NOTE 17 - STOCK-BASED COMPENSATION

During the six months ended September 30, 2020, no stock options were granted. Total compensation expense related to outstanding options was $54 for the three months ended September 30, 2020, and $54 for the three months ended September 30, 2019. Total compensation expense related to options granted were $108 for the six months ended September 30, 2020, and $108 for the six months ended September 30, 2019, respectively.

As of September 30, 2020, there was total remaining compensation expense of $4 related to stock options, which will be recorded over a weighted average period of approximately 0.02 years.

The Company has determined the fair value of such stock options using the Black-Scholes option valuation model based on the following key assumptions:

Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options.

The following is a summary of stock option activity for the three months ended September 30, 2020:

During the three and six months ended September 30, 2020, no restricted shares were awarded. The compensation expense related to restricted stock grants was $476 during the three months ended September 30, 2020, and $727 during the three months ended September 30, 2019. The compensation expense related to restricted stock grants was $947 during the six months ended September 30, 2020, and $1,446 during the six months ended September 30, 2019. As of September 30, 2020, there was $31 of total unrecognized compensation cost related to non-vested shares of common stock granted. The cost is expected to be recognized over a weighted average period of 0.02 years.

The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended September 30, 2020: