5. Stock-based Compensation

6 Months Ended

Sep. 30, 2012

Notes

5. 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, 2012		Six Months Ended September 30, 2012
		Weighted Average		Weighted Average
	Shares	Exercise Price	Shares	Exercise Price
Balance, Beginning of Period	72,900	$22. 62	72,900	$22.62
Options Granted	-	-	-	-
Options Exercised	-	-	-	-
Options Forfeited	4,500	22.58	4,500	22.58
Balance, End Of Period	68,400	$22.63	68,400	$22.63
Options Exercisable	43,400	$22.12	43,400	$22.12
Options Available For Grant	50,000		50,000

	Three Months Ended September 30, 2011		Six Months Ended September 30, 2011
		Weighted Average		Weighted Average
	Shares	Exercise Price	Shares	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

At September 30, 2012, 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	18,000	$20.55	12/31/14
01/01/06	4,000	$23.91	01/01/16
08/24/06	3,500	$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	14,000	$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, 2012 or 2011 had an exercise price below the average market price during the three and six month periods ended September 30, 2012 or 2011, respectively. Therefore these options were not deemed to be dilutive to earnings per share in those periods.