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Stock-based Compensation
 3 Months Ended
Jun. 30, 2011
4. Stock-based Compensation

The Company recognized compensation expense of $27,237 and $3,668 in general and administrative expense in the Consolidated Statements of Operations for the three months ended June 30, 2011 and 2010, respectively. The total cost related to non-vested awards not yet recognized at June 30, 2011 totals approximately $115,334 which is expected to be recognized over a weighted average of 2.9 years.

 

The following table is a summary of activity of stock options for the three months ended June 30, 2011:

 

   Number of Shares  Weighted Average Exercise Price Per Share  Weighted Aggregate Average Remaining Contract Life in Years  Intrinsic Value
Outstanding at March 31, 2011   53,750   $5.69    7.33   $401,200 
Granted        —      —        
Exercised        —      —        
Forfeited or Expired        —      —        
Outstanding at June 30, 2011   53,750   $5.69    7.09   $191,575 
                     
Vested at June 30, 2011   10,000   $4.00    0.91   $52,500 
Exercisable at June 30, 2011   10,000   $4.00    0.91   $52,500 

 

There were no stock options granted during the quarters ended June 30, 2011 and 2010.

 

During the three months ended June 30, 2011, no stock options were exercised. During the three months ended June 30, 2010, stock options covering 2,500 shares were exercised with a total intrinsic value of $12,429.

  

The following table summarizes information about options outstanding at June 30, 2011:

 

Range of Exercise Prices  Number of Options  Weighted Average Exercise Price Per Share  Weighted Average Remaining Contract Life in Years  Aggregate Intrinsic Value
$   4.00 – 5.24    13,750   $4.10       
    5.25 – 6.29    40,000    6.23       
$   4.00 – 6.29    53,750   $5.69    7.09   $191,575

 

Outstanding options at June 30, 2011 expire between May 2012 and September 2020 and have exercise prices ranging from $4.00 to $6.29.

 

No forfeiture rate is assumed for stock options granted to directors or employees due to the forfeiture rate history for these types of awards. There were no stock options forfeited or expired during the three months ended June 30, 2011. During the three months ended June 30, 2010, 7,500 unvested stock options were forfeited due to the termination of a consulting agreement with a consultant.