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Share Based Awards (Tables)
 6 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
A summary of stock option transactions during the six months ended September 30, 2015 follows:
 
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
per Share
 
Weighted-
Average
Remaining
Contractual
Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, April 1, 2015
 
1,636,176

 
$
24.82

 
5.5
 

Granted
 
564,000

 
15.55

 
7.7
 


Exercised
 
(300
)
 
15.99

 
6.7
 
$
—

Forfeited/Canceled
 
(230,200
)
 
23.41

 
5.0
 


Outstanding, September 30, 2015
 
1,969,676

 
$
22.35

 
5.8
 
$
—

Vested and expected to vest, September 30, 2015
 
1,841,630

 
$
22.63

 
5.7
 
$
—

Exercisable, September 30, 2015
 
760,606

 
$
28.86

 
4.3
 
$
—
Schedule of Share Based Compensation Valuation Assumption
We utilize the Black-Scholes valuation model for estimating the fair value of share-based compensation with the following assumptions:
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Expected term
3.9 years
 
4.8 years
 
 3.8 - 3.9 years
 
 4.8 years
Expected volatility
38.9%
 
36.4%
 
38.3% - 38.9%
 
36.4% - 36.6%
Expected dividends
5.3%
 
4.4%
 
4.1% - 5.3%
 
4.3% - 4.4%
Risk-free rate
1.3%
 
1.7%
 
1.3% - 1.6%
 
1.7%
Summary of stock options granted
A summary of stock options granted under the 2005 and 2015 Plans during fiscal years 2016 and 2015 is as follows:
Option Grant Date
 
Number of Shares
 
Exercise Price
 
Vesting Terms (1)
 
Expires
August 17, 2015
 
150,000

 
$
12.80

 
Five years
 
August 17, 2023
May 22, 2015
 
414,000

 
$
16.64

 
Five years
 
May 22, 2023
Fiscal year 2016 option grants
 
564,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 11, 2015
 
10,000

 
$
15.84

 
Five years
 
March 11, 2023
September 2, 2014
 
20,000

 
$
15.63

 
Five years
 
September 2, 2022
June 3, 2014
 
439,650

 
$
15.99

 
Five years
 
June 3, 2022
Fiscal year 2015 option grants
469,650

 
 
 
 
 
 
__________________________________
(1) Options vest in equal annual installments on each grant anniversary date commencing one year following the date of grant with the exception of the August 17, 2015 grant which vests in five equal annual installments beginning on July 1, 2016.
Schedule of Performance Based Awards Under Incentive plan
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Expected term
3.9 years
 
4.8 years
 
3.9 years
 
4.8 years
Expected volatility
38.3%
 
36.4%
 
37.7% - 38.3%
 
36.4% - 36.5%
Expected dividends
5.5%
 
5.0%
 
4.1% - 5.5%
 
4.3% - 5.0%
Risk-free rate
1.1%
 
1.8%
 
1.1% - 1.6%
 
1.6% - 1.8%
Schedule of Employee Stock Options and Performance Based Awards by Nonvested Stock options
Non-vested stock option award activity, including employee stock options and performance-based awards, during the six months ended September 30, 2015 is summarized as follows:
 
 
Non-Vested
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
per Share
Outstanding, April 1, 2015
 
1,068,290

 
$
5.81

Granted
 
564,000

 
3.36

Vested
 
(273,400
)
 
6.35

Forfeited/Canceled
 
(149,820
)
 
5.51

Outstanding, September 30, 2015
 
1,209,070

 
$
4.48
Restricted stock units award activity
Restricted stock activity for the six months ended September 30, 2015 is summarized as follows:
 
 
Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
per Share
Outstanding, April 1, 2015
 
78,205

 
$
17.94

Granted
 
90,826

 
12.80

Vested
 
(50,426
)
 
19.98

Canceled
 
(1,500
)
 
17.95

Outstanding, September 30, 2015
 
117,105

 
$
13.86