Stockholders' Equity

12 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

The Company is authorized to issue 250.0 million shares of common stock, $0.01 par value per share, and 5.0 million shares of preferred stock, $0.01 par value per share.  The Board of Directors may direct the issuance of the undesignated preferred stock in one or more series and determine preferences, privileges and restrictions thereof.

Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders.  The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends.  No dividends have been declared or paid on the Company's common stock through March 31, 2018.

Pursuant to the provisions of various employee restricted stock awards, we repurchased 20,549 shares and 25,768 shares of restricted common stock from our employees during the years ended March 31, 2018 and 2017, respectively. The repurchases during the years ended March 31, 2018 and 2017 were at an average price of $52.33 and $55.51, respectively. All of the repurchased shares have been recorded as treasury stock.