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Stock-Based Compensation (Tables)
 6 Months Ended
Sep. 30, 2013
Stock Option Activity under All Plans and Other Grants

The following table summarizes stock option activity under all Plans and other grants authorized by the Board of Directors.

 

 

Number

of Shares

 

 

Aggregate
Intrinsic
Value

 

 

Approximate
Remaining
Contractual
Term (Years)

 

 

Weighted-
Average
Exercise
Price

 

Outstanding at March 31, 2013

 

  1,231,498

 

 

$

  720

 

 

 

  7

 

 

$

  8.20

 

Granted

 

  158,000

 

 

 

—

 

 

 

  10

 

 

 

  8.58

 

Exercised

 

(88,500

)

 

 

  159

 

 

 

—

 

 

 

  6.86

 

Canceled or expired

 

(325,785

)

 

 

—

 

 

 

—

 

 

 

  9.32

 

Outstanding at September 30, 2013

 

  975,213

 

 

 

  1,547

 

 

 

  8

 

 

 

  8.34

 

Options exercisable at September 30, 2013

 

  414,880

 

 

 

  716

 

 

 

  6

 

 

 

  8.43

 

Unvested options expected to become exercisable after September 30, 2013

 

  560,333

 

 

 

  831

 

 

 

  9

 

 

 

  8.28

 

Shares available for future option grants at September 30, 2013 (a)

 

  501,113

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)              May be decreased by restricted stock grants.

Restricted Stock Award Activity under All Plans

A summary of restricted stock award activity under all Plans is as follows.

 

 

Number
of Shares

 

  

Weighted –
Average
Grant Date

Fair Value

 

Non-vested at March 31, 2013             

 

  24,125

 

  

$

  7.51

  

Granted             

 

  31,196

  

  

 

  8.91

  

Vested             

 

(24,125

)  

  

 

  7.51

  

Cancelled             

 

—

  

  

 

—

  

Non-vested at September 30, 2013             

 

  31,196

 

  

 

  8.91

  

 
Black Scholes Based Option Pricing Model
  
Assumptions to Estimate Fair Value of Option Grants

The Company used the following assumptions to estimate the fair value of option grants under the Black-Scholes method:

 

 

Dividend
yield

 

 

Volatility

 

 

Risk-free
interest rate

 

 

Expected
term of
options
(in years)

 

 

Forfeiture
adjustment

 

2014 $3.03 value per option

  0.0

%

 

  31.2

%

 

  1.3

%

 

  7.0

 

 

  0.0

%

2014 $3.01 value per option

  0.0

%

 

  31.2

%

 

  1.3

%

 

  7.0

 

 

  0.0

%

2013 $3.05 value per option

  0.0

%

 

  34.0

%

 

  1.2

%

 

  7.0

 

 

  0.0

%

2013 $3.02 value per option

  0.0

%

 

  35.5

%

 

  1.2

%

 

  7.0

 

 

  0.0

%

2013 $3.02 value per option

  0.0

%

 

  34.9

%

 

  1.1

%

 

  7.0

 

 

  0.0

%

2013 $2.82 value per option

  0.0

%

 

  30.9

%

 

  1.3

%

 

  7.0

 

 

  0.0

%

 
Monte Carlo Simulation
  
Assumptions to Estimate Fair Value of Option Grants

The Company used the following assumptions to estimate the fair value of option grants under the Monte Carlo simulation method:

 

 

2014 $1.90

value per

option

 

 

2014 $1.71

value per

option

 

 

2013 $1.86

value per

option

 

 

2013 $1.75

value per

option

 

 

2013 $1.75

value per

option

 

Dividend yield

  0.0

%

 

  0.0

%

 

  0.0

%

 

  0.0

%

 

  0.0

%

Volatility

  34.9

%

 

  34.9

%

 

  34.0

%

 

  34.9

%

 

  30.1

%

Risk-free interest rate

  1.9

%

 

  1.9

%

 

  1.8

%

 

  1.1

%

 

  1.3

%

Expected term of options (in years)

  10.0

 

 

  10.0

 

 

  10.0

 

 

  10.0

 

 

  10.0

 

Forfeiture adjustment

  1.1

%

 

  1.8

%

 

  0.2

%

 

  0.2

%

 

  0.2

%

Suboptimal behavior factor

  1.7

 

 

  1.7

 

 

  1.9

 

 

  1.9

 

 

  1.9