Stock Based Compensation

3 Months Ended

Jun. 30, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation

Note 7 - Stock Based Compensation

The Company periodically issues common stock to employees, directors, officers, representatives and other key individuals in accordance with the provisions of the shareholder approved equity compensation plans. The Company measures and recognizes compensation expense for all share-based awards made to representatives, officers, employees and directors based on estimated fair values.

Stock Awards

Shares of stock granted under Company’s equity incentive plans (the “Equity Plans”) as of June 30, 2012 have been either fully vested at date of grant or subject to vesting over time periods varying from one to five years after the date of grant, unvested shares being subject to forfeiture in the event of termination of the grantee’s relationship with the Company, other than for death or disability.The compensation cost associated with these stock grants is recognized over the vesting period of the shares and is calculated as the market value of the shares on the date of grant.Stock grants have been recorded as deferred compensation, which is a component of paid-in capital within stockholders’ equity on the Company’s Consolidated Balance Sheets.

The following activity occurred during the three months ended June 30, 2012:

			Weighted Ave	Weighted Average
	Shares		Stock Price	Vested Life		Fair Value $
Non-vested at April 1, 2012	77,402	$	4.41	2.54 years	$	341,343
Granted	-		-			-
Less: vested	(9,240)		4.30			(39,732)
Less: canceled	(4,186)		4.77			(19,967)
Non-vested at June 30, 2012	63,976	$	4.41	2.05 years	$	282,134
			Weighted Ave	Weighted Average
	Shares		Stock Price	Vested Life		Fair Value $
Non-vested at April 1, 2011	35,891	$	3.72	1.99 years	$	133,515
Granted	-		-			-
Vested	(6,916)		3.84			(26,557)
Canceled	(645)		3.35			(2,154)
Non-vested at June 30, 2011	28,330	$	3.70	1.89 years	$	104,828

The Company’s net income for the three months ended June 30, 2012 includes $0.01 million of compensation costs related to the Company’s grants of restricted stock to directors and $0.03 million for grants to independent representatives under the Plans. In the prior period, the Company’s net loss included $0.03 million of stock compensation to executives, and $0.02 million in compensation to independent representatives under the plans.

Stock Option Grants

The following table summarizes information regarding the Company's employee and director fixed stock options as of June 30, 2012 and, 2011:

Employee
	2012		2011
Fixed Options		Weighted-Average		Weighted-Average
	Shares	Exercise Price	Shares	Exercise Price
Outstanding at beginning of period	150,000	$1.00	150,000	$1.00
Granted	-		-
Canceled	-		-
Exercised	-		-
Outstanding at end of period	150,000	$1.00	150,000	$1.00
Options exercisable at period end	150,000		150,000
Weighted-average fair value of
options granted during the period	-		-

The intrinsic value of the stock options was $480,000 at June 30, 2012 and $795,000 at June 30, 2011.

The following table summarizes further information about employee and Directors' fixed stock options outstanding as of June 30, 2012:

	Options Outstanding				Options Exercisable
	Range of Exercise Prices	Number Outstanding	Weighted-Average RemainingContractual Life		Exercise Price	Number Exercisable		Weighted-Average Exercise Price
$	1.00	150,000		$	1.00	150,000	$	1.00