XML 49 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Compensation
9 Months Ended
Dec. 31, 2014
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Note 5:
Stock-Based Compensation

The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and executives that consists of restricted stock and stock option components granted for retention and performance, (2) a discretionary equity program for management and other key employees, and (3) stock options and/or stock awards for non-employee directors.

Compensation cost is calculated based on the fair value of the instrument at the time of grant, and is recognized as expense over the vesting period of the stock-based award.  The Company recognized stock-based compensation cost of $0.9 million and $1.5 million for the three months ended December 31, 2014 and 2013, respectively.  The Company recognized stock-based compensation cost of $3.6 million and $3.1 million for the nine months ended December 31, 2014 and 2013, respectively.  The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2015 is based upon a target three-year average consolidated return on average capital employed and three-year average revenue growth.

The fair value of stock-based compensation awards granted during the nine months ended December 31, 2014 and 2013 were as follows:

  
Nine months ended December 31,
 
  
2014
  
2013
 
  
Shares
  
Fair Value
Per Award
  
Shares
  
Fair Value
Per Award
 
Stock options
  
0.1
  
$
10.21
   
0.2
  
$
7.76
 
Restricted stock - retention
  
0.2
  
$
14.94
   
0.3
  
$
10.40
 
Restricted stock - performance based
  
0.2
  
$
14.94
   
0.2
  
$
10.40
 
Unrestricted stock
  
0.1
  
$
14.83
   
0.1
  
$
14.53
 
 
The following assumptions were used in determining fair value for stock options:
 
  
Nine months ended December 31,
 
  
2014
  
2013
 
Expected life of awards in years
  
6.3
   
6.3
 
Risk-free interest rate
  
2.1
%
  
1.3
%
Expected volatility of the Company's stock
  
76.1
%
  
88.7
%
Expected dividend yield on the Company's stock
  
0.0
%
  
0.0
%

As of December 31, 2014, unrecognized compensation cost related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows:

  
Unrecognized
Compensation
Cost
  
Weighted Average
Remaining Service
Period in Years
 
Stock options
 
$
2.0
   
2.9
 
Restricted stock - retention
  
5.2
   
2.7
 
Restricted stock - performance based
  
2.7
   
2.0
 
Total
 
$
9.9
   
2.5