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Stock-based Compensation (Tables)
3 Months Ended
Jun. 30, 2013
Stock-based Compensation  
Schedule of amounts recognized in the condensed financial statements related to 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

 

Schedule of Black-Scholes assumptions used for 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%

 

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

 

Summary of the status of unvested option shares

 

 

 

 

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