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Stock Options and Restricted Stock
 12 Months Ended
Mar. 31, 2013
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Stock Options and Restricted Stock
(8)           Stock Options and Restricted Stock
 
The PetMed Express, Inc. 1998 Stock Option Plan (the “Plan”), which expired on July 31, 2008, provided for the issuance of qualified options to officers and key employees, and nonqualified options to directors, consultants, and other service providers, to purchase the Company’s common stock.  The Company had reserved 5.0 million shares of common stock for issuance under the Plan.  The exercise prices of options issued under the Plan had to be equal to or greater than the market price of the Company’s common stock as of the date of issuance.  Options generally vested ratably over a three-year period commencing on the first anniversary of the grant with respect to options granted to employees/directors under the Plan.  The Company had no options outstanding at March 31, 2013 and 2012.  No options have been issued since May 2005.  Cash received from stock options exercised for the fiscal years ended March 31, 2013, 2012, and 2011 was approximately $0, $0, and $340,000 respectively.  At March 31, 2013 and 2012, there were no exercisable stock options.  As of March 31, 2013 and 2012 the Company had no non-vested stock options.  As of March 31, 2013 and 2012, there was no unrecognized compensation expense, aggregate intrinsic value, or weighted average remaining term, related to vested stock option awards.
 
On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “Director Plan”).  The purpose of the plans is to promote the interests of the Company by securing and retaining both employees and outside directors.  The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan.  In July 2012 the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000.  Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under each of the plans.  The value of the restricted stock is determined based on the market value of the stock at the issuance date.  The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years.  The Company had 680,127 restricted common shares issued under the Employee Plan and 182,000 restricted common shares issued under the Director Plan at March 31, 2013, all shares of which were issued subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period.  For the years ended March 31, 2013 and 2012, the Company recognized compensation expense related to the Employee and Director Plans of $1.9 million and $2.2 million, respectively.  A summary of the Company’s non-vested restricted stock as of March 31, 2013 is as follows:
 
   
Employee
  
Director
      
   
Plan
  
Plan
  
Both Plans
   
Number of
  
Number of
  
Number of
   
Shares (In
  
Shares (In
  
Shares (In
   
thousands)
  
thousands)
  
thousands)
                         
Non-vested restricted stock outstanding at March 31, 2012
     161       58       219  
                         
Restricted stock granted
     165       30       195  
                         
Restricted stock vested
     (98 )     (28 )     (126 )
                         
Restricted stock forfeited or expired
     (28 )     -       (28 )
                         
Non-vested restricted stock outstanding at March 31, 2013
     200       60       260  
 
At March 31, 2013 and 2012, there were 260,389 and 218,757 non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2013 and 2012, the Company issued, net of forfeitures, 167,750 and 91,150 restricted shares, respectively.  At March 31, 2013 and 2012, there were $2.6 million and $2.5 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 2.5 years and 1.6 years for fiscal 2013 and 2012.