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Stock Options and Restricted Stock Awards (Tables) | 3 Months Ended
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Jun. 30, 2014
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.
|  | Three Months Ended |
|  | June 30, |
|  | 2014 |  |  | 2013 |
Weighted average risk free interest rate |  |  | 1.75 | % |  |  | 1.39 | %
Weighted average expected holding period (years) |  |  | 5.01 |  |  |  | 7.01 |
Weighted average expected volatility |  |  | 46.02 | % |  |  | 44.21 | %
Weighted average expected dividend yield |  |  | - |  |  |  | - |
Weighted average fair value of options granted |  | $ | 9.65 |  |  | $ | 2.96 |
Summary of stock option transactions | A summary of stock option transactions for the three months ended June 30, 2014 follows:
|  | Number of |  |  | Weighted Average |
|  | Shares |  |  | Exercise Price |
Outstanding at March 31, 2014 |  |  | 1,426,968 |  |  | $ | 9.21 |
Granted |  |  | 82,537 |  |  | $ | 22.99 |
Exercised |  |  | - |  |  | $ | - |
Cancelled |  |  | (7,250 | ) |  | $ | 10.81 |
Outstanding at June 30, 2014 |  |  | 1,502,255 |  |  | $ | 9.96 |
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 three months ended June 30, 2014 is presented below:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at March 31, 2014 |  |  | 490,702 |  |  | $ | 4.39 |
Granted |  |  | 82,537 |  |  | $ | 9.65 |
Vested |  |  | (4,000 | ) |  | $ | 3.00 |
Cancelled |  |  | - |  |  | $ | - |
Non-vested at June 30, 2014 |  |  | 569,239 |  |  | $ | 5.16 |
Schedule of restricted stock units activity | During the three months ended June 30, 2014, the Company granted 95,645 RSU’s with an estimated grant date fair value of $2,316,000, which is based on the closing market price on the date of grant. The Company did not grant any RSU’s during the three months ended June 30, 2013. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. The fair value related to the RSU’s will be recognized as compensation expense over the vesting period.
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested RSU's at March 31, 2014 |  |  | 138,000 |  |  | $ | 9.32 |
RSU's granted |  |  | 95,645 |  |  | $ | 24.21 |
RSU's vested |  |  | (4,400 | ) |  | $ | 22.93 |
RSU's cancelled |  |  | - |  |  | $ | - |
Non-vested RSU's at June 30, 2014 |  |  | 229,245 |  |  | $ | 15.27 |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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