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Stock Options and Restricted Stock Awards | 9 Months Ended
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Dec. 31, 2014
Stock Options and Restricted Stock Awards [Abstract] |
Stock Options and Restricted Stock Awards | 14. Stock Options and Restricted Stock Awards Stock Options The Company granted options to purchase 82,537 and 272,000 shares of common stock during the nine months ended December 31, 2014 and 2013, respectively. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value. 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, |
|  | 2014 |  |  | 2013 |
Weighted average risk free interest rate |  |  | 1.75 | % |  |  | 1.94 | %
Weighted average expected holding period (years) |  |  | 5.01 |  |  |  | 5.96 |
Weighted average expected volatility |  |  | 46.02 | % |  |  | 48.52 | %
Weighted average expected dividend yield |  |  | - |  |  |  | - |
Weighted average fair value of options granted |  | $ | 9.65 |  |  | $ | 4.42 |
A summary of stock option transactions for the nine months ended December 31, 2014 follows:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2014 |  |  | 1,426,968 |  |  | $ | 9.21 |
Granted |  |  | 82,537 |  |  | $ | 22.99 |
Exercised |  |  | (94,234 | ) |  | $ | 10.31 |
Cancelled |  |  | (8,250 | ) |  | $ | 10.71 |
Outstanding at December 31, 2014 |  |  | 1,407,021 |  |  | $ | 9.93 |
At December 31, 2014, options to purchase 1,080,123 shares of common stock were exercisable at the weighted average exercise price of $8.80. A summary of changes in the status of non-vested stock options during the nine months ended December 31, 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 |  |  | (246,341 | ) |  | $ | 3.89 |
Cancelled |  |  | - |  |  | $ | - |
Non-vested at December 31, 2014 |  |  | 326,898 |  |  | $ | 6.09 |
At December 31, 2014, there was $1,685,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of approximately 1.8 years. Restricted Stock During the nine months ended December 31, 2014, the Company granted 95,645 shares of restricted stock with an estimated grant date fair value of $2,316,000, which was based on the closing market price on the date of grant. During the nine months ended December 31, 2013, the Company granted 138,000 shares of restricted stock with an estimated grant date fair value of $1,286,000, which was based on the closing market price on the date of grant. 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 awards of restricted stock is recognized as compensation expense over the vesting period. A summary of changes in the status of non-vested restricted stock during the nine months ended December 31, 2014 is presented below:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested restricted stock at March 31, 2014 |  |  | 138,000 |  |  | $ | 9.32 |
Restricted stock granted |  |  | 95,645 |  |  | $ | 24.21 |
Restricted stock vested |  |  | (50,402 | ) |  | $ | 10.51 |
Restricted stock cancelled |  |  | - |  |  | $ | - |
Non-vested restricted stock at December 31, 2014 |  |  | 183,243 |  |  | $ | 16.77 |
As of December 31, 2014, there was $2,588,000 of unrecognized compensation expense related to awards of the restricted stock, which will be recognized over the remaining vesting period of approximately 2.2 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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