Stock-Based Compensation

6 Months Ended

Sep. 30, 2013

Share-based Compensation [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company recorded stock-based compensation expense related to stock-based awards granted under its various employee and non-employee stock incentive plans of $1,007 and $672 for the three months ended September 30, 2013 and 2012, respectively and $1,712 and $3,297 for the six months ended September 30, 2013 and 2012, respectively.

9. STOCK-BASED COMPENSATION (continued)

          The Company’s shareholders approved amendments to the 2007 Incentive Plan (the “2007 Plan”) at its Annual Meeting of Shareholders on August 11, 2011 and August 6, 2009. The 2007 Plan is an omnibus plan that provides the flexibility to grant a variety of equity awards including stock options, stock appreciation rights, stock awards, stock units, performance awards and incentive awards to officers, directors and employees of the Company.

          During the six months ended September 30, 2012, 3,350 stock-based compensation awards for stock options were granted. No stock options were granted during the three months and six months ended September 30, 2013.

          Assumptions used to determine the fair value of options issued during the six months ended September 30, 2012 include the following:

	Six Months Ended September 30, 2012
Grant Price	$	3.50
Exercise Price	$	6.00
Expected Term in Years	6 to 6.5 years
Expected Volatility	60.4% to 61.0%
Weighted Average Volatility	60.9		%
Annual Dividend Rate	0.00		%
Risk Free Rate	2.00		%
Weighted Average Fair Value	$	1.64

          During the three months and six months ended September 30, 2013 and 2012, respectively, the Company made the following stock-based compensation awards:

	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands, except grant date fair value)	2013		2012		2013		2012
Restricted Stock
Number Granted	198		167		198		167
Grant Date Fair Value	$	3.80	$	2.89	$	3.80	$	2.89
Restricted Stock Units
Number Granted	—		—		643		—
Grant Date Fair Value	$	—	$	—	$	3.85	$	—
PerformanceBased Stock Units
Number Granted	—		—		643		—
Grant Date Fair Value	$	—	$	—	$	3.85	$	—

          Under the terms of the Performance Based Stock Units, shares ultimately issued will be contingent upon specified business performance goals.