Note 10 - Employee and Non-Employee Stock Options

12 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.           EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

The Company has granted options to purchase up to a total of 256,000 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant. As of March 31, 2012, 16,500 shares remain available for grant under two plans. The employee options generally vest one-third per year beginning with the first anniversary from the date of grant. The non- employee director options generally vest one year from the date of grant.

Compensation expense related to stock options granted was $13,000 and $1,469 for the years ended March 31, 2013 and 2012, respectively. As of March 31, 2013, there was $10,700 of unrecognized compensation expense, related to the stock options (none at March 31, 2012). Options to purchase 12,500 shares were granted in fiscal 2013 and no options were granted in fiscal 2012.

Option activity is summarized as follows:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Life(Years)		Aggregate Intrinsic Value
Outstanding at March 31, 2011		229,500		$	8.59
Granted		-			-
Exercised		(15,000	)		8.29
Forfeited		(14,500	)		8.80
Outstanding at March 31, 2012		200,000			8.59
Granted		12,500			8.70
Exercised		-			-
Forfeited		-			-
Outstanding at March 31, 2013		212,500		$	8.60		3.82	$	219,000
Exercisable at March 31, 2013		200,000		$	8.59		3.47	$	209,000

During the year ended March 31, 2013, no options vested and as of March 31, 2013 options to purchase 12,500 shares are unvested.