EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.

No options were granted under Air T, Inc.’s stock option plan during the fiscal years ended March 31, 2020 and 2019. No stock-based compensation expense with respect to this plan was recognized for the year ended March 31, 2020 and 2019, respectively. At March 31, 2020, there was no unrecognized compensation expense related to the Air T Inc. stock options.

There was no activity during the fiscal years ended March 31, 2019 and 2020 under the Delphax option plans. Option activity during the fiscal years ended March 31, 2019 (retrospectively adjusted to account for the stock split on June 10, 2019) and 2020 is summarized below:


	Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value
Outstanding at March 31, 2018	13,773	$	6.69	5.13	$	140,193
Granted	—	—
Exercised	(2,523)	7.04
Forfeited	—	—
Repurchased	—	—
Outstanding at March 31, 2019	11,250	6.61		4.07	152,075
Granted	—	—
Exercised	—	—
Forfeited	—	—
Repurchased	—	—
Outstanding at March 31, 2020	11,250	$	6.61	3.07	$	66,388
Exercisable at March 31, 2020	11,250	$	6.61	3.07	$	66,388