Stock-Based Compensation

3 Months Ended

Sep. 30, 2011

Stock-Based Compensation

Stock-Based Compensation

5. Stock-Based Compensation

Certain officers and directors of the Company participate in an incentive and non-qualified stock option plan. Options are granted at exercise prices not less than the fair value of the Company’s common stock on the date of the grant. The following is a summary of the activity under the Company’s stock option plans for the periods presented:

	Three Months Ended September 30, 2011				Six Months Ended September 30, 2011
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Balance, Beginning of Period		82,400	$	22.52		82,400	$	22.52
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options forfeited		7,000		21.72		7,000		21.72
Balance, End of  Period		75,400	$	22.59		75,400	$	22.59
Options Exercisable		45,100	$	21.97		45,100	$	21.97
Options Available For Grant		50,000				50,000

	Three Months Ended September 30, 2010				Six Months Ended September 30, 2010
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Balance, Beginning of Period		90,900	$	22.57		90,900	$	22.57
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options forfeited		-		-		-		-
Balance, End of  Period		90,900	$	22.57		90,900	$	22.57
Options Exercisable		50,400	$	21.93		50,400	$	21.93
Options Available For Grant		50,000				50,000

At September 30, 2011, the Company had the following options outstanding:

Grant Date	Outstanding Options	Option Price	Expiration Date
09/01/03	2,400	$24.00	08/31/13
12/01/03	3,000	$23.65	11/30/13
01/01/04	5,000	$24.22	12/31/13
03/08/04	7,000	$21.43	03/08/14
06/07/04	2,000	$24.00	06/07/14
01/01/05	20,500	$20.55	12/31/14
01/01/06	4,000	$23.91	01/01/16
08/24/06	6,000	$23.03	08/24/16
05/24/07	2,000	$24.34	05/24/17
07/09/07	1,000	$24.61	07/09/17
10/01/07	2,000	$24.28	10/01/17
01/01/08	16,000	$23.49	01/01/18
05/19/08	2,500	$22.91	05/19/18
07/01/08	2,000	$22.91	07/01/18

None of the options outstanding at September 30, 2011 or 2010 had an exercise price below the average market price during the three and six month periods ended September 30, 2011 or 2010, respectively. Therefore these options were not deemed to be dilutive to earnings per share in those periods.