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STOCK PLANS AND STOCK-BASED COMPENSATION | 6 Months Ended
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Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK PLANS AND STOCK-BASED COMPENSATION |
4. | 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. In addition, 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 1998 Plan or the 2003 Plan; however, any awards granted prior to their respective expiration dates remain outstanding subject to their terms. Each option granted under the 1998 Plan or 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. In July 2017, the shareholders of the Company approved the 2017 Equity Incentive Plan ("2017 Plan"). The 2017 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The Company reserved 1,800,000 shares of its common stock for issuance under the 2017 Plan, none of which have been awarded. The 1998 Plan, the 2003 Plan and the 2017 Plan are collectively referred to as "the Stock Option Plans". 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 under the Stock Option Plans during the three and six months ended September 30, 2018 and 2017. As of September 30, 2018, all outstanding stock options were fully vested and there was no remaining unrecognized compensation expense under the Stock Option Plans. There was no stock-based compensation expense related to stock options for the three and six months ended September 30, 2018 and 2017 under the Stock Option Plans. The following table presents the activity related to stock options under the Stock Option Plans for the periods shown:
|  | Six Months Ended September 30, 2018 |  |  | Six Months Ended September 30, 2017 |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Number of Shares |  |  | Weighted Average Exercise Price |
Balance, beginning of period |  |  | 141,365 |  |  | $ | 3.77 |  |  |  | 220,654 |  |  | $ | 4.74 |
Options exercised |  |  | (28,533 | ) |  |  | 5.30 |  |  |  | (23,022 | ) |  |  | 4.43 |
Expired |  |  | (2,500 | ) |  |  | 8.12 |  |  |  | (15,000 | ) |  |  | 14.49 |
Balance, end of period |  |  | 110,332 |  |  | $ | 3.27 |  |  |  | 182,632 |  |  | $ | 3.98 |
The following table presents information on stock options outstanding under the Stock Option Plans as of September 30, 2018 and 2017, less estimated forfeitures:
|  | 2018 |  |  | 2017 |
Stock options fully vested and expected to vest: |  |  |  |  |  |
Number |  |  | 110,332 |  |  |  | 182,632 |
Weighted average exercise price |  | $ | 3.27 |  |  | $ | 3.98 |
Aggregate intrinsic value (1) |  | $ | 614,000 |  |  | $ | 817,000 |
Weighted average contractual term of options (years) |  |  | 2.70 |  |  |  | 3.20 |
Stock options fully vested and currently exercisable: |  |  |  |  |  |  |  |
Number |  |  | 110,332 |  |  |  | 182,632 |
Weighted average exercise price |  | $ | 3.27 |  |  | $ | 3.98 |
Aggregate intrinsic value (1) |  | $ | 614,000 |  |  | $ | 817,000 |
Weighted average contractual term of options (years) |  |  | 2.70 |  |  |  | 3.20 |
(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. |
The total intrinsic value of stock options exercised under the Stock Option Plans was $118,000 and $67,000 for the six months ended September 30, 2018 and 2017, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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