SHARE-BASED COMPENSATION

9 Months Ended

Dec. 31, 2013

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

10. SHARE-BASED COMPENSATION

Share-Based Plans

As of December 31, 2013 and March 31, 2013, we had share-based awards outstanding under the followingplans: (1) the Amended and Restated 1998 Stock Incentive Plan (the "Amended LTIP (2003)"), (2) the 2008 Non-Employee Director Long-Term Incentive Plan ("2008 Director LTIP"), (3) the 2008 Employee Long-Term Incentive Plan ("2008 Employee LTIP") and (4) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). All the share-based plans defined fair market value as 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 Amended LTIP (2003), the 2008 Director LTIP, the 2008 Employee LTIP, and the 2012 Employee LTIP discussed above, refer to our 2013 Annual Report.

Stock Option Activity

During the three and nine months ended December 31, 2013 and 2012, there were no stock options granted. As of April 1, 2013, we had 40,000 options outstanding with an average exercise price between $12.73 and $15.25. During the nine months ended December 31, 2013, all 40,000 shares were exercised. As of December 31, 2013, we had no outstanding shares of stock options.

Restricted Stock Activity

For the nine months ended December 31, 2013, we granted 9,244 restricted shares under the 2008 Director LTIP, and 77,115 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2012, we granted 8,234 restricted shares under the 2008 Director LTIP, and 96,590 restricted shares under the 2008 Employee LTIP. A summary of the restricted shares is as follows:

	Number of Shares			Weighted Average Grant-date Fair Value
Nonvested April 1, 2013		246,048		$	26.32
Granted		86,359		$	57.34
Vested		(132,031	)	$	24.41
Nonvested December 31, 2013		200,376		$	41.11

Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2008 Director LTIP, 2008 Employee LTIP and 2012 Employee LTIP, we may withhold a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. During the nine months ended December 31, 2013, we withheld 42,073 shares of common stock at a value of $2.5 million, which was included in treasury stock. In the prior fiscal year, during the nine months ended December 31, 2012, we withheld 37,928 shares of common stock at a value of $1.3 million, 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, which is based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended December 31, 2013 and 2012, we recognized $1.0 million and $0.9 million, respectively, of total share-based compensation expense. During the nine months ended December 31, 2013 and 2012, we recognized $3.0 million and $2.5 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $6.1 million, which will be fully recognized over the next thirty (30) 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 December 31, 2013 and 2012, our contribution expense for the plan was approximately $255 thousand and $221 thousand, respectively. For the nine months ended December 31, 2013 and 2012, our contribution expense for the plan was approximately $779 thousand and $686 thousand, respectively.