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TREASURY STOCK
12 Months Ended
Mar. 31, 2013
TREASURY STOCK

NOTE 13 – TREASURY STOCK

On September 17, 2001, the Company announced an open market stock repurchase program to purchase up to one million shares of outstanding Company common stock, subject to market conditions and other factors. Any purchases under the Company’s stock repurchase program may be made from time to time without prior notice. On July 26, 2006, the Company announced that it had expanded the existing open market stock repurchase program to enable the Company to purchase up to an additional three million shares of the Company’s outstanding common stock, bringing the total number of shares authorized for repurchase to four million shares. Through March 31, 2013, the Company had repurchased a total of 2,756,293 shares of common stock through the open market stock repurchase program. The Company repurchased 999,499 shares for $23.5 million and 1,270,000 shares for $16.2 million under the program during the fiscal years ended March 31, 2013 and 2012. The Company did not repurchase any shares under the program during the fiscal year ended March 31, 2011.

In connection with the vesting and release of the restriction on previously vested shares of restricted stock, the Company repurchased 169,531 shares for $3.9 million, 216,882 shares for $4.4 million and 164,074 shares for $3.7 million related to minimum statutory tax withholding requirements on these restricted stock units during the fiscal years ended March 31, 2013, 2012 and 2011. These repurchase transactions do not fall under the repurchase program described above, and therefore do not reduce the amount that is available for repurchase under that program.