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Treasury Stock Transactions
12 Months Ended
Mar. 31, 2013
Treasury Stock Transactions [Abstract]  
TREASURY STOCK TRANSACTIONS

(6) TREASURY STOCK TRANSACTIONS

On December 11, 2012, the Company purchased, under the Company’s stock repurchase program, an aggregate 80,000 shares of its common stock from a trust established by a director of the Company. The terms of the purchase were negotiated on behalf of the Company by a Special Committee of the Board of Directors consisting of four independent, disinterested directors. The price of $20.00 per share was less than the fair market value of a share of the Company’s common stock on the date of the transaction. The Special Committee unanimously authorized the purchase. The total amount of this transaction was $1,600,000.

Under a stock repurchase program authorized by the Company’s Board of Directors, the Company repurchased 251,180 shares (inclusive of the 80,000 shares described above) of the Company’s common stock for $4,864,000 (inclusive of the $1,600,000 described above) in fiscal 2013. The Company repurchased 88,210 shares of the Company’s common stock for $1,648,000 in fiscal 2012. There were no repurchases of the Company’s common stock by the Company during fiscal 2011. As of March 31, 2013, the Company had 473,610 shares remaining available for repurchase under the Board’s authorization.