Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Inventories

Inventories consisted of the following (in thousands):

	March 31,
	2014		2013
Raw material	$	9,366	$	8,116
Work-in-process	14,418		14,687
Finished goods	35,468		39,795
	$	59,252	$	62,598

Property, plant and equipment

Property, plant and equipment are stated at cost and include the following (in thousands):

	March 31,
	2014			2013
Land	$	2,508		$	2,508
Buildings, leasehold interests and improvements	37,183			37,007
Machinery, equipment and other	93,928			101,916
	133,619			141,431
Less – Accumulated depreciation and amortization	(106,556		)	(113,475		)
Net property, plant and equipment	$	27,063		$	27,956

Straight-line method and is based on estimated useful lives or terms of leases

Depreciation is provided generally on the straight-line method and is based on estimated useful lives or terms of leases as follows:

Buildings, leasehold interests and improvements	Lease term to 45 years
Machinery, equipment and other	3 to 15 years

Summary of fair value of the foreign currency forward contracts designated as hedging instruments

The following table shows the fair value of the foreign currency forward contracts designated as hedging instruments and included in the Company’s consolidated balance sheet as of March 31, 2014 and 2013 (in thousands):

	Fair Value of Derivative Instruments
	Balance Sheet	Fair Value as of March 31,
	Location	2014		2013
Foreign currency forward contracts	Other current liabilities	$	—	$	17

Computation of basic and diluted net income per common share

The following table sets forth the computation of basic net income per common share and diluted net income per common share for the years ended March 31, 2014, 2013 and 2012.

	For the Years Ended March 31,
	2014		2013			2012
	(in thousands, except per share amounts)
Numerator:
Income from continuing operations	$	18,564	$	15,588		$	16,229
Income (loss) from discontinued operations, net of tax	205		(361		)	(559		)
Net income	$	18,769	$	15,227		$	15,670
Denominator:
Weighted average shares outstanding for basic income per common share	9,389		9,562			9,728
Effect of dilutive stock options	47		6			4
Adjusted weighted average shares outstanding for diluted income per common share	9,436		9,568			9,732
Basic:
Continuing operations	$	1.98	$	1.63		$	1.67
Discontinued operations	$	0.02	$	(0.04	)	$	(0.06	)
Total	$	2.00	$	1.59		$	1.61
Diluted:
Continuing operations	$	1.97	$	1.63		$	1.67
Discontinued operations	$	0.02	$	(0.04	)	$	(0.06	)
Total	$	1.99	$	1.59		$	1.61

Supplemental schedule of cash flow information

Supplemental Schedule of Cash Flow Information

	For the Years Ended March 31,
	2014		2013		2012
	(in thousands)
Cash paid during the year for:
Interest	$	289	$	245	$	383
Income taxes	$	9,112	$	9,770	$	2,665