Stock-Based Compensation

3 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

The Company maintains stock incentive plans whereby stock option grants or awards of restricted stock may be made to certain officers, directors and key employees. The plans, which are shareholder approved, permit the award of up to 1,350,000 shares of the Company’s common stock, of which 306,076 shares were still available for grant at June 30, 2012. When options are exercised, new shares of the Company’s common stock are issued. Stock options may not be granted below 100% of the fair market value of the Company’s common stock at the date of grant and generally expire seven years from the date of grant. Stock options and awards of restricted stock typically vest over a one to five year period as determined by the plan administrator (the Board’s Compensation Committee, which consists of independent directors). The stock incentive plans provide for accelerated vesting of stock options and removal of restrictions on restricted stock awards upon a change in control (as defined in the plans).

Stock-based compensation cost charged against income for the three months ended June 30, 2012 and 2011, was $270,000 and $185,000, respectively.

As of June 30, 2012, total unrecognized compensation cost related to stock options was approximately $2.3 million and the related weighted-average period over which it is expected to be recognized is approximately 1.7 years.

The following table summarizes the option activity within the Company’s stock-based compensation plans for the three months ended June 30, 2012:

	Number of Shares
Outstanding at March 31, 2012		407,500
Granted		34,200
Exercised		(75,500	)
Outstanding at June 30, 2012		366,200
Exercisable at June 30, 2012		167,800

A summary of restricted stock activity within the Company’s share-based compensation plans and changes for the three months ended June 30, 2012 is as follows:

	Number of Shares
Nonvested at March 31, 2012		158
Vested		(158	)
Nonvested at June 30, 2012		—