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Share-based Payments | 6 Months Ended
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Sep. 30, 2015
Share-based Payments [Abstract] |
Share-based Payments | 13. Share-based Payments Stock Options The Company granted options to purchase 110,122 and 82,537 shares of common stock during the six months ended September 30, 2015 and 2014, respectively. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. This 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 assumptions used to derive the weighted average fair value of the stock options granted were:
|  | Six Months Ended September 30, |
|  | 2015 |  |  | 2014 |
Weighted average risk free interest rate |  |  | 1.73 | % |  |  | 1.75 | %
Weighted average expected holding period (years) |  |  | 5.76 |  |  |  | 5.01 |
Weighted average expected volatility |  |  | 46.84 | % |  |  | 46.02 | %
Weighted average expected dividend yield |  |  | - |  |  |  | - |
Weighted average fair value of options granted |  | $ | 14.13 |  |  | $ | 9.65 |
The following is a summary of stock option transactions for the six months ended September 30, 2015:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2015 |  |  | 1,389,254 |  |  | $ | 9.97 |
Granted |  |  | 110,122 |  |  | $ | 31.13 |
Exercised |  |  | (294,757 | ) |  | $ | 10.03 |
Cancelled |  |  | - |  |  | $ | - |
Outstanding at September 30, 2015 |  |  | 1,204,619 |  |  | $ | 11.89 |
At September 30, 2015, options to purchase 906,082 shares of common stock were exercisable at the weighted average exercise price of $9.12. At September 30, 2015, there was $2,547,000 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 1.7 years. Restricted Stock During the six months ended September 30, 2015 and 2014, the Company granted 39,900 and 95,645 shares of restricted stock, respectively, with an estimated grant date fair value of $1,242,000 and $2,316,000, respectively, which was based on the closing market price on the grant date. The following is a summary of non-vested restricted stock for the six months ended September 30, 2015:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested stock at March 31, 2015 |  |  | 181,443 |  |  | $ | 16.84 |
Granted |  |  | 39,900 |  |  | $ | 31.13 |
Vested |  |  | (75,519 | ) |  | $ | 15.34 |
Cancelled |  |  | - |  |  | $ | - |
Non-vested stock at September 30, 2015 |  |  | 145,824 |  |  | $ | 21.53 |
At September 30, 2015, there was $2,946,000 of unrecognized compensation expense related to awards of the restricted stock, which will be recognized over the remaining vesting period of approximately 1.8 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=51659978&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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