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Share Based Awards (Tables)

6 Months Ended

Sep. 30, 2014

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

A summary of stock option transactions during the six months ended September 30, 2014 follows:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding, April 1, 2014	1,370,101		$	27.85	5.8
Granted	459,650		15.97		7.7
Forfeited/Canceled	(96,875	)	24.59		4.8
Outstanding, September 30, 2014	1,732,876		$	24.88	6.0	$	—
Vested and expected to vest, September 30, 2014	1,630,239		$	25.07	5.9	$	—
Exercisable, September 30, 2014	564,231		$	30.82	4.7	$	—

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:



	Six Months Ended September 30, 2014	Six Months Ended September 30, 2013
Expected life	4.8 years	4.9 years
Expected volatility	36.4% - 36.6%	43.4% - 43.7%
Expected dividends	4.3% - 4.4%	3.1% - 3.9%
Risk-free rate	1.7%	1.0% - 1.5%

Summary of stock options granted

A summary of stock options granted under the 2005 Plan during fiscal years 2015 and 2014 is as follows:



Option Grant Date	Number of Shares	Exercise Price		Vesting Terms (1)	Expires
September 2, 2014	20,000	$	15.63	Five years	September 2, 2022
June 3, 2014	439,650	$	15.99	Five years	June 3, 2022
Fiscal year 2015 option grants	459,650

August 15, 2013	85,000	$	20.85	Five years	August 15, 2021
July 30, 2013	28,000	$	22.59	Five years	July 30, 2021
May 29, 2013	356,000	$	17.95	Five years	May 29, 2021
Fiscal year 2014 option grants	469,000

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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

Share-based compensation expense recorded for these performance-based awards was $211 and $2 for the six months ended September 30, 2014 and 2013, respectively.



	Six Months Ended September 30, 2014	Six Months Ended September 30, 2013
Expected life	4.8 years	4.9 years
Expected volatility	36.4% - 36.5%	41.0% - 43.5%
Expected dividends	4.3% - 5.0%	3.2% - 3.7%
Risk-free rate	1.6% - 1.8%	1.4%

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 six months ended September 30, 2014 is summarized as follows:



	Non-Vested Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2014	991,560		$	7.73
Granted	459,650		3.50
Vested	(185,690	)	8.21
Forfeited/Canceled	(96,875	)	7.14
Outstanding, September 30, 2014	1,168,645		$	6.01

Restricted stock units award activity

Restricted stock activity for the six months ended September 30, 2014 is summarized as follows:



	Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, April 1, 2014	64,571		$	20.74
Granted	48,414		15.77
Vested	(34,113	)	21.05
Outstanding, September 30, 2014	78,872		$	18.13

- 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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