PetMed Express (PETS) 10-Q 31 Jan 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2016	Jan. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PETMED EXPRESS INC
Entity Central Index Key	1,040,130
Trading Symbol	pets
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,526,108
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 47,904	$ 37,639
Accounts receivable, less allowance for doubtful accounts of $12 and $13, respectively	1,544	1,724
Inventories - finished goods	14,925	25,586
Prepaid expenses and other current assets	2,441	2,435
Prepaid income taxes	875	243
Total current assets	67,689	67,627
Noncurrent assets:
Property and equipment, net	29,071	20,929
Intangible assets	860	860
Deferred tax assets		863
Total noncurrent assets	29,931	22,652
Total assets	97,620	90,279
Current liabilities:
Accounts payable	5,391	5,004
Accrued expenses and other current liabilities	2,543	2,080
Total current liabilities	7,934	7,084
Deferred tax liabilities	301
Total liabilities	8,235	7,084
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; 20,527 and 20,447 shares issued and outstanding, respectively	21	20
Additional paid-in capital	6,430	4,871
Retained earnings	82,925	78,295
Total shareholders' equity	89,385	83,195
Total liabilities and shareholders' equity	$ 97,620	$ 90,279

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Allowance for doubtful accounts (in dollars)	$ 12	$ 13
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	20,527	20,447
Common stock, shares outstanding	20,527	20,447
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 STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Sales	$ 52,866	$ 50,933	$ 186,144	$ 179,292
Cost of sales	36,223	34,179	128,985	120,659
Gross profit	16,643	16,754	57,159	58,633
Operating expenses:
General and administrative	5,361	4,977	17,206	16,164
Advertising	3,170	3,988	13,312	18,122
Depreciation	457	167	855	544
Total operating expenses	8,988	9,132	31,373	34,830
Income from operations	7,655	7,622	25,786	23,803
Other income:
Interest income, net	36	55	96	160
Other, net	130	(4)	206	(12)
Total other income	166	51	302	148
Income before provision for income taxes	7,821	7,673	26,088	23,951
Provision for income taxes	2,998	2,783	9,772	8,802
Net income	4,823	4,890	16,316	15,149
Net change in unrealized loss on short term investments		(14)		(33)
Comprehensive income	$ 4,823	$ 4,876	$ 16,316	$ 15,116
Net income per common share:
Basic (in dollars per share)	$ 0.24	$ 0.24	$ 0.81	$ 0.75
Diluted (in dollars per share)	$ 0.24	$ 0.24	$ 0.80	$ 0.75
Weighted average number of common shares outstanding:
Basic (in shares)	20,253	20,145	20,223	20,115
Diluted (in shares)	20,408	20,251	20,373	20,232
Cash dividends declared per common share (in dollars per share)	$ 0.19	$ 0.18	$ 0.57	$ 0.54

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 16,316	$ 15,149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	855	544
Share based compensation	1,444	1,189
Deferred income taxes	1,164	(109)
Bad debt expense	368	243
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	(188)	323
Inventories - finished goods	10,661	6,207
Prepaid income taxes	(632)	(334)
Prepaid expenses and other current assets	857	(895)
Accounts payable	387	212
Income taxes payable		(50)
Accrued expenses and other current liabilities	410	156
Net cash provided by operating activities	31,642	22,635
Cash flows from investing activities:
Net change in investments		(50)
Purchases of property and equipment	(9,860)	(177)
Net cash used in investing activities	(9,860)	(227)
Cash flows from financing activities:
Dividends paid	(11,632)	(10,984)
Tax adjustment related to restricted stock	115	92
Net cash used in financing activities	(11,517)	(10,892)
Net increase in cash and cash equivalents	10,265	11,516
Cash and cash equivalents, at beginning of period	37,639	35,613
Cash and cash equivalents, at end of period	47,904	47,129
Supplemental disclosure of cash flow information:
Cash paid for income taxes	9,246	9,203
Prepaid property and equipment in current assets	863
Dividends payable in accrued expenses	$ 196	$ 185

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2016
Accounting Policies [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 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 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 December 31, 2016, the Statements of Comprehensive Income for the three and nine months ended December 31, 2016 and 2015, and Cash Flows for the nine months ended December 31, 2016 and 2015. The results of operations for the three and nine months ended December 31, 2016 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2017. 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, 2016. 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, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Recent Accounting Pronouncements On March 30, 2016, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update on Stock Compensation Improvements to Employee Share-Based Payment Accounting (Topic 718). The objective of this update is to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update becomes effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Net Income Per Share	Note 2: 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 2016 2015 2016 2015 Net income (numerator): Net income $ 4,823 $ 4,890 $ 16,316 $ 15,149 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,253 20,145 20,223 20,115 Common shares issuable upon vesting of restricted stock 145 96 140 107 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,408 20,251 20,373 20,232 Net income per common share: Basic $ 0.24 $ 0.24 $ 0.81 $ 0.75 Diluted $ 0.24 $ 0.24 $ 0.80 $ 0.75 At December 31, 2016 and 2015, all common restricted stock was included in the diluted net income per common share computation.

