Note 16 - Employee and Non-employee Stock Options

12 Months Ended

Mar. 31, 2018

Notes to Financial Statements

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

16. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in

2005,

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, 2016,

no

further awards

may

be granted under the plans, and options to acquire a total of

40,000

shares remained outstanding. The employee options generally vested

one

-

third

per year beginning with the

first

anniversary from the date of grant. The non-employee director options generally vested

one

year from the date of grant.

There was

no

compensation expense related to Air T, Inc. stock options for the years ended

March 31, 2018

and

2017.

As of

March 31, 2018,

there was

no

unrecognized compensation expense, related to the stock options. There were

no

stock options granted during the years ended

March 31, 2018

and

March 31, 2017.

As of

March 31, 2017,

36,000

shares of Air T stock options expired, of which

6,000

expired in fiscal year ended

March 31, 2016

and

30,000

expired in fiscal year ended

March 31, 2017.

In order to remove the deferred tax asset related to these stock options, a decrease of

$63,000

was recorded through additional paid in capital.

818

shares were exercised in fiscal year ended

March 31, 2018

at weighted average exercise price per share of

$10.56.

The number of outstanding options at

March 31, 2018

was

9,182.

In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted

1.2

million non-qualified options to purchase shares of its common stock to certain of its employees at an exercise price of

$0.33

per share.

Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: 

				Weighted		Weighted
				Average		Average		Aggregate
				Exercise Price		Remaining		Intrinsic
	Shares			Per Share		Life (Years)		Value
Outstanding at March 31, 2016		40,000		$	8.74		2.09	$	617,000
Granted		-			-
Exercised		-			-
Forfeited		(30,000	)		-
Repurchased		-			-
Outstanding at March 31, 2017		10,000			10.08		6.15		101,000
Granted		-			-
Exercised		(818	)		10.56
Forfeited		-			-
Repurchased		-			-
Outstanding at March 31, 2018		9,182		$	10.03		5.13	$	140,193
Exercisable at March 31, 2018		9,182		$	10.03		5.13	$	140,193