Stock Options and Restricted Stock Awards (Tables)

6 Months Ended

Sep. 30, 2014

Stock Options and Restricted Stock Awards [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:

	Six Months Ended September 30,
	2014			2013
Weighted average risk free interest rate		1.75	%		1.94	%
Weighted average expected holding period (years)		5.01			5.96
Weighted average expected volatility		46.02	%		48.52	%
Weighted average expected dividend yield		-			-
Weighted average fair value of options granted	$	9.65		$	4.42

Summary of stock option transactions

A summary of stock option transactions for the six months ended September 30, 2014 follows:

	Number of Shares		Weighted Average Exercise Price
Outstanding at March 31, 2014	1,426,968		$	9.21
Granted	82,537		$	22.99
Exercised	(39,001	)	$	13.69
Cancelled	(8,250	)	$	10.71
Outstanding at September 30, 2014	1,462,254		$	9.86

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 six months ended September 30, 2014 is presented below:

	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested at March 31, 2014	490,702		$	4.39
Granted	82,537		$	9.65
Vested	(109,337	)	$	5.00
Cancelled	-		$	-
Non-vested at September 30, 2014	463,902		$	5.18

Schedule of restricted stock units activity

A summary of changes in the status of non-vested restricted stock during the six months ended September 30, 2014 is presented below:

	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested restricted stock at March 31, 2014	138,000		$	9.32
Restricted stock granted	95,645		$	24.21
Restricted stock vested	(50,402	)	$	10.51
Restricted stock cancelled	-		$	-
Non-vested restricted stock at September 30, 2014	183,243		$	16.77