Stock-Based Compensation

6 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

17. Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 272,026 shares were still available for grant at September 30, 2011. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock vest over a period determined by the plan administrator, typically a one to five year period. The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans).

Stock-based compensation cost charged against income for the three and six months ended September 30, 2011, was approximately $271,000 and $456,000, respectively. The Company recorded stock-based compensation expense of $189,000 and $327,000 for the three and six months ended September 30, 2010, respectively.

As of September 30, 2011, total unrecognized compensation cost related to stock options was approximately $2.4 million and the related weighted-average period over which it is expected to be recognized is approximately 2.5 years.

The following table summarizes the option activity within the Company’s stock-based compensation plans for the six months ended September 30, 2011:

	Number
	of Shares
Outstanding at March 31, 2011		401,500
Granted		77,100
Exercised		(72,250	)
Outstanding at September 30, 2011		406,350
Exercisable at September 30, 2011		164,500

A summary of restricted stock activity within the Company’s share-based compensation plans and changes for the six months ended September 30, 2011 is as follows:

	Number
	of Shares
Nonvested at March 31, 2011		498
Vested		(340	)
Nonvested at September 30, 2011		158