Stock Options (Tables)

9 Months Ended

Dec. 31, 2012

Stock Options [Abstract]

Summary of Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted

The table below summarizes the Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted during the periods noted.

	Nine Months Ended
	December 31,
	2012			2011
Weighted average risk free interest rate		1.16	%		2.30	%
Weighted average expected holding period (years)		6.60			6.15
Weighted average expected volatility		44.25	%		39.02	%
Weighted average expected dividend yield		-			-
Weighted average fair value of options granted	$	2.92		$	5.95

Summary of stock option transactions

A summary of stock option transactions for the nine months ended December 31, 2012 follows:

	Number of			Weighted Average
	Shares			Exercise Price
Outstanding at March 31, 2012		1,462,284		$	9.15
Granted		632,800		$	6.47
Exercised		(26,500	)	$	2.75
Cancelled		-		$	-
Outstanding at December 31, 2012		2,068,584		$	8.41

Summary of changes in the status of non-vested stock options

A summary of changes in the status of non-vested stock options during the nine months ended December 31, 2012 is presented below:

	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at March 31, 2012		15,000		$	4.18
Granted		632,800		$	2.92
Vested		(227,399	)	$	2.97
Non-vested at December 31, 2012		420,401		$	2.94