Deferred Compensation Agreements

12 Months Ended

Mar. 31, 2012

Deferred Compensation Agreements [Abstract]

(11)

DEFERRED COMPENSATION AGREEMENTS

In the past, the Company has entered into deferred compensation agreements with certain officers and employees under its 1999 Executive Deferred Compensation Plan, whereby participants could elect to defer a portion of their annual income and also receive an annual Company contribution credit based on a percentage (8% for 2010 and 2009) of such participant's base compensation. In August 2010, the Company terminated the Executive Deferred Compensation Plan with an effective date of April 1, 2010. As a result, the Company made payments of $753 in January 2011 and payments of $86 in November 2011 to certain employees.

The balance of the Executive Deferred Compensation Plan was distributed in fiscal 2012 and therefore there is no remaining liability at March 31, 2012. At March 31, 2011, $83 was classified as short-term liability. Interest on the deferred amounts, which is included in the balances due, was accrued at 5.25% in 2012, 2011 and 2010. The expense recognized under the Executive Deferred Compensation Plan in 2012, 2011 and 2010 was $3, $15 and $183, respectively.

- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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