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Share Based Awards (Tables)

3 Months Ended

Jun. 30, 2013

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

A summary of stock option transactions during the three months ended June 30, 2013 follows:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding, April 1, 2013	1,159,183		$	30.54	5.5
Granted	356,000		17.95		7.9
Exercised	(15,214	)	16.40		0.0	$	35
Forfeited/Canceled	(90,360	)	32.04		5.4
Outstanding, June 30, 2013	1,409,609		$	27.85	6.0	$	282
Vested and expected to vest, June 30, 2013	1,330,741		$	27.91	6.0	$	259
Exercisable, June 30, 2013	440,349		$	29.95	4.1	$	—

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, 2013	Three Months Ended June 30, 2012
Expected life	4.9 years	5.0 years
Expected volatility	43.7%	41.3%
Expected dividends	3.9%	2.4%
Risk-free rate	1.0%	0.7% - 0.8%

Summary of stock options granted

A summary of stock options granted under the 2005 Plan during fiscal years 2014 and 2013 is as follows:



	Number of			Vesting
Option Grant Date	Shares	Exercise Price		Terms (1)	Expires
May 29, 2013	356,000	$	17.95	Five years	May 29, 2021
Fiscal year 2014 option grants	356,000
January 23, 2013	40,000	$	19.00	Five years	January 23, 2021
November 5, 2012	5,000	$	17.68	Five years	November 5, 2020
September 25, 2012	20,000	$	18.42	Five years	September 25, 2020
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	556,500

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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 $92 and $111 during the three months ended June 30, 2013 and 2012, respectively, using the assumptions below.



	Three Months Ended June 30, 2013	Three Months Ended June 30, 2012
Expected life	4.9 years	5.0 years
Expected volatility	43.5%	41.7%
Expected dividends	3.7%	2.5%
Risk-free rate	1.4%	0.7%

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, 2013 is summarized as follows:



	Non-Vested Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2013	804,340		$	9.89
Granted	356,000		4.87
Vested	(100,720	)	10.49
Forfeited/Canceled	(90,360	)	10.05
Outstanding, June 30, 2013	969,260		$	7.97

Restricted stock units award activity

Restricted stock activity for the three months ended June 30, 2013 is summarized as follows:



	Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2013	30,385		$	27.09
Granted	23,516		20.60
Vested	(566	)	34.80
Canceled	(3,000	)	24.81
Outstanding, June 30, 2013	50,335		$	22.96

- 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.

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