Stock-Based Compensation

3 Months Ended

Dec. 31, 2011

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 incentive stock option plan for the periods presented:

	Three Months Ended December 31, 2011				Nine Months Ended December 31, 2011
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Balance, Beginning Of Period/Year		75,400	$	22.59		82,400	$	22.52
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options forfeited		500		20.55		7,500		21.65
Balance, December 31, 2011		74,900	$	22.61		74,900	$	22.61

Options Exercisable		44,600				44,600

Options Available For Grant		50,000				50,000

	Three Months Ended December 31, 2010				Nine Months Ended December 31, 2010
	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Balance, Beginning Of Period/Year		90,900	$	22.57		90,900	$	22.57
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options forfeited		9,500		23.09		9,500		23.09
Balance, December 31, 2010		81,400	$	22.51		81,400	$	22.51

Options Exercisable		49,900				49,900

Options Available For Grant		50,000				50,000

There were no stock option awards granted by the Company during the three and nine month periods ended December 31, 2011 and 2010. At December 31, 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		20,000	$	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 December 31, 2011 or 2010 had an exercise price below the average market price during the three and nine month periods ended December 31, 2011 or 2010, respectively. Therefore these options were not deemed to be dilutive to earnings per share in those periods.