XML 32 R15.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Share-Based Payments | 12 Months Ended
--- | ---
Mar. 31, 2017
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] |
Share-Based Payments | 9. Share-Based Payments The Company has share awards outstanding under two share-based compensation plans (the “Equity Plans”). The Company believes that such awards generally align the interests of its employees with those of its shareholders. Under the shareholder-approved 2006 Equity Incentive Plan (the “2006 Plan”) the Board of Directors was authorized to grant option awards for up to approximately 1.1 million common shares. On August 13, 2015, the Company’s shareholders approved the Nicholas Financial, Inc. Omnibus Incentive Plan (the “2015 Plan”) for employees and non-employee directors. Under the 2015 Plan, the Board of Directors is authorized to grant total share awards for up to 750,000 common shares. Awards under the 2006 Plan will continue to be governed by the terms of that plan. The 2015 Plan replaced the 2006 Plan; accordingly, no additional option awards may be granted under the 2006 Plan. In addition to option awards, the 2015 Plan provides for restricted stock, restricted stock units, performance shares, performance units, and other equity-based compensation. Option awards previously granted to employees and directors under the 2006 Plan generally vest ratably based on service over a five- and three-year period, respectively, and generally have a contractual term of ten years. Vesting and contractual terms for option awards under the 2015 Plan are essentially the same as those of the 2006 Plan. Restricted stock awards generally cliff vest over a three-year period based on service conditions. Vesting of performance units generally does not commence until the attainment of Company-wide performance goals including annual revenue growth and operating income targets. There are no post-vesting restrictions for share awards. The Company funds share awards from authorized but unissued shares and does not purchase shares to fulfill its obligations under the Equity Plans. Cash dividends, if any, are not paid on unvested performance units or unexercised options, but are paid on unvested restricted stock awards. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | 2016 |  |  | 2015 |
Risk-free interest rate |  |  | 1.58 | % |  |  | 1.68 | %
Weighted average expected original term |  |  | 5 years |  |  |  | 5 years |
Expected volatility |  |  | 23 | % |  |  | 23 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 3.65 | %
The Company did not grant any options during the year ended March 31, 2017. A summary of option activity under the Equity Plans as of March 31, 2017, and changes during the year are presented below.
|  | (Shares and Aggregate Intrinsic Value in thousands) |
Options |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at March 31, 2016 |  |  | 357 |  |  | $ | 10.07 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (9 | ) |  | $ | 5.76 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (15 | ) |  | $ | 12.36 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2017 |  |  | 333 |  |  | $ | 10.08 |  |  |  | 4.75 |  |  | $ | 663 |
Exercisable at March 31, 2017 |  |  | 244 |  |  | $ | 8.78 |  |  |  | 3.79 |  |  | $ | 663 |
The Company did not grant options during the year ended March 31, 2017. The total intrinsic value of options exercised during the years ended March 31, 2017, 2016 and 2015 was approximately $46,500, $82,000, and $1,829,000 respectively. During the fiscal year ended March 31, 2017, approximately 9,000 options were exercised at exercise prices ranging from $1.20 to $8.21 per share. During the same period, approximately 15,000 options were forfeited at exercise prices ranging from $11.44 to $12.97 per share. Cash received from options exercised during the fiscal years ended March 31, 2017, 2016 and 2015 totaled approximately $50,000, $85,000, and $389,000, respectively. As of March 31, 2017, there was approximately $137,500 of total unrecognized compensation cost related to options granted. That cost is expected to be recognized over a weighted-average period of approximately 2.6 years. A summary of the status of the Company’s non-vested restricted shares under the Equity Plan as of March 31, 2017, and changes during the year then ended is presented below.
|  | (Shares and Aggregate Intrinsic Value in thousands) |
Restricted Share Awards |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Non-vested at March 31, 2016 |  |  | 82 |  |  | $ | 13.78 |  |  |  |  |  |  |  |  |
Granted |  |  | 48 |  |  | $ | 10.78 |  |  |  |  |  |  |  |  |
Vested |  |  | (40 | ) |  | $ | 14.37 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Non-vested at March 31, 2017 |  |  | 90 |  |  | $ | 11.95 |  |  |  | 1.83 |  |  | $ | 952 |
The Company awarded approximately 48,000 restricted shares during the fiscal year ended March 31, 2017. The Company granted performance units which, if the employees had reached the maximum performance level, would have awarded approximately 18,000 restricted share awards. Included within the 48,000 restricted shares granted are approximately 10,000 shares that resulted from the Company meeting a performance threshold, which is noted in the Executive Compensation Plan. During the same period, no restricted shares were forfeited. As of March 31, 2017, there was approximately $645,000 of total unrecognized compensation cost related to non-vested restricted share awards granted under the Equity Plans. That cost is expected to be recognized over a weighted-average period of approximately 1.80 years.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration