PetMed Express (PETS) 10-Q 28 Oct 14 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Sep. 30, 2014	Oct. 28, 2014
Document and Entity Information [Abstract]	'	'
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 Common Stock, Shares Outstanding	'	20,263,024
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$34,579	$18,305
Short term investments - available for sale	15,583	15,539
Accounts receivable, less allowance for doubtful accounts of $8 and $7, respectively	1,957	1,761
Inventories - finished goods	20,535	35,727
Prepaid expenses and other current assets	1,924	1,761
Deferred tax assets	716	1,062
Prepaid income taxes	1,870	54
Total current assets	77,164	74,209
Noncurrent assets:	'	'
Prepaid expenses	'	1,996
Property and equipment, net	1,361	1,310
Intangible assets	860	860
Deferred tax assets	44	'
Total assets	79,429	78,375
Current liabilities:	'	'
Accounts payable	5,248	5,768
Accrued expenses and other current liabilities	2,334	2,325
Total current liabilities	7,582	8,093
Deferred tax liabilities	'	65
Total liabilities	7,582	8,158
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; 20,268 and 20,190 shares issued and outstanding, respectively	20	20
Additional paid-in capital	2,370	1,578
Retained earnings	69,478	68,647
Accumulated other comprehensive loss	-30	-37
Total shareholders' equity	71,847	70,217
Total liabilities and shareholders' equity	$79,429	$78,375

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Allowance for doubtful accounts (in dollars)	$8	$7
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	5,000	5,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	20,268	20,190
Common stock, shares outstanding	20,268	20,190
Convertible Preferred Stock	'	'
Preferred stock, shares issued	3	3
Preferred stock, shares outstanding	3	3
Preferred stock, liquidation preference (in dollars per share)	$4	$4

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]	'	'	'	'
Sales	$57,576	$60,479	$130,117	$134,673
Cost of sales	39,117	41,227	87,886	91,408
Gross profit	18,459	19,252	42,231	43,265
Operating expenses:	'	'	'	'
General and administrative	5,381	5,505	11,256	11,378
Advertising	6,915	6,985	16,811	17,380
Discontinued project costs	1,714	'	1,714	'
Depreciation	159	230	322	478
Total operating expenses	14,169	12,720	30,103	29,236
Income from operations	4,290	6,532	12,128	14,029
Other income:	'	'	'	'
Interest income, net	44	48	88	95
Other, net	-2	1	7	-1
Total other income	42	49	95	94
Income before provision for income taxes	4,332	6,581	12,223	14,123
Provision for income taxes	1,600	2,431	4,518	5,218
Net income	2,732	4,150	7,705	8,905
Net change in unrealized gain (loss) on short term investments	-1	'	7	-46
Comprehensive income	$2,731	$4,150	$7,712	$8,859
Net income per common share:	'	'	'	'
Basic (in dollars per share)	$0.14	$0.21	$0.39	$0.45
Diluted (in dollars per share)	$0.14	$0.21	$0.38	$0.44
Weighted average number of common shares outstanding:	'	'	'	'
Basic (in shares)	20,016	19,902	19,988	19,875
Diluted (in shares)	20,146	20,044	20,119	20,024
Cash dividends declared per common share (in dollars per share)	$0.17	$0.17	$0.34	$0.32

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$7,705	$8,905
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	322	478
Share based compensation	753	732
Discontinued project costs	1,714	'
Deferred income taxes	237	193
Bad debt expense	40	49
(Increase) decrease in operating assets and increase (decrease) in liabilities:	'	'
Accounts receivable	-235	6
Inventories - finished goods	15,192	14,260
Prepaid income taxes	-1,816	-779
Prepaid expenses and other current assets	119	-1,096
Accounts payable	-521	1,865
Income taxes payable	'	-162
Accrued expenses and other current liabilities	80	-93
Net cash provided by operating activities	23,590	24,358
Cash flows from investing activities:	'	'
Net change in investments	-37	-41
Purchases of property and equipment	-372	-31
Net cash used in investing activities	-409	-72
Cash flows from financing activities:	'	'
Dividends paid	-6,946	-6,528
Tax adjustment related to restricted stock	39	'
Net cash used in financing activities	-6,907	-6,528
Net increase in cash and cash equivalents	16,274	17,758
Cash and cash equivalents, at beginning of period	18,305	18,155
Cash and cash equivalents, at end of period	34,579	35,913
Supplemental disclosure of cash flow information:	'	'
Cash paid for income taxes	6,058	5,688
Dividends payable in accrued expenses	$191	$196

