XML 35 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
TREASURY STOCK
9 Months Ended
Dec. 31, 2016
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 repurchases of NetScout outstanding common stock of up to $100 million. The Company repurchased 67,752 shares for $2.8 million under this program during the nine months ended December 31, 2015. Through July 14, 2015, the Company had 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 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 Comms 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 Comms 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. Through December 31, 2016, the Company has repurchased 13,205,532 shares totaling $379.3 million in the open market under this stock repurchase plan. At December 31, 2016, 6,794,468 shares of common stock remained available to be purchased under the plan. The Company repurchased 3,127,396 shares for $79.3 million under the program during the nine months ended December 31, 2016.
In connection with the delivery of common shares upon vesting of restricted stock units, the Company withheld 298,908 shares at a cost of $8.8 million related to minimum statutory tax withholding requirements on these restricted stock units during the nine months ended December 31, 2016. 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.