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Share-based Payments | 12 Months Ended
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Mar. 31, 2017
Share-based Payments [Abstract] |
Share-based Payments | 18. Share-based Payments At March 31, 2017, there were 342,000 shares of the Company’s common stock are reserved for grants to the Company’s non-employee directors under the 2014 Non-Employee Director Incentive Award Plan (the “2014 Plan”). Under the 2014 Plan, (i) 37,383 and 16,206 of restricted shares were issued and (ii) 263,078 and 308,411 shares of common stock were available for grant under this plan at March 31, 2017 and 2016, respectively. At March 31, 2017, there were 2,750,000 shares of common stock reserved for grant to all employees of the Company under the 2010 Incentive Award Plan (the “2010 Plan”). Under the 2010 Plan, (i) 88,894 and 137,321 shares of restricted stock, (ii) options to purchase 898,009 and 740,716 shares of common stock were outstanding, and (iii) 688,765 and 964,039 shares of common stock were available for grant at March 31, 2017 and 2016, respectively. In addition, at March 31, 2017 and 2016, options to purchase 128,000 and 154,000 shares of common stock, respectively, were outstanding under the 2004 Non-Employee Director Stock Option Plan and options to purchase 10,350 and 89,350 shares of common stock, respectively, were outstanding under the 2003 Long-Term Incentive Plan. No options remain available for grant under these plans. The shares of common stock issued upon exercise of a previously granted stock option are considered new issuances from shares reserved for issuance upon adoption of the various plans. The Company requires that the option holders provide a written notice of exercise to the stock plan administrator and payment for the shares prior to issuance of the shares. Stock Options The following is a summary of stock option activity during the year:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Outstanding at March 31, 2016 |  |  | 984,066 |  |  | $ | 11.98 |
Granted |  |  | 186,924 |  |  | $ | 28.70 |
Exercised |  |  | (133,731 | ) |  | $ | 12.43 |
Forfeited |  |  | (900 | ) |  | $ | 29.50 |
Outstanding at March 31, 2017 |  |  | 1,036,359 |  |  | $ | 14.92 |
At March 31, 2017, options to purchase 284,613 shares of common stock were unvested at the weighted average exercise price of $13.04. Based on the market value of the Company’s common stock at March 31, 2017, 2016, and 2015, the pre-tax intrinsic value of options exercised was $2,477,000, $14,002,000, and $1,955,000 respectively. The total fair value of stock options vested during the years ended March 31, 2017, 2016, and 2015 was $1,290,000, $905,000, and $978,000, respectively. The following summarizes information about the options outstanding at March 31, 2017:
|  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise price |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life In Years |  |  | Aggregate Intrinsic Value |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
$ | 4.17 to $6.25 |  |  |  | 74,000 |  |  | $ | 5.29 |  |  |  | 1.90 |  |  | $ | 1,883,000 |  |  |  | 74,000 |  |  | $ | 5.29 |  |  | $ | 1,883,000 |
$ | 6.46 to $7.43 |  |  |  | 359,167 |  |  |  | 6.48 |  |  |  | 5.69 |  |  |  | 8,710,000 |  |  |  | 359,167 |  |  |  | 6.48 |  |  |  | 8,710,000 |
$ | 9.32 to $19.94 |  |  |  | 235,450 |  |  |  | 9.96 |  |  |  | 5.83 |  |  |  | 4,891,000 |  |  |  | 235,450 |  |  |  | 9.96 |  |  |  | 4,891,000 |
$ | 22.93 to $34.17 |  |  |  | 367,742 |  |  |  | 28.28 |  |  |  | 8.60 |  |  |  | 900,000 |  |  |  | 83,129 |  |  |  | 26.55 |  |  |  | 348,000 |
|  |  |  |  | 1,036,359 |  |  | $ | 14.92 |  |  |  | 6.48 |  |  | $ | 16,384,000 |  |  |  | 751,746 |  |  | $ | 9.67 |  |  | $ | 15,832,000 |
The aggregate intrinsic values in the above table represent the pre-tax value of all in-the-money options if all such options had been exercised on March 31, 2017 based on the Company’s closing stock price of $30.73 as of that date. At March 31, 2017, there was $2,666,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 1.9 years. Restricted Stock Units (“RSUs”) During the years ended March 31, 2017 and 2016, the Company granted 62,637 and 49,702 shares of RSUs, respectively, with an estimated grant date fair value of $1,774,000 and $1,566,000, respectively, which was based on the closing market price on the date of grant. The fair value related to these awards is recognized as compensation expense over the vesting period. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2017 and 2016 were 36,586 and 29,003, respectively, and was based on the value of these awards as determined by the Company’s closing stock price on the vesting date. The following is a summary of changes in the status of non-vested RSUs during the year:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested at March 31, 2016 |  |  | 153,527 |  |  | $ | 22.28 |
Granted |  |  | 62,367 |  |  | $ | 28.44 |
Vested |  |  | (89,617 | ) |  | $ | 18.14 |
Forfeited |  |  | - |  |  | $ | - |
Non-vested at March 31, 2017 |  |  | 126,277 |  |  | $ | 28.26 |
As of March 31, 2017, there was $2,333,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 1.6 years.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: 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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 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 + Details
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