Restricted Stock

12 Months Ended

Mar. 31, 2017

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

Restricted Stock

(9) 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.

In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”) became effective upon the approval of the plan by the Company’s Shareholders. The 2015 Director Plan authorizes 400,000 shares of the company's common stock available for issuance under the plan, and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan. In July 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. 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 976,878 restricted common shares issued under the Employee Plans and 302,000 restricted common shares issued under the Director Plans at March 31, 2017, 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 fiscal years ended March 31, 2017, 2016, and 2015, the Company recognized compensation expense related to the Employee and Director Plans of $1.9 million, $1.6 million, and $1.5 million, respectively.

A summary of the Company’s non-vested restricted stock at March 31, 2017 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, 2016		206			60			266
Restricted stock granted		50			30			80
Restricted stock vested		(83	)		(30	)		(113	)
Restricted stock forfeited or expired		(1	)		-			(1	)
Non-vested restricted stock outstanding at March 31, 2017		172			60			232

At March 31, 2017 and 2016, there were 232,253 and 265,771, non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2017 and 2016, the Company issued, net of forfeitures, 78,582 and 185,084 restricted shares, respectively. At March 31, 2017 and 2016, there were $3.3 million and $3.6 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 1.8 years and 2.3 years for fiscal 2017 and 2016, respectively.