Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

 v2.3.0.11
Stock-Based Compensation
 3 Months Ended
Jun. 30, 2011
Stock-Based Compensation  
Stock-Based Compensation

Note 7. Stock-Based Compensation

Stock-Based Compensation Expense

The following table is a summary of total stock-based compensation resulting from stock options, restricted stock, and restricted stock units ("RSUs") during the three months ended June 30, 2011 and 2010:

 

     Three months ended June 30,  
(in thousands)    2011      2010  

Stock-based compensation expense

    $ 335      $ 268  

Income tax benefit

      130        —     
                 

Total stock-based compensation expense after taxes

    $ 205      $ 268  
                 

In April 2010, executives were granted 620,000 RSUs with time-based vesting conditions, which converted into shares of Class A Common Stock during the first quarter of fiscal year 2012. Of these units, 25% vested on April 1, 2011 and the remaining shares vest 25% annually each April 1 thereafter. In addition, executives received 620,000 performance-based RSUs which converted to shares of restricted Class A Common Stock at the maximum rate of 140% during the first quarter of fiscal year 2012. The conversion rate was based upon fiscal year 2011 achievement against a return on assets ("ROA") metric. On May 18, 2011, the first 25% of the performance awards vested and the remaining amount is scheduled to vest 25% annually on each subsequent April 1.

In April 2011, the Company's Chief Executive Officer was awarded 300,000 RSUs and the Company's Chief Financial Officer was awarded 100,000 RSUs. These awards convert into shares of Class A Common Stock on a one-for-one basis upon vesting and vest in equal annual installments over four years.