Stock Based Compensation Plans

12 Months Ended

Mar. 31, 2013

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

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS

The Company accounts for stock based compensation by recognizing the cost resulting from all share-based payment transactions in the financial statements. The Company uses fair value as the basis for measuring the cost of such compensation. The Company generally recognizes compensation expense on a straight-line basis over the period the award is earned by the employee.

The Company’s stock incentive plan provides incentives and awards to employees and directors of the Company. Under the plan, all employees are eligible to receive awards. The plan permits the granting of stock options, restricted stock, restricted stock units, and performance awards.

Under the terms of the plan, stock options are generally subject to a three-year vesting schedule, and generally expire 10 years from the option grant date. Restricted stock and restricted stock units are generally subject to a three to five-year vesting schedule. In addition, as part of their annual compensation, each non-employee member of the Company’s Board of Directors receives restricted stock units. These awards are 100.0% vested one year after the grant date, but are not deliverable until the director has completed his or her service on the board. The vesting schedules for the awards are subject to certain change in control provisions, including full vesting if an employee is terminated within 12 months of a change in control.

Total compensation cost related to stock compensation plans was $5.6 million and $5.2 million for fiscal 2013 and 2012, respectively. As of March 31, 2013, total compensation cost related to non-vested awards not yet recognized in the Company’s Consolidated Financial Statements was $4.6 million, which is expected to be recognized over a weighted average period of 1.2 years.

Stock Option Awards

The Company did not issue stock options during the fiscal years ended March 31, 2013, 2012, or 2011. The following table includes information about other stock option related transactions during those fiscal years:

The following is a summary of stock option activity:

	Number of Stock Options (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Shares under option:
Outstanding at March 31, 2010	4,006		$	7.79	7.0 years
Granted	—		6.29
Forfeited	(514	)	9.28
Exercised	(393	)	3.90
Outstanding at March 31, 2011	3,100		$	8.02	6.0 years
Granted	—		n/a
Forfeited	(228	)	9.01
Exercised	—		n/a
Outstanding at March 31, 2012	2,872		$	7.94	5.0 years
Granted	—		n/a
Forfeited	(4	)	6.29
Exercised	—		n/a
Outstanding at March 31, 2013	2,868		$	7.94	4.0 years
Vested and Exercisable at:
March 31, 2013	2,868		$	7.94	4.0 years
March 31, 2012	2,786		$	7.99	4.9 years
March 31, 2011	2,769		$	7.83	5.8 years

Restricted Stock Awards

During the fiscal years ended March 31, 2013, 2012, and 2011, 0.2 million, 1.4 million, and 1.4 million, shares of restricted stock and/or restricted stock units were approved to be granted to certain eligible employees.

Restricted stock transactions during the fiscal year ended March 31, 2013 were as follows:

	Number of Shares		Weighted-Average Fair Value
	(in thousands)
Outstanding (non-vested) at March 31, 2012	2,372		$	4.83
Granted	221		3.13
Vested	(982	)	5.12
Forfeited	(108	)	5.06
Outstanding (non-vested) at March 31, 2013	1,503		$	4.24