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Stock-Based Compensation | 12 Months Ended
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Mar. 31, 2011
Stock-Based Compensation | 19. Stock-Based Compensation The Company has a number of stock-based compensation plans as incentive plans for directors, executive officers, corporate auditors and selected employees. Stock-option program In fiscal 2002, the Company granted stock options with the vesting period of two years and the exercise period of 10 years from the grant date. Under this plan, the Company issued warrants to directors, executive officers and certain employees of the Company to purchase, in the aggregate, 300,900 shares of the Company’s common stock at an exercise price. Since fiscal 2003, the Company has granted stock acquisition rights that have a vesting period between 1.67 and 1.92 years and an exercise period between 9.67 and 9.92 years. The acquisition rights were to purchase the Company’s common stock at an exercise price and were distributed to directors, executive officers, corporate auditors and certain employees of the Company, subsidiaries and capital tie-up companies such as affiliated companies. As for fiscal 2010 and 2011, the Company has not granted stock options. A summary of information related to the Company’s stock acquisition rights is as follows:
Years ended March 31, |  | Exercise period |  | Number of shares Initially granted |  |  | Exercise price |
|  |  | Yen |  |  | U.S. dollars |
2003 |  | From June 27, 2004 to June 26, 2012 |  |  | 453,300 |  |  | ¥ | 7,206 |  |  | $ | 87 |
2004 |  | From June 26, 2005 to June 25, 2013 |  |  | 516,000 |  |  |  | 6,991 |  |  |  | 84 |
2005 |  | From June 24, 2006 to June 23, 2014 |  |  | 528,900 |  |  |  | 11,720 |  |  |  | 141 |
2006 |  | From June 22, 2007 to June 21, 2015 |  |  | 477,400 |  |  |  | 18,903 |  |  |  | 227 |
2007 |  | From June 21, 2008 to June 20, 2016 |  |  | 194,200 |  |  |  | 29,611 |  |  |  | 356 |
2008 |  | From July 5, 2009 to June 22, 2017 |  |  | 144,980 |  |  |  | 31,009 |  |  |  | 373 |
2009 |  | From July 18, 2010 to June 24, 2018 |  |  | 147,900 |  |  |  | 16,888 |  |  |  | 203 |
For the stock-option programs, the exercise prices, which are determined by a formula linked to the price of the Company’s common stock on the Tokyo Stock Exchange, are equal or greater than the fair market value of the Company’s common stock at the grant dates. The following table summarizes information about the activity of these stock options for the year ended 2011:
|  | Number of shares |  |  | Weighted average exercise price (*) |  |  | Weighted average remaining contractual life |  |  | Aggregate intrinsic value |
|  | Yen |  |  | U.S. dollar |  |  | Years |  |  | Millions of yen |  |  | Millions of U.S. dollar |
Outstanding at beginning of the year |  |  | 1,370,380 |  |  | ¥ | 18,261 |  |  | $ | 219.62 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (14,000 | ) |  |  | 7,146 |  |  |  | 85.94 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (134,020 | ) |  |  | 17,308 |  |  |  | 208.15 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 1,222,360 |  |  |  | 18,493 |  |  |  | 222.41 |  |  |  | 4.26 |  |  | ¥ | 0 |  |  | $ | 0 |
Exercisable at end of year |  |  | 1,222,360 |  |  | ¥ | 18,493 |  |  | $ | 222.41 |  |  |  | 4.26 |  |  | ¥ | 0 |  |  | $ | 0 |
* | The exercise prices of the granted options were adjusted in July 2009 for the issuance of new 18 million shares.
The Company received ¥245 million, ¥77 million and ¥98 million ($1 million) in cash from the exercise of stock options during fiscal 2009, 2010 and 2011, respectively. The total intrinsic value of options exercised during fiscal 2009, 2010 and 2011 was ¥202 million, ¥6 million and ¥19 million ($0 million), respectively. The fair value of each option was estimated on the date of grant under the following assumptions with the binominal option-pricing model. As for fiscal 2010 and 2011, the fair value of options was not estimated because no stock options were granted.
|  | 2009 |
Weighted-average grant-date fair value |  | ¥ | 5,630 |
Risk-free rate |  |  | 0.60-1.52 | %
Expected volatility |  |  | 46.00 | %
Expected dividend yield |  |  | 1.73 | %
The Company recognized incremental stock-based compensation costs of its stock-option program in the amount of ¥1,370 million, ¥611 million and ¥142 million ($2 million) for fiscal 2009, 2010 and 2011, respectively. As of March 31, 2011, the total unrecognized compensation costs were nothing. Stock compensation program The Company maintains a stock compensation program, under which points are granted annually to directors, executive officers and group executives of the Company based upon the prescribed standards of the Company. Upon retirement, each of eligible directors, executive officers, and group executives effectively receives a certain number of the Company’s common shares which is calculated based on the accumulated number of points earned through retirement and applicable withholding tax effect. The Company’s common shares are provided either from the treasury stock or by issuing new shares as necessary. In fiscal 2011, the Company granted 38,700 points, and 8,975 points were settled for individuals who retired during fiscal 2011. Total points outstanding under the stock compensation program as of March 31, 2011 were 123,008 points. During fiscal 2009, 2010 and 2011, the Company recognized incremental stock-based compensation costs of its stock compensation program in the amount of ¥356 million, ¥355 million and ¥255 million ($3 million), respectively.

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- Definition Disclosure of components of a stock option or other award plan under which share-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from share-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 + Details
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