Share Based Awards (Tables)

12 Months Ended

Mar. 31, 2015

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

A summary of stock option transactions during the years ended March 31, 2015, 2014 and 2013 is as follows:



	Number of Shares		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding, March 31, 2012	988,337		$	32.09
Granted	556,500		27.78
Exercised	(56,366	)	16.81			$	82
Forfeited/Canceled	(329,288	)	31.42
Outstanding, March 31, 2013	1,159,183		$	30.54
Granted	469,000		18.78
Exercised	(111,272	)	19.78			$	264
Forfeited/Canceled	(146,810	)	30.28
Outstanding, March 31, 2014	1,370,101		$	27.85	5.8
Granted	469,650		15.97		7.2
Forfeited/Canceled	(203,575	)	24.85		4.9
Outstanding, March 31, 2015	1,636,176		$	24.82	5.5	$	8
Vested and expected to vest, March 31, 2015	1,533,192		$	25.03	5.5	$	8
Exercisable, March 31, 2015	567,886		$	30.81	4.1	$	—

Schedule of share based compensation valuation assumption

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



	Year Ended	Year Ended	Year Ended
	March 31, 2015	March 31, 2014	March 31, 2013
Expected life	4.8 years	4.9 years	5.0 years
Expected volatility	36.1% - 36.6%	43.4% - 43.7%	41.3% - 45.1%
Expected dividends	4.3% - 4.4%	3.1% - 3.9%	2.4% - 4.0%
Risk-free rate	1.6% - 1.7%	1.0% - 1.5%	0.7% - 0.8%

Summary of stock options granted

A summary of stock options granted under the 2005 Plan during the years ended March 31, 2015, 2014 and 2013 is as follows:



Option Grant Date	Number of Shares	Exercise Price		Vesting Terms (1)	Expires
March 11, 2015	10,000	$	15.84	Five years	March 11, 2023
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	469,650

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

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

Schedule of performance based awards under incentive plan



	Year Ended March 31, 2015	Year Ended March 31, 2014	Year Ended March 31, 2013
Expected life	4.8 years	4.9 years	5.0 years
Expected volatility	35.9% - 36.5%	36.9% - 43.5%	41.7% - 45.0%
Expected dividends	4.3% - 5.0%	3.2% - 4.1%	2.5% - 4.0%
Risk-free rate	1.4% - 1.8%	1.4% - 1.8%	0.6% - 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 years ended March 31, 2015, 2014 and 2013 is summarized as follows:



	Non-Vested Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, March 31, 2012	778,319		$	10.76
Granted	556,500		8.22
Vested	(201,191	)	8.43
Forfeited/Canceled	(329,288	)	9.92
Outstanding, March 31, 2013	804,340		$	9.89
Granted	469,000		5.20
Vested	(134,970	)	9.30
Forfeited/Canceled	(146,810	)	9.33
Outstanding, March 31, 2014	991,560		$	7.73
Granted	469,650		3.50
Vested	(269,785	)	8.24
Forfeited/Canceled	(123,135	)	6.57
Outstanding, March 31, 2015	1,068,290		$	5.81

Restricted stock units award activity

Restricted stock activity for the years ended March 31, 2015, 2014 and 2013 is summarized as follows:



	Number of Shares		Weighted- Average Grant-Date Fair Value per Share
Outstanding, March 31, 2012	30,001		$	36.32
Granted	18,939		19.32
Vested	(18,555	)	32.14
Outstanding, March 31, 2013	30,385		$	27.09
Granted	57,324		20.75
Vested	(16,302	)	30.64
Canceled	(6,836	)	$	22.59
Outstanding, March 31, 2014	64,571		$	20.74
Granted	48,414		15.77
Vested	(34,780	)	21.33
Outstanding, March 31, 2015	78,205		$	17.94

- 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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