SHARE-BASED COMPENSATION

9 Months Ended

Dec. 31, 2014

10.	SHARE-BASED COMPENSATION

Share-Based Plans

As of December 31, 2014 and March 31, 2014, we had share-based awards outstanding under the following plans: (1) the 2008 Non-Employee Director Long-Term Incentive Plan (“2008 Director LTIP”), (2) the 2008 Employee Long-Term Incentive Plan (“2008 Employee LTIP”) and (3) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). All the share-based plans define fair market value as the previous trading day's closing price when the grant date falls on a date the stock was not traded.

For a summary of descriptions and vesting periods of the 2008 Director LTIP, the 2008 Employee LTIP, and the 2012 Employee LTIP discussed above, refer to our 2014 Annual Report.

Stock Option Activity

As of December 31, 2014 and 2013, there were no outstanding shares of stock options, and during the nine months ended December 31, 2014 and there were no options granted or exercised. During the nine months ended December 31, 2013 there were no options granted and 40,000 options exercised.

Restricted Stock Activity

For the nine months ended December 31, 2014, we granted 10,058 restricted shares under the 2008 Director LTIP, and 78,165 restricted shares under the 2012 Employee LTIP. For the nine months ended December 31, 2013, we granted 9,244 restricted shares under the 2008 Director LTIP, and 77,115 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows:

	Number of Shares			Weighted Average Grant- date Fair Value

Nonvested April 1, 2014		200,120		$	41.11
Granted		88,223		$	57.11
Vested		(111,860	)	$	35.63
Nonvested December 31, 2014		176,483		$	52.70

Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2008 Employee LTIP and 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards.

Compensation Expense

We recognize compensation cost for awards of restricted stock with graded vesting on a straight line basis over the requisite service period and estimate the forfeiture rate to be zero, which is based on historical experience. There are no additional conditions for vesting other than service conditions. During the three months ended December 31, 2014 and 2013, we recognized $1.2 million and $1.0 million, respectively, of total share-based compensation expense. During the nine months ended December 31, 2014 and 2013, we recognized $3.4 million and $3.0 million, respectively, of total share-based compensation expense. Unrecognized compensation expense related to non-vested restricted stock was $6.7 million as of December 31,2014, which will be fully recognized over the next thirty months.

We also provide our employees with a contributory 401(k) plan. Employer contribution percentages are determined by us and are discretionary each year. The employer contributions vest pro-ratably over a four-year service period by the employees, after which all employer contributions will be fully vested. For the three months ended December 31, 2014 and 2013, our estimated contribution expense for the plan was $0.4 million and $0.3 million, respectively. For the nine months ended December 31, 2014 and 2013, our estimated contribution expense was $1.0 million and $0.8 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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