131	4,756	14,164	13,380
Depreciation	607	572	1,169	1,140
Total operating expenses	12,547	11,631	29,896	27,331
Income from operations	10,471	8,371	19,907	14,532
Other income:
Interest income, net	66	459	156	1,026
Other, net	338	304	593	561
Total other income	404	763	749	1,587
Income before provision for income taxes	10,875	9,134	20,656	16,119
Provision for income taxes	2,463	2,469	4,476	4,111
Net income	$ 8,412	$ 6,665	$ 16,180	$ 12,008
Net income per common share:
Basic (in dollars per share)	$ 0.42	$ 0.33	$ 0.81	$ 0.60
Diluted (in dollars per share)	$ 0.42	$ 0.33	$ 0.81	$ 0.60
Basic (in shares)	20,063	19,963	20,024	20,098
Diluted (in shares)	20,154	19,973	20,098	20,109
Cash dividends declared per common share (in dollars per share)	$ 0.28	$ 0.27	$ 0.56	$ 0.54

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 16,180	$ 12,008
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,169	1,140
Share based compensation	1,513	1,365
Deferred income taxes	408	274
Bad debt expense	61	64
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	1,570	1,012
Inventories - finished goods	(3,567)	2,309
Prepaid income taxes	0	582
Prepaid expenses and other current assets	916	(1,433)
Accounts payable	(3,600)	(1,120)
Accrued expenses and other current liabilities	391	568
Income taxes payable	147	525
Net cash provided by operating activities	15,188	17,294
Cash flows from investing activities:
Purchases of property and equipment	(1,193)	(416)
Net cash used in investing activities	(1,193)	(416)
Cash flows from financing activities:
Repurchase and retirement of common stock	0	(11,496)
Dividends paid	(11,413)	(11,014)
Net cash used in financing activities	(11,413)	(22,510)
Net increase (decrease) in cash and cash equivalents	2,582	(5,632)
Cash and cash equivalents, at beginning of period	103,762	100,529
Cash and cash equivalents, at end of period	106,344	94,897
Supplemental disclosure of cash flow information:
Cash paid for income taxes	4,206	2,730
Dividends payable in accrued expenses	$ 126	$ 155

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1: Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a 1 800 “1 800 www.1800petmeds.com 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 September 30, 2020, three six September 30, 2020 2019, six September 30, 2020 2019. three six September 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 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	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: Revenue Recognition 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, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 67,761 89.8 % $ 61,851 88.4 % $ 5,910 9.6 % New Order Sales 7,675 10.2 % 8,085 11.6 % (410 ) -5.1 % Total Net Sales $ 75,436 100.0 % $ 69,936 100.0 % $ 5,500 7.9 % Internet Sales $ 62,697 83.1 % $ 58,453 83.6 % $ 4,244 7.3 % Contact Center Sales 12,739 16.9 % 11,483 16.4 % 1,256 10.9 % Total Net Sales $ 75,436 100.0 % $ 69,936 100.0 % $ 5,500 7.9 % Six Months Ended September 30, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 148,186 86.3 % $ 129,593 86.4 % $ 18,593 14.3 % New Order Sales 23,454 13.7 % 20,331 13.6 % 3,123 15.4 % Total Net Sales $ 171,640 100.0 % $ 149,924 100.0 % $ 21,716 14.5 % Internet Sales $ 144,208 84.0 % $ 125,476 83.7 % $ 18,732 14.9 % Contact Center Sales 27,432 16.0 % 24,448 16.3 % 2,984 12.2 % Total Net Sales $ 171,640 100.0 % $ 149,924 100.0 % $ 21,716 14.5 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no September 30, 2020 March 31, 2020.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	6 Months Ended
	Sep. 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 Six Months Ended 2020 2019 2020 2019 Net income (numerator): Net income $ 8,412 $ 6,665 $ 16,180 $ 12,008 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,063 19,963 20,024 20,098 Common shares issuable upon vesting of restricted stock 81 - 64 1 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,154 19,973 20,098 20,109 Net income per common share: Basic $ 0.42 $ 0.33 $ 0.81 $ 0.60 Diluted $ 0.42 $ 0.33 $ 0.81 $ 0.60 For the three six September 30, 2020, three six September 30, 2019,

