Stock-Based Compensation

6 Months Ended

Sep. 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 272,076 shares were still available for grant at September 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 and six months ended September 30, 2012, was $366,000 and $636,000, respectively. The Company recorded stock-based compensation expense of $271,000 and $456,000 for the three and six months ended September 30, 2011, respectively.

As of September 30, 2012, total unrecognized compensation cost related to stock options was approximately $2.5 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 six months ended September 30, 2012:

	Number of Shares
Outstanding at March 31, 2012		407,500
Granted		68,200
Exercised		(77,000	)
Outstanding at September 30, 2012		398,700
Exercisable at September 30, 2012		176,550

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

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