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Note 15 - Employee and Non-employee Stock Options | 12 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
15. | EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS
Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in 2005, the Company has granted options to purchase up to a total of 256,000 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant. As of March 31, 2016, no further awards may be granted under the plans, and options to acquire a total of 40,000 shares remained outstanding. The employee options generally vested one - third per year beginning with the first anniversary from the date of grant. The non-employee director options generally vested one year from the date of grant. There was no compensation expense related to Air T, Inc. stock options for the years ended March 31, 2017 and 2016. As of March 31, 2017, there was no unrecognized compensation expense, related to the stock options. There were no stock options granted during the years ended March 31, 2017 and March 31, 2016. As of March 31, 2017, 36,000 shares of Air T stock options expired. In order to remove the deferred tax asset related to these stock options, a decrease of $63,000 was recorded through additional paid in capital. In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company ’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted 1.2 million non-qualified options to purchase shares of its common stock to certain of its employees at an exercise price of $0.33 per share. Option activity , which only reflects the activity of Air T, Inc., is summarized as follows:
|  |  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Average |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Exercise Price |  |  | Remaining |  |  | Intrinsic |
|  | Shares |  |  | Per Share |  |  | Life (Years) |  |  | Value |
Outstanding at March 31, 2015 |  |  | 46,000 |  |  | $ | 8.68 |  |  |  | 2.87 |  |  | $ | 732,000 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | (6,000 | ) |  |  | 8.29 |  |  |  |  |  |  |  |  |
Repurchased |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2016 |  |  | 40,000 |  |  | $ | 8.74 |  |  |  | 2.09 |  |  | $ | 617,000 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited |  |  | (30,000 | ) |  |  | 8.29 |  |  |  |  |  |  |  |  |
Repurchased |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2017 |  |  | 10,000 |  |  | $ | 10.08 |  |  |  | 6.15 |  |  | $ | 101,000 |
Exercisable at March 31, 2017 |  |  | 10,000 |  |  | $ | 10.08 |  |  |  | 6.15 |  |  | $ | 101,000 |

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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