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Stock-based Compensation | 3 Months Ended
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Jun. 30, 2013
Stock-based Compensation |
Stock-based Compensation | Note 5 - Stock-based Compensation Amounts recognized in the condensed financial statements related to stock-based compensation are as follows (in thousands, except per share data):
|  | Three months ended June 30, |
|  | 2013 |  | 2012 |
Total cost of stock-based compensation charged against income before income taxes |  | $ | 149 |  | $ | 149 |
Amount of income tax benefit recognized in earnings |  | 57 |  | 51 |
Amount charged against net income |  | $ | 92 |  | $ | 98 |
Impact on net income per common share: |  |  |  |  |
Basic |  | $ | 0.03 |  | $ | 0.03 |
Diluted |  | 0.03 |  | 0.03 |
Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed statements of income. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes”). We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield is calculated based upon the dividend payments made during the prior four quarters as a percent of the average stock price for that period. The following summarizes the Black-Scholes assumptions used for stock option grants:
|  | Three months ended June 30, |
|  | 2013 |  | 2012 |
Volatility |  | 28.7% |  | 31.1% |
Risk-free interest rate |  | 0.8 – 1.2% |  | 0.6 – 1.0% |
Expected stock option life (years) |  | 5 – 10 |  | 5 – 10 |
Dividend yield |  | 1.1% |  | 1.5% |
The following is a 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, 2013 |  | 416,125 |  | $ | 29.87 |  | 3.7 |  | $ | 9,529 |
Stock options granted |  | 101,124 |  | 51.85 |  | 6.2 |  |  |
Stock options forfeited |  | (6,569 | ) | 42.84 |  |  |  |  |
Stock options expired |  | — |  | — |  |  |  |  |
Stock options exercised |  | (11,320 | ) | 22.43 |  |  |  |  |
Outstanding at June 30, 2013 |  | 499,360 |  | 34.31 |  | 4.3 |  | 9,893 |
Exercisable at June 30, 2013 |  | 237,215 |  | 24.26 |  | 3.2 |  | 7,086 |
The total intrinsic value of stock options exercised was $329,000 and $851,000 for the three months ended June 30, 2013 and 2012, respectively. A summary of the status of our unvested stock option shares as of June 30, 2013 is as follows:
|  | Number of Shares |  | Weighted- average Grant-Date Fair Value |
Unvested at March 31, 2013 |  | 257,805 |  | $ | 9.55 |
Stock options granted |  | 101,124 |  | 11.93 |
Stock options forfeited |  | (6,199 | ) | 9.91 |
Stock options vested |  | (90,585 | ) | 6.92 |
Unvested at June 30, 2013 |  | 262,145 |  | 11.44 |
As of June 30, 2013, there was $2,747,000 of total unrecognized compensation expense related to unvested stock options. As of June 30, 2013, we have 216,265 shares available for future stock option grants.

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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 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 Reference 3: 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 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 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: 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. + Details
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