South Carolina
|
57-0425114
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification
|
|
incorporation
or organization)
|
Number)
|
108
Frederick Street
|
Greenville, South Carolina
29607
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(864) 298-9800
|
(registrant's
telephone number, including area
code)
|
Large
Accelerated Filer ¨
|
Accelerated
Filer x
|
|
Non-accelerated
filer ¨
(Do not check if a smaller reporting company)
|
Smaller
reporting company ¨
|
Page
|
||||
PART
I - FINANCIAL INFORMATION
|
||||
Item
1.
|
Consolidated
Financial Statements (unaudited):
|
|||
Consolidated
Balance Sheets as of September 30, 2009, March 31, 2009 and September 30,
2008
|
3
|
|||
Consolidated
Statements of Operations for the three and six months ended September 30,
2009 and 2008
|
4
|
|||
Consolidated
Statements of Shareholders' Equity and Comprehensive Income (loss) for the
year ended March 31, 2009 and the six months ended September 30,
2009
|
5
|
|||
Consolidated
Statements of Cash Flows for the six months ended September 30, 2009 and
2008
|
6
|
|||
Notes
to Consolidated Financial Statements
|
7
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
21
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
26
|
||
Item
4.
|
Controls
and Procedures
|
26
|
||
PART
II - OTHER INFORMATION
|
||||
Item
1.
|
Legal
Proceedings
|
27
|
||
Item
1A.
|
Risk
Factors
|
27
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
27
|
||
Item
4.
|
Submission
of Matters of a Vote of Security Holders
|
27
|
||
Item
6.
|
Exhibits
|
28
|
||
Signatures
|
30
|
September
30,
|
March
31,
|
September
30,
|
||||||||||
2009
|
2009
|
2008
|
||||||||||
As
adjusted (Note 2)
|
||||||||||||
ASSETS
|
||||||||||||
Cash
and cash equivalents
|
$ | 7,287,502 | 6,260,410 | 8,070,083 | ||||||||
Gross
loans receivable
|
754,853,611 | 671,175,985 | 667,178,690 | |||||||||
Less:
|
||||||||||||
Unearned
interest and fees
|
(198,898,768 | ) | (172,743,440 | ) | (175,250,949 | ) | ||||||
Allowance
for loan losses
|
(43,682,344 | ) | (38,020,770 | ) | (38,120,647 | ) | ||||||
Loans
receivable, net
|
512,272,499 | 460,411,775 | 453,807,094 | |||||||||
Property
and equipment, net
|
23,120,785 | 23,060,360 | 22,969,529 | |||||||||
Deferred
income taxes
|
12,975,338 | 12,250,834 | 12,629,849 | |||||||||
Other
assets, net
|
10,249,313 | 9,541,757 | 9,285,885 | |||||||||
Goodwill
|
5,580,946 | 5,580,946 | 5,384,021 | |||||||||
Intangible
assets, net
|
8,045,652 | 8,987,551 | 9,927,166 | |||||||||
Total
assets
|
$ | 579,532,035 | 526,093,633 | 522,073,627 | ||||||||
LIABILITIES
& SHAREHOLDERS' EQUITY
|
||||||||||||
Liabilities:
|
||||||||||||
Senior
notes payable
|
145,400,000 | 113,310,000 | 146,700,000 | |||||||||
Convertible
senior subordinated notes payable
|
85,000,000 | 95,000,000 | 110,000,000 | |||||||||
Debt
discount
|
(8,135,041 | ) | (11,268,462 | ) | (15,464,789 | ) | ||||||
Income
taxes payable
|
4,761,236 | 11,412,722 | 367,598 | |||||||||
Accounts
payable and accrued expenses
|
23,679,446 | 21,304,466 | 16,406,308 | |||||||||
Total
liabilities
|
250,705,641 | 229,758,726 | 258,009,117 | |||||||||
Shareholders'
equity:
|
||||||||||||
Preferred
