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Accounting for Stock-Based Compensation
6 Months Ended
Sep. 30, 2015
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Accounting for Stock-Based Compensation

Note 3: Accounting for Stock-Based Compensation

 

The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses.

 

The Company had 812,196 restricted common shares issued under the 2006 Employee Equity Compensation Restricted Stock Plan (“Employee Plan”) and 272,000 restricted common shares issued under the 2006 Outside Director Equity Compensation Restricted Stock Plan (“Director Plan”) at September 30, 2015, all shares of which were issued subject to a restriction or forfeiture period which 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. In July 2015 the Board of Directors approved the issuance of 77,500 restricted shares to certain employees and the outside directors of the Company, with a fair value of $17.02 per share. For the quarters ended September 30, 2015 and 2014, the Company recognized $406,000 and $380,000, respectively, of compensation expense related to the Employee and Director Plans. For the six months ended September 30, 2015 and 2014, the Company recognized $777,000 and $753,000, respectively, of compensation expense related to the Employee and Director Plans. At September 30, 2015 and 2014, there was $2.4 million and $2.8 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next three years. At September 30, 2015 and 2014, there were 186,000 and 231,000 non-vested restricted shares, respectively.

 

On July 24, 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan) became effective upon the approval of the plan by the Company’s Shareholders. The 2015 Director Plan authorizes 400,000 shares of the company's common stock available for issuance under the plan, and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan.