Subsequent Event

3 Months Ended

Jun. 30, 2011

Subsequent Event [Abstract]

Subsequent Event

NOTE 15. Subsequent Event

In July 2011, the Company adopted a Shareholder Rights Plan (the “Rights Plan”). The terms of the Rights Plan provide for the Company’s stockholders to receive one right (a “Right”) for each outstanding common share held. In general, the Rights will become exercisable if a person or group acquires additional shares that would take total holdings to 10% or more of the Company’s common stock or announces a tender offer or exchange offer for 10% or more of the Company’s common stock. The Rights Plan grandfathers in the existing interest of stockholders who currently own in excess of 10%, but would be triggered by any additional purchases.

When the Rights initially become exercisable, as described above, each holder of a Right will be allowed to purchase one one-thousandth of a share of a newly created series of the Company’s preferred shares at an exercise price of $14.00. However, if a person acquires 10% or more of the Company’s common stock in a transaction that was not approved by the Board of Directors, each Right would entitle the holder (other than such acquiring person) to purchase common stock in an amount equivalent to the exercise price at a 75% discount to the market price of the Company’s common stock at that time the Rights Plan is triggered.

The Rights will expire on July 18, 2014. The Company may redeem the rights for $0.01 each at any time until the tenth business day following public announcement that a person or group has acquired 10% or more of its outstanding common stock or one of the grandfathered common stockholders has purchased additional common stock.

The Rights Plan will terminate if it is not ratified by the Company’s stockholders within 12 months of its adoption. The Company intends to submit the Rights Plan for approval by its stockholders at its 2011 Annual Meeting of Stockholders.