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Commitments
 12 Months Ended
Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments

11. Commitments

The Company leases corporate and branch offices under operating lease agreements which provide for annual minimum rental payments as follows:

 

Fiscal Year ending March 31:

       

2015

    $ 1,635,365   

2016

      1,223,982   

2017

      591,297   

2018

      301,327   

2019

      162,631   
  

 

 

  
   $ 3,914,602   
  

 

 

  

Rent expense for the fiscal years ended March 31, 2014, 2013, and 2012 was approximately $1,995,000, $1,933,000 and $1,761,000, respectively. The Company recognizes rent expense on a straight-line basis over the term of the lease, taking into account, when applicable, lessor incentives for tenant improvements, periods where no rent payment is required and escalations in rent payments over the term of the lease.