PetMed Express (PETS) 10-Q 26 Jan 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Jan. 26, 2021
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	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		20,271,122

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 106,501	$ 103,762
Accounts receivable, less allowance for doubtful accounts of $28 and $59, respectively	1,831	3,843
Inventories - finished goods	28,165	17,884
Prepaid expenses and other current assets	4,512	3,529
Total current assets	141,009	129,018
Noncurrent assets:
Property and equipment, net	25,502	25,445
Intangible assets	860	860
Total noncurrent assets	26,362	26,305
Total assets	167,371	155,323
Current liabilities:
Accounts payable	21,869	19,658
Accrued expenses and other current liabilities	4,429	4,214
Income taxes payable	623	471
Total current liabilities	26,921	24,343
Deferred tax liabilities	1,323	970
Total liabilities	28,244	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; 20,271 and 20,166 shares issued and outstanding, respectively	20	20
Additional paid-in capital	6,098	3,804
Retained earnings	133,000	126,177
Total shareholders' equity	139,127	130,010
Total liabilities and shareholders' equity	$ 167,371	$ 155,323

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Allowance for doubtful accounts	$ 28	$ 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)	20,271	20,166
Common stock, shares outstanding (in shares)	20,271	20,166

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Sales	$ 65,896	$ 59,915	$ 237,536	$ 209,839
Cost of sales	46,273	42,218	168,110	150,279
Gross profit	19,623	17,697	69,426	59,560
Operating expenses:
General and administrative	6,487	6,040	21,050	18,851
Advertising	3,221	3,163	17,385	16,543
Depreciation	622	562	1,791	1,702
Total operating expenses	10,330	9,765	40,226	37,096
Income from operations	9,293	7,932	29,200	22,464
Other income:
Interest income, net	73	421	229	1,447
Other, net	345	301	938	862
Total other income	418	722	1,167	2,309
Income before provision for income taxes	9,711	8,654	30,367	24,773
Provision for income taxes	2,100	1,814	6,576	5,925
Net income	$ 7,611	$ 6,840	$ 23,791	$ 18,848
Net income per common share:
Basic (in dollars per share)	$ 0.38	$ 0.34	$ 1.19	$ 0.94
Diluted (in dollars per share)	$ 0.38	$ 0.34	$ 1.18	$ 0.94
Basic (in shares)	20,094	19,984	20,047	20,060
Diluted (in shares)	20,104	19,994	20,100	20,071
Cash dividends declared per common share (in dollars per share)	$ 0.28	$ 0.27	$ 0.84	$ 0.81

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 23,791	$ 18,848
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,791	1,702
Share based compensation	2,294	2,081
Deferred income taxes	353	(12)
Bad debt expense	84	102
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	1,928	388
Inventories - finished goods	(10,281)	(2,795)
Prepaid income taxes	0	582
Prepaid expenses and other current assets	(983)	(1,424)
Accounts payable	2,211	360
Accrued expenses and other current liabilities	286	851
Income taxes payable	152	895
Net cash provided by operating activities	21,626	21,578
Cash flows from investing activities:
Purchases of property and equipment	(1,848)	(1,827)
Net cash used in investing activities	(1,848)	(1,827)
Cash flows from financing activities:
Repurchase and retirement of common stock	0	(11,496)
Dividends paid	(17,039)	(16,410)
Net cash used in financing activities	(17,039)	(27,906)
Net increase (decrease) in cash and cash equivalents	2,739	(8,155)
Cash and cash equivalents, at beginning of period	103,762	100,529
Cash and cash equivalents, at end of period	106,501	92,374
Supplemental disclosure of cash flow information:
Cash paid for income taxes	6,356	4,460
Property and equipment in current assets	0	1,344
Dividends payable in accrued expenses	$ 174	$ 196