stock, no par value
|
||||||||||||
Authorized
5,000,000 shares, no shares issued or outstanding
|
- | - | - | |||||||||
Common
stock, no par value
|
||||||||||||
Authorized
95,000,000 shares; issued and Outstanding 16,244,062 and 16,211,659 shares
at September 30, 2009 and March 31, 2009, respectively
|
- | - | - | |||||||||
Additional
paid-in capital
|
19,311,095 | 17,046,310 | 16,054,120 | |||||||||
Retained
earnings
|
312,765,165 | 283,518,260 | 248,411,201 | |||||||||
Accumulated
other comprehensive loss
|
(3,249,866 | ) | (4,229,663 | ) | (400,811 | ) | ||||||
Total
shareholders' equity
|
328,826,394 | 296,334,907 | 264,064,510 | |||||||||
Commitments
and contingencies
|
||||||||||||
$ | 579,532,035 | 526,093,633 | 522,073,627 |
Three
months ended
|
Six
months ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
As
adjusted
|
As
adjusted
|
|||||||||||||||
(Note
2)
|
(Note
2)
|
|||||||||||||||
Revenues:
|
||||||||||||||||
Interest
and fee income
|
$ | 91,540,199 | 80,053,547 | 176,607,997 | 156,403,033 | |||||||||||
Insurance
and other income
|
12,665,568 | 11,667,020 | 27,828,135 | 23,738,565 | ||||||||||||
Total
revenues
|
104,205,767 | 91,720,567 | 204,436,132 | 180,141,598 | ||||||||||||
Expenses:
|
||||||||||||||||
Provision
for loan losses
|
25,156,035 | 23,307,132 | 45,584,298 | 41,164,045 | ||||||||||||
General
and administrative expenses:
|
||||||||||||||||
Personnel
|
33,911,917 | 31,199,851 | 70,203,226 | 64,515,626 | ||||||||||||
Occupancy
and equipment
|
7,113,165 | 6,477,994 | 13,816,838 | 12,531,644 | ||||||||||||
Data
processing
|
494,415 | 580,950 | 1,028,011 | 1,170,397 | ||||||||||||
Advertising
|
2,448,594 | 2,531,623 | 4,821,094 | 5,241,588 | ||||||||||||
Amortization
of intangible assets
|
567,688 | 623,200 | 1,132,458 | 1,223,547 | ||||||||||||
Other
|
7,219,156 | 6,965,683 | 14,086,053 | 12,486,354 | ||||||||||||
51,754,935 | 48,379,301 | 105,087,680 | 97,169,156 | |||||||||||||
Interest
expense
|
3,617,034 | 3,891,920 | 6,727,181 | 7,500,483 | ||||||||||||
Total
expenses
|
80,528,004 | 75,578,353 | 157,399,159 | 145,833,684 | ||||||||||||
Income
before income taxes
|
23,677,763 | 16,142,214 | 47,036,973 | 34,307,914 | ||||||||||||
Income
taxes
|
9,065,930 | 6,196,833 | 17,790,068 | 13,019,334 | ||||||||||||
Net
income
|
$ | 14,611,833 | 9,945,381 | 29,246,905 | 21,288,580 | |||||||||||
Net
income per common share:
|
||||||||||||||||
Basic
|
$ | 0.90 | 0.61 | 1.80 | 1.31 | |||||||||||
Diluted
|
$ | 0.89 | 0.60 | 1.79 | 1.29 | |||||||||||
Weighted
average common shares outstanding:
|
||||||||||||||||
Basic
|
16,235,346 | 16,213,658 | 16,230,347 | 16,242,334 | ||||||||||||
Diluted
|
16,418,257 | 16,492,710 | 16,369,820 | 16,534,674 |
Accumulated
|
||||||||||||||||||||
Other
|
||||||||||||||||||||
Additional
|
Comprehensive
|
Total
|
Total
|
|||||||||||||||||
Paid-in
|
Retained
|
Income
|
Shareholders’
|
Comprehensive
|
||||||||||||||||
Capital
|
Earnings
|
(Loss)
|
Equity
|
Income
|
||||||||||||||||
Balances
at March 31, 2008
|
$ | 1,323,001 | 232,812,768 | 169,503 | 234,305,272 | |||||||||||||||
Cumulative
effect of change in accounting principle (Note 2)
|