Accounting for Stock-Based Comp

Accounting for Stock-Based Compensation	9 Months Ended
	Dec. 31, 2016
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” For the quarters ended December 31, 2016 and 2015, the Company recognized $498,000 and $411,000, respectively, of compensation expense related to the Employee Plan and Director Plans. For the nine months ended December 31, 2016, the Company recognized $1.4 million of compensation expense related to the Employee Plan and Director Plans, compared to $1.2 million for the nine months ended December 31, 2015. At December 31, 2016 and 2015, there was $3.8 million and $2.0 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 December 31, 2016 and 2015, there were 273,000 and 182,000 non-vested restricted shares, respectively.

Fair Value

Fair Value	9 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value	Note 4: 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. At December 31, 2016, the Company had invested the majority of its $47.9 million cash equivalents balance in money market funds which are classified within level 1.

Changes in Shareholders' Equity

Changes in Shareholders' Equity and Comprehensive Income	9 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Changes in Shareholders' Equity and Comprehensive Income	Note 5: Changes in Shareholders’ Equity and Comprehensive Income: Changes in shareholders’ equity for the nine months ended December 31, 2016 are summarized below (in thousands): Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2016: $ 4,871 $ 78,295 Share based compensation 1,444 - Dividends declared - (11,686 ) Tax adjustment related to restricted stock 115 - Net income - 16,316 Ending balance at December 31, 2016: $ 6,430 $ 82,925 No shares of treasury stock were purchased or retired in the nine months ended December 31, 2016 and 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2016
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.

Property and Equipment

Property and Equipment	9 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 7: Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The buildings located at 420 South Congress Avenue, Delray Beach, Florida, the Company’s new corporate headquarters and distribution facility (“the Property”) (described below) will be depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from five to ten years. On December 22, 2015, the Company entered into an agreement for the purchase of the Property at a purchase price of $18.5 million, plus closing costs. The transaction closed on January 19, 2016. The Property consists of approximately 634,000 square feet of land or 14.6 acres with two building complexes totaling approximately 185,000 square feet, with additional land for future use. On December 9, 2016, the Company moved its corporate headquarters and distribution facility to the Property, occupying approximately 97,000 square feet, and continues to operate the remaining office and warehouse space pursuant to existing leases. At December 31, 2016, the Company paid approximately $9.9 million for building improvements and equipment related to the new Property, of which $863,000 was recorded as a prepaid current asset for the quarter ended December 31, 2016, since these property items were not ready to be put into use during the quarter ended December 31, 2016.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 8: Income taxes For the quarters ended December 31, 2016 and 2015, the Company recorded an income tax provision of approximately $3.0 million and $2.8 million, respectively, and for the nine months ended December 31, 2016 and 2015, the Company recorded an income tax provision of approximately $9.8 million and $8.8 million, respectively. The increase to the income tax provision for the quarter and nine months ending December 31, 2016, is attributed to an increase to operating income, and a one-time charge of $96,000 related to a Fiscal 2016 income tax under-accrual, which was recognized in the quarter ended December 31, 2016. The effective tax rate for each of the quarters ended December 31, 2016 and 2015 was approximately 38.3% and 36.3%, respectively, and the effective tax rate for the nine months ended December 31, 2016 and 2015 was 37.5% and 36.8%, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 9: Subsequent Events On January 23, 2017 our Board of Directors declared a quarterly dividend of $0.19 per share. The Board established a February 6, 2017 record date and a February 17, 2017 payment date. Based on the outstanding share balance as of January 31, 2017 the Company estimates the dividend payable to be approximately $3.9 million.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2016
Accounting Policies [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 December 31, 2016, the Statements of Comprehensive Income for the three and nine months ended December 31, 2016 and 2015, and Cash Flows for the nine months ended December 31, 2016 and 2015. The results of operations for the three and nine months ended December 31, 2016 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2017. 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, 2016. 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, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On March 30, 2016, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update on Stock Compensation Improvements to Employee Share-Based Payment Accounting (Topic 718). The objective of this update is to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The update becomes effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2016
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 Nine Months Ended 2016 2015 2016 2015 Net income (numerator): Net income $ 4,823 $ 4,890 $ 16,316 $ 15,149 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,253 20,145 20,223 20,115 Common shares issuable upon vesting of restricted stock 145 96 140 107 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,408 20,251 20,373 20,232 Net income per common share: Basic $ 0.24 $ 0.24 $ 0.81 $ 0.75 Diluted $ 0.24 $ 0.24 $ 0.80 $ 0.75

