Stock-based Compensation

9 Months Ended

Dec. 31, 2012

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

Stock-based Compensation

The Company recognized compensation expense of $30,694 and $27,377 in general and administrative expense in the Consolidated Statements of Operations for the three months ended December 31, 2012 and 2011, respectively. Compensation expense recognized for the nine months ended December 31, 2012 and 2011 was $115,502 and $76,761, respectively. The total cost related to non-vested awards not yet recognized at December 31, 2012 totals approximately $134,445 which is expected to be recognized over a weighted average of 2.39 years.

The following table is a summary of activity of stock options for the nine months ended December 31, 2012:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
Outstanding at March 31, 2012		83,750	$	6.42		8.65	$	127,363
Granted		—		—
Exercised		3,750		4.35
Forfeited or Expired		—		—
Outstanding at December 31, 2012		80,000	$	6.52		8.27	$	—
Vested at December 30, 2012		30,000	$	6.42		8.07	$	550
Exercisable at December 30, 2012		30,000	$	6.42		8.07	$	550

During the nine months ended December 31, 2012, stock options covering 3,750 shares were exercised with a totalintrinsic value of $3,138. The Company received proceeds of $16,313 from these exercises. During the nine months ended December 31, 2011, no stock options were exercised.

During the nine months ended December 31, 2012, no stock options were granted. During the nine months ended December 31, 2011, stock options covering 40,000 shares were granted.

Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted during the nine months ended December 31, 2012 and 2011. All such amounts represent the weighted average amounts.

	Nine Months Ended
	December 31
	2012		2011
Grant-date fair value		—	$	5.69
Volatility factor		—		85.92	%
Dividend yield		—		—
Risk-free interest rate		—		1.49	%
Expected term (in years)		—		7.25

The following table summarizes information about options outstanding at December 31, 2012:

Range of Exercise Prices		Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
	$ 6.06 – 6.29		40,000	$	6.23
	6.30 – 6.80		40,000		6.80
	$ 5.25 – 6.80		80,000	$	6.52		8.27	$	—

Outstanding options at December 31, 2012 expire between August 2020 and November 2021 and have exercise prices ranging from $6.06 to $6.80.

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. There were no stock options forfeited or expired during the nine months ended December 31, 2012 or 2011.