14,961,722 | (4,466,014 | ) | - | 10,495,708 | |||||||||||||||
Proceeds
from exercise of stock options (142,683 shares), including tax benefits of
$1,320,974
|
2,975,335 | - | - | 2,975,335 | ||||||||||||||||
Common
stock repurchases (288,700 shares)
|
(6,527,680 | ) | (1,321,084 | ) | - | (7,848,764 | ) | |||||||||||||
Issuance
of restricted common stock under stock option plan (78,592
shares)
|
1,418,031 | - | - | 1,418,031 | ||||||||||||||||
Stock
option expense
|
3,232,229 | - | - | 3,232,229 | ||||||||||||||||
Repurchase
and cancellation of convertible notes
|
(336,328 | ) | - | - | (336,328 | ) | ||||||||||||||
Other
comprehensive loss
|
- | - | (4,399,166 | ) | (4,399,166 | ) | (4,399,166 | ) | ||||||||||||
Net
income
|
- | 56,492,590 | - | 56,492,590 | 56,492,590 | |||||||||||||||
Total
comprehensive income
|
- | - | - | - | 52,093,424 | |||||||||||||||
Balances
at March 31, 2009 (As Adjusted – Note 2)
|
17,046,310 | 283,518,260 | (4,229,663 | ) | 296,334,907 | |||||||||||||||
Proceeds
from exercise of stock options (15,700 shares), including tax benefits of
$107,369
|
247,666 | - | - | 247,666 | ||||||||||||||||
Issuance
of restricted common stock under stock option plan (16,703
shares)
|
956,268 | - | - | 956,268 | ||||||||||||||||
Stock
option expense
|
1,486,500 | - | - | 1,486,500 | ||||||||||||||||
Repurchase
and cancellation of convertible notes
|
(425,649 | ) | - | - | (425,649 | ) | ||||||||||||||
Other
comprehensive income
|
- | - | 979,797 | 979,797 | 979,797 | |||||||||||||||
Net
income
|
- | 29,246,905 | - | 29,246,905 | 29,246,905 | |||||||||||||||
Total
comprehensive income.
|
- | - | - | - | 30,226,702 | |||||||||||||||
Balances
at September 30, 2009
|
$ | 19,311,095 | 312,765,165 | (3,249,866 | ) | 328,826,394 |
Six
months ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
As
adjusted
|
||||||||
(Note
2)
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 29,246,905 | 21,288,580 | |||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Amortization
of intangible assets
|
1,132,458 | 1,223,547 | ||||||
Amortization
of loan costs and discounts
|
215,958 | 381,631 | ||||||
Provision
for loan losses
|
45,584,298 | 41,164,045 | ||||||
Gain
on the extinguishment of debt
|
(2,361,180 | ) | - | |||||
Amortization
of convertible note discount
|
1,984,432 | 2,356,836 | ||||||
Depreciation
|
2,738,254 | 2,198,658 | ||||||
Deferred
income tax benefit (expense)
|
(724,504 | ) | 2,869,226 | |||||
Compensation
related to stock option and restricted stock plans
|
2,442,768 | 2,668,042 | ||||||
Unrealized
gains on interest rate swap
|
(568,588 | ) | (749,925 | ) | ||||
Change
in accounts:
|
||||||||
Other
assets, net
|
(1,031,973 | ) | (13,828 | ) | ||||
Income
taxes payable
|
(6,616,041 | ) | (17,768,065 | ) | ||||
Accounts
payable and accrued expenses
|
2,896,712 | (1,709,680 | ) | |||||
Net
cash provided by operating activities
|
74,939,499 | 53,909,067 | ||||||
Cash
flows from investing activities:
|
||||||||
Increase
in loans receivable, net
|
(96,103,452 | ) | (75,558,979 | ) | ||||
Assets
acquired from office acquisitions, primarily loans
|
(628,363 | ) | (7,883,393 | ) | ||||
Increase
in intangible assets from acquisitions