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 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.petmeds.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 December 31, 2020, three nine December 31, 2020 2019, nine December 31, 2020 2019. three nine December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, Revenue (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 60,233 91.4 % $ 53,808 89.8 % $ 6,425 11.9 % New Order Sales 5,663 8.6 % 6,107 10.2 % (444 ) -7.3 % Total Net Sales $ 65,896 100.0 % $ 59,915 100.0 % $ 5,981 10.0 % Internet Sales $ 54,984 83.4 % $ 50,000 83.5 % $ 4,984 10.0 % Contact Center Sales 10,912 16.6 % 9,915 16.5 % 997 10.1 % Total Net Sales $ 65,896 100.0 % $ 59,915 100.0 % $ 5,981 10.0 % Nine Months Ended December 31, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 208,419 87.7 % $ 183,401 87.4 % $ 25,018 13.6 % New Order Sales 29,117 12.3 % 26,438 12.6 % 2,679 10.1 % Total Net Sales $ 237,536 100.0 % $ 209,839 100.0 % $ 27,697 13.2 % Internet Sales $ 199,192 83.9 % $ 175,476 83.6 % $ 23,716 13.5 % Contact Center Sales 38,344 16.1 % 34,363 16.4 % 3,981 11.6 % Total Net Sales $ 237,536 100.0 % $ 209,839 100.0 % $ 27,697 13.2 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no December 31, 2020 March 31, 2020.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	9 Months Ended
	Dec. 31, 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 Nine Months Ended 2020 2019 2020 2019 Net income (numerator): Net income $ 7,611 $ 6,840 $ 23,791 $ 18,848 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,094 19,984 20,047 20,060 Common shares issuable upon vesting of restricted stock - - 43 1 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,104 19,994 20,100 20,071 Net income per common share: Basic $ 0.38 $ 0.34 $ 1.19 $ 0.94 Diluted $ 0.38 $ 0.34 $ 1.18 $ 0.94 For the three nine December 31, 2020, three nine December 31, 2019,

Note 4 - Accounting for Stock-b

Note 4 - Accounting for Stock-based Compensation	9 Months Ended
	Dec. 31, 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 December 31, 2020, third one three For the quarters ended December 31, 2020 2019, nine December 31, 2020 2019, December 31, 2020 2019, three December 31, 2020 2019,

Note 5 - Fair Value

Note 5 - Fair Value	9 Months Ended
	Dec. 31, 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 December 31, 2020, 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Dec. 31, 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’ regulatory boards in the past. There can be no not no

Note 7 - Changes in Shareholder

Note 7 - Changes in Shareholders' Equity	9 Months Ended
	Dec. 31, 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 nine December 31, 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 Share based compensation 781 - Dividends declared - (5,674 ) Net income - 7,611 Ending balance at December 31, 2020: $ 6,098 $ 133,000 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 Share based compensation 716 - Dividends declared - (5,437 ) Net income - 6,840 Ending balance at December 31, 2019: $ 3,063 $ 124,618 During the nine December 31, 2019, nine December 31, 2020. December 31, 2020,

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 : Income Taxes For the quarters ended December 31, 2020 2019, nine December 31, 2020 2019, three nine December 31, 2020 December 31, 2020 December 31, 2019, nine December 31, 2020 nine December 31, 2019. December 31, 2020 one March 31, 2020, one one March 31, 2019. nine December 31, 2020 one June 2020 September 2020 September 2019

Note 9 - Subsequent Events

Note 9 - Subsequent Events	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 9 : Subsequent Events On January 19, 2021 $0.28 February 1, 2021 February 12, 2021 January 26, 2021

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 2020, three nine December 31, 2020 2019, nine December 31, 2020 2019. three nine December 31, 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)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 31, Revenue (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 60,233 91.4 % $ 53,808 89.8 % $ 6,425 11.9 % New Order Sales 5,663 8.6 % 6,107 10.2 % (444 ) -7.3 % Total Net Sales $ 65,896 100.0 % $ 59,915 100.0 % $ 5,981 10.0 % Internet Sales $ 54,984 83.4 % $ 50,000 83.5 % $ 4,984 10.0 % Contact Center Sales 10,912 16.6 % 9,915 16.5 % 997 10.1 % Total Net Sales $ 65,896 100.0 % $ 59,915 100.0 % $ 5,981 10.0 % Nine Months Ended December 31, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 208,419 87.7 % $ 183,401 87.4 % $ 25,018 13.6 % New Order Sales 29,117 12.3 % 26,438 12.6 % 2,679 10.1 % Total Net Sales $ 237,536 100.0 % $ 209,839 100.0 % $ 27,697 13.2 % Internet Sales $ 199,192 83.9 % $ 175,476 83.6 % $ 23,716 13.5 % Contact Center Sales 38,344 16.1 % 34,363 16.4 % 3,981 11.6 % Total Net Sales $ 237,536 100.0 % $ 209,839 100.0 % $ 27,697 13.2 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net income (numerator): Net income $ 7,611 $ 6,840 $ 23,791 $ 18,848 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,094 19,984 20,047 20,060 Common shares issuable upon vesting of restricted stock - - 43 1 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,104 19,994 20,100 20,071 Net income per common share: Basic $ 0.38 $ 0.34 $ 1.19 $ 0.94 Diluted $ 0.38 $ 0.34 $ 1.18 $ 0.94

