17.	EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.

options were granted under Air T, Inc.’s stock option plan during the fiscal year ended

March 31, 2019

and

2018.

Stock-based compensation expense with respect to this plan in the amount of

was recognized for the year ended

March 31, 2019

and

2018,

respectively. At

March 31, 2019,

there was

unrecognized compensation expense related to the Air T Inc. stock options.

options were granted or exercised during the fiscal year ended

March 31, 2019

and

2018

under any of Delphax’s stock option plans.

Option activity, which only reflects the activity of Air T, Inc., is summarized as follows:

				Weighted		Weighted
				Average		Average		Aggregate
				Exercise Price		Remaining		Intrinsic
	Shares			Per Share		Life (Years)		Value

Outstanding at March 31, 2017		10,000		$	10.08		6.15	$	101,000
Granted		-			-
Exercised		(818	)		10.56
Forfeited		-			-
Repurchased		-			-
Outstanding at March 31, 2018		9,182			10.03		5.13		140,193
Granted		-			-
Exercised		(1,682	)		10.56
Forfeited		-			-
Repurchased		-			-
Outstanding at March 31, 2019		7,500		$	9.91		4.07	$	152,075
Exercisable at March 31, 2019		7,500		$	9.91		4.07	$	152,075