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Stock Plans And Stock-Based Compensation | 3 Months Ended
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Dec. 31, 2011
Stock Plans And Stock-Based Compensation |
Stock Plans And Stock-Based Compensation |
3. | STOCK PLANS AND STOCK-BASED COMPENSATION
In July 1998, shareholders of the Company approved the adoption of the 1998 Stock Option Plan (“1998 Plan”). The 1998 Plan was effective October 1, 1998 and expired on October 1, 2008. Accordingly, no further option awards may be granted under the 1998 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective July 2003 and will expire on the tenth anniversary of the effective date, unless terminated sooner by the Company’s Board of Directors (the “Board”). Under the 2003 Plan, the Company may grant both incentive and non-qualified stock options to purchase up to 458,554 shares of its common stock to officers, directors and employees. Each option granted under the 2003 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of grant, a maximum term of ten years and a vesting period from zero to five years. At December 31, 2011, there were options for 92,154 shares of the Company’s common stock available for future grant under the 2003 Plan. The following table presents information on stock options outstanding for the period shown.
|  | Nine Months Ended December 31, 2011 |
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Balance, beginning of period |  |  | 468,700 |  |  | $ | 9.00 |
Grants |  |  | - |  |  |  | - |
Options exercised |  |  | - |  |  |  | - |
Forfeited |  |  | (18,200 | ) |  |  | 10.18 |
Expired |  |  | - |  |  |  | - |
Balance, end of period |  |  | 450,500 |  |  | $ | 8.96 |
The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures.
| Nine Months Ended December 31, 2011 |  | Nine Months Ended December 31, 2010
Stock options fully vested and expected to vest: |  |  |  |  |  |
Number |  | 449,575 |  |  | 463,675 |
Weighted average exercise price | $ | 8.96 |  | $ | 9.05 |
Aggregate intrinsic value (1) | $ | - |  | $ | - |
Weighted average contractual term of options (years) |  | 5.24 |  |  | 5.84 |
Stock options fully vested and currently exercisable: |  |  |  |  |  |
Number |  | 441,800 |  |  | 445,300 |
Weighted average exercise price | $ | 9.06 |  | $ | 9.22 |
Aggregate intrinsic value (1) | $ | - |  | $ | - |
Weighted average contractual term of options (years) |  | 5.19 |  |  | 6.09 |
(1) The aggregate intrinsic value of a stock options represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price) that would have been received by the option holders had all option holders exercised. This amount changes based on changes in the market value of the Company’s common stock.
Stock-based compensation expense related to stock options for the nine months ended December 31, 2011 and 2010 was approximately $11,000 and $73,000, respectively. As of December 31, 2011, there was approximately $5,000 of unrecognized compensation expense related to unvested stock options, which will be recognized over the remaining vesting periods of the underlying stock options through December 2014. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. The fair value of all awards is amortized on a straight-line basis over the requisite service periods, which are generally the vesting periods. The expected life of options granted represents the period of time that they are expected to be outstanding. The expected life is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules. Expected volatility was estimated at the date of grant based on the historical volatility of the Company’s common stock. Expected dividends are based on dividend trends and the market value of the Company’s common stock at the time of grant. The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. During the nine months ended December 31, 2010, the Company granted 18,000 stock options. The weighted average fair value of stock options granted during the nine months ended December 31, 2010 was $0.83. There were no stock options granted for the nine months ended December 31, 2011. The Black-Scholes model uses the assumptions listed in the following table:
|  | Risk Free Interest Rate |  |  | Expected Life (years) |  |  | Expected Volatility |  |  | Expected Dividends |
Fiscal 2011 |  |  | 2.47 | % |  |  | 6.25 |  |  |  | 44.98 | % |  |  | 2.73 | %

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