Stock-Based Compensation

3 Months Ended

Jun. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 4: Stock-Based Compensation

Modine recognized stock-based compensation cost of $843 and $1,570 for the three months ended June 30, 2011 and 2010, respectively.  The stock-based compensation awards for fiscal 2012 were granted during the second quarter.

The following tables present, by type, the fair market value of stock-based compensation awards granted during the three months ended June 30, 2010:

Type of award	Number Granted		Fair Value Per Award
Common stock options		303.4	$	5.96
Unrestricted common stock		19.4	$	7.43
Restricted common stock - retention		97.2	$	9.26
Restricted common stock - vesting based upon cumulative growth of adjusted EBITDA		175.0	$	9.26
Restricted common stock - vesting based upon ROACE		116.6	$	9.26

The accompanying table sets forth the assumptions used in determining the fair value for the options granted during the three months ended June 30, 2010:

Expected life of awards in years	6.3
Risk-free interest rate	2.36%
Expected volatility of the Company's stock	77.99%
Expected dividend yield on the Company's stock	0.00%
Expected forfeiture rate	2.50%

As of June 30, 2011, the total remaining unrecognized compensation cost related to the non-vested stock-based compensation awards, which will be amortized over the weighted average remaining service periods, is as follows:

Type of award	Unrecognized Compenstion Costs		Weighted Average Remaining Service Period in Years
Common stock options	$	1,027		1.5
Restricted common stock - retention		896		2.3
Restricted common stock - performance		1,730		1.8
Total	$	3,653		1.9