XML 33 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
TREASURY STOCK
9 Months Ended
Dec. 31, 2015
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
On April 22, 2014, the Company's board of directors approved a stock repurchase program. This program authorized management to make additional repurchases of NetScout outstanding common stock of up to $100 million. Through December 31, 2015, the Company had repurchased 824,452 shares totaling $34.3 million in the open market under this stock repurchase plan. The Company repurchased 67,752 shares for $2.8 million under this program during the nine months ended December 31, 2015. At December 31, 2015, there were no shares of common stock that remained available to be purchased under this plan due to the approval of a new share repurchase program approved on May 19, 2015.
On May 19, 2015, the Company’s board of directors approved a new share repurchase program, conditional upon the completion of the Company's acquisition of the Communications Business. This program enables the Company to repurchase up to 20 million shares of its common stock. This plan became effective on July 14, 2015 upon the completion of the Transaction and replaced the Company's previously existing open market stock repurchase program described above. For additional information regarding the acquisition of the Communications Business, see Note 7 above. Through December 31, 2015, the Company has repurchased 5,196,596 shares totaling $201.0 million in the open market under this stock repurchase plan. At December 31, 2015, 14,803,404 shares of common stock remained available to be purchased under the plan.
In connection with the vesting and release of the restriction on previously vested shares of restricted stock units, the Company withheld 235,816 shares at a cost of $8.6 million related to minimum statutory tax withholding requirements on these restricted stock units during the nine months ended December 31, 2015. These withholding 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.