Note 5 - Stock-Based Compensation

9 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.         Stock-Based Compensation

The Company maintains stock-based compensation plans which allow for the issuance of stock options to officers, other key employees of the Company, and to members of the Board of Directors.  The Company accounts for stock compensation using fair value recognition provisions.

During the three months ended December 31, 2012, options for 10,000 shares were granted to an employee and during the three months ended September 30, 2012, options for 2,500 shares were granted to a director.  During the three months ended June 30, 2011, options were exercised for the issuance of 15,000 shares.  No other options were granted or exercised during the nine-month periods ended December 31, 2012 and 2011.  Stock-based compensation expense in the amount of $7,000 and $1,469 was recognized for the nine-month periods ended December 31, 2012 and 2011, respectively.  At December 31, 2012, there was $16,700 in unrecognized compensation expense related to the stock options.