Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2013

Share-Based Compensation

Schedule presenting shares authorized, available for future grant and outstanding under each plan

The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans:

	As of March 31, 2013
	Authorized	Available	Outstanding
2005 Plan	2,075,000	411,478	1,483,856
2004 Directors Plan	200,000	130,123	12,000
Total	2,275,000	541,601	1,495,856

Summary of option activity under stock plans

A summary of option activity under the Company’s stock plans for the years ended March 31, 2013, 2012 and 2011 is presented below:

Option Activity	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at March 31, 2010	333,606		$	1.69	8.4 years	$	555,281
Granted	230,000		3.04
Exercised	(132,596	)	1.41
Forfeited or Expired	(4,360	)	2.12
Outstanding at March 31, 2011	426,650		$	2.49	8.8 years	$	395,693
Granted	922,516		3.87
Exercised	(37,800	)	1.82
Forfeited or Expired	(59,450	)	2.14
Expired	(750	)	4.20
Outstanding at March 31, 2012	1,251,166		$	3.54	9.0 years	$	8,243,956
Granted	258,000		6.30
Exercised	(9,970	)	2.34
Forfeited	(3,340	)	3.21
Outstanding at March 31, 2013	1,495,856		$	4.03	8.3 years	$	1,174,810
Exercisable at March 31, 2013	338,290		$	3.12	7.6 years	$	470,790

Summary of non-vested options

A summary of the Company’s non-vested options for the year ended March 31, 2013 is presented below:

Nonvested Options	Shares		Weighted Average Grant-Date Fair Value
Nonvested at March 31, 2012	1,109,066		$	2.57
Granted	258,000		4.35
Vested	(206,560	)	2.10
Forfeited	(2,940	)	2.14
Nonvested at March 31, 2013	1,157,566		$	3.05

Summary of the weighted average characteristics of outstanding stock options

The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2013:

	Outstanding Options				Exercisable Options
Range of Exercise Prices	Number of Shares	Remaining Life (Years)	Weighted Average Price		Number of Shares	Weighted Average Price
$ 1.60 - $3.70	450,210	7.4	$	2.92	262,370	$	2.82
$ 3.71 - $4.42	732,646	8.4	3.82		56,920	3.82
$ 4.43 - $5.40	77,500	8.9	5.19		19,000	5.26
$ 5.41 - $7.08	235,500	9.3	6.40		—	—
Total stock options	1,495,856	8.3	$	4.03	338,290	$	3.12

Summary of valuation assumptions related to options granted

The range of fair value assumptions related to options granted during the years ended March 31, 2013, 2012 and 2011 were as follows:

	2013	2012	2011
Exercise Price:	$5.26 – 7.08	$3.58 – 5.40	$3.04
Volatility:	78.26 – 80.39%	56.18 – 78.61%	80.3%
Risk Free Rate:	0.85 – 0.93%	0.09 – 2.25%	2.35%
Vesting Period:	5 - 7 years	0 - 5 years	1 - 3 years
Forfeiture Rate:	7.66 - 9.00%	0 - 16.88%	10%
Expected Life	6.25 years	0.25 – 8.25 years	6 years
Dividend Rate	0%	0%	0%