Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

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Stock-Based Compensation
 6 Months Ended
Sep. 30, 2011
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 7. Stock-Based Compensation

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 and six months ended September 30, 2011 and 2010:

 

     Three months ended
September 30,		      Six months ended
September 30,		  
(in thousands)    2011      2010      2011      2010  

Stock-based compensation expense

    $ 332      $ 312      $ 667      $ 580  

Income tax expense

      131        —           261        —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total stock-based compensation expense after taxes

    $ 201      $ 312      $ 406      $ 580  
  

 

 

     

 

 

     

 

 

     

 

 

  

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 awards are 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.