Share-based Compensation (Tables)

9 Months Ended

Dec. 31, 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 nine months ended December 31:

	2014			2013
Expected life in years		2.28			4.51
Risk-free interest rate		.74	%		1.35	%
Expected volatility		63.35	%		89.32	%
Expected dividend yield		0	%		0	%
Weighted-average grant date fair value	$	0.91		$	1.67

Stock option activity

The following table summarizes the activity related to our stock options during the nine months ended December 31, 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		185,900			3.43
Options exercised		(85,000	)		0.80
Options surrendered		(624,451	)		5.03
Outstanding at December 31, 2014		1,804,492		$	2.94		4.12	$	0
Exercisable at December 31, 2014		1,020,168		$	3.19		2.94	$	0

Restricted shares activity

The following table summarizes the activity related to our restricted shares during the nine months ended December 31, 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		420,100			3.22
Shares vested		(76,561	)		3.35
Shares forfeited		(9,212	)		3.94
Balance at December 31, 2014		480,589		$	3.23		2.07	$	990,013