Stock-Based Compensation

3 Months Ended

Jun. 30, 2016

The Company recorded stock-based compensation expense related to stock-based awards granted under its various employee and non-employee stock incentive plans of $437 and $1,104 for the three months ended June 30, 2016 and 2015, respectively, of which $45 and $291, respectively were with respect to stock-based awards payable in cash.

The Company’s shareholders approved amendments to the 2007 Incentive Plan (the “2007 Plan”) at its annual meetings of shareholders held 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 three months ended June 30, 2016 and 2015, respectively, the Company made the following stock-based compensation awards:

9. STOCK-BASED COMPENSATION (continued)



	Three Months Ended June 30,
(in thousands, except grant date fair value)	2016		2015
Restricted Stock
Number Granted	6		6
Grant Date Fair Value	$	15.40	$	23.91

Restricted stock consists of shares issued to non-employee directors of the Company which are not subject to a minimum vesting period.