Stock-based Compensation

6 Months Ended

Sep. 30, 2012

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

Stock-based Compensation

The Company recognized compensation expense of $41,029 and $22,147 in general and administrative expense in the Consolidated Statements of Operations for the three months ended September 30, 2012 and 2011, respectively. Compensation expense recognized for the six months ended September 30, 2012 and 2011 was$84,808 and $49,384, respectively.The total cost related to non-vested awards not yet recognized at September 30, 2012 totals approximately $165,139 which is expected to be recognized over a weighted average of 2.73 years.

The following table is a summary of activity of stock options for the six months ended September 30, 2012:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
Outstanding at March 31, 2012		83,750	$	6.42		8.65	$	127,363
Granted		—		—
Exercised		—		—
Forfeited or Expired		—		—
Outstanding at September 30, 2012		83,750	$	6.42		8.15	$	19,325
Vested at September 30, 2012		23,750	$	5.94		6.69	$	16,975
Exercisable at September 30, 2012		23,750	$	5.94		6.69	$	16,975

During the six months ended September 30, 2012 and 2011, no stock options were exercised or granted.

The following table summarizes information about options outstanding at September 30, 2012:

Range of Exercise Prices		Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life in Years		Aggregate Intrinsic Value
	$ 4.35 – 5.24		3,750	$	4.35
	5.25 – 6.29		40,000		6.23
	6.30 – 6.80		40,000		6.80
	$ 4.35 – 6.80		83,750	$	6.42		8.15	$	19,325

Outstanding options at September 30, 2012 expire between December 2012 and November 2021 and have exercise prices ranging from $4.35 to $6.80.

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. There were no stock options forfeited or expired during the six months ended September 30, 2012 or 2011.