Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2015

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, 2015	1,155,999		$	1,480		8	$	9.26
Granted	70,000			—		10		10.41
Exercised	(34,500	)		75		—		8.07
Canceled or expired	(36,000	)		—		—		8.61
Outstanding at June 30, 2015	1,155,499			2,479		8		9.58
Options exercisable at June 30, 2015	631,000			1,748		7		8.84
Unvested options expected to become exercisable after June 30, 2015	524,499			730		9		10.47
Shares available for future option grants at June 30, 2015 (a)	234,254

(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, 2015		30,164		$	8.81
Granted		13,122			10.41
Vested		(4,948	)		8.89
Cancelled		(1,712)			10.07
Non-vested at June 30, 2015		36,626			10.02

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
2016 $3.66 value per option		0.0	%	29.5	%	1.9	%	7.0	0.0	%
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	%

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



	2016 $2.49 value per option		2015 $3.05 value per option			2015 $2.49 value per option			2015 $2.49 value per option
Dividend yield	0.0	%		0.0	%		0.0	%		0.0	%
Volatility	33.7	%		32.3	%		33.7	%		33.7	%
Risk-free interest rate	2.5	%		2.6	%		2.5	%		2.5	%
Expected term of options (in years)	10.0			10.0			10.0			10.0
Forfeiture adjustment	1.2	%		1.4	%		1.2	%		1.2	%
Suboptimal behavior factor	1.6			1.6			1.6			1.6