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Summary of Significant Accounting Policies	'
	Note 1:  Summary of Significant Accounting Policies
	Organization
	PetMed Express, Inc. and subsidiaries, d/b/a 1-800-PetMeds (the “Company”), is a leading nationwide pet pharmacy.  The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats, direct to the consumer.  The Company offers consumers an attractive alternative for obtaining pet medications in terms of convenience, price, and speed of delivery.  The Company markets its products through national television, online, and direct mail/print advertising campaigns, which aim to increase the recognition of the “1-800-PetMeds” brand name, and “PetMeds” family of trademarks, increase traffic on its website at www.1800petmeds.com, acquire new customers, and maximize repeat purchases.  The majority of the Company’s sales are to residents in the United States.  The Company’s executive offices are located in Pompano Beach, Florida.  The Company’s fiscal year end is March 31, and references herein to Fiscal 2015 or 2014 refer to the Company’s fiscal years ending March 31, 2015 and 2014, respectively.
	Basis of Presentation and Consolidation
	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2014, the Statements of Comprehensive Income for the three and six months ended September 30, 2014 and 2013, and Cash Flows for the six months ended September 30, 2014 and 2013.  The results of operations for the three and six months ended September 30, 2014 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2015.  These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2014.  The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries.  All significant intercompany transactions have been eliminated upon consolidation.
	Use of Estimates
	The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Fair Value of Financial Instruments
	The carrying amounts of the Company’s cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”).  ASU 2014-09 requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. ASU 2014-09 is effective for our fiscal year beginning April 1, 2017. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.
	The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Net_Income_Per_Share

Net Income Per Share	6 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Net Income Per Share	'
	Note 2:  Net Income Per Share
	In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period.  Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method.  Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding.
	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
		September 30,				September 30,
		2014		2013		2014		2013
	Net income (numerator):
	Net income	$	2,732	$	4,150	$	7,705	$	8,905
	Shares (denominator):
	Weighted average number of common shares
	outstanding used in basic computation		20,016		19,902		19,988		19,875
	Common shares issuable upon vesting of
	restricted stock		120		132		121		139
	Common shares issuable upon conversion
	of preferred shares		10		10		10		10
	Shares used in diluted computation		20,146		20,044		20,119		20,024
	Net income per common share:
	Basic	$	0.14	$	0.21	$	0.39	$	0.45
	Diluted	$	0.14	$	0.21	$	0.38	$	0.44
	At September 30, 2014 and 2013, all common restricted stock were included in the diluted net income per common share computation.

Accounting_for_StockBased_Comp

Accounting for Stock-Based Compensation	6 Months Ended
	Sep. 30, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]	'
Accounting for Stock-Based Compensation	'
	Note 3:  Accounting for Stock-Based Compensation
	The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”).  The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses.
	The Company had 779,778 restricted common shares issued under the 2006 Employee Equity Compensation Restricted Stock Plan (“Employee Plan”) and 242,000 restricted common shares issued under the 2006 Outside Director Equity Compensation Restricted Stock Plan (“Director Plan”) at September 30, 2014, all shares of which were issued subject to a restriction or forfeiture period which lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period.  In July 2014 the Board of Directors approved the issuance of 81,000 restricted shares to certain employees and the outside directors of the Company, with a fair value of $14.04 per share.  For the quarters ended September 30, 2014 and 2013, the Company recognized $380,000 and $370,000, respectively, of compensation expense related to the Employee and Director Plans.  For the six months ended September 30, 2014 and 2013, the Company recognized $753,000 and $732,000, respectively, of compensation expense related to the Employee and Director Plans.  At September 30, 2014 and 2013, there was $2.8 million and $3.2 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next three years.  At September 30, 2014 and 2013, there were 231,000 and 266,000 non-vested restricted shares, respectively.

