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SHARE-BASED COMPENSATION
6 Months Ended
Sep. 30, 2011
SHARE-BASED COMPENSATION [Abstract] 
SHARE-BASED COMPENSATION
12. SHARE-BASED COMPENSATION

Share-Based Plans

We have issued share-based awards under the following plans: (1) the 1998 Long-Term Incentive Plan (the “1998 LTIP”), (2) Amendment and Restatement of the 1998 Stock Incentive Plan (2001) (the “Amended LTIP (2001)”), (3) Amendment and Restatement of the 1998 Stock Incentive Plan (2003) (the “Amended LTIP (2003)”), (4) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”) and (5) the 2008 Employee Long-Term Incentive Plan (“2008 Employee LTIP”). Currently, awards are only issued under the 2008 Director LTIP and the 2008 Employee LTIP. Sections of these plans are summarized below.

For a summary of descriptions and vesting periods of the 1998 LTIP, the Amended LTIP (2001), the Amended LTIP (2003), the 2008 Director LTIP and the 2008 Employee LTIP discussed below, please refer to our 2011 Annual Report.

Stock Option Activity
 
During the three months and six months ended September 30, 2011 and 2010, there were no stock options granted to employees.

A summary of stock option activity during the six months ended September 30, 2011 is as follows:
 
   
Number of
Shares
  
Exercise
Price Range
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Contractual
Life Remaining
(in years)
  
Aggregate
Intrinsic
Value
 
                 
Outstanding, April 1, 2011
  228,900  $6.86 - $15.25  $10.26       
Options exercised (1)
  (29,993) $6.86 - $7.50  $7.21       
Outstanding, September 30, 2011
  198,907  $7.14 - $15.25  $10.72   2.1  $2,775,515 
                      
Vested at September 30, 2011
  198,907      $10.72   2.1  $2,775,515 
Exercisable at September 30, 2011
  198,907      $10.72   2.1  $2,775,515 

(1)
The total intrinsic value of stock options exercised during the six months ended September 30, 2011 was $553 thousand.

Additional information regarding stock options outstanding as of September 30, 2011 is as follows:

   
Options Outstanding and Exercisable
 
Range of
Exercise Prices
  
Options
Outstanding
  
Weighted
Average
Exercise
Price per
Share
  
Weighted
Average
Contractual
Life Remaining
(in years)
 
           
$6.86 - $9.00   78,907  $7.39   0.6 
$9.01 - $13.50   80,000  $11.74   3.5 
$13.51 - $15.25   40,000  $15.23   2.0 
              
$6.86 - $15.25   198,907  $10.72   2.1 

We issue shares from our authorized but unissued common stock to satisfy stock option exercises. At September 30, 2011, all of our options were vested.
 
Restricted Stock Activity
 
As of September 30, 2011, we granted 85,479 restricted shares under the 2008 Director LTIP, and 357,570 restricted shares under the 2008 Employee LTIP. A summary of the nonvested restricted shares is as follows:

   
Number of Shares
  
Weighted
Average Grant-
date Fair
Value
 
        
Nonvested April 1, 2011
  213,689  $17.54 
Granted
  150,908  $23.18 
Vested
  (58,587) $17.94 
Nonvested September 30, 2011
  306,010  $20.25 

Upon each vesting period of the restricted stock awards, participants may be subject to minimum tax withholding obligations. The 2008 Director LTIP and 2008 Employee LTIP allows us, at the participant’s election, to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding obligations. As of September 30, 2011, we withheld 23,663 shares of common stock at a value of $577 thousand, which was included in treasury stock.

Compensation Expense
 
We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period and estimate the forfeiture rate to be zero, based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended September 30, 2011 and 2010, we recognized $650 thousand and $320 thousand, respectively, of total share-based compensation expense. During the six months ended September 30, 2011 and 2010, we recognized $1.1 million and $490 thousand, respectively, of total share-based compensation expense. At September 30, 2011, all options were vested, therefore, there is no unrecognized compensation expense. Unrecognized compensation expense related to nonvested restricted stock was $5.3 million, which will be fully recognized over the next 33 months.

We also provide our employees with a contributory 401(k) profit sharing plan. Employer contribution percentages are discretionary, and determined and paid by us annually at calendar year end. The employer contributions vest pro-ratably over a four-year service period by the employees, after which, all employer contributions will be fully vested. For the three months ended September 30, 2011 and 2010, our expenses for the plan were $214 thousand and $92 thousand, respectively. For the six months ended September 30, 2011 and 2010, our expenses for the plan were $417 thousand and $203 thousand, respectively.