Accounting for Stock-Based Compensation

9 Months Ended

Dec. 31, 2014

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

Accounting for Stock-Based Compensation

Note 3: Accounting for Stock-Based Compensation

The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Share Based Payment”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses.

The Company had 774,378 restricted common shares issued under the 2006 Employee Equity Compensation Restricted Stock Plan (“Employee Plan”) and 242,000 restricted common shares issued under the 2006 Outside Director Equity Compensation Restricted Stock Plan (“Director Plan”) at December 31, 2014, all shares of which were issued subject to a restriction or forfeiture period which 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 quarters ended December 31, 2014 and 2013, the Company recognized $365,000 and $374,000, respectively, of compensation expense related to the Employee and Director Plans. For both the nine months ended December 31, 2014 and 2013, the Company recognized $1.1 million of compensation expense related to the Employee and Director Plans. At December 31, 2014 and 2013, there was $2.4 million and $2.9 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next three years. At December 31, 2014 and 2013, there were 225,000 and 266,000 non-vested restricted shares, respectively.