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TREASURY STOCK
12 Months Ended
Mar. 31, 2016
Equity [Abstract]  
TREASURY STOCK
TREASURY STOCK
Under an open market stock repurchase program, subject to market conditions and other factors, the Company had the option to purchase up to four million shares of the Company's outstanding common stock. The Company repurchased 243,300 shares for $9.4 million and 1,000,407 shares for $28.8 million under the program during the fiscal years ended March 31, 2015 and 2014, respectively. As of March 31, 2015, the Company had repurchased all authorized shares under this stock repurchase program.
On April 22, 2014, the Company's board of directors approved an additional stock repurchase program. This program authorizes management to make additional repurchases of NetScout outstanding common stock of up to $100 million. Through March 31, 2016, the Company has repurchased 824,452 shares totaling $34.3 million in the open market under this stock repurchase plan. At March 31, 2016, there were no shares of common stock that remained available to be purchased under this plan due to the approval of a new, replacement share repurchase program on May 19, 2015. The Company repurchased 67,752 shares for $2.8 million and 756,700 shares for $31.5 million under the program during the fiscal years ended March 31, 2016 and 2015, respectively.
On May 19, 2015, the Company’s board of directors approved a new share repurchase program, conditional upon the completion of the Transaction. 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. The Company is not obligated to acquire any specific amount of common stock within any particular timeframe under this program. For additional information regarding the Transaction, see Note 7. Through March 31, 2016, the Company has repurchased 10,078,136 shares totaling $300.0 million in the open market under this stock repurchase plan. At March 31, 2016, 9,921,864 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, the Company repurchased 256,514 shares for $9.1 million, 247,568 shares for $10.8 million and 216,198 shares for $5.5 million related to minimum statutory tax withholding requirements on these restricted stock units during the fiscal years ended March 31, 2016, 2015 and 2014, respectively. 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.