SHARE-BASED COMPENSATION

9 Months Ended

Dec. 31, 2015

10.	SHARE-BASED COMPENSATION

Share-Based Plans

As of December 31, 2015, we had share-based awards outstanding under the following plans: (1) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”), and (2) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). All the share-based plans define 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 2008 Director LTIP, and the 2012 Employee LTIP discussed above, refer to our 2015 Annual Report.

Restricted Stock Activity

For the nine months ended December 31, 2015, we granted 6,383 restricted shares under the 2008 Director LTIP, and 118,974 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2014, we granted 10,058 restricted shares under the 2008 Director LTIP, and 78,165 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows:

	Number of Shares			Weighted Average Grant- date Fair Value

Nonvested April 1, 2015		176,514		$	52.75
Granted		125,357		$	81.76
Vested		(95,321	)	$	48.79
Forfeited		(2,321	)	$	64.06
Nonvested December 31, 2015		204,229		$	72.28

Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards.

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, 2015 and 2014, we recognized $1.5 million and $1.2 million, respectively, of total share-based compensation expense. During the nine months ended December 31, 2015 and 2014, we recognized $4.2 million and $3.4 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $11.5 million as of December 31, 2015, which will be fully recognized over the next fifty-four months.

We also provide our employees with a contributory 401(k) 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, 2015 and 2014, our estimated contribution expense for the plan was $0.4 million. For the nine months ended December 31, 2015 and 2014, our estimated contribution expense for the plan was $1.1 million and $1.0 million, respectively.