Stock Options and Restricted Stock Awards (Tables)

3 Months Ended

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