5. Equity Compensation Plans

6 Months Ended

Sep. 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

For the three and six months ended September 30, 2016, the Company did not grant options to purchase shares of common stock under the Company’s 2005 Equity Compensation Plan (the “2005 Plan”).  For the three and six months ended September 30, 2015, the Company granted options to purchase 212,000 shares of common stock under the 2005 Plan.

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

As of September 30, 2016, unvested options to purchase an aggregate of 72,000 shares of the Company’s common stock were outstanding.  The Company will incur up to $60,000 of compensation expense in future periods if these options fully vest.  

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

		OPTIONS OUTSTANDING								OPTIONS EXERCISABLE
Exercise price		Options (in thousands)		Weighted-average Remaining Contractual Life (years)		Weighted-average Exercise Price		Aggregate Intrinsic Value (in thousands)		Options (in thousands)		Weighted-average Remaining Contractual  Life (years)		Weighted- average Exercise Price		Aggregate Intrinsic Value (in thousands)
$	1.01		79		1.35	$	1.01				79		1.35	$	1.01
$	1.10		50		1.50	$	1.10				50		1.50	$	1.10
$	1.21		50		1.50	$	1.21				50		1.50	$	1.21
$	1.55		212		3.88	$	1.55				140		3.88	$	1.55
$	2.20		162		1.99	$	2.20				162		1.99	$	2.20
$	2.42		10		2.02	$	2.42				10		2.02	$	2.42
$	5.31		93		2.85	$	5.31				93		2.85	$	5.31
			656		2.57	$	2.13	$	1,628		584		2.41	$	2.20	$	1,417

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 September 30, 2016.