Changes in Shareholders' Equi17

Changes in Shareholders' Equity and Comprehensive Income: (Tables)	9 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of changes in stockholders' equity	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2016: $ 4,871 $ 78,295 Share based compensation 1,444 - Dividends declared - (11,686 ) Tax adjustment related to restricted stock 115 - Net income - 16,316 Ending balance at December 31, 2016: $ 6,430 $ 82,925

Net Income Per Share - Reconcil

Net Income Per Share - Reconciliation of the numerators and denominators of the basic and diluted net income per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net income (numerator):
Net income (in dollars)	$ 4,823	$ 4,890	$ 16,316	$ 15,149
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation	20,253	20,145	20,223	20,115
Common shares issuable upon vesting of restricted stock	145	96	140	107
Common shares issuable upon conversion of preferred shares	10	10	10	10
Shares used in diluted computation	20,408	20,251	20,373	20,232
Net income per common share:
Basic (in dollars per share)	$ 0.24	$ 0.24	$ 0.81	$ 0.75
Diluted (in dollars per share)	$ 0.24	$ 0.24	$ 0.80	$ 0.75

Accounting for Stock-Based Co19

Accounting for Stock-Based Compensation (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Unrecognized compensation cost of non-vested restricted stock award, period of recognition			3 years
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") | Restricted Stock
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Restricted common stock, shares issued (in shares)			977,879
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") | Restricted Stock
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Restricted common stock, shares issued (in shares)			272,000
Employee and Director Plans | Restricted Stock
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Unrecognized compensation cost of non-vested restricted stock award, period of recognition			3 years
Non-vested restricted stock shares outstanding	273,000	182,000	273,000	182,000
Employee and Director Plans | Restricted Stock | General and administrative expense
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Compensation expense	$ 498,000	$ 411,000	$ 1,400,000	$ 1,200,000
Unrecognized compensation cost related to the non-vested restricted stock awards	$ 3,800,000	$ 2,000,000	$ 3,800,000	$ 2,000,000
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") | Common Stock
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Restricted common stock, shares issued (in shares)			30,000

Fair Value (Detail Textuals)

Fair Value (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 47,904	$ 37,639	$ 47,129	$ 35,613

Changes in Shareholders' Equi21

Changes in Shareholders' Equity and Comprehensive Income: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance at March 31, 2016:			$ 83,195
Tax adjustment related to restricted stock			(115)	$ (92)
Net income	$ 4,823	$ 4,890	16,316	$ 15,149
Ending balance at December 31, 2016:	89,385		89,385
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance at March 31, 2016:			4,871
Share based compensation			1,444
Dividends declared
Tax adjustment related to restricted stock			115
Net income
Ending balance at December 31, 2016:	6,430		6,430
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance at March 31, 2016:			78,295
Share based compensation
Dividends declared			(11,686)
Tax adjustment related to restricted stock
Net income			16,316
Ending balance at December 31, 2016:	$ 82,925		$ 82,925

Property and Equipment Fair Val

Property and Equipment Fair Value (Detail Textuals) $ in Thousands	9 Months Ended
	Dec. 31, 2016USD ($)	Dec. 22, 2015USD ($)	Dec. 22, 2015ft²	Dec. 22, 2015Building	Dec. 22, 2015a
Property, Plant and Equipment [Line Items]
Purchase price of property | $		$ 18,500
Area of corporate headquarters and distribution facility | ft²			97,000
Area of land			634,000		14.6
Leasehold improvements and equipment | $	$ 9,900
Prepaid property and equipment in current assets | $	$ 863
Buildings
Property, Plant and Equipment [Line Items]
Area of land | ft²			634,000
Area of building complex | ft²			185,000
Number of Units in Real Estate Property | Building				2
Estimated useful life	30 years
Furniture, Fixtures, Equipment and Computer software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture, Fixtures, Equipment and Computer software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax provision	$ 2,998,000	$ 2,783,000	$ 9,772,000	$ 8,802,000
One time charge of income tax under accrual			$ 96,000
Effective tax rate	38.30%	36.30%	37.50%	36.80%

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) - Subsequent Event $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 23, 2017USD ($)$ / shares
Subsequent Event [Line Items]
Dividend declaration date	Jan. 23, 2017
Dividend declared (in dollars per share) | $ / shares	$ 0.19
Record date	Feb. 6, 2017
Payment date	Feb. 17, 2017
Dividend payable | $	$ 3.9