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Employee Stock Option Plans
 3 Months Ended
Jun. 30, 2011
Employee Stock Option Plans [Abstract]  
Employee Stock Option Plans
6.           EMPLOYEE STOCK OPTION PLANS

On July 20, 2009, shareholders approved the Company's 2009 Stock Incentive Plan (the “2009 Plan”), which provides for the granting of stock options to employees and officers of the Company and authorizes the issuance of common stock upon exercise of such options for up to 140,000 shares.  All options are granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five annual installments.  Options to purchase 38,750 shares at a price of $76.74 (market price at the time of the grant) were granted on October 19, 2009 and remain outstanding, thus leaving a total of 101,250 options available for future grant.  Additionally, options to purchase 20,000 shares at a price of $95.79 (market price at time of the grant) were granted on March 22, 2010, and options to purchase 15,000 shares at a price of $88.20 were granted on July 19, 2010. All 73,750 options remain outstanding, thus leaving 66,250 options available for grant under the plan.

The Company previously granted stock options under its 1999 Stock Option Plan (the “1999 Plan”), as approved by shareholders on July 19, 1999.  The 1999 Plan expired on April 19, 2009.  Options previously made under the Company's 1999 Stock Option Plan and outstanding on July 20, 2009 continue in effect governed by provisions of the 1999 plan.  All options granted under the 1999 Plan were granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five to ten annual installments.

We recognize compensation cost over the straight-line method for all share-based payments granted on or after that date and for all awards granted to employees prior to April 1, 2006 that remain unvested on that date.  The fair value of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options.  Accordingly, for the quarters ended June 30, 2011 and 2010, we recognized compensation expense of $244,650 and $223,217 respectively.

As of June 30, 2011, the total remaining unrecognized compensation cost related to non-vested stock options was $2,559,254, which will be amortized over the remaining weighted average service period of approximately 3.1 years.
 
The following table summarizes the 2009 Plan and the 1999 Plan price per option at grant date using the Black-Scholes pricing model:

      
Black-Scholes Pricing Model
Assumptions
    
Date of Issuance
 
Weighted
Average
 Fair
Value
  
Expected
Dividend
Yield
  
Risk-
Free
Interest
Rate
  
Expected
Volatility
  
Expected
Life 
(in years)
 
2009 Plan
               
July 19, 2010
 $28.59   0.91%  1.73%  37.5%  5 
March 22, 2010
 $32.56   0.84%  2.43%  37.8%  5 
October 19, 2009
 $25.36   1.04%  2.36%  37.6%  5 
                      
1999 Plan
                    
July 30, 2008
 $29.93   0.62%  3.36%  20.2%  5 
July 21, 2008
 $27.35   0.67%  3.41%  20.2%  5 
July 16, 2007
 $41.78   0.39%  4.95%  19.9%  5 
July 17, 2006
 $33.05   0.61%  5.04%  21.2%  7 
May 15, 2006
 $31.28   0.64%  5.08%  21.1%  7 

The following table summarizes activity in the 2009 Plan and the 1999 Plan as of June 30, 2011:

   
Number of
Shares
  
Weighted
 Average
 Exercise
Price
 
2009 Plan
      
Balance at March 31, 2010
  58,750  $83.23 
Granted
  15,000   88.20 
Exercised
  (11,400)  65.37 
Canceled
  –   – 
Balance at March 31, 2011
  62,350  $84.24 
Granted
  –   – 
Exercised
  –   – 
Canceled
  –   – 
Balance at June 30, 2011
  62,350  $84.24 
          
1999 Plan
        
Balance at March 31, 2010
  107,900  $114.78 
Granted
  –   – 
Exercised
  –   – 
Canceled
  –   – 
Balance at March 31, 2011
  107,900  $114.78 
Granted
  –   – 
Exercised
  –   – 
Canceled
  –   – 
Balance at June 30, 2011
  107,900  $114.78 
Combined Balance at June 30, 2011
  170,250  $104.85 

June 30, 2011
Weighted Average Aggregate
 Intrinsic Remaining Contractual Term
 
Value
 
Outstanding
3.1 years
 $5,082,464 
Exercisable
2.9 years
 $1,914,286 
 
At June 30, 2011, the range of exercise prices and weighted-average remaining contractual life of outstanding options was $65.70 to $152.98 and 3.1 years, respectively.  The number of options exercisable under the 2009 Plan and the 1999 Plan, at June 30, 2011, was 61,825 with a weighted-average exercise price of $113.04.  There were no options exercised during the quarters ended June 30, 2011 and 2010.