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Sep. 30, 2020
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 2006 “2006 2016 “2016 2006 2006 “2006 2015 “2015 2006 September 30, 2020, third three In July 2020, 2016 July 2020, 2015 September 30, 2020 2019, six September 30, 2020 2019, September 30, 2020 2019, three September 30, 2020 2019

Note 5 - Fair Value

Note 5 - Fair Value	6 Months Ended
	Sep. 30, 2020
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, 2020, 1.

Note 6 - Changes in Shareholder

Note 6 - Changes in Shareholders' Equity	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 6 : Changes in S hare holders’ Equity Changes in shareholders’ equity for the six September 30, 2020 2019 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 Share based compensation 773 - Dividends declared - (5,647 ) Net income - 8,412 Ending balance at September 30, 2020: $ 5,317 $ 131,063 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 During the six September 30, 2019, six September 30, 2020. September 30, 2020,

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7: 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 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 : Income Taxes For both the quarters ended September 30, 2020 2019, six September 30, 2020 2019, six September 30, 2020 September 30, 2020 September 30, 2019, six September 30, 2020 six September 30, 2019. three six September 30, 2020 one June 2020 September 2020 September 30, 2019.

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 9 : Subsequent Events On October 26, 2020 $0.28 November 9, 2020 November 20, 2020 October 31, 2020

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 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 September 30, 2020, three six September 30, 2020 2019, six September 30, 2020 2019. three six September 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 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)	6 Months Ended
	Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 67,761 89.8 % $ 61,851 88.4 % $ 5,910 9.6 % New Order Sales 7,675 10.2 % 8,085 11.6 % (410 ) -5.1 % Total Net Sales $ 75,436 100.0 % $ 69,936 100.0 % $ 5,500 7.9 % Internet Sales $ 62,697 83.1 % $ 58,453 83.6 % $ 4,244 7.3 % Contact Center Sales 12,739 16.9 % 11,483 16.4 % 1,256 10.9 % Total Net Sales $ 75,436 100.0 % $ 69,936 100.0 % $ 5,500 7.9 % Six Months Ended September 30, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 148,186 86.3 % $ 129,593 86.4 % $ 18,593 14.3 % New Order Sales 23,454 13.7 % 20,331 13.6 % 3,123 15.4 % Total Net Sales $ 171,640 100.0 % $ 149,924 100.0 % $ 21,716 14.5 % Internet Sales $ 144,208 84.0 % $ 125,476 83.7 % $ 18,732 14.9 % Contact Center Sales 27,432 16.0 % 24,448 16.3 % 2,984 12.2 % Total Net Sales $ 171,640 100.0 % $ 149,924 100.0 % $ 21,716 14.5 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended 2020 2019 2020 2019 Net income (numerator): Net income $ 8,412 $ 6,665 $ 16,180 $ 12,008 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,063 19,963 20,024 20,098 Common shares issuable upon vesting of restricted stock 81 - 64 1 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,154 19,973 20,098 20,109 Net income per common share: Basic $ 0.42 $ 0.33 $ 0.81 $ 0.60 Diluted $ 0.42 $ 0.33 $ 0.81 $ 0.60

Note 6 - Changes in Sharehold_2

Note 6 - Changes in Shareholders' Equity (Tables)	6 Months Ended
	Sep. 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 Share based compensation 773 - Dividends declared - (5,647 ) Net income - 8,412 Ending balance at September 30, 2020: $ 5,317 $ 131,063 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

