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Stock Plans And Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2016
Notes |
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 1998 and expired in October 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. Each option granted under the 1998 Plan has an exercise price equal to the fair market value of the Company’s common stock on the date of the grant, a maximum term of ten years and a vesting period from zero to five years. In July 2003, shareholders of the Company approved the adoption of the 2003 Stock Option Plan (“2003 Plan”). The 2003 Plan was effective in July 2003 and expired in July 2013. Accordingly, no further option awards may be granted under the 2003 Plan; however, any awards granted prior to its expiration remain outstanding subject to their terms. 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 the grant, a maximum term of ten years and a vesting period from zero to five years. The following table presents activity related to stock options outstanding for the periods shown:
| Three Months Ended June 30, 2016 |  | Three Months Ended June 30, 2015
| Number of Shares |  |  | Weighted Average Exercise Price |  | Number of Shares |  |  | Weighted Average Exercise Price
Balance, beginning of period | 223,654 |  | $ | 4.73 |  | 424,654 |  | $ | 8.00
Options exercised | 0 |  |  | - |  | (18,000 | ) |  | 3.49
Forfeited | 0 |  |  | - |  | (8,000 | ) |  | 12.98
Expired | 0 |  |  | - |  | (4,000 | ) |  | 10.60
Balance, end of period | 223,654 |  | $ | 4.73 |  | 394,654 |  | $ | 8.08
The following table presents information on stock options outstanding for the periods shown, less estimated forfeitures:
| Three Months Ended June 30,
|  | 2016 |  |  |  | 2015
Stock options fully vested and expected to vest: |  |  |  |  |  |
Number |  | 223,654 |  |  |  | 394,654
Weighted average exercise price | $ | 4.73 |  |  | $ | 8.08
Aggregate intrinsic value (1) | $ | 235,000 |  |  | $ | 169,000
Weighted average contractual term of options (years) |  | 4.09 |  |  |  | 3.31
Stock options fully vested and currently exercisable: |  |  |  |  |  |
Number |  | 223,654 |  |  |  | 394,654
Weighted average exercise price | $ | 4.73 |  |  | $ | 8.08
Aggregate intrinsic value (1) | $ | 235,000 |  |  | $ | 169,000
Weighted average contractual term of options (years) |  | 4.09 |  |  |  | 3.31
(1) The aggregate intrinsic value of a stock option in the table above 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 stock. |  |  |  |  |  |
There was no stock-based compensation expense related to stock options for the three months ended June 30, 2016 and 2015. As of June 30, 2016, all outstanding stock options were fully vested, and there was no remaining unrecognized compensation expense. There were no stock options exercised during the three months ended June 30, 2016. The total intrinsic value of stock options exercised was $16,000 for the three months ended June 30, 2015. The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes stock option valuation model. There were no stock options granted during the three months ended June 30, 2016 and 2015.

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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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