Stock-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2014

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, 2014	851,165		$	1,516		8	$	8.15
Granted	440,000			—		10		11.45
Exercised	(88,833	)		339		—		7.46
Canceled or expired	(10,332	)		—		—		8.59
Outstanding at December 31, 2014	1,192,000			1,381		8		9.21
Options exercisable at December 31, 2014	597,000			1,022		8		8.60
Unvested options expected to become exercisable after December 31, 2014	595,000			407		9		10.04
Shares available for future option grants at December 31, 2014 (a)	245,376

(a)	May be decreased by restricted stock grants.

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


	Number of Shares			Weighted – Average Grant Date Fair Value
Non-vested at March 31, 2014		29,807		$	8.93
Granted		27,930			10.07
Vested		(22,924	)		9.11
Cancelled		(3,761	)		9.10
Non-vested at December 31, 2014		31,052			9.81

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
2015 $4.61 value per option		0.0	%	30.0	%	2.1	%	7.0	0.0	%
2015 $3.85 value per option		0.0	%	30.9	%	2.2	%	7.0	0.0	%
2015 $3.72 value per option		0.0	%	30.9	%	2.2	%	7.0	0.0	%
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	%

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

	2015 $3.05 value per option		2015 $2.49 value per option		2015 $2.49 value per option		2014 $1.90 value per option		2014 $1.71 value per option
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Volatility	32.3	%	33.7	%	33.7	%	34.9	%	34.9	%
Risk-free interest rate	2.6	%	2.5	%	2.5	%	1.9	%	1.9	%
Expected term of options (in years)	10.0		10.0		10.0		10.0		10.0
Forfeiture adjustment	1.4	%	1.2	%	1.2	%	1.1	%	1.8	%
Suboptimal behavior factor	1.6		1.6		1.6		1.7		1.7