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	6 Months Ended
	Sep. 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		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 75,436	$ 69,936	$ 171,640	$ 149,924
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Revenues, variance	$ 5,500		$ 21,716
Revenues, variance, percentage	7.90%		14.50%
Internet [Member]
Revenues	$ 62,697	$ 58,453	$ 144,208	$ 125,476
Revenues, percentage	83.10%	83.60%	84.00%	83.70%
Revenues, variance	$ 4,244		$ 18,732
Revenues, variance, percentage	7.30%		14.90%
Contact Center [Member]
Revenues	$ 12,739	$ 11,483	$ 27,432	$ 24,448
Revenues, percentage	16.90%	16.40%	16.00%	16.30%
Revenues, variance	$ 1,256		$ 2,984
Revenues, variance, percentage	10.90%		12.20%
Reorder Customer [Member]
Revenues	$ 67,761	$ 61,851	$ 148,186	$ 129,593
Revenues, percentage	89.80%	88.40%	86.30%	86.40%
Revenues, variance	$ 5,910		$ 18,593
Revenues, variance, percentage	9.60%		14.30%
New Order Customer [Member]
Revenues	$ 7,675	$ 8,085	$ 23,454	$ 20,331
Revenues, percentage	10.20%	11.60%	13.70%	13.60%
Revenues, variance	$ (410)		$ 3,123
Revenues, variance, percentage	(5.10%)		15.40%

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	25,136	76,620	25,136	76,620

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (numerator):
Net income	$ 8,412	$ 6,665	$ 16,180	$ 12,008
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,063	19,963	20,024	20,098
Common shares issuable upon vesting of restricted stock (in shares)	81	0	64	1
Common shares issuable upon conversion of preferred shares (in shares)	10	10	10	10
Shares used in diluted computation (in shares)	20,154	19,973	20,098	20,109
Net income per common share
Basic (in dollars per share)	$ 0.42	$ 0.33	$ 0.81	$ 0.60
Diluted (in dollars per share)	$ 0.42	$ 0.33	$ 0.81	$ 0.60

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, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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)				221,798
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	68,190
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 31.20
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	37,800
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)				172,500
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	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 (in dollars per share)	$ 31.20
Employee and Director Plans [Member]
Share-based Payment Arrangement, Expense		$ 772,000	$ 730,000	$ 1,500,000	$ 1,400,000
Employee and Director Plans [Member] | Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 4,400,000	$ 4,300,000	$ 4,400,000	$ 4,300,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)		177,876	191,000	177,876	191,000

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 106,344	$ 103,762

Note 6 - Changes in Sharehold_3

Note 6 - Changes in Shareholders' Equity (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2020	Sep. 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 6 - Changes in Sharehold_4

Note 6 - Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance		$ 130,010			$ 130,010
Net income	$ 8,412		$ 6,665		16,180	$ 12,008
Repurchase and retirement of common stock						(11,500)
Balance	136,409				136,409
Additional Paid-in Capital [Member]
Balance	4,544	3,804	1,617	$ 12,478	3,804	12,478
Share based compensation	773	740	730	635
Dividends declared	0	0	0	0
Net income	0	0	0	0
Repurchase and retirement of common stock				(11,496)
Balance	5,317	4,544	2,347	1,617	5,317	2,347
Retained Earnings [Member]
Balance	128,298	126,177	121,997	122,172	126,177	122,172
Share based compensation	0	0	0	0
Dividends declared	(5,647)	(5,647)	(5,447)	(5,518)
Net income	8,412	7,768	6,665	5,343
Repurchase and retirement of common stock				0
Balance	$ 131,063	$ 128,298	$ 123,215	$ 121,997	$ 131,063	$ 123,215

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense (Benefit), Total	$ 2,463,000	$ 2,469,000	$ 4,476,000	$ 4,111,000
Effective Income Tax Rate Reconciliation, Percent, Total	22.60%	27.00%	21.70%	25.50%
Proceeds from Income Tax Refunds			$ 285,000
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 106,000	$ 322,000

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Oct. 26, 2020	Oct. 31, 2020
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.28
Dividends Payable		$ 5.7
Dividends Payable, Date Declared	Oct. 26, 2020
Dividends Payable, Date of Record	Nov. 9, 2020
Dividends Payable, Date to be Paid	Nov. 20, 2020