Common And Preferred Stock

12 Months Ended

Mar. 31, 2020

Class of Stock Disclosures [Abstract]

Common And Preferred Stock

COMMON AND PREFERRED STOCK

Common Stock

At March 31, 2020, the Company’s shareholders had authorized 100,000,000 shares of its common stock, and 24,421,835 shares were issued and outstanding. Holders of the common stock are entitled to one vote for each share held on all matters requiring a vote. Holders of the common stock are also entitled to receive dividends when, as, and if declared by the Company’s Board of Directors. The Board of Directors customarily declares and pays regular quarterly dividends on the outstanding common shares; however, such dividends are at the Board’s full discretion, and there is no obligation to continue them.

Preferred Stock

The Company is also authorized to issue up to 5,000,000 shares of preferred stock. No preferred stock was outstanding at March 31, 2020.

Share Repurchase Programs

Universal’s Board of Directors has authorized programs to repurchase outstanding shares of the Company’s capital stock (common and preferred stock). Under these programs, the Company has made and may continue to make share repurchases from time to time in the open market or in privately negotiated transactions at prices not exceeding prevailing market rates. Programs have been in place continuously throughout fiscal years 2018 through 2020. The current program, which replaced an expiring program, was authorized and became effective on November 7, 2017 and further extended on May 29, 2019. It authorizes the purchase of up to $100 million of the Company's outstanding common stock and expires on the earlier of November 15, 2020, or when the funds authorized for the program have been exhausted. At March 31, 2020, $56 million of the authorization remained available for share repurchases under the current program.

Repurchases of common stock under the programs for fiscal years 2020, 2019, and 2018 were as follows:

	Fiscal Year Ended March 31,
	2020		2019		2018
Number of shares repurchased	656,820		30,777		403,624
Cost of shares repurchased (in thousands of dollars)	$	33,457	$	1,443	$	21,610
Weighted-average cost per share	$	50.94	$	46.87	$	53.54