Share-based Compensation (Tables)

6 Months Ended

Sep. 30, 2014

Share-based Compensation [Abstract]

Weighted-average assumptions used to value the options granted

We determined the fair value of our option awards using the Black-Scholes option pricing model.  We used the following weighted-average assumptions to value the options granted during the six months ended September 30:

	2014			2013
Expected life in years		2.81			4.51
Risk-free interest rate		1.0	%		1.35	%
Expected volatility		66.41	%		89.43	%
Expected dividend yield		0	%		0	%
Weighted-average grant date fair value	$	1.21		$	1.65

Stock option activity

The following table summarizes the activity related to our stock options during the six months ended September 30, 2014:

	Number of shares			Weighted average exercise price		Weighted average remaining life in years		Aggregate intrinsic value
Outstanding at March 31, 2014		2,328,043		$	3.39		3.85	$	1,781,415
Options granted		131,300			2.98
Options exercised		(85,000	)		0.80
Options surrendered		(163,018	)		5.02
Outstanding at September 30, 2014		2,211,325		$	3.34		3.75	$	117,780
Exercisable at September 30, 2014		1,402,997		$	3.74		2.50	$	39,994

Restricted shares activity

The following table summarizes the activity related to our restricted shares during the six months ended September 30, 2014:

	Number of Shares			Weighted average grant date fair value		Weighted average remaining life in years		Aggregate intrinsic value
Balance at March 31, 2014		146,262		$	3.38		2.23	$	540,000
Shares granted		405,625			3.25
Shares vested		(50,436	)		3.57
Shares forfeited		(9,212	)		3.94
Balance at September 30, 2014		492,239		$	3.24		2.20	$	1,230,598