Shareholders' Equity

12 Months Ended

Mar. 31, 2017

Equity [Abstract]

Shareholders' Equity

NOTE 7 — SHAREHOLDERS’ EQUITY:

Common Shares:

Authorized common shares total are 75,000,000 with a par value $0.01 per share, of which, 27,065,852 were outstanding as of March 31, 2017 and 27,129,832 as of March 31, 2016. Shares held in treasury at March 31, 2017 were 25,899,945 and at March 31, 2016 were 25,835,965.

Common Stock Repurchase Program:

In December 2016, the Company’s Board authorized a share repurchase program for up to $5,000,000. During fiscal 2017, 63,980 shares were repurchased under the program for approximately $66,000. The Company’s Board subsequently extended the repurchase program until December 31, 2017, unless completed sooner or otherwise extended.  

Series A Preferred Stock:

The Company has issued and outstanding 3,677 shares of Series A Preferred Stock, (“Preferred Stock”), $.01 par value, with a face value of $3,677,000, which had no determinable market value as of March 31, 2017. Effective March 31, 2002, the previously existing conversion feature of the Preferred Stock expired. The Series A convertible preferred stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.