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Stock-Based Compensation | 9 Months Ended
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Dec. 31, 2013
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 6: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and key executives that consists of stock option and restricted stock components granted for retention and performance, (2) a discretionary equity program for management and other key employees, and (3) stock options and/or stock awards for non-employee directors. Compensation cost is calculated based on the fair value of the instrument at the time of grant, and is recognized as expense over the vesting period of the stock-based award. Modine recognized stock-based compensation cost of $1.5 million and $1.4 million for the three-month periods ended December 31, 2013 and 2012, respectively. Modine recognized stock-based compensation cost of $3.1 million and $3.0 million for the nine-month periods ended December 31, 2013 and 2012, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2014 is based on a target three-year average consolidated return on average capital employed, three-year average revenue growth, and Asia segment operating income at the end of the three-year performance period. The fair market value of stock-based compensation awards granted during the nine months ended December 31, 2013 and 2012 were as follows:
|  | Nine months ended December 31, |
|  | 2013 |  |  | 2012 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | Per Award |  |  | Shares |  |  | Per Award |
Stock options |  |  | 0.2 |  |  | $ | 7.76 |  |  |  | 0.2 |  |  | $ | 4.26 |
Restricted stock - retention |  |  | 0.3 |  |  |  | 10.40 |  |  |  | 0.4 |  |  |  | 5.80 |
Restricted stock - performance based |  |  | 0.2 |  |  |  | 10.40 |  |  |  | 0.4 |  |  |  | 5.75 |
Unrestricted stock |  |  | 0.1 |  |  |  | 14.53 |  |  |  | 0.1 |  |  |  | 7.14 |
The following assumptions were used in determining the fair value for stock options:
|  | Nine months ended December 31, |
|  | 2013 |  |  | 2012 |
Expected life of awards in years |  |  | 6.3 |  |  |  | 6.3 |
Risk-free interest rate |  |  | 1.3 | % |  |  | 0.9 | %
Expected volatility of the Company's stock |  |  | 88.7 | % |  |  | 87.4 | %
Expected dividend yield on the Company's stock |  |  | 0.0 | % |  |  | 0.0 | %
As of December 31, 2013, the total remaining unrecognized compensation cost related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows:
|  | Unrecognized Compensation Cost |  |  | Weighted Average Remaining Service Period in Years |
Stock options |  | $ | 1.5 |  |  |  | 2.7 |
Restricted stock - retention |  |  | 4.3 |  |  |  | 2.9 |
Restricted stock - performance based |  |  | 2.3 |  |  |  | 2.1 |
Total |  | $ | 8.1 |  |  |  | 2.6 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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