Subsequent Events

3 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 9: Subsequent Events

On July 22, 2016, the Board of Directors approved the issuance of 50,000 restricted shares to certain employees of the Company, pursuant to the 2006 Employee Plan.

On July 25, 2016, the Board of Directors declared a quarterly dividend of $0.19 per share. The Board established an August 8, 2016 record date and an August 19, 2016 payment date. Based on the outstanding share balance as of August 1, 2016 the Company estimates the dividend payable to be approximately $3.9 million.

On July 29, 2016, the Company’s 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan) became effective upon the approval of the plan by the Company’s Shareholders. The 2016 Employee Plan authorizes 1,000,000 shares of the company's common stock available for issuance under the plan. Also, on July 29, 2016, the Board of Directors approved the issuance of 30,000 restricted shares to the outside directors of the Company, pursuant to the 2015 Director Plan. All shares that were issued are 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 will be amortized over the three-year restriction period.