|
(190,559 | ) | (1,184,732 | ) | ||||
Purchases
of property and equipment, net
|
(2,628,868 | ) | (6,478,677 | ) | ||||
Net
cash used in investing activities
|
(99,551,242 | ) | (91,105,781 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
of senior revolving notes payable, net
|
32,090,000 | 42,200,000 | ||||||
Repayment
of convertible senior subordinated notes payable
|
(6,750,000 | ) | - | |||||
Repurchases
of common stock
|
- | (6,159,203 | ) | |||||
Repayment
of other notes payable
|
- | (400,000 | ) | |||||
Proceeds
from exercise of stock options
|
140,297 | 1,327,435 | ||||||
Excess
tax benefit from exercise of stock options
|
107,369 | 708,990 | ||||||
Net
cash provided by financing activities
|
25,587,666 | 37,677,222 | ||||||
Increase
in cash and cash equivalents
|
975,923 | 480,508 | ||||||
Cash
and cash equivalents at beginning of period
|
6,260,410 | 7,589,575 | ||||||
Effect
of foreign currency fluctuation on cash
|
51,169 | - | ||||||
Cash
and cash equivalents at end of period
|
$ | 7,287,502 | 8,070,083 |
Three
Months Ended September 30,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact
of
|
Adoption
|
As
|
Impact
of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of
FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC
470-20
|
ASC
470-20
|
Reported
|
ASC
470-20
|
ASC
470-20
|
|||||||||||||||||||
(in
thousands, except per share data)
|
||||||||||||||||||||||||
Consolidated
Statements of Operations
|
||||||||||||||||||||||||
Interest
expense
|
$ | 2,749 | 1,143 | 3,892 | 2,932 | 1,085 | 4,017 | |||||||||||||||||
Income
before income taxes
|
17,285 | (1,143 | ) | 16,142 | 16,919 | (1,085 | ) | 15,834 | ||||||||||||||||
Income
taxes
|
6,622 | (425 | ) | 6,197 | 6,454 | (404 | ) | 6,050 | ||||||||||||||||
Net
income
|
10,663 | (718 | ) | 9,945 | 10,465 | (681 | ) | 9,784 | ||||||||||||||||
Earnings
per common share
|
||||||||||||||||||||||||
Basic
|
$ | 0.66 | (0.05 | ) | 0.61 | 0.61 | (0.04 | ) | 0.57 | |||||||||||||||
Diluted
|
0.65 | (0.05 | ) | 0.60 | 0.60 | (0.04 | ) | 0.56 |
Six
Months Ended September 30,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact
of
|
Adoption
|
As
|
Impact
of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of
FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC
470-20
|
ASC
470-20
|
Reported
|
ASC
470-20
|
ASC
470-20
|
|||||||||||||||||||
(in
thousands, except per share data)
|
||||||||||||||||||||||||
Consolidated
Statements of Operations
|
||||||||||||||||||||||||
Interest
expense
|
$ | 5,229 | 2,272 | 7,501 | 5,268 | 2,156 | 7,424 | |||||||||||||||||
Income
before income taxes
|
36,580 | (2,272 | ) | 34,308 | 34,565 | (2,157 | ) | 32,408 | ||||||||||||||||
Income
taxes
|
13,865 | (846 | ) | 13,019 | 13,249 | (803 | ) | 12,446 | ||||||||||||||||
Net
income
|
22,715 | (1,426 | ) | 21,289 | 21,316 | (1,354 | ) | 19,962 | ||||||||||||||||
Earnings
per common share
|
||||||||||||||||||||||||
Basic
|
$ | 1.40 | (0.09 | ) | 1.31 | 1.23 | (0.08 | ) | 1.15 | |||||||||||||||
Diluted
|
1.37 | (0.08 | ) | 1.29 | 1.20 | (0.07 | ) | 1.13 |
As
of March 31, 2009
|
As
of September 30, 2008
|
|||||||||||||||||||||||
Upon
|
Upon
|
