Stock Based Compensation

12 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

STOCK BASED COMPENSATION

NOTE 9 — STOCK BASED COMPENSATION:

In 2004, the Company adopted the 2004 Employee Stock Options Plan. The provisions for exercise price, term and vesting schedule are, for the most part, the same as the previous Incentive Stock Option Plan. The maximum aggregate number of shares of common stock available pursuant to the Program is 2,500,000 shares.

A summary of transactions during the last two years is as follows:

	Number of Options			Weighted Average Exercise  Price
Outstanding — April 1, 2010		2,000		$	1.00
Expired		(2,000	)		1.00
Outstanding — March 31, 2011		0		$	.00
Outstanding — March 31, 2012		0		$	.00
Exercisable at March 31, 2012		0		$	.00

As of March 31, 2012, there were no options outstanding. At March 31, 2012, 2011 and 2010, the weighted average exercise price of exercisable options under the Program was $0, $0, and $1.00, respectively.

In 2004, the Company’s Board of Directors, and the stockholders subsequently approved the 2004 Non-Employee Director Stock Option Plan, the provisions for exercise price, term and vesting schedule being, for the most part, the same as the 1994 Non-Employee Director Stock Option Plan. The maximum number of shares of Common Stock available under such plan was 250,000 shares. In December 2006, an additional listing application was approved by the American Stock Exchange permitting the issuance of up to 500,000 shares pursuant to the 2004 plan.

A summary of transactions under the plan for the two years ended March 31, 2012 is as follows:

	Number of Options			Weighted Average Exercise  Price
Outstanding — April 1, 2010		75,000		$	3.15
Cancelled		(25,000	)		3.19
Outstanding — March 31, 2011		50,000		$	3.13
Outstanding — March 31, 2012		50,000		$	3.13
Exercisable at March 31, 2012		50,000		$	3.13

The following table provides additional information as to the options outstanding under the Non-Employee Director Stock Option Plan as of March 31, 2012:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Amount Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Amount Exercisable		Weighted Average Exercise Price
$3.07		25,000		3.8	$	3.07		25,000	$	3.07
$3.19		25,000		4.6		3.19		25,000		3.19
		50,000		4.2	$	3.13		50,000	$	3.13

There were no options granted during the fiscal years ending March 31, 2012 or 2011. As of March 31, 2012, there were a total of 50,000 options outstanding with exercise prices ranging from $3.07 per share to $3.19 per share, all of which were fully vested. The weighted average exercise price of exercisable options under the Non-Employee Director Stock Option Plan was $3.13 for both March 31, 2012 and 2011.