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Stock-based Compensation (Tables)
3 Months Ended
Jun. 30, 2012
Stock-based Compensation  
Schedule of amounts recognized in the condensed financial statements related to stock-based compensation

 

 

 

 

Three months ended
June 30,

 

(Dollars in thousands except earnings per share)

 

2012

 

2011

 

Total cost of stock-based compensation charged against income before income taxes

 

$

149

 

$

96

 

Amount of income tax benefit recognized in earnings

 

51

 

35

 

Amount charged against net income

 

$

98

 

$

61

 

Impact on net income per common share:

 

 

 

 

 

Basic

 

$

0.03

 

$

0.02

 

Diluted

 

0.03

 

0.02

 

 

Schedule of Black-Scholes assumptions

 

 

 

 

Three months ended June 30,

 

 

 

2012

 

2011

 

Volatility

 

31.1%

 

33.4%

 

Risk-free interest rate

 

0.6 — 1.0%

 

2.2 — 3.6%

 

Expected option life (years)

 

5 — 10

 

5 — 10

 

Dividend yield

 

1.5%

 

1.7%

 

 

Summary of stock option activity

 

 

 

 

Number of
Shares

 

Weighted-
average
Exercise Price
per Share

 

Weighted-
average
Remaining
Contractual
Term

 

Aggregate
Intrinsic Value
(000s)

 

Outstanding at March 31, 2012

 

433,785

 

$

22.77

 

3.9

 

 

 

Options granted

 

103,880

 

50.20

 

6.2

 

 

 

Options forfeited

 

(7,900

)

30.36

 

 

 

 

 

Options expired

 

 

 

 

 

 

 

 

Options exercised

 

(29,780

)

20.97

 

 

 

 

 

Outstanding at June 30, 2012

 

499,985

 

28.46

 

4.3

 

$

9,016

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2012

 

210,305

 

20.86

 

3.3

 

1,805

 

 

Summary of the status of unvested option shares

 

 

 

 

Number of
Shares

 

Weighted-
average
Grant-Date
Fair Value

 

Unvested at March 31, 2012

 

284,875

 

$

7.23

 

Options granted

 

103,880

 

12.37

 

Options forfeited

 

(7,900

)

7.86

 

Options vested

 

(91,175

)

6.80

 

Unvested at June 30, 2012

 

289,680

 

9.19