STOCKHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2017

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Stock Split and Treasury Stock

On January 27, 2017, our Board of Directors (“Board”) approved a two-for-one stock split of our common stock in the form of a stock dividend paid on March 31, 2017 to shareholders of record as of close of business on February 16, 2017. All share and per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly issued shares was recorded with the offset to additional paid-in capital.

On March 31, 2017, we retired 6.2 million shares of treasury stock. The retired stock had a carrying value of $158.9 million, which was deducted from common stock, for the par value of the retired shares, and from retained earnings, for the excess of cost over the par value.

Share Repurchase Plan

On August 18, 2016, our Board authorized the Company to repurchase up to 500,000 shares of our outstanding common stock over a 12-month period beginning on August 19, 2016 through August 18, 2017. As a result of the two-for-one stock split, the number of shares was increased to 1,000,000. The plan authorized purchases to be made from time to time in the open market, or in privately negotiated transactions, subject to availability. Any repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. This new authorization replaced the company’s previous repurchase plan which expired on August 16, 2016.

During the year ended March 31, 2017, retroactively restated for the stock split, we purchased 656,962 shares of our outstanding common stock at an average cost of $40.81 per share for a total purchase price of $26.8 million under the share repurchase plan. We also purchased 59,472 shares of common stock at a value of $2.6 million to satisfy tax withholding obligations relating to the vesting of employees’ restricted stock.

During the year ended March 31, 2016, retroactively restated for the stock split, we repurchased 232,604 shares of our outstanding common stock at an average cost of $38.11 per share for a total purchase price of $8.9 million under the share repurchase plans. We also purchased 60,894 shares of common stock to satisfy tax withholding obligations to the vesting of employees’ restricted stock.