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Share-based Payments | 3 Months Ended
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Jun. 30, 2015
Share-based Payments [Abstract] |
Share-based Payments | 13. Share-based Payments Stock Options The Company granted options to purchase 2,722 and 82,537 shares of common stock during the three months ended June 30, 2015 and 2014, 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.
|  | Three Months Ended June 30, |
|  | 2015 |  |  | 2014 |
Weighted average risk-free interest rate |  |  | 1.82 | % |  |  | 1.75 | %
Weighted average expected holding period (years) |  |  | 5.00 |  |  |  | 5.01 |
Weighted average expected volatility |  |  | 49.02 | % |  |  | 46.02 | %
Weighted average expected dividend yield |  |  | - |  |  |  | - |
Weighted average fair value of options granted |  | $ | 13.77 |  |  | $ | 9.65 |
The following is a summary of stock option transactions for the three months ended June 30, 2015:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2015 |  |  | 1,389,254 |  |  | $ | 9.97 |
Granted |  |  | 2,722 |  |  | $ | 31.10 |
Exercised |  |  | (183,635 | ) |  | $ | 9.72 |
Cancelled |  |  | - |  |  | $ | - |
Outstanding at June 30, 2015 |  |  | 1,208,341 |  |  | $ | 10.05 |
At June 30, 2015, options to purchase 913,506 shares of common stock were exercisable at the weighted average exercise price of $9.08. At June 30, 2015, there was $1,257,000 of total unrecognized compensation expense related to unvested stock option awards. The compensation expense is expected to be recognized over a weighted average vesting period of approximately 1.25 years. Restricted Stock The Company did not grant any shares of restricted stock during the three months ended June 30, 2015. During the three months ended June 30, 2014, the company granted 95,645 shares of restricted stock. A summary of changes in the status of non-vested restricted stock during the three months ended June 30, 2015 is presented below:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested restricted stock at March 31, 2015 |  |  | 181,443 |  |  | $ | 16.84 |
Restricted stock granted |  |  | - |  |  | $ | - |
Restricted stock vested |  |  | (30,417 | ) |  | $ | 24.27 |
Restricted stock cancelled |  |  | - |  |  | $ | - |
Non-vested restricted stock at June 30, 2015 |  |  | 151,026 |  |  | $ | 15.34 |
As of June 30, 2015, there was $1,994,000 of unrecognized compensation expense related to awards of the restricted stock, which will be recognized over the remaining vesting period of approximately 1.5 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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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 3: 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 4: 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 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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