Note 11 - Employee and Non-Employee Stock Options

12 Months Ended

Mar. 31, 2015

Notes to Financial Statements

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, 2015, 173,000 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 $8,958 and $23,200 for the years ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was no unrecognized compensation expense, related to the stock options. At March 31, 2014, there was $9,000 in unrecognized compensation expense. There were no stock options granted during the year-ended March 31, 2015 and 10,000 options granted during the year-ended March 31, 2014.

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, 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
Granted		-
Exercised		(17,500	)		8.61
Forfeited		(6,000	)		8.29
Repurchased		(32,000	)		8.96
Outstanding at March 31, 2015		46,000			8.68		2.87		732,000
Exercisable at March 31, 2015		46,000		$	8.68		2.87	$	732,000

During the year ended March 31, 2015, options to purchase 10,000 shares vested and as of March 31, 2014 2,500 options vested.