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Restricted Stock | 12 Months Ended
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Mar. 31, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
Restricted Stock | (9) Restricted Stock On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “Director Plan”). The purpose of the plans is to promote the interests of the Company by securing and retaining both employees and outside directors. The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan. In July 2012 the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000. Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under each of the plans. The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years. The Company had 773,212 restricted common shares issued under the Employee Plan and 242,000 restricted common shares issued under the Director Plan at March 31, 2015, all shares of which were issued subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period. For both the years ended March 31, 2015 and 2014, the Company recognized compensation expense related to the Employee and Director Plans of $1.5 million, respectively. A summary of the Company’s non-vested restricted stock as of March 31, 2015 is as follows:
|  | Employee Plan Number of Shares (In thousands) |  |  | Director Plan Number of Shares (In thousands) |  |  | Both Plans Number of Shares (In thousands) |
Non-vested restricted stock outstanding at March 31, 2014 |  |  | 170 |  |  |  | 60 |  |  |  | 230 |
Restricted stock granted |  |  | 51 |  |  |  | 30 |  |  |  | 81 |
Restricted stock vested |  |  | (83 | ) |  |  | (30 | ) |  |  | (113 | )
Restricted stock forfeited or expired |  |  | (10 | ) |  |  | - |  |  |  | (10 | )
Non-vested restricted stock outstanding at March 31, 2015 |  |  | 128 |  |  |  | 60 |  |  |  | 188 |
At March 31, 2015 and 2014, there were 188,017 and 229,558 non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2015 and 2014, the Company issued, net of forfeitures, 71,858 and 81,500 restricted shares, respectively. At March 31, 2015 and 2014, there were $2.0 million and $2.5 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 1.5 years and 2.0 years for fiscal 2015 and 2014, respectively.

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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 Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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