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Share-based Payments
 6 Months Ended
Sep. 30, 2016
Share-based Payments [Abstract]  
Share-based Payments
13. Share-based Payments

Stock Options

The Company granted options to purchase 184,000 and 110,122 shares of common stock during the six months ended September 30, 2016 and 2015, 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:

  
Six Months Ended
September 30,
 
  
2016
  
2015
 
Weighted average risk free interest rate
  
1.38
%
  
1.73
%
Weighted average expected holding period (years)
  
5.84
   
5.76
 
Weighted average expected volatility
  
47.42
%
  
46.84
%
Weighted average expected dividend yield
  
-
   
-
 
Weighted average fair value of options granted
 
$
13.07
  
$
14.13
 

The following is a summary of stock option transactions:

  
Number of
Shares
  
Weighted Average
Exercise Price
 
Outstanding at March 31, 2016
  
984,066
  
$
11.98
 
Granted
  
184,000
  
$
28.67
 
Exercised
  
(83,133
)
 
$
12.60
 
Cancelled
  
-
  
$
-
 
Outstanding at September 30, 2016
  
1,084,933
  
$
14.76
 

At September 30, 2016, options to purchase 283,469 shares of common stock were unvested at the weighted average exercise price of $13.02.

At September 30, 2016, there was $3,418,000 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 2.3 years.
 
Restricted Stock or Restricted Stock Units (collectively “RS”)

During the six months ended September 30, 2016 and 2015, the Company granted 42,876 and 39,900 shares of RS, respectively, with an estimated grant date fair value of $1,224,000 and $1,242,000, respectively, which was based on the closing market price on the grant date.

The following is a summary of non-vested RS:

  
Number of
Shares
 
 
 
 
Weighted Average
Grant Date Fair
Value
 
Non-vested at March 31, 2016
  
153,527
  
$
22.28
 
Granted
  
42,876
  
$
28.54
 
Vested
  
(86,854
)
 
$
17.67
 
Cancelled
  
-
  
$
-
 
Non-vested at September 30, 2016
  
109,549
  
$
28.39
 

At September 30, 2016, there was $2,648,000 of total unrecognized compensation expense related to these awards, which will be recognized over the remaining weighted average vesting period of approximately 1.9 years.