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Pro forma information regarding net income (loss) and earnings (loss) per share is required by SFAS No. 123, and has been determined as if the Company had accounted for its employee stock options under the fair value method of that statement. The fair value for employee options granted during fiscal 2002, 2001 and 2000 was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:
|
For the Year Ended |
|
 |
|
March 31, 2002 |
March 31, 2001 |
March 31, 2000 |
|
|
| Risk free interest rate |
3.6 - 4.7% |
4.7 - 6.6% |
5.6% |
| Volatility |
75% |
118% |
80% |
| Dividend yield |
- |
- |
- |
| Expected life in years |
4 years |
4 years |
4 years |
For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options' vesting period, which includes actual accelerated vesting entitlements during the year.
The Company's pro forma information follows (in thousands except for per share data):
|
For the Year Ended |
|
|
|
March 31, 2002 |
March 31, 2001 |
March 31, 2000 |
|
|
| Pro forma net loss |
$(6,305) |
$(3,812) |
$(2,032) |
| Pro forma loss per share (basic) |
$ (0.48) |
$ (0.29) |
$ (0.16) |
|
|
| Pro forma loss per share (diluted) |
$ (0.48) |
$ (0.29) |
$ (0.16) |
|
 |
The effect on net loss and loss per share may not be indicative of the effects in future years as options vest over several years and the Company continues to grant stock options to new employees.
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