|||||||||||||||||||||||
As
|
Impact
of
|
Adoption
|
As
|
Impact
of
|
Adoption
|
|||||||||||||||||||
Previously
|
FASB
|
of
FASB
|
Previously
|
FASB
|
FASB
|
|||||||||||||||||||
Reported
|
ASC
470-20
|
ASC
470-20
|
Reported
|
ASC
470-20
|
ASC
470-20
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
Consolidated
Balance Sheets
|
||||||||||||||||||||||||
Deferred
income taxes
|
$ | 16,983 | (4,732 | ) | 12,251 | 18,387 | (5,757 | ) | 12,630 | |||||||||||||||
Other
assets, net
|
9,970 | (428 | ) | 9,542 | 9,795 | (509 | ) | 9,286 | ||||||||||||||||
Total
assets
|
531,254 | (5,160 | ) | 526,094 | 528,341 | (6,267 | ) | 522,074 | ||||||||||||||||
Convertible
senior subordinated notes payable, net of discount
|
95,000 | (11,269 | ) | 83,731 | 110,000 | (15,465 | ) | 94,535 | ||||||||||||||||
Income
taxes payable
|
11,253 | 160 | 11,413 | 239 | 129 | 368 | ||||||||||||||||||
Total
liabilities
|
240,868 | (11,109 | ) | 229,759 | 273,346 | (15,337 | ) | 258,009 | ||||||||||||||||
Additional
paid-in capital
|
2,421 | 14,625 | 17,046 | 1,092 | 14,962 | 16,054 | ||||||||||||||||||
Retained
earnings
|
292,195 | (8,677 | ) | 283,518 | 254,304 | (5,893 | ) | 248,411 | ||||||||||||||||
Total
shareholders’ equity
|
290,386 | 5,949 | 296,335 | 254,995 | 9,070 | 264,065 | ||||||||||||||||||
Total
liabilities and shareholders’ equity
|
531,254 | (5,160 | ) | 526,094 | 528,341 | (6,267 | ) | 522,074 |
|
o
|
Level
1 – Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
|
|
o
|
Level
2 – Inputs other than quoted prices that are observable for assets and
liabilities, either directly or indirectly. These inputs include quoted
prices for similar assets or liabilities in active markets and quoted
prices for identical or similar assets or liabilities in market that are
less active.
|
|
o
|
Level
3 – Unobservable inputs for assets or liabilities reflecting the reporting
entity’s own assumptions.
|
Fair
Value Measurements Using
|
||||||||||||||||
Quoted
Prices
|
||||||||||||||||
In
Active
|
Significant
|
|||||||||||||||
Markets
for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
September
30,
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
Interest
rate swaps
|
||||||||||||||||
2009
|
$ | 1,875,077 | $ | - | $ | 1,875,077 | $ | - | ||||||||
2008
|
$ | 920,693 | $ | - | $ | 920,693 | $ | - |
September
30,
|
March
31,
|
September
30,
|
||||||||||
2009
|
2009
|
2008
|
||||||||||
Book
value:
|
||||||||||||
Senior
Note Payable
|
$ | 145,400 | 113,310 | 146,700 | ||||||||
Convertible
Notes, net of discount
|
76,865 | 83,732 | 94,535 | |||||||||
$ | 222,265 | 197,042 | 241,235 | |||||||||
Estimate
fair value:
|
||||||||||||
Senior
Note Payable
|
$ | 145,400 | 113,310 | 146,700 | ||||||||
Convertible
Notes
|
73,644 | 61,702 | 92,004 | |||||||||
$ | 219,044 | 175,012 | 238,704 |
Three
months
|
Six
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | (2,616,950 | ) | 630,931 | (4,229,663 | ) | 169,503 | |||||||||
Unrealized
income (loss) from foreign Exchange translation
adjustment
|
(632,916 | ) | (1,031,742 | ) | 979,797 | (570,314 | ) | |||||||||
Balance
at end of period
|
$ | (3,249,866 | ) | (400,811 | ) | (3,249,866 | ) | (400,811 | ) |
Three
months
|
Six
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | 40,786,537 | 35,288,061 | 38,020,770 | 33,526,147 | |||||||||||
Provision
for loan losses
|
25,156,035 | 23,307,132 | 45,584,298 | 41,164,045 | ||||||||||||
Loan
losses
|
(24,228,011 | ) | (22,115,145 | ) | (43,943,362 | ) | (40,288,288 | ) | ||||||||
Recoveries
|
2,009,248 | 1,627,137 | 3,958,386 | 3,375,249 | ||||||||||||
Translation
adjustment
|
(41,465 | ) | (73,599 | ) | 62,252 | (44,715 | ) | |||||||||
Allowance
on acquired loans
|
- | 87,061 | - | 388,209 | ||||||||||||
Balance
at end of period
|
$ | 43,682,344 | 38,120,647 | 43,682,344 | 38,120,647 |
Three
months ended September 30,
|
Six
months ended September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic:
|
||||||||||||||||
Weighted
average common shares outstanding
(denominator)
|
16,235,346 | 16,213,658 | 16,230,347 | 16,242,334 | ||||||||||||
Diluted:
|
||||||||||||||||
Weighted
average common shares outstanding
|
16,235,346 | 16,213,658 | 16,230,347 | 16,242,334 | ||||||||||||
Dilutive
potential common shares
|
182,911 | 279,052 | 139,473 | 292,340 | ||||||||||||
Weighted
average diluted shares outstanding
(denominator)
|
16,418,257 | 16,492,710 | 16,369,820 | 16,534,674 |
Weighted
|
Weighted
|
||||||||||||
Average
|
Average
|
||||||||||||
Exercise
|
Remaining
|
Aggregated
|
|||||||||||
Shares
|
Price
|
Contractual Term
|
Intrinsic
Value
|
||||||||||
Options
outstanding, beginning of year
|
1,390,900 | $ | 25.00 | ||||||||||
Granted
|
- | - | |||||||||||
Exercised
|
(15,700 | ) | 8.94 | ||||||||||
Forfeited
|
(1,150 | ) | 46.29 | ||||||||||
Options
outstanding, end of period
|
1,374,050 | $ | 25.16 |
6.74
|
$ |
6,062,990
|
|||||||
Options
exercisable, end of period
|
591,550 | $ | 23.20 |
5.09
|
$ |
3,490,508
|
2009
|
2008
|
|||||||
Three
months ended
|
$ | 235,131 | 529,773 | |||||
Six
months ended
|
$ | 288,897 | 2,234,833 |
Compounded
|
|||
Vesting
|
Annual
|
||
Percentage
|
EPS
Growth
|
||
100%
|
15%
or higher
|
||
67%
|
12%
- 14.99%
|
||
33%
|
10%
- 11.99%
|
||
0%
|
Below
10%
|
Compounded
|
|||
Vesting
|
Annual
|
||
Percentage
|
EPS
Growth
|
||
100%
|
15%
or higher
|
||
67%
|
12%
- 14.99%
|
||
33%
|
10%
- 11.99%
|
||
0%
|
Below
10%
|
Number of
Shares
|
Weighted Average Fair Value
at Grant Date
|
|||||||
Outstanding
at March 31, 2009
|
80,246 | $ | 22.94 | |||||
Granted
during the period
|
18,000 | 28.14 | ||||||
Vested
during the period
|
(24,000 | ) | 32.02 | |||||
Cancelled
during the period
|
(1,297 | ) | 19.75 | |||||
Outstanding
at September 30,
2009
|
72,949 | $ | 21.29 |
Three
months ended
|
Six
months ended
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Share-based
compensation related to equity classified units:
|
||||||||||||||||
Share-based
compensation related to stock options
|
$ | 744,159 | 942,060 | $ | 1,486,500 | 1,892,205 | ||||||||||
Share-based
compensation related to restricted stock units
|
221,393 | 278,662 | 981,888 | 789,986 | ||||||||||||
Total
share-based compensation related to equity classified
awards
|
$ | 965,552 | 1,220,722 | 2,468,388 | 2,682,191 |
2009
|
2008
|
|||||||
Number
of offices purchased
|
2 |