| Pay vs Performance |
The following table summarizes “Compensation Actually Paid” versus performance in the past three fiscal years:
Year
Ended
March 31,
|
| Summary
Compensation
Table
Total for
CEO($)
|
| “Actually Paid”
CEO
Compensation
($)(1)
|
| Average
Summary
Comp. Table
Total for
Non-CEO
NEOs($)
|
| Average Comp.
Actually Paid to
Non-CEO
NEOs($)(1)
|
| Value of
Initial Fixed
$100 Investment
Based on Total
Shareholder
Return($)(2)
|
| Company
Net
Income($)
|
| Company
Income from
Operations
($)(3)
|
2026
|
| 585,775
|
| 575,924
|
| 215,515
|
| 215,515
|
| 93.38
|
| 15,199,195
|
| 15,920,491
|
2025
|
| 586,515
|
| 541,220
|
| 205,855
|
| 205,855
|
| 86.44
|
| 15,064,516
|
| 15,994,149
|
2024
|
| 577,985
|
| 619,910
|
| 192,726
|
| 195,226
|
| 113.48
|
| 17,124,699
|
| 18,518,865
|
|
|
(1)“Actually paid compensation” is defined as “total compensation” as reported in the Summary Compensation Table except the value of Option Awards calculated as follows: (i) for new option awards granted during the fiscal year, the fair value as of the earlier of the vesting date or the last day of the fiscal year; plus (ii) for awards granted in prior fiscal years (and not vested as of the first day of the covered fiscal year), the change in fair value (positive or negative) from the end of the last fiscal year to the earlier of the vesting date or the end of the covered fiscal year. Fair value is determined from the Black-Scholes-Merton option-pricing model with the assumptions discussed in Note 7 to the Financial Statements in our Annual Report on Form 10-K for the year ended March 31, 2026.
|
(2)Based on an initial fixed $100 investment at March 31, 2023.
|
(3)We use income from operations as an important financial metric to link compensation to financial performance.
|
Adjustments to determine “Compensation Actually Paid” for the CEO are summarized as follows:
|
| Year Ended March 31,
|
Adjustments to Determine “Compensation Actually Paid” for CEO
|
| 2026
|
| 2025
|
| 2024
|
Deduction for amounts reported under the “Option Awards” columns
in the Summary Compensation Table
|
| ($41,026
| )
| ($57,045
| )
| ($50,175
| )
|
Increase for Fair Value of Awards granted during fiscal year that remained
unvested as of fiscal year end
|
| 37,675
|
| 28,500
|
| 74,600
|
|
Increase/deduction for change in Fair Value from prior fiscal year-end to
vesting date of Awards granted prior to year that vested during the fiscal year
|
| (6,500
| )
| (16,750
| )
| 17,500
|
|
Total Adjustments
|
| ($9,851
| )
| ($45,295
| )
| $41,925
|
|
|