SHARE-BASED COMPENSATION

9 Months Ended

Dec. 31, 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, original and as amended (“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.

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 2011 Annual Report.

18

Stock Option Activity

During the three and nine months ended December 31, 2011 and 2010, there were no stock options granted to employees.

A summary of stock option activity during the nine months ended December 31, 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)		(78,900	)	$	6.86 - $7.90	$	7.42
Outstanding, December 31, 2011		150,000		$	7.14 - $15.25	$	11.75		2.4	$	2,479,500
Vested at December 31, 2011		150,000				$	11.75		2.4	$	2,479,500
Exercisable at December 31, 2011		150,000				$	11.75		2.4	$	2,479,500

(1) The total intrinsic value of stock options exercised during the nine months ended December 31, 2011 was $1.4 million.

Additional information regarding stock options outstanding as of December 31, 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)
$7.14 - $9.00		30,000	$	7.14		1.3
$9.01 - $13.50		80,000	$	11.74		3.2
$13.51 - $15.25		40,000	$	15.23		1.8
$7.14 - $15.25		150,000	$	11.75		2.4

We issue shares from our authorized but unissued common stock to satisfy stock option exercises. At December 31, 2011, all of our options were vested.

19

Restricted Stock Activity

As of December 31, 2011, we granted 86,441 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		151,870		$	23.19
Vested		(88,039	)	$	17.26
Forefeited		(1,167	)	$	20.17
Nonvested December 31, 2011		276,353		$	20.72

Upon each vesting period of the restricted stock awards, participants may be subject to minimum tax withholding obligations. The 2008 Director LTIP and 2008 Employee LTIP allows us to withhold a sufficient number of shares due to the participant to satisfy his minimum tax withholding obligations. As of December 31, 2011, we withheld 27,955 shares of common stock at a value of $691 thousand, which was included in treasury stock.

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 December 31, 2011 and 2010, we recognized $656 thousand and $383 thousand, respectively, of total share-based compensation expense. During the nine months ended December 31, 2011 and 2010, we recognized $1.7 million and $874 thousand, respectively, of total share-based compensation expense. At December 31, 2011, all options were vested; therefore, there is no unrecognized compensation expense. Unrecognized compensation expense related to nonvested restricted stock was $4.6 million, which will be fully recognized over the next 30 months.

We also provide our employees with a contributory 401(k) profit sharing plan. Employer contribution percentages are discretionary, and determined and paid by us annually at calendar year end. 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 December 31, 2011 and 2010, our expenses for the plan were $200 thousand and $114 thousand, respectively. For the nine months ended December 31, 2011 and 2010, our expenses for the plan were $617 thousand and $317 thousand, respectively.