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Stock-Based Compensation
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Mar. 31, 2013
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| Stock-Based Compensation | NOTE 6. STOCK-BASED COMPENSATION Stock Option Plan Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant, and are generally not eligible to vest early in the event of retirement, death, disability, or change in control. Exercise prices are not less than fair market value of the underlying Common Stock at the date the options are granted. Stock-based compensation expense was $66,720 in fiscal 2013; $80,160 in fiscal 2012; and $76,720 in fiscal 2011. Valuation assumptions We use the Black-Scholes standard option-pricing model to determine the fair value of stock options. The following assumptions were used to estimate the fair value of options granted:
The determination of the fair value of the awards on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions of other variables, including projected stock option exercise behaviors, risk-free interest rate, and expected volatility of our stock price in future periods. Our estimates and assumptions affect the amounts reported in the financial statements and accompanying notes. Expected life We analyze historical exercise and termination data to estimate the expected life assumption. We believe historical data currently represents the best estimate of the expected life of a new option. We examined the historical pattern of option exercises to determine if there was a discernible pattern as to how different classes of optionees exercised their options. Our analysis showed that officers and directors held their stock options for a longer period of time before exercising compared to the rest of our employee population. Therefore we use different expected lives for officers and directors than we use for our general employee population for determining the fair value of options. Risk-free interest rate The risk-free rate is based on the yield of U.S. Treasury securities on the grant date for maturities similar to the expected lives of the options. Volatility We use historical volatility to estimate the expected volatility of our common stock. Dividend yield We assume a dividend yield of zero because we do not anticipate paying dividends in the foreseeable future. Tax effects of stock-based compensation Stock-based compensation increased deferred tax assets by $24,239 for fiscal 2013 and $29,122 for fiscal 2012. General stock option information We had no nonvested shares as of March 31, 2013 or 2012. The following table summarizes information about options outstanding at March 31, 2013, all of which were exercisable:
Our 2000 Stock Option Plan, as amended, provides for issuance to employees, directors, and certain service providers of incentive stock options and nonstatutory stock options. Generally, the options may be exercised at any time prior to expiration, subject to vesting based on terms of employment. The period ranges from immediate vesting to vesting over a five-year period. The options have exercisable lives ranging from one year to ten years from the date of grant. Exercise prices are not less than fair market value as determined by our Board at the date the options are granted. A summary of our stock options and warrants are shown in the following table:
The remaining weighted-average exercisable life was 4.6 years at March 31, 2013; 3.7 years at March 31, 2012; and 4.3 years at March 31, 2011. All outstanding options were exercisable as of March 31, 2013, 2012, and 2011. The total intrinsic value of options exercised during fiscal 2013 was $1,881,138 based on the difference between the exercise price and stock price at the time of exercise for in-the-money options. The total intrinsic value of options outstanding March 31, 2013, based on our closing stock price for that day, was $1,290,440 all of which were exercisable. The total fair value of option grants was $66,720 in fiscal 2013. There was no unrecognized stock-based compensation at March 31, 2013. No warrants were issued in the past three fiscal years. Remaining weighted-average exercisable warrant life was 0.9 years at March 31, 2013; 0.9 years at March 31, 2012; and 1.9 years at March 31, 2011. |
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