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Share Based Awards (Tables)

3 Months Ended

Jun. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

A summary of stock option transactions during the three months ended June 30, 2012 is as follows:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding, April 1, 2012	988,337		$	32.09	5.4
Granted	491,500		29.24		7.9
Exercised	(45,366	)	16.83		0.8	$	485
Forfeited/Canceled	(2,000	)	29.75		5.4
Outstanding, June 30, 2012	1,432,471		$	31.60	6.2	$	1,277
Vested and expected to vest, June 30, 2012	1,388,433		$	31.60	6.2	$	1,246
Exercisable, June 30, 2012	299,186		$	29.02	4.4	$	847

Schedule of Share Based Compensation Valuation Assumption

The Company utilizes the Black-Scholes valuation model for estimating the fair value of share-based compensation with the following assumptions:



	Three Months Ended June 30, 2012	Three Months Ended June 30, 2011
Expected life	5.0 years	4.3 years
Expected volatility	41.3%	41.2%
Expected dividends	2.4%	1.6%
Risk-free rate	0.7% - 0.8%	1.8%

Summary of stock options granted

A summary of stock options granted under the 2005 Plan during fiscal years 2013 and 2012 is as follows:



	Number of			Vesting
Option Grant Date	Shares	Exercise Price		Terms (1)	Expires
May 24, 2012	346,000	$	29.17	Five years	May 24, 2020
May 24, 2012	30,000	$	29.17	Four years	May 24, 2020
May 23, 2012	115,500	$	29.45	Five years	May 23, 2020
Fiscal year 2013 option grants	491,500
May 31, 2011	459,400	$	43.04	Five years	May 31, 2019
Fiscal year 2012 option grants	459,400

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(1) Options vest in equal annual installments on each grant anniversary date commencing one year following the date of grant.

Schedule of Performance Based Awards Under Incentive plan

The Company utilized the Black-Scholes option valuation model and recorded stock compensation expense related to the performance based awards of approximately $111 and $213 during the three months ended June 30, 2012 and 2011, respectively, using the assumptions below.



	Three Months Ended June 30, 2012	Three Months Ended June 30, 2011
Expected life	5.0 years	4.3 years
Expected volatility	41.7%	41.2%
Expected dividends	2.5%	1.8%
Risk-free rate	0.7%	1.8%

Schedule of Employee Stock Options and Performance Based Awards by Nonvested Stock options

Non-vested stock option award activity, including employee stock options and performance-based awards, during the three months ended June 30, 2012 is summarized as follows:



	Non-Vested Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2012	778,319		$	10.76
Granted	491,500		8.56
Vested	(134,534	)	9.54
Forfeited/Canceled	(2,000	)	10.25
Outstanding, June 30, 2012	1,133,285		$	9.95

Restricted stock units award activity

Restricted stock units activity for the three months ended June 30, 2012 is summarized as follows:



	Number of Shares	Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2012	30,001	$	36.32
Granted	2,832	28.17
Vested	—	—
Outstanding, June 30, 2012	32,833	$	35.62

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References+ Details