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SHARE-BASED COMPENSATION
 6 Months Ended
Sep. 30, 2013
SHARE-BASED COMPENSATION [Abstract]  
SHARE-BASED COMPENSATION
10.
SHARE-BASED COMPENSATION
 
Share-Based Plans

We have share-based awards outstanding under the following plans: (1) the Amended and Restated 1998 Stock Incentive Plan (the “Amended LTIP (2003)”), (2) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”), (3) the 2008 Employee Long-Term Incentive Plan (“2008 Employee LTIP”) and (4) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). All the share-based plans defined fair market value as the previous trading day's closing price when the grant date falls on a date the stock was not traded.

For a summary of descriptions and vesting periods of the Amended LTIP (2003), the 2008 Director LTIP, the 2008 Employee LTIP, and the 2012 Employee LTIP discussed above, refer to our 2013 Annual Report.

Stock Option Activity
 
During the three and six months ended September 30, 2013 and 2012, there were no stock options granted. As of April 1, 2013, we had 40,000 options outstanding with an average exercise price between $12.73 and $15.25. During the six months ended September 30, 2013, all 40,000 shares were exercised. As of September 30, 2013, we had no outstanding shares of stock options.
 
Restricted Stock Activity

For the six months ended September 30, 2013, we granted 8,520 restricted shares under the 2008 Director LTIP, and 77,115 restricted shares under the 2012 Employee LTIP. For the six months ended September 30, 2012, we granted 7,831 restricted shares under the 2008 Director LTIP, and 96,590 restricted shares under the 2008 Employee LTIP. A summary of the restricted shares is as follows:

   
Number of Shares
  
Weighted Average Grant-date Fair Value
 
        
Nonvested April 1, 2013
  246,048  $26.32 
Granted
  85,635  $57.39 
Vested
  (131,348) $24.39 
Nonvested September 30, 2013
  200,335  $41.03 

Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. The 2008 Director LTIP, 2008 Employee LIIP and 2012 Employee LTIP allow us, at the participant’s election, to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. During the six months ended September 30, 2013, we withheld 42,073 shares of common stock at a value of $2.5 million, 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, which is based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended September 30, 2013 and 2012, we recognized $1,068 thousand and $915 thousand, respectively, of total share-based compensation expense. During the six months ended September 30, 2013 and 2012, we recognized $1.9 million and $1.6 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $7.1 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 determined by us and are discretionary each year. 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, 2013 and 2012, our contribution expense for the plan was approximately $147 thousand and $236 thousand, respectively. For the six months ended September 30, 2013 and 2012, our contribution expense for the plan was approximately $524 thousand and $465 thousand, respectively.