|
Stock-Based Compensation Expense (Tables)
|
12 Months Ended |
|
Mar. 31, 2015
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of shares outstanding |
A summary of stock option activity under our Stock Plans for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
Number of Shares |
|
Weighted Average Exercise Price |
Balance at March 31, 2012 |
|
2,179,625 |
|
|
$ |
5.74 |
|
|
Granted |
|
56,532 |
|
|
21.52 |
|
|
Exercised |
|
(1,086,486 |
) |
|
5.31 |
|
|
Forfeited |
|
(16,891 |
) |
|
7.98 |
|
Balance at March 31, 2013 |
|
1,132,780 |
|
|
$ |
6.98 |
|
|
Exercised |
|
(566,487 |
) |
|
5.90 |
|
|
Forfeited |
|
(7,827 |
) |
|
15.73 |
|
Balance at March 31, 2014 |
|
558,466 |
|
|
$ |
7.96 |
|
|
Exercised |
|
(88,050 |
) |
|
6.87 |
|
|
Forfeited |
|
(5,374 |
) |
|
12.04 |
|
Balance at March 31, 2015 |
|
465,042 |
|
|
$ |
8.12 |
|
|
| Schedule of nonvested share activity |
For fiscal 2015, fiscal 2014 and fiscal 2013 the intrinsic value of stock option exercises was $1,654, $10,285, and $18,387, respectively. For the fiscal years ended March 31, 2015 and 2013, the Company recognized an excess tax deduction for options exercised of $1,592 and $4,131, respectively, and was recorded in Additional paid in capital. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested Options |
|
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
Balance at March 31, 2012 |
|
117,600 |
|
|
$ |
5.99 |
|
|
Granted |
|
56,532 |
|
|
12.26 |
|
|
Vested |
|
(23,520 |
) |
|
5.99 |
|
|
Forfeited |
|
(4,386 |
) |
|
8.32 |
|
Balance at March 31, 2013 |
|
146,226 |
|
|
$ |
8.34 |
|
|
Vested |
|
(33,001 |
) |
|
6.92 |
|
|
Forfeited |
|
(7,827 |
) |
|
8.32 |
|
Balance at March 31, 2014 |
|
105,398 |
|
|
$ |
8.33 |
|
|
Vested |
|
(26,575 |
) |
|
6.94 |
|
|
Forfeited |
|
(5,374 |
) |
|
6.14 |
|
Balance at March 31, 2015 |
|
73,449 |
|
|
$ |
7.19 |
|
|
| Schedule of shares oustanding, vested and exercisable |
The following table summarizes information about stock options outstanding as of March 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Vested and Exercisable |
Exercise Price |
|
Number Outstanding |
|
Weighted Average Contractual Life (Years) |
|
Weighted Average Exercise Price |
|
Aggregate Intrinsic Value at March 31, 2015 |
|
Number Vested and Exercisable |
|
Weighted Average Contractual Life (Years) |
|
Weighted Average Exercise Price |
|
Aggregate Intrinsic Value at March 31, 2015 |
$5.20 |
|
326,415 |
|
|
5.55 |
|
$ |
5.20 |
|
|
$ |
6,159,451 |
|
|
326,415 |
|
|
5.55 |
|
$ |
5.20 |
|
|
$ |
6,159,451 |
|
$9.82 |
|
14,439 |
|
|
5.91 |
|
9.82 |
|
|
205,756 |
|
|
14,439 |
|
|
5.91 |
|
9.82 |
|
|
205,756 |
|
$12.00 |
|
77,224 |
|
|
6.12 |
|
12.00 |
|
|
932,094 |
|
|
34,524 |
|
|
6.12 |
|
12.00 |
|
|
416,705 |
|
$21.52 |
|
46,964 |
|
|
7.34 |
|
21.52 |
|
|
119,758 |
|
|
16,215 |
|
|
7.34 |
|
21.52 |
|
|
41,348 |
|
$5.20-$21.52 |
|
465,042 |
|
|
5.82 |
|
$ |
8.12 |
|
|
$ |
7,417,059 |
|
|
391,593 |
|
|
5.68 |
|
$ |
6.65 |
|
|
$ |
6,823,260 |
|
|
| Schedule of valuation assumptions used |
No options were granted in fiscal 2015 or 2014.
|
|
|
|
|
|
|
|
|
Year Ended March 31, 2013 |
|
Expected life |
|
6.50 |
|
|
Expected volatility |
|
59.9 |
% |
|
Risk free interest rate |
|
0.98 |
% |
|
Dividend expense yield |
|
— |
|
|
| Schedule restricted stock activity |
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
Number of Shares |
|
Weighted Average Grant Fair Value |
Balance at March 31, 2012 |
|
— |
|
|
$ |
— |
|
|
Granted |
|
71,923 |
|
|
21.52 |
|
|
Forfeited |
|
(814 |
) |
|
21.52 |
|
Balance at March 31, 2013 |
|
71,109 |
|
|
$ |
21.52 |
|
|
Granted |
|
117,904 |
|
|
20.14 |
|
|
Released |
|
(18,786 |
) |
|
21.52 |
|
|
Forfeited |
|
(5,902 |
) |
|
21.52 |
|
Balance of unvested units at March 31, 2014 |
|
164,325 |
|
|
$ |
20.53 |
|
|
Granted |
|
96,462 |
|
|
24.44 |
|
|
Released |
|
(46,623 |
) |
|
20.67 |
|
|
Forfeited |
|
(15,342 |
) |
|
20.76 |
|
Balance of unvested units at March 31, 2015 |
|
198,822 |
|
|
$ |
22.38 |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Awards |
|
Number of Shares |
|
Weighted Average Grant Price |
Balance at March 31, 2012 |
|
16,136 |
|
|
$ |
12.42 |
|
|
Granted |
|
13,012 |
|
|
21.52 |
|
|
Released |
|
(8,068 |
) |
|
12.42 |
|
|
Forfeited |
|
— |
|
|
— |
|
Balance of unvested awards at March 31, 2013 |
|
21,080 |
|
|
$ |
18.09 |
|
|
Granted |
|
17,416 |
|
|
20.09 |
|
|
Released |
|
(20,980 |
) |
|
18.09 |
|
|
Forfeited |
|
— |
|
|
— |
|
Balance of unvested awards at March 31, 2014 |
|
17,516 |
|
|
$ |
20.09 |
|
|
Granted |
|
— |
|
|
— |
|
|
Released |
|
(17,516 |
) |
|
20.09 |
|
|
Forfeited |
|
— |
|
|
— |
|
Balance of unvested awards at March 31, 2015 |
|
— |
|
|
$ |
— |
|
|