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Stock Options and Restricted Stock Awards (Tables)
 6 Months Ended
Sep. 30, 2013
Stock Options and Restricted Stock Awards [Abstract]  
Summary of Black-Scholes option pricing model assumptions used to derive weighted average fair value of stock options granted
The table below summarizes the Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted during the periods noted.
 
 
Six Months Ended
 
September 30,
  
2013
  
2012
 
Weighted average risk free interest rate
  
1.94
%
  
1.03
%
Weighted average expected holding period (years)
  
5.96
   
6.48
 
Weighted average expected volatility
  
48.52
%
  
42.86
%
Weighted average expected dividend yield
  
-
   
-
 
Weighted average fair value of options granted
 
$
4.42
  
$
3.04
 
Summary of stock option transactions
A summary of stock option transactions for the six months ended September 30, 2013 follows:

 
 
Number of
Shares
  
Weighted Average
Exercise Price
 
Outstanding at March 31, 2013
  
1,970,084
  
$
8.73
 
Granted
  
272,000
  
$
9.25
 
Exercised
  
-
  
$
-
 
Cancelled
  
(152,450
)
 
$
7.44
 
Outstanding at September 30, 2013
  
2,089,634
  
$
8.89
 
Summary of changes in the status of non-vested stock options
A summary of changes in the status of non-vested stock options during the six months ended September 30, 2013 is presented below:

 
 
 
Number of
Shares
  
Weighted Average
 Grant Date Fair
Value
 
Non-vested at March 31, 2013
  
420,401
  
$
2.93
 
Granted
  
272,000
  
$
4.42
 
Vested
  
(6,000
)
 
$
3.98
 
Cancelled
  
(112,700
)
 
$
2.92
 
Non-vested at September 30, 2013
  
573,701
  
$
3.63