Shareholders' Equity (Tables)

12 Months Ended

Mar. 31, 2014

Shareholders' Equity [Abstract]

Weighted-average assumptions used to value the options granted

We determine the fair value of the option awards using the Black-Scholes option pricing model.  We used the following weighted-average assumptions to value the options granted during the years ended March 31:

	2014			2013			2012
Expected life, in years		4.51			6.00			5.32
Risk-free interest rate		1.36	%		1.15	%		1.57	%
Expected volatility		89.1	%		89.03	%		90.08	%
Expected dividend yield		0	%		0	%		0	%

Stock option activity

The following table summarizes the activity related to our stock options in fiscal 2012, 2013 and 2014:

	Number of shares			Weighted average exercise price		Weighted average grant date fair value		Aggregate intrinsic value		Weighted average remaining life in years
Balance at March 31, 2011		2,066,000		$	3.39
Options granted		140,000			6.66	$	4.70
Options exercised		(94,000	)		2.22			$	430,000
Options surrendered		(29,000	)		5.36
Balance at March 31, 2012		2,083,000		$	3.64			$	968,000		2.96
Options granted		188,000			3.09	$	2.26
Options exercised		(40,000	)		3.75				18,000
Options surrendered		(215,000	)		4.36
Balance at March 31, 2013		2,016,000		$	3.51			$	598,000		2.64
Options granted		939,000			2.57	$	1.71
Options exercised		(346,000	)		1.21				792,000
Options surrendered		(280,000	)		4.22
Balance at March 31, 2014		2,329,000			3.39			$	1,781,000		3.85
Options exercisable at March 31, 2014		1,279,340		$	3.98			$	684,236		1.87

Restricted shares activity

We grant restricted shares at the discretion of our directors with vesting terms ranging from six months to four years.  The following table summarizes the activity related to our restricted stock in fiscal 2012, 2013 and 2014:

	Number of Shares			Weighted average grant date fair value		Weighted average remaining life in years		Aggregate intrinsic value
Balance at March 31, 2011		55,000		$	4.96
Shares granted		50,000			6.80
Shares vested		(35,000	)	$	4.91			$	170,000
Balance at March 31, 2012		70,000		$	6.30		0.95		443,000
Shares granted		167,000			3.61
Shares vested		(47,000	)		4.76				225,000
Shares surrendered		(10,000	)	$	3.21
Balance at March 31, 2013		180,000		$	4.39		1.50	$	790,000
Shares granted		122,000			3.06
Shares vested		(53,000	)		4.13				221,000
Shares surrendered		(102,000	)		4.38
Balance at March 31, 2014		147,000		$	3.38		2.23	$	540,000