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Share-based Payments
 9 Months Ended
Dec. 31, 2015
Share-based Payments [Abstract]  
Share-based Payments
13. Share-based Payments

Stock Options

The Company granted options to purchase 111,222 and 82,537 shares of common stock during the nine months ended December 31, 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 following assumptions were used to derive the weighted average fair value of the stock options granted:

  
Nine Months Ended
December 31,
 
  
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
 
$
14.14
  
$
9.65
 

The following is a summary of stock option transactions:

  
Number of
Shares
  
Weighted Average
Exercise Price
 
Outstanding at March 31, 2015
  
1,389,254
  
$
9.97
 
Granted
  
111,222
  
$
31.16
 
Exercised
  
(305,871
)
 
$
9.98
 
Cancelled
  
(4,466
)
 
$
20.91
 
Outstanding at December 31, 2015
  
1,190,139
  
$
11.91
 
 
At December 31, 2015, options to purchase 923,666 shares of common stock were exercisable at the weighted average exercise price of $9.07.

At December 31, 2015, there was $2,174,000 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 1.6 years.

Restricted Stock

During the nine months ended December 31, 2015 and 2014, the Company granted 49,702 and 95,645 shares of restricted stock, respectively, with an estimated grant date fair value of $1,566,000 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:

  
Number of
Shares
  
Weighted Average
Grant Date Fair
Value
 
Non-vested at March 31, 2015
  
181,443
  
$
16.84
 
Granted
  
49,702
  
$
31.50
 
Vested
  
(75,519
)
 
$
15.34
 
Cancelled
  
(2,099
)
 
$
20.05
 
Non-vested at December 31, 2015
  
153,527
  
$
22.28
 

At December 31, 2015, there was $2,824,000 of unrecognized compensation expense related to awards of the restricted stock, which will be recognized over the remaining vesting period of approximately 1.6 years.