Restricted Stock

12 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Restricted Stock

(8)           Restricted Stock

On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “Director Plan”).  The purpose of the plans is to promote the interests of the Company by securing and retaining both employees and outside directors.  The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan.  In July 2012 the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000.  Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under each of the plans.  The value of the restricted stock is determined based on the market value of the stock at the issuance date.  The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years.  The Company had 731,627 restricted common shares issued under the Employee Plan and 212,000 restricted common shares issued under the Director Plan at March 31, 2014, all shares of which were issued subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period.  For the years ended March 31, 2014 and 2013, the Company recognized compensation expense related to the Employee and Director Plans of $1.5 million and $1.9 million, respectively.

A summary of the Company’s non-vested restricted stock as of March 31, 2014 is as follows:

	Employee Plan Number of Shares (In thousands)			Director Plan Number of Shares (In thousands)			Both Plans Number of Shares (In thousands)
Non-vested restricted stock outstanding at March 31, 2013		200			60			260
Restricted stock granted		53			30			83
Restricted stock vested		(82	)		(30	)		(112	)
Restricted stock forfeited or expired		(1	)		-			(1	)
Non-vested restricted stock outstanding at March 31, 2014		170			60			230

At March 31, 2014 and 2013, there were 229,558 and 260,389 non-vested restricted stock shares outstanding, respectively.  During the fiscal years ended March 31, 2014 and 2013, the Company issued, net of forfeitures, 81,500 and 167,750 restricted shares, respectively.  At March 31, 2014 and 2013, there were $2.5 million and $2.6 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 2.0 years and 2.5 years for fiscal 2014 and 2013, respectively.