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Stock-Based Compensation
 9 Months Ended
Dec. 31, 2011
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

17. Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 269,026 shares were still available for grant at December 31, 2011. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock vest over a period determined by the plan administrator, typically a one to five year period. The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans).

 

Stock-based compensation cost charged against income for the three and nine months ended December 31, 2011, was approximately $239,000 and $695,000, respectively. The Company recorded stock-based compensation expense of $182,000 and $509,000 for the three and nine months ended December 31, 2010, respectively.

As of December 31, 2011, total unrecognized compensation cost related to stock options was approximately $2.2 million and the related weighted-average period over which it is expected to be recognized is approximately 2.2 years.

The following table summarizes the option activity within the Company’s stock-based compensation plans for the nine months ended December 31, 2011:

 

      September 30,  
    Number
of Shares		  
   

Outstanding at March 31, 2011

     401,500  

Granted

     80,100  

Exercised

     (72,850 ) 
   

 

 

  

Outstanding at December 31, 2011

     408,750  
   

 

 

  
   

Exercisable at December 31, 2011

     170,025  
   

 

 

  

A summary of restricted stock activity within the Company’s share-based compensation plans and changes for the nine months ended December 31, 2011 is as follows:

 

      September 30,  
    Number
of Shares		  
   

Nonvested at March 31, 2011

     498  

Vested

     (340 ) 
   

 

 

  
   

Nonvested at December 31, 2011

     158