Stock-based Compensation

9 Months Ended

Dec. 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Stock-based Compensation

Stock Options

The following table summarizes the activity under the Company’s Stock Option Plans for the nine months ended December 31, 2012:

	Number of Options Outstanding		Weighted Average Exercise Price per Share
Outstanding at March 31, 2012	3,673,862		$	15.40
Granted	734,500		10.85
Exercised	(545,406	)	7.67
Canceled	(171,992	)	13.36
Expired	(209,337	)	15.22
Outstanding at December 31, 2012	3,481,627		$	15.76

During the nine months ended December 31, 2012, the Company granted options for 734,500 shares of common stock under the 2007 Equity Incentive Plan to certain employees and directors of the Company. The options vest in equal amounts over a three-year period beginning on the first anniversary of the date of grant and expire 7 years from the date of the grant. The fair value of each option grant is estimated on the date of grant and is amortized on a straight-line basis over the vesting period.

The weighted-average estimated fair value of options granted to employees and directors under the 2007 Equity Incentive Plan was $5.38 during the nine months ended December 31, 2012, using the Black-Scholes model with the following weighted average assumptions:

Risk-free interest rate	0.62% - 0.66
Dividend yield	—
Expected volatility	61.9	%
Expected life of the options (years)	4.5
Forfeitures	5.00	%

Time Vested Restricted Stock Units

During the nine months ended December 31, 2012, the Company granted 93,900 time vested restricted stock units (“RSUs”) under the 2007 Equity Incentive Plan to certain employees and directors of the Company. The time vested RSUs vest three years from the date of grant. Upon vesting, the outstanding number of time vested RSUs will be converted into shares of common stock. Time vested RSUs are forfeited if they have not vested before the employment of the participant terminates for any reason other than death or total permanent disability or certain other circumstances as described in such participant’s RSU agreement. Upon death or disability, the participant is entitled to receive a portion of the award based upon the period of time lapsed between the date of grant of the time vested RSU and the termination of employment. The fair value of time vested RSU awards is based on the Company’s stock price at the close of the market on the date of grant. The weighted average grant date fair value for the time vested RSUs issued during the nine months ended December 31, 2012 was $10.86.

The following table summarizes time vested RSU vesting activity for the nine months ended December 31, 2012:

Nonvested RSU’s	Shares		Weighted Average Grant-Date Fair Value
Nonvested at March 31, 2012	72,900		$	14.17
Granted	93,900		10.86
Vested	—		—
Forfeited	(7,000	)	10.86
Nonvested at December 31, 2012	159,800		$	12.37

Performance-Based Restricted Stock Units

The Company awarded performance-based RSUs to certain officers of the Company during the nine months ended December 31, 2012. Under these awards, a number of performance-based RSUs will be granted to each participant based upon the attainment of the applicable bonus targets as approved by the Company’s Compensation Committee. Performance-based RSUs are earned shortly after the end of the performance measurement period and vest three years after grant date. If a participant is not employed by the Company on the date the performance-based RSUs vest, the performance-based RSUs are forfeited, except in the case of death or total permanent disability or certain other circumstances as described in such participant’s RSU agreement. Upon death or disability, the participant is entitled to receive a portion of the award based upon the period of time lapsed between the date of grant of the performance-based RSU and the termination of employment if the applicable performance target was achieved. Additionally, to the extent performance conditions are not met, performance-based RSUs are forfeited.

During the nine months ended December 31, 2012, the Company granted 92,820 performance-based RSUs, 6,300 of which have been forfeited as of December 31, 2012. The fair value of performance-based RSUs is based on the Company’s stock price at the close of the market on the date of grant and the probability that the established bonus targets will be achieved. The weighted average grant date fair value for the performance-based RSUs outstanding for the nine months ended December 31, 2012 was $10.86.