5. Equity Compensation Plans and Employee Benefit Plans

3 Months Ended

Jun. 30, 2016

Share-based Arrangements with Employees and Nonemployees [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

5.    Equity Compensation Plans and Employee Benefit Plans

For the three months ended June 30, 2016, the Company did not grant any options to purchase the Company’s common stock under the Company’s 2005 Equity Compensation Plan (the “2005 Plan”) and no new options will be granted under this plan until a new plan is adopted.  For the three months ended June 30, 2015, the Company did not grant any options to purchase the Company’s common stock under the 2005 Plan.

During the three months ended June 30, 2016, no options to purchase shares of common stock were cancelled or expired, and no shares of common stock were issued upon exercise of outstanding stock options under the 2005 Plan.  During the three months ended June 30, 2015, no options to purchase shares of common stock were cancelled or expired, and no shares of common stock were issued upon exercise of outstanding stock options under the 2005 Plan.

As of June 30, 2016, the Company had granted options to purchase 100,000 shares of the Company’s common stock that are unvested and that will result in $92,000 of compensation expense in future periods if fully vested.  

Information regarding all stock options outstanding under the 2005 Plan as of June 30, 2016 is as follows:

		OPTIONS OUTSTANDING								OPTIONS EXERCISABLE
				Weighted-								Weighted-
				average		Weighted-		Aggregate				average		Weighted-		Aggregate
				Remaining		average		Intrinsic				Remaining		average		Intrinsic
Exercise		Options		Contractual		Exercise		Value		Options		Contractual		Exercise		Value
price		(in thousands)		Life (years)		Price		(in thousands)		(in thousands)		Life (years)		Price		(in thousands)
$	1.01		79		1.61	$	1.01				79		1.61	$	1.01
$	1.10		50		1.75	$	1.10				50		1.75	$	1.10
$	1.21		50		1.75	$	1.21				50		1.75	$	1.21
$	1.55		212		4.13	$	1.55				116		4.13	$	1.55
$	2.20		162		2.23	$	2.20				162		2.23	$	2.20
$	2.42		10		2.27	$	2.42				10		2.27	$	2.42
$	5.31		93		3.10	$	5.31				90		3.10	$	5.31
			656		2.82	$	2.13	$	514		557		2.59	$	2.22	$	421

The aggregate intrinsic value in the preceding table represents the difference between the Company’s closing stock price and the exercise price of each in-the-money option on the last trading day of the period presented, which was June 30, 2016.