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Stock Options and Restricted Stock Awards (Tables)
 9 Months Ended
Dec. 31, 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.

 
 
Nine Months Ended
December 31,
 
 
 
2013
  
2012
 
Weighted average risk free interest rate
  
1.94
%
  
1.16
%
Weighted average expected holding period (years)
  
5.96
   
6.60
 
Weighted average expected volatility
  
48.52
%
  
44.25
%
Weighted average expected dividend yield
  
-
   
-
 
Weighted average fair value of options granted
 
$
4.42
  
$
2.92
 
Summary of stock option transactions
A summary of stock option transactions for the nine months ended December 31, 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
  
(476,001
)
 
$
8.80
 
Cancelled
  
(152,450
)
 
$
7.44
 
Outstanding at December 31, 2013
  
1,613,633
  
$
8.92
 
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 nine months ended December 31, 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
  
(142,998
)
 
$
2.97
 
Cancelled
  
(112,700
)
 
$
2.92
 
Non-vested at December 31, 2013
  
436,703
  
$
3.86