Note 11 - Employee and Non-Employee Stock Options

12 Months Ended

Mar. 31, 2014

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

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

11.           EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

The Company has granted options to purchase up to a total of 256,000 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant. As of March 31, 2014, 135,000 shares remain available for grant under two plans. The employee options generally vest one-third per year beginning with the first anniversary from the date of grant. The non- employee director options generally vest one year from the date of grant.

Compensation expense related to stock options granted was $23,200 and $13,000 for the years ended March 31, 2014 and 2013, respectively. As of March 31, 2014, there was $9,000 of unrecognized compensation expense, related to the stock options ($10,700 at March 31, 2013). Options to purchase 10,000 and 12,500 shares were granted in fiscal 2014 and 2013, respectively.

Option activity is summarized as follows:

				Weighted		Weighted
				Average		Average		Aggregate
				Exercise Price		Remaining		Intrinsic
	Shares			Per Share		Life(Years)		Value
Outstanding at March 31, 2012		200,000		$	8.59
Granted		12,500			8.70
Outstanding at March 31, 2013		212,500			8.60
Granted		10,000			10.56
Exercised		(2,500	)		10.15
Forfeited		(2,500	)		10.15
Repurchased		(116,000	)		8.58
Outstanding at March 31, 2014		101,500		$	8.73		3.39	$	342,000
Exercisable at March 31, 2014		91,500		$	8.53		2.73	$	326,000

During the year ended March 31, 2014, 12,500 options vested and as of March 31, 2014 options to purchase 10,000 shares are unvested.