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Stock-based Compensation
 3 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation

4. Stock-based Compensation

 

The Company recognized compensation expense of $43,779 and $27,237 in general and administrative expense in the Consolidated Statements of Operations for the three months ended June 30, 2012 and 2011, respectively.  The total cost related to non-vested awards not yet recognized at June 30, 2012 totals approximately $206,168 which is expected to be recognized over a weighted average of 2.86 years.

 

The following table is a summary of activity of stock options for the three months ended June 30, 2012:

 

    Number of
Shares		     Weighted
Average
Exercise Price
Per Share		     Weighted Aggregate Average Remaining Contract Life in Years     Intrinsic
Value		  
Outstanding at March 31, 2012     83,750     $ 6.42       8.65     $ 127,363  
Granted     -       -                  
Exercised     -       -                  
Forfeited or Expired     -       -                  
Outstanding at June 30, 2012     83,750     $ 6.42       8.40     $ -  
                                 
Vested at June 30, 2012     13,750     $ 5.72       6.05     $ 3,038  
Exercisable at June 30, 2012     13,750     $ 5.72       6.05     $ 3,038  

 

There were no stock options granted during the quarters ended June 30, 2012 and 2011.

 

During the three months ended June 30, 2012 and 2011, no stock options were exercised.

 

The following table summarizes information about options outstanding at June 30, 2012:

 

Range of Exercise Prices     Number of Options     Weighted
Average
Exercise Price
Per Share		     Weighted Average Remaining Contract
Life in Years		     Aggregate
Intrinsic
Value		  
$ 4.35 – 5.24       3,750     $ 4.35              
  5.25 – 6.29       40,000       6.23              
  6.30 – 6.80       40,000       6.80              
$ 4.35 – 6.80       83,750     $ 6.42       8.40      $ -  
                                     

 

Outstanding options at June 30, 2012 expire between December 2012 and November 2021 and have exercise prices ranging from $4.35 to $6.80.

 

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, 2012 or 2011.