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Share-based Payments
 3 Months Ended
Jun. 30, 2015
Share-based Payments [Abstract]  
Share-based Payments
13. Share-based Payments

Stock Options

The Company granted options to purchase 2,722 and 82,537 shares of common stock during the three months ended June 30, 2015 and 2014, respectively. The cost associated with stock options is estimated using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value.

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.

  
Three Months Ended
June 30,
 
  
2015
  
2014
 
Weighted average risk-free interest rate
  
1.82
%
  
1.75
%
Weighted average expected holding period (years)
  
5.00
   
5.01
 
Weighted average expected volatility
  
49.02
%
  
46.02
%
Weighted average expected dividend yield
  
-
   
-
 
Weighted average fair value of options granted
 
$
13.77
  
$
9.65
 
 
 
 

 
 
 
 
 
 
The following is a summary of stock option transactions for the three months ended June 30, 2015:

  
Number of
Shares
  
Weighted Average
Exercise Price
 
Outstanding at March 31, 2015
  
1,389,254
  
$
9.97
 
Granted
  
2,722
  
$
31.10
 
Exercised
  
(183,635
)
 
$
9.72
 
Cancelled
  
-
  
$
-
 
Outstanding at June 30, 2015
  
1,208,341
  
$
10.05
 

At June 30, 2015, options to purchase 913,506 shares of common stock were exercisable at the weighted average exercise price of $9.08.

At June 30, 2015, there was $1,257,000 of total unrecognized compensation expense related to unvested stock option awards. The compensation expense is expected to be recognized over a weighted average vesting period of approximately 1.25 years.

Restricted Stock

The Company did not grant any shares of restricted stock during the three months ended June 30, 2015.  During the three months ended June 30, 2014, the company granted 95,645 shares of restricted stock. A summary of changes in the status of non-vested restricted stock during the three months ended June 30, 2015 is presented below:

  
Number of Shares
  
Weighted Average
Grant Date Fair
Value
 
Non-vested restricted stock at March 31, 2015
  
181,443
  
$
16.84
 
Restricted stock granted
  
-
  
$
-
 
Restricted stock vested
  
(30,417
)
 
$
24.27
 
Restricted stock cancelled
  
-
  
$
-
 
Non-vested restricted stock at June 30, 2015
  
151,026
  
$
15.34
 
 
As of June 30, 2015, there was $1,994,000 of unrecognized compensation expense related to awards of the restricted stock, which will be recognized over the remaining vesting period of approximately 1.5 years.