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity (Tables)	9 Months Ended
	Dec. 31, 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 Share based compensation 781 - Dividends declared - (5,674 ) Net income - 7,611 Ending balance at December 31, 2020: $ 6,098 $ 133,000 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 Share based compensation 716 - Dividends declared - (5,437 ) Net income - 6,840 Ending balance at December 31, 2019: $ 3,063 $ 124,618

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 65,896	$ 59,915	$ 237,536	$ 209,839
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Revenues, variance	$ 5,981		$ 27,697
Revenues, variance, percentage	10.00%		13.20%
Internet [Member]
Revenues	$ 54,984	$ 50,000	$ 199,192	$ 175,476
Revenues, percentage	83.40%	83.50%	83.90%	83.60%
Revenues, variance	$ 4,984		$ 23,716
Revenues, variance, percentage	10.00%		13.50%
Contact Center [Member]
Revenues	$ 10,912	$ 9,915	$ 38,344	$ 34,363
Revenues, percentage	16.60%	16.50%	16.10%	16.40%
Revenues, variance	$ 997		$ 3,981
Revenues, variance, percentage	10.10%		11.60%
Reorder Customer [Member]
Revenues	$ 60,233	$ 53,808	$ 208,419	$ 183,401
Revenues, percentage	91.40%	89.80%	87.70%	87.40%
Revenues, variance	$ 6,425		$ 25,018
Revenues, variance, percentage	11.90%		13.60%
New Order Customer [Member]
Revenues	$ 5,663	$ 6,107	$ 29,117	$ 26,438
Revenues, percentage	8.60%	10.20%	12.30%	12.60%
Revenues, variance	$ (444)		$ 2,679
Revenues, variance, percentage	(7.30%)		10.10%

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	130,326	72,120	130,326	72,120

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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net income (numerator):
Net income	$ 7,611	$ 6,840	$ 23,791	$ 18,848
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,094	19,984	20,047	20,060
Common shares issuable upon vesting of restricted stock (in shares)	0	0	43	1
Common shares issuable upon conversion of preferred shares (in shares)	10	10	10	10
Shares used in diluted computation (in shares)	20,104	19,994	20,100	20,071
Net income per common share
Basic (in dollars per share)	$ 0.38	$ 0.34	$ 1.19	$ 0.94
Diluted (in dollars per share)	$ 0.38	$ 0.34	$ 1.18	$ 0.94

Note 4 - Accounting for Stock_2

Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 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)			220,848
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] | Minimum [Member]
Restriction Period (Year)			1 year
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Maximum [Member]
Restriction Period (Year)			3 years
Employee and Director Plans [Member]
Share-based Payment Arrangement, Expense	$ 781,000	$ 716,000	$ 2,300,000	$ 2,100,000
Employee and Director Plans [Member] | Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,600,000	$ 3,400,000	$ 3,600,000	$ 3,400,000
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)	177,000	183,000	177,000	183,000

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 106,501	$ 103,762

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2020	Dec. 31, 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						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Balance			$ 130,010				$ 130,010
Net income	$ 7,611			$ 6,840			23,791	$ 18,848
Repurchase and retirement of common stock								(11,500)
Balance	139,127						139,127
Additional Paid-in Capital [Member]
Balance	5,317	$ 4,544	3,804	2,347	$ 1,617	$ 12,478	3,804	12,478
Share based compensation	781	773	740	716	730	635
Dividends declared	0	0	0	0	0	0
Net income	0	0	0	0	0	0
Repurchase and retirement of common stock						(11,496)
Balance	6,098	5,317	4,544	3,063	2,347	1,617	6,098	3,063
Retained Earnings [Member]
Balance	131,063	128,298	126,177	123,215	121,997	122,172	126,177	122,172
Share based compensation	0	0	0	0	0	0
Dividends declared	(5,674)	(5,647)	(5,647)	(5,437)	(5,447)	(5,518)
Net income	7,611	8,412	7,768	6,840	6,665	5,343
Repurchase and retirement of common stock						0
Balance	$ 133,000	$ 131,063	$ 128,298	$ 124,618	$ 123,215	$ 121,997	$ 133,000	$ 124,618

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Tax Expense (Benefit), Total	$ 2,100,000		$ 1,814,000		$ 6,576,000	$ 5,925,000
Effective Income Tax Rate Reconciliation, Percent, Total	21.60%		21.00%		21.70%	23.90%
Proceeds from Income Tax Refunds					$ 285,000		$ 194,000	$ 93,000
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	Jan. 19, 2021	Jan. 26, 2021
Dividends Payable, Date Declared	Jan. 19, 2021
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.28
Dividends Payable, Date of Record	Feb. 1, 2021
Dividends Payable, Date to be Paid	Feb. 12, 2021
Dividends Payable		$ 5.7