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Stock-Based Compensation | 3 Months Ended
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Jun. 30, 2014
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and executives that consists of restricted stock and stock option 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 $1.0 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2015 is based upon a target three-year average consolidated return on average capital employed and three-year average revenue growth. The fair market value of stock-based compensation awards granted during the three months ended June 30, 2014 and 2013 were as follows:
|  | Three months ended June 30, |
|  | 2014 |  |  | 2013 |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | Per Award |  |  | Shares |  |  | Per Award |
Stock options |  |  | 0.1 |  |  | $ | 10.21 |  |  |  | 0.2 |  |  | $ | 7.76 |
Restricted stock - retention |  |  | 0.2 |  |  | $ | 14.94 |  |  |  | 0.3 |  |  | $ | 10.40 |
Restricted stock - performance based |  |  | 0.2 |  |  | $ | 14.94 |  |  |  | 0.2 |  |  | $ | 10.40 |
The following assumptions were used in determining the fair value for stock options:
|  | Three months ended June 30, |
|  | 2014 |  |  | 2013 |
Expected life of awards in years |  |  | 6.3 |  |  |  | 6.3 |
Risk-free interest rate |  |  | 2.1 | % |  |  | 1.3 | %
Expected volatility of the Company's stock |  |  | 76.1 | % |  |  | 88.7 | %
Expected dividend yield on the Company's stock |  |  | 0.0 | % |  |  | 0.0 | %
As of June 30, 2014, 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 |  | $ | 2.4 |  |  |  | 3.3 |
Restricted stock - retention |  |  | 6.4 |  |  |  | 3.1 |
Restricted stock - performance based |  |  | 3.9 |  |  |  | 2.4 |
Total |  | $ | 12.7 |  |  |  | 2.9 |

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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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