Stockholders' Equity and Noncontrolling Interests

12 Months Ended

Mar. 31, 2013

Stockholders' Equity and Noncontrolling Interests

15. Stockholders’ Equity and Noncontrolling Interests

Preferred Stock and Common Stock

The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2013 and 2012, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance.

The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2011, 2012 and 2013, respectively:

Shares outstanding as of March 31, 2010	48,581,832
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	1,452,521
Shares outstanding as of March 31, 2011	50,034,353
Purchase of treasury stock	(2,646,885	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	412,661
Shares outstanding as of March 31, 2012	47,800,129
Purchase of treasury stock	(683,192	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	723,267
Shares outstanding as of March 31, 2013	47,840,204

Treasury Stock

In fiscal 2013 and 2012, the Company purchased 683,192 shares of its common stock for $22,593 and 2,646,885 shares for $58,383, respectively. At March 31, 2013 and 2012, the Company held 5,130,077 and 4,446,885 shares as treasury stock.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income are as follows:

	Beginning Balance			Before-Tax Amount			Tax Benefit (Expense)			Net-of-Tax Amount			Ending Balance
March 31, 2013
Pension funded status adjustment	$	(8,982	)	$	(5,382	)	$	1,195		$	(4,187	)	$	(13,169	)
Net unrealized gain (loss) on derivative instruments		1,175			(3,141	)		1,134			(2,007	)		(832	)
Foreign currency translation adjustment		81,900			(27,244	)		—			(27,244	)		54,656
Accumulated other comprehensive income	$	74,093		$	(35,767	)	$	2,329		$	(33,438	)	$	40,655
March 31, 2012
Pension funded status adjustment	$	(3,512	)	$	(7,311	)	$	1,841		$	(5,470	)	$	(8,982	)
Net unrealized gain (loss) on derivative instruments		4,436			(5,170	)		1,909			(3,261	)		1,175
Foreign currency translation adjustment		114,256			(32,356	)		—			(32,356	)		81,900
Accumulated other comprehensive income	$	115,180		$	(44,837	)	$	3,750		$	(41,087	)	$	74,093
March 31, 2011
Pension funded status adjustment	$	(5,479	)	$	2,761		$	(794	)	$	1,967		$	(3,512	)
Net unrealized gain (loss) on derivative instruments		(5,034	)		14,721			(5,251	)		9,470			4,436
Foreign currency translation adjustment		77,717			36,539			—			36,539			114,256
Accumulated other comprehensive income	$	67,204		$	54,021		$	(6,045	)	$	47,976		$	115,180

Noncontrolling Interests

During fiscal 2013, the Company acquired the remaining 40% of noncontrolling interest of EAS Germany GmbH previously owned by GAIA Akkumulatorenwerke GmbH (“GAIA”), a wholly owned subsidiary of Lithium Technology Corporation (“LTC”) for $2,131. The noncontrolling interest related to the fiscal 2012 acquisition of EAS Germany GmbH.

Redeemable Noncontrolling Interests

During fiscal 2012, the Company acquired a controlling financial interest in Powertech Batteries and Energy Leader Batteries India Limited (Note 2). The minority partners of both Powertech Batteries and Energy Leader Batteries India Limited have options exercisable to require the redemption of the shares owned by them, which if exercised, would make the Company the sole owner of these entities. The noncontrolling interests in both of these entities are reported by the Company as redeemable noncontrolling interests and classified as mezzanine equity (temporary equity) on the Consolidated Balance Sheets. The redeemable noncontrolling interests are reported at their estimated redemption value.

The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2012 and 2013, respectively:

Balance as of March 31, 2011	$	—
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited		9,916
Net losses attributable to redeemable noncontrolling interests		(170	)
Foreign currency translation adjustment		36
Balance as of March 31, 2012	$	9,782
Net losses attributable to redeemable noncontrolling interests		(1,429	)
Loan to equity conversion by redeemable noncontrolling interests		3,901
Foreign currency translation adjustment		(1,159	)
Balance as of March 31, 2013	$	11,095