|
Stock-Based Compensation Expense (Tables)
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12 Months Ended |
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Mar. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of shares outstanding |
A summary of stock option activity under our Stock Plans for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows:
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Options Outstanding |
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Number of Shares |
|
Weighted Average Exercise Price |
Balance at March 31, 2011 |
|
2,757,524 |
|
|
$ |
5.38 |
|
|
Granted |
|
117,600 |
|
|
12.00 |
|
|
Exercised |
|
(683,443 |
) |
|
5.38 |
|
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Forfeited |
|
(12,056 |
) |
|
6.46 |
|
Balance at March 31, 2012 |
|
2,179,625 |
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|
$ |
5.74 |
|
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Granted |
|
56,532 |
|
|
21.52 |
|
|
Exercised |
|
(1,086,486 |
) |
|
5.31 |
|
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Forfeited |
|
(16,891 |
) |
|
7.98 |
|
Balance at March 31, 2013 |
|
1,132,780 |
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|
$ |
6.98 |
|
|
Exercised |
|
(566,487 |
) |
|
5.90 |
|
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Forfeited |
|
(7,827 |
) |
|
15.73 |
|
Balance at March 31, 2014 |
|
558,466 |
|
|
$ |
7.96 |
|
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| Schedule of nonvested share activity |
For fiscal 2014, fiscal 2013 and fiscal 2012 the intrinsic value of stock option exercises was $10,285, $18,387, and $8,860, respectively. For the year ended March 31, 2014, the Company had a tax loss in the United States and therefore did not recognize an excess tax deduction from options exercised of $1,452. For the years ended March 31, 2013 and 2012, this benefit was $4,131 and $2,181, respectively and was recorded in Additional paid in capital.
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Unvested Options |
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Number of Shares |
|
Weighted Average Grant Date Fair Value |
Balance at March 31, 2011 |
|
2,757,524 |
|
|
$ |
2.97 |
|
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Granted |
|
117,600 |
|
|
5.99 |
|
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Vested |
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(2,757,524 |
) |
|
2.97 |
|
Balance at March 31, 2012 |
|
117,600 |
|
|
$ |
5.99 |
|
|
Granted |
|
56,532 |
|
|
12.26 |
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Vested |
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(23,520 |
) |
|
5.99 |
|
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Forfeited |
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(4,386 |
) |
|
8.32 |
|
Balance at March 31, 2013 |
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146,226 |
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$ |
8.34 |
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Vested |
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(33,001 |
) |
|
6.92 |
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Forfeited |
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(7,827 |
) |
|
8.32 |
|
Balance at March 31, 2014 |
|
105,398 |
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|
$ |
8.33 |
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| Schedule of shares oustanding, vested and exercisable |
The following table summarizes information about stock options outstanding as of March 31, 2014:
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Options Outstanding |
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Options Vested and Exercisable |
Exercise Price |
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Number Outstanding |
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Weighted Average Contractual Life (Years) |
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Weighted Average Exercise Price |
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Aggregate Intrinsic Value at March 31, 2014 |
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Number Vested and Exercisable |
|
Weighted Average Contractual Life (Years) |
|
Weighted Average Exercise Price |
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Aggregate Intrinsic Value at March 31, 2014 |
$5.20 |
|
393,327 |
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|
6.55 |
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$ |
5.20 |
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$ |
7,072,019 |
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|
393,327 |
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|
6.55 |
|
$ |
5.20 |
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$ |
7,072,019 |
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$9.82 |
|
26,821 |
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|
6.91 |
|
9.82 |
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|
358,329 |
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|
26,821 |
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|
6.91 |
|
9.82 |
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|
358,329 |
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$12.00 |
|
88,104 |
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|
7.12 |
|
12.00 |
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|
985,003 |
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|
24,054 |
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|
7.12 |
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12.00 |
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|
268,924 |
|
$21.52 |
|
50,214 |
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|
8.34 |
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21.52 |
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83,355 |
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|
8,866 |
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|
8.34 |
|
21.52 |
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|
14,718 |
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$5.20-$21.52 |
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558,466 |
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|
6.81 |
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$ |
7.96 |
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$ |
8,498,706 |
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|
453,068 |
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|
6.64 |
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$ |
6.15 |
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$ |
7,713,990 |
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| Schedule of valuation assumptions used |
No options were granted in fiscal 2014.
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Year Ended March 31, 2013 |
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Year Ended March 31, 2012 |
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Expected life |
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6.50 |
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|
6.66 |
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Expected volatility |
|
59.9 |
% |
|
45.0 |
% |
|
Risk free interest rate |
|
0.98 |
% |
|
3.25 |
% |
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Dividend expense yield |
|
— |
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— |
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| Schedule restricted stock activity |
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Restricted Stock Awards |
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Number of Shares |
|
Weighted Average Grant Price |
Balance at March 31, 2011 |
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— |
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|
$ |
— |
|
|
Granted |
|
16,136 |
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|
12.42 |
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Released |
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— |
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|
— |
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Forfeited |
|
— |
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|
— |
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Balance of unvested awards at March 31, 2012 |
|
16,136 |
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$ |
12.42 |
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Granted |
|
13,012 |
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|
21.52 |
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Released |
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(8,068 |
) |
|
12.42 |
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Forfeited |
|
— |
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|
— |
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Balance of unvested awards at March 31, 2013 |
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21,080 |
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$ |
18.09 |
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Granted |
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17,416 |
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|
20.09 |
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Released |
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(20,980 |
) |
|
18.09 |
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Forfeited |
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— |
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— |
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Balance of unvested awards at March 31, 2014 |
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17,516 |
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$ |
20.09 |
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Restricted Stock Units |
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Number of Shares |
|
Weighted Average Grant Fair Value |
Balance at March 31, 2012 |
|
— |
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|
$ |
— |
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Granted |
|
71,923 |
|
|
21.52 |
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Released |
|
— |
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|
— |
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Forfeited |
|
(814 |
) |
|
21.52 |
|
Balance of unvested units at March 31, 2013 |
|
71,109 |
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$ |
21.52 |
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Granted |
|
117,904 |
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|
20.14 |
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Released |
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(18,786 |
) |
|
21.52 |
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Forfeited |
|
(5,902 |
) |
|
21.52 |
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Balance of unvested units at March 31, 2014 |
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164,325 |
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$ |
20.53 |
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