SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2017

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

11. SHARE-BASED COMPENSATION

Share-Based Plans

As of June 30, 2017, we had share-based awards outstanding under the followingplans: (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"). Both of 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.

Restricted Stock Activity

For the three months ended June 30, 2017, we granted 282 restricted shares under the 2008 Director LTIP, and 66,530 restricted shares under the 2012 Employee LTIP. For the three months ended June 30, 2016, we granted 460 restricted shares under the 2008 Director LTIP, and 114,538 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, 2017		371,689		$	40.45
Granted		66,812		$	79.64
Vested		(137,932	)	$	38.08
Forfeited		(3,084	)	$	38.34
Nonvested March 31, 2017		297,485		$	50.38

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. For the three months ended June 30, 2017, the Company had withheld 54,546 shares of common stock at a value of $4.1 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. There are no additional conditions for vesting other than service conditions. During both of the three months ended June 30, 2017 and 2016, we recognized $1.5 million of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $14.0 million as of June 30, 2017, which will be fully recognized over the next thirty six (36) months.

We also provide our employees with a contributory 401(k) profit sharing plan. We may make contributions to the plan. These contributions are not required and whether or not we choose to make them is entirely within our discretion. Our employer contributions to the plan are fully vested at all times. For the three months ended June 30, 2017 and 2016 our estimated contribution expense for the plan were $0.6 million and $0.4 million, respectively.