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Stock-based Compensation (Tables)

12 Months Ended

Mar. 31, 2013

Stock-based Compensation

Schedule of amounts recognized in the financial statements related to stock-based compensation

Amounts recognized in the financial statements related to stock-based compensation are as follows (in thousands, except per share data):

		Year ended March 31,
		2013			2012			2011
Total cost of stock based compensation charged against income before income tax		$	1,112		$	464		$	383
Amount of income tax benefit recognized in earnings		77			81			21
Amount charged against net income		$	1,035		$	383		$	362
Impact on net income per common share:
Basic		$	0.31		$	0.12		$	0.11
Diluted		0.29			0.11			0.11

Schedule of valuation assumptions used for share-based awards

		Year ended March 31,
		2013		2012		2011
Volatility		27.5-31.1%		33.4-33.7%		34-36%
Risk-free interest rate		0.6-1.0%		0.9-2.2%		1.1-3.9%
Expected option life (years)		5-10		5-10		5-10
Dividend yield		1.4%		1.8%		1.8%

Schedule of stock option activity

A summary of the option activity as of and for the years ended March 31, 2013, 2012 and 2011 is as follows:

		Number of Shares		Weighted- average Exercise Price			Weighted- average Remaining Contractual Term		Aggregate Intrinsic Value (000s)
Outstanding at March 31, 2010		391,765		$	17.37		4.2
Granted		137,060		25.43			5.0
Forfeited		(22,315	)	19.16			—
Expired		(150	)	11.65			—
Exercised		(62,718	)	15.02			—
Outstanding at March 31, 2011		443,642		20.10			4.0		$	3,861
Granted		103,780		29.87			5.4
Forfeited		(11,940	)	26.06			—
Expired		(1,020	)	14.50			—
Exercised		(100,677	)	18.00			—
Outstanding at March 31, 2012		433,785		22.77			3.9		11,516
Granted		116,080		49.97			5.9
Forfeited		(40,375	)	32.87			—
Expired		(40	)	18.98			—
Exercised		(93,325	)	20.56			—
Outstanding at March 31, 2013		416,125		29.87			3.7		9,529
Exercisable at March 31,
2013		158,320		21.00			3.0		5,031
2012		148,910		19.28			3.2		4,473
2011		152,217		17.36			3.2		1,742

Schedule of unvested stock option activity

A summary of the status of our unvested option shares as of and for the years ended March 31, 2013, 2012 and 2011 is as follows:

		Unvested Shares		Weighted-average Grant-date Fair Value
Unvested at March 31, 2010		247,085		$	5.51
Options granted		137,060		7.53
Options forfeited		(13,540	)	6.51
Options vested		(79,180	)	5.34
Unvested at March 31, 2011		291,425		6.46
Options granted		103,780		8.33
Options forfeited		(11,395	)	7.31
Options vested		(98,935	)	5.97
Unvested at March 31, 2012		284,875		7.28
Options granted		116,065		12.43
Options forfeited		(38,720	)	8.86
Options vested		(104,415	)	6.69
Unvested at March 31, 2013		257,805		9.55

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for unvested share options (or share units) that were outstanding at the beginning and end of the year, and the number of unvested share options or share units that were granted, vested, forfeited, and expired during the year.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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