Stock Based Compensation

12 Months Ended

Mar. 31, 2012

Stock Based Compensation [Abstract]

Stock Based Compensation [Text Block]

Note 11.  Stock Based Compensation

The share amounts and share prices reflect a 1-for-5 reverse stock split effected by the Company on June 15, 2011.

A summary of stock option and warrant activity during the year ended March 31, 2012 is as follows:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (in Years)		Value
Beginning outstanding		154,938		$	21.63
Granted		2,499		$	3.43
Expired		(29,604	)	$	30.38
Ending outstanding		127,833		$	19.24		5.87	$	-
Ending vested and expected to vest		127,764		$	19.21		5.87	$	-
Ending exercisable		116,469		$	20.12		5.73	$	-

The aggregate intrinsic value of options and warrants outstanding at March 31, 2012 is calculated as the difference between the exercise price of the underlying options and the market price of our common stock as of March 31, 2012.

The weighted-average estimated grant date fair value, as defined by ASC Topic 718 for stock options granted during fiscal 2012 and 2011, was $3.43 and $2.90, per option, respectively.

The following table summarizes information with respect to stock options and warrants outstanding as of March 31, 2012:

												Weighted
						Weighted						Average
				Number		Average		Weighted		Number		Exercise
				Outstanding		Remaining		Average		Exercisable		Price
	Range of			As of		Contractual		Exercise		As of		As of
	Exercise Prices			March 31,		Term		Price		March 31,		March 31,
				2012		(in years)				2012		2012
$	2.90	$	6.00		8,330		8.89	$	4.30		5,831	$	4.67
	6.25		11.70		54,435		6.64		11.53		45,639		11.50
	17.80		28.10		49,648		5.40		21.73		49,623		21.73
	30.56		61.80		14,506		3.08		43.49		14,498		43.48
	61.94		151.94		854		2.41		88.99		832		89.52
	152.21		285.00		58		1.33		174.08		46		174.00
	286.72		300.27		2		0.00		293.50		-		-
$	2.90	$	300.27		127,833		5.87	$	19.24		116,469	$	20.12

The weighted-average estimated grant date fair values per share, for rights granted under the Employee Stock Purchase Plan during fiscal 2011 was $2.75.  No shares were granted under the Employee Stock Purchase Plan during fiscal 2012.

The Company used the following valuation assumptions to estimate the fair value of options granted for the years ended March 31, 2012 and 2011, respectively:

STOCK OPTIONS:	2012	2011
Expected life (years)	6.0	6.0
Volatility	155%	75%
Risk-free interest rate	1.04%	1.62%
Dividend yield	0%	0%

ESPP awards were valued using the Black-Scholes model with expected volatility calculated using a six-month historical volatility.

ESPP:	2012	2011
Expected life (years)	0.5	0.5
Volatility	55%	65%
Risk-free interest rate	0.07%	0.15%
Dividend yield	0%	0%

Valuation and Other Assumptions for Stock Options

Valuation and Amortization Method.    The Company estimates the fair value of stock options granted using the Black-Scholes option model. We estimate the fair value using a single option approach and amortize the fair value on a straight-line basis for options expected to vest. All options are amortized over the requisite service periods of the awards, which are generally the vesting periods.

Expected Term.   The expected term of options granted represents the period of time that the options are expected to be outstanding. We estimate the expected term of options granted based on our historical experience of exercises including post-vesting exercises and termination.

Expected Volatility.    The Company estimates the volatility of our stock options at the date of grant using historical volatilities.  Historical volatilities are calculated based on the historical prices of our common stock over a period at least equal to the expected term of our option grants.

Risk-Free Interest Rate.    The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield in effect at the time of option grant on U.S. Treasury zero-coupon issues with remaining terms equivalent to the expected term of our option grants.

Dividends.    The Company has never paid any cash dividends on common stock and we do not anticipate paying any cash dividends in the foreseeable future.

Forfeitures.    The Company uses historical data to estimate pre-vesting option forfeitures. We record stock-based compensation expense only for those awards that are expected to vest.

The Company does not use multiple share-based payment arrangements.

Restricted Stock Units

The following table summarizes the Company's restricted stock award activity for the period ended March 31, 2012:

	Number			Weighted- Average
	of			Grant Date
	Shares			Fair Value
Balance March 31, 2011		123,416		$	2.66
Granted		148,989		$	1.79
Forfeited		-		$	-
Vested		(35,864	)	$	2.69
Balance, March 31, 2012		236,541		$	2.11

The weighted-average estimated grant date fair value, as defined by ASC Topic 718 for restricted stock awards granted during fiscal 2012 and 2011 was $1.79 and $2.70, per award, respectively.

As of March 31, 2012 there was $416 of total unrecognized compensation cost related to restricted stock which is expected to be recognized over a weighted-average period of 2.85 years.

Total stock-based compensation expense related to stock options and RSUs for the years ended March 31, 2012 and 2011 was $175 and $390, respectively.  The total compensation expense related to non-vested stock options and RSUs not yet recognized at  March 31, 2012 is $429 which is expected to be recognized over a weighted-average period of 2.77 years.