SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2011

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

12. SHARE-BASED COMPENSATION

Share-Based Plans

We have issued share-based awards under the followingplans: (1) the 1998 Long-Term Incentive Plan (the “1998 LTIP”), (2) Amendment and Restatement of the 1998 Stock Incentive Plan (2001) (the “Amended LTIP (2001)”), (3) Amendment and Restatement of the 1998 Stock Incentive Plan (2003) (the “Amended LTIP (2003)”), (4) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”) and (5) the 2008 Employee Long-Term Incentive Plan (“2008 Employee LTIP”). Currently, awards are only issued under the 2008 Director LTIP and the 2008 Employee LTIP. Sections of these plans are summarized below. All the share-based plans require the use of the previous trading day's closing price when the grant date falls on a date the stock was not traded.

For a summary of descriptions and vesting periods of the 1998 LTIP, the Amended LTIP (2001), the Amended LTIP (2003), the 2008 Director LTIP and the 2008 Employee LTIP discussed below, please refer to our Annual Report on Form 10-K for the year ended March 31, 2011.

16

Stock Option Activity

During the three months ended June 30, 2011 and 2010, there were no stock options granted to employees.

A summary of stock option activity during the three months ended June 30, 2011 is as follows:

	Number of Shares			Exercise Price Range		Weighted Average Exercise Price		Weighted Average Contractual Life Remaining (in years)		Aggregate Intrinsic Value
Outstanding, April 1, 2011		228,900		$	6.86 - $15.25	$	10.26
Options exercised (1)		(6,300	)	$	6.86 - $7.30	$	7.06
Outstanding, June 30, 2011		222,600		$	6.86 - $15.25	$	10.35		2.1	$	3,582,144
Vested at June 30, 2011		222,600				$	10.35		2.1	$	3,582,144
Exercisable at June 30, 2011		222,600				$	10.35		2.1	$	3,582,144

(1)   The total intrinsic value of stock options exercised during the three months ended June 30, 2011 was $106 thousand.

Additional information regarding stock options outstanding as of June 30, 2011 is as follows:

		Options Outstanding and Exercisable
Range of Exercise Prices		Options Outstanding		Weighted Average Exercise Price per Share		Weighted Average Contractual Life Remaining (in years)
$	6.86 - $9.00		102,600	$	7.36		0.7
$	9.01 - $13.50		80,000	$	11.74		3.7
$	13.51 - $15.25		40,000	$	15.23		2.3
$	6.86 - $15.25		222,600	$	10.35		2.1

We issue shares from our authorized but unissued common stock to satisfy stock option exercises.  At June 30, 2011, all of our options are vested.

Restricted Stock Activity

As of June 30, 2011, we have granted 73,471 restricted shares under the 2008 Director LTIP, and 357,570 restricted shares under the 2008 Employee LTIP. A summary of the nonvested restricted shares is as follows:

	Number of Shares			Weighted Average Grant- date Fair Value
Nonvested April 1, 2011		213,689		$	17.54
Granted		138,900		$	23.08
Vested		(8,105	)	$	17.49
Nonvested June 30, 2011		344,484		$	19.77

Upon each vesting period of the restricted stock awards, participants are subject to minimum tax withholding obligations. The 2008 Director LTIP and 2008 Employee LTIP allows us, at the participant’s election, to withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding obligations. As of June 30, 2011, we withheld 11,267 shares of common stock at a value of $279 thousand, which was included in treasury stock.

17

Compensation Expense

We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period and estimate the forfeiture rate to be zero, based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended June 30, 2011 and 2010, we recognized $431 thousand and $170 thousand, respectively, of total share-based compensation expense. At June 30, 2011, all options were vested, therefore, there is no unrecognized compensation expense.  Unrecognized compensation expense related to nonvested restricted stock was $5.7 million, which will be fully recognized over the next 36 months.

We also provide our employees with a contributory 401(k) profit sharing plan. Employer contribution percentages are determined by us and are discretionary each year. The employer contributions vest pro-ratably over a four-year service period by the employees, after which, all employer contributions will be fully vested. For the three months ended June 30, 2011 and 2010, our expenses for the plan were approximately $203 thousand and $112 thousand, respectively.