Short_Term_Investments

Short Term Investments	6 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Short Term Investments	'
	Note 4:  Short Term Investments
	The Company’s short term investments balance consists of short term bond mutual funds.  In accordance with ASC Topic 320 (“Accounting for Certain Investments in Debt and Equity Securities”), short term investments are accounted for as available for sale securities with any changes in fair value to be reflected in other comprehensive income.  The Company had a short term investments balance of $15.6 million as of September 30, 2014 and $15.5 million as of March 31, 2014.

Fair_Value

Fair Value	6 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value	'
	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 (“Fair Value Measurements”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
	Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.
	Level 3 - Unobservable inputs which are supported by little or no market activity.
	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. The Company’s cash equivalents and short term investments are classified within Level 1.  Assets and liabilities measured at fair value are summarized below:
					Fair Value Measurement at September 30, 2014 Using
					Quoted Prices		Significant
					in Active		Other		Significant
					Markets for		Observable		Unobservable
		September 30,			Identical Assets		Inputs		Inputs
	(In thousands)		2014		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash and cash equivalents -
	money market funds		$	34,579	$	34,579	$	-	$	-
	Short term investments -
	bond mutual funds			15,583		15,583		-		-
			$	50,162	$	50,162	$	-	$	-

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	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 assurances made that other states will not attempt to take similar actions against the Company in the future.  The Company initiates litigation to protect its trade or service marks.  There can be no assurance that the Company will be successful in protecting its trade or service marks.  Legal costs related to the above matters are expensed as incurred.

Discontinued_Project_Cost

Discontinued Project Cost	6 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Discontinued Project Cost	'
	Note 7:  Discontinued Project Cost
	During the quarter ended September 30, 2014 the Company discontinued an information technology project related to a new software platform, which was intended to be put into service and capitalized during the September quarter.  The Company expensed a one-time project charge of $1.7 million in the September quarter.  The net after tax impact of this one-time charge was $1.1 million, or $0.05 diluted per share.  The Company does not expect any additional future expenditures relating to this discontinued project.  Management determined that it was not in the best interest of the Company to proceed with this project.  The Company decided to continue with, and upgrade, its current software platform.

Income_Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 8:  Income Taxes
	For the quarters ended September 30, 2014 and 2013, the Company recorded an income tax provision of approximately $1.6 million and $2.4 million, respectively, and for the six months ended September 30, 2014 and 2013, the Company recorded an income tax provision of approximately $4.5 million and $5.2 million, respectively.  The decrease to the income tax provision for the three and six months ended September 2014, are related to a reduction in operating income in the quarter and the one-time discontinued project charge of $1.7 million.  The net after tax impact of this one-time charge was $1.1 million, which reduced the income tax provision by approximately $600,000.  The effective tax rate for each of the quarters and six months ended September 30, 2014 and 2013 was approximately 37.0%.

Changes_in_Stockholders_Equity

Changes in Stockholders' Equity and Comprehensive Income	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Changes in Stockholders' Equity and Comprehensive Income	'
	Note 9:  Changes in Stockholders’ Equity and Comprehensive Income (Loss):
	Changes in stockholders’ equity for the six months ended September 30, 2014 are summarized below (in thousands):
							Accumulated
		Additional					Other
		Paid-In		Retained			Comprehensive
		Capital		Earnings			Loss
	Beginning balance at March 31, 2014:	$	1,578	$	68,647		$	(37	)
	Share based compensation		753		-			-
	Dividends declared		-		(6,874	)		-
	Tax adjustment related to restricted stock		39		-			-
	Net income		-		7,705			-
	Net change in unrealized gain (loss) on short term investments		-		-			7
	Ending balance at September 30, 2014:	$	2,370	$	69,478		$	(30	)
	No shares of treasury stock were purchased or retired in the six months ended September 30, 2014 and 2013.

Subsequent_Events

Subsequent Events	6 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 10:  Subsequent Events
	On October 20, 2014 our Board of Directors declared a quarterly dividend of $0.17 per share.  The Board established a November 3, 2014 record date and a November 14, 2014 payment date.  Based on the outstanding share balance as of October 28, 2014 the Company estimates the dividend payable to be approximately $3.4 million.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Basis of Presentation and Consolidation	'
	Basis of Presentation and Consolidation
	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2014, the Statements of Comprehensive Income for the three and six months ended September 30, 2014 and 2013, and Cash Flows for the six months ended September 30, 2014 and 2013.  The results of operations for the three and six months ended September 30, 2014 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2015.  These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2014.  The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries.  All significant intercompany transactions have been eliminated upon consolidation.
Use of Estimates	'
	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	'
	Fair Value of Financial Instruments
	The carrying amounts of the Company’s cash and cash equivalents, short term investments, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”).  ASU 2014-09 requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to receive in exchange for goods or services. ASU 2014-09 is effective for our fiscal year beginning April 1, 2017. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.
	The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of reconciliation of the numerators and denominators of the basic and diluted net income per share computations	'
		Three Months Ended				Six Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
	Net income (numerator):
	Net income	$	2,732	$	4,150	$	7,705	$	8,905
	Shares (denominator):
	Weighted average number of common shares
	outstanding used in basic computation		20,016		19,902		19,988		19,875
	Common shares issuable upon vesting of
	restricted stock		120		132		121		139
	Common shares issuable upon conversion
	of preferred shares		10		10		10		10
	Shares used in diluted computation		20,146		20,044		20,119		20,024
	Net income per common share:
	Basic	$	0.14	$	0.21	$	0.39	$	0.45
	Diluted	$	0.14	$	0.21	$	0.38	$	0.44

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of assets and liabilities measured at fair value	'
					Fair Value Measurement at September 30, 2014 Using
					Quoted Prices		Significant
					in Active		Other		Significant
					Markets for		Observable		Unobservable
		September 30,			Identical Assets		Inputs		Inputs
	(In thousands)		2014		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash and cash equivalents -
	money market funds		$	34,579	$	34,579	$	-	$	-
	Short term investments -
	bond mutual funds			15,583		15,583		-		-
			$	50,162	$	50,162	$	-	$	-

Changes_in_Stockholders_Equity1

Changes in Stockholders' Equity and Comprehensive Income (Loss) (Tables)	6 Months Ended
	Sep. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of changes in Stockholders' Equity	'
							Accumulated
		Additional					Other
		Paid-In		Retained			Comprehensive
		Capital		Earnings			Loss
	Beginning balance at March 31, 2014:	$	1,578	$	68,647		$	(37	)
	Share based compensation		753		-			-
	Dividends declared		-		(6,874	)		-
	Tax adjustment related to restricted stock		39		-			-
	Net income		-		7,705			-
	Net change in unrealized gain (loss) on short term investments		-		-			7
	Ending balance at September 30, 2014:	$	2,370	$	69,478		$	(30	)

Net_Income_Per_Share_Reconcili

Net Income Per Share - Reconciliation of the numerators and denominators of the basic and diluted net income per share computations (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income (numerator):	'	'	'	'
Net income	$2,732	$4,150	$7,705	$8,905
Shares (denominator):	'	'	'	'
Weighted average number of common shares outstanding used in basic computation	20,016	19,902	19,988	19,875
Common shares issuable upon vesting of restricted stock	120	132	121	139
Common shares issuable upon conversion of preferred shares	10	10	10	10
Shares used in diluted computation	20,146	20,044	20,119	20,024
Net income per common share:	'	'	'	'
Basic (in dollars per share)	$0.14	$0.21	$0.39	$0.45
Diluted (in dollars per share)	$0.14	$0.21	$0.38	$0.44

Accounting_for_StockBased_Comp1

Accounting for Stock-Based Compensation (Detail Textuals) (Restricted Stock, USD $)	1 Months Ended	6 Months Ended		6 Months Ended			3 Months Ended		6 Months Ended
	Jul. 31, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
				2006 Employee Equity Compensation Restricted Stock Plan ("Employee Plan")	2006 Outside Director Equity Compensation Restricted Stock Plan ("Director Plan")	Employee and Director Plans	Employee and Director Plans	Employee and Director Plans	Employee and Director Plans	Employee and Director Plans
							General and administrative Expense	General and administrative Expense	General and administrative Expense	General and administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'
Restricted common stock, shares issued (in shares)	81,000	'	'	779,778	242,000	'	'	'	'	'
Fair value of restricted shares	$14.04	'	'	'	'	'	'	'	'	'
Unrecognized compensation cost of non-vested restricted stock award, period of recognition	'	'3 years	'	'	'	'3 years	'	'	'	'
Compensation expense	'	'	'	'	'	'	$380,000	$370,000	$753,000	$732,000
Unrecognized compensation cost related to the non-vested restricted stock awards	'	$2,800,000	$3,200,000	'	'	'	'	'	'	'
Number of non-vested restricted shares	'	231,000	266,000	'	'	'	'	'	'	'

Short_Term_Investments_Detail_

Short Term Investments (Detail Textuals) (USD $)	Sep. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]	'	'
Short term investments	$15,583	$15,539

Fair_Value_Assets_and_liabilit

Fair Value - Assets and liabilities measured at fair value (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Estimate of Fair Value	'
Assets:	'
Cash and cash equivalents - money market funds	$34,579
Short term investments - bond mutual funds	15,583
Assets, Fair Value Disclosure	50,162
Quoted Prices in Active Markets for Identical Assets (Level 1)	'
Assets:	'
Cash and cash equivalents - money market funds	34,579
Short term investments - bond mutual funds	15,583
Assets, Fair Value Disclosure	50,162
Significant Other Observable Inputs (Level 2)	'
Assets:	'
Cash and cash equivalents - money market funds	'
Short term investments - bond mutual funds	'
Assets, Fair Value Disclosure	'
Significant Unobservable Inputs (Level 3)	'
Assets:	'
Cash and cash equivalents - money market funds	'
Short term investments - bond mutual funds	'
Assets, Fair Value Disclosure	'

Discontinued_Project_Cost_Deta

Discontinued Project Cost (Detail Textuals) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Discontinued project charge	$1,714,000	$1,714,000
Information technology project	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Discontinued project charge	1,700,000	'
Net after tax impact	$1,100,000	'
Discontinued project, diluted per share	$0.05	'

Income_Taxes_Detail_Textuals

Income Taxes (Detail Textuals) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Income tax provision	$1,600	$2,431	$4,518	$5,218
Effective tax rate	37.00%	37.00%	37.00%	37.00%

Income_Taxes_Detail_Textuals_1

Income Taxes (Detail Textuals 1) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Discontinued project charge	$1,714,000	$1,714,000
Information technology project	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Discontinued project charge	1,700,000	'
Net after tax impact	1,100,000	'
Decrease in income tax provision	$600,000	'

Changes_in_Stockholders_Equity2

Changes in Stockholders' Equity and Comprehensive Income - Summary of Changes in stockholders' equity (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Beginning balance	'	'	$70,217	'
Net Income	2,732	4,150	7,705	8,905
Net change in unrealized gain (loss) on short term investments	-1	'	7	-46
Ending balance	71,847	'	71,847	'
Additional Paid-In Capital	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Beginning balance	'	'	1,578	'
Share based compensation	'	'	753	'
Dividends declared	'	'	'	'
Tax adjustment related to restricted stock	'	'	39	'
Net Income	'	'	'	'
Net change in unrealized gain (loss) on short term investments	'	'	'	'
Ending balance	2,370	'	2,370	'
Retained Earnings	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Beginning balance	'	'	68,647	'
Share based compensation	'	'	'	'
Dividends declared	'	'	-6,874	'
Tax adjustment related to restricted stock	'	'	'	'
Net Income	'	'	7,705	'
Net change in unrealized gain (loss) on short term investments	'	'	'	'
Ending balance	69,478	'	69,478	'
Accumulated Other Comprehensive Loss	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'
Beginning balance	'	'	-37	'
Share based compensation	'	'	'	'
Dividends declared	'	'	'	'
Tax adjustment related to restricted stock	'	'	'	'
Net Income	'	'	'	'
Net change in unrealized gain (loss) on short term investments	'	'	7	'
Ending balance	($30)	'	($30)	'

Subsequent_Events_Detail_Textu

Subsequent Events (Detail Textuals) (Subsequent Event, Dividend Declared, USD $)	1 Months Ended
In Millions, except Per Share data, unless otherwise specified	Oct. 20, 2014	Oct. 28, 2014
Subsequent Event | Dividend Declared	'	'
Subsequent Event [Line Items]	'	'
Quarterly dividend declared (in dollars per share)	$0.17	'
Dividends payable, date declared	20-Oct-14	'
Record date for dividend payable	3-Nov-14	'
Payment date for dividend	14-Nov-14	'
Dividends payable	'	$3.40