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Stock-Based Compensation | 12 Months Ended
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Mar. 31, 2012
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 16. Stock-Based Compensation The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 340,276 shares were still available for grant at March 31, 2012. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Board’s Compensation Committee, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans). The Company applies the fair value recognition provisions of FASB ASC 718, Compensation—Stock Compensation (“ASC 718”). Stock option compensation expense decreased income before income taxes by approximately $905,000, $655,000 and $356,000 for the fiscal years ended March 31, 2012, 2011 and 2010, respectively. Total compensation cost, including costs related to the vesting of restricted stock awards, charged against income for the fiscal years ended March 31, 2012, 2011 and 2010 was approximately $916,000, $671,000 and $372,000, respectively. As of March 31, 2012, total unrecognized compensation cost related to stock options was approximately $2.0 million and the related weighted-average period over which it is expected to be recognized is approximately 2.02 years. The following table summarizes the option activity within the Company’s stock-based compensation plans for the fiscal year ended March 31, 2012:
|  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Weighted |  |  | Average |  |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  | Number |  |  | Exercise |  |  | Contractual |  |  | Value |
|  | of Shares |  |  | Price |  |  | Term |  |  | (in thousands) |
Outstanding at March 31, 2009 |  |  | 576,079 |  |  | $ | 16.82 |  |  |  |  |  |  |  |  |
Granted |  |  | 140,000 |  |  |  | 25.69 |  |  |  |  |  |  |  |  |
Exercised |  |  | (34,499 | ) |  |  | 12.16 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2010 |  |  | 681,580 |  |  | $ | 18.88 |  |  |  | 2.37 |  |  | $ | 10,400 |
Granted |  |  | 65,500 |  |  |  | 35.80 |  |  |  |  |  |  |  |  |
Exercised |  |  | (345,580 | ) |  |  | 11.55 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2011 |  |  | 401,500 |  |  | $ | 27.95 |  |  |  | 3.59 |  |  | $ | 6,910 |
Granted |  |  | 80,100 |  |  |  | 44.45 |  |  |  |  |  |  |  |  |
Exercised |  |  | (72,850 | ) |  |  | 20.08 |  |  |  |  |  |  |  |  |
Canceled or forfeited |  |  | (1,250 | ) |  |  | 24.18 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2012 |  |  | 407,500 |  |  | $ | 32.62 |  |  |  | 3.91 |  |  | $ | 5,689 |
Exercisable at March 31, 2010 |  |  | 519,330 |  |  | $ | 16.41 |  |  |  | 1.21 |  |  | $ | 9,208 |
Exercisable at March 31, 2011 |  |  | 192,750 |  |  | $ | 26.81 |  |  |  | 1.59 |  |  | $ | 3,537 |
Exercisable at March 31, 2012 |  |  | 168,775 |  |  | $ | 31.57 |  |  |  | 2.37 |  |  | $ | 2,533 |
The weighted-average estimated fair value of employee stock options granted during the fiscal years ended March 31, 2012, 2011 and 2010 were $17.96, $13.99 and $10.52, respectively. The total intrinsic value of options exercised during the fiscal years ended March 31, 2012, 2011 and 2010 were $1.3 million, $8.3 million and $850,000, respectively. The Company uses the Black-Scholes-Merton option-pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include actual and projected employee stock option exercise behaviors, the Company’s expected stock price volatility over the expected term of the awards, risk-free interest rate, and expected dividends. The fair values of options granted were estimated at the date of grant using the following weighted average assumptions:
|  | Fiscal Year |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Volatility |  |  | 46.4 | % |  |  | 44.1 | % |  |  | 41.2 | %
Risk-free interest rate |  |  | 1.6 | % |  |  | 1.8 | % |  |  | 2.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected option life in years |  |  | 4.60 |  |  |  | 4.74 |  |  |  | 5.41 |
The Company estimates the expected term of options granted by using the simplified method as prescribed by SEC Staff Accounting Bulletin (“SAB”) No. 107 and SAB 110. The Company uses the simplified method as the Company does not have sufficient historical share option exercise data due to the limited period of time the Company’s equity shares have been publicly traded. The Company estimates the expected volatility of its common stock taking into consideration its historical stock price movement and its expected future stock price trends based on known or anticipated events. The Company bases the risk-free interest rate that it uses in the option pricing model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option-pricing model. The Company is required to estimate future forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation cost only for those awards that are expected to vest. The Company recognizes share-based compensation expense using the straight-line attribution method. Restricted stock awards are valued at the closing market value of the Company’s common stock on the date of grant, and the total value of the award is expensed ratably over the service period of the employees receiving the grants. A summary of restricted stock activity within the Company’s stock-based compensation plans and changes for the fiscal year ended March 31, 2012 is as follows:
|  | Shares |  |  | Grant-Date Fair Value |
Nonvested at March 31, 2009 |  |  | 1,182 |  |  | $ | 35.50 |
Vested |  |  | (342 | ) |  |  | 35.09 |
Nonvested at March 31, 2010 |  |  | 840 |  |  |  | 35.67 |
Vested |  |  | (342 | ) |  |  | 35.09 |
Nonvested at March 31, 2011 |  |  | 498 |  |  |  | 36.07 |
Vested |  |  | (340 | ) |  |  | 35.11 |
Nonvested at March 31, 2012 |  |  | 158 |  |  | $ | 38.16 |

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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 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: 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 6: 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 7: 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 8: 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 + Details
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