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Subsequent Events
3 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events

13. Subsequent Events

Subsequent events include events or transactions that occur after the balance sheet date, but before the financial statements are issued. Subsequent events are named either as recognized or non-recognized.

Termination of Credit Facility

On July 29, 2011, the Company terminated its Credit Facility.The Company had no amounts outstanding under the Credit Facility, and the Company owed no penalties for early termination.As a result of the proceeds the Company received from the sale of TSG, the Company determined that it no longer required the liquidity provided by the Credit Facility. In conjunction with the termination of the Credit Facility, the Company will expense approximately $0.4 million in unamortized deferred financing fees that related to the Credit Facility in its second quarter interim financial statements.

Share Repurchase Program

On August 1, 2011, the Company announced its plans to commence a repurchase program. The Board approved the repurchase of up to 1,600,000 common shares of the Company. Unless renewed, the share repurchase program will expire on March 31, 2012.

2011 Stock Incentive Plan

On July 28, 2011, the Company's shareholders approved the 2011 Stock Incentive Plan (the "2011 Plan"). Under the 2011 Plan, the Company may grant non-qualified stock options, incentive stock options, stock appreciation rights ("SARs"), restricted shares and restricted share units, time-vested or conditioned on the attainment of performance goals, for up to 3.0 million common shares. The maximum aggregate number of restricted shares or restricted share units that may be granted under the 2011 Plan is 1.0 million. The maximum number of shares subject to restricted shares or restricted share units that may be granted to an individual in a calendar year is 400,000 shares, and the maximum number of shares subject to stock options or stock appreciation rights that may be granted to an individual in a calendar year is 800,000 shares.

All new equity awards going forward will be granted under the 2011 Plan. The Company may distribute authorized but unissued shares or treasury shares to satisfy share option and SAR exercises or restricted share awards.

Management evaluated events that occurred subsequent to June 30, 2011 for recognition or disclosure in the Company's Consolidated Financial Statements and Notes and concluded that there are no additional significant subsequent events requiring recognition or disclosure.