Shareholders' Equity

9 Months Ended

Nov. 30, 2014

Equity [Abstract]

Shareholders' Equity

8. Shareholders’ Equity

Changes in shareholders’ equity accounts for the nine months ended November 30, 2014 are as follows (in thousands, except share amounts):

											Accumulated
					Additional						Other
	Common Stock				Paid-in			Retained			Comprehensive			Treasury Stock
	Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Total
Balance March 1, 2014		30,053,443	$	75,134	$	122,517		$	251,137		$	(12,413	)		(4,131,276	)	$	(73,440	)	$	362,935
Net loss		—		—		—			(53,131	)		—			—			—			(53,131	)
Foreign currency translation, net of deferred tax of $656		—		—		—			—			(1,071	)		—			—			(1,071	)
Dividends declared ($.525 per share)		—		—		—			(13,689	)		—			—			—			(13,689	)
Stock based compensation		—		—		1,012			—			—			—			—			1,012
Exercise of stock options and restricted stock grants		—		—		(2,063	)		—			—			119,061			2,117			54
Stock repurchases		—		—		—			—			—			(466,371	)		(6,552	)		(6,552	)
Balance November 30, 2014		30,053,443	$	75,134	$	121,466		$	184,317		$	(13,484	)		(4,478,586	)	$	(77,875	)	$	289,558

On October 20, 2008, the Board of Directors authorized the repurchase of up to $5.0 million of the Company’s common stock through a stock repurchase program. Under the board-approved repurchase program, share purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors, and such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. On April 20, 2012, the Board increased the authorized amount available to repurchase the Company’s shares by an additional $5.0 million, bringing the total available to repurchase the Company’s common stock to approximately $9.0 million as of that date. On December 19, 2014, the Board increased the authorized amount available to repurchase the Company’s shares by an additional $10.0 million, bringing the total available to repurchase the Company’s common stock to approximately $10.6 million currently. During the three and nine months ended November 30, 2014 the Company repurchased 327,739 and 466,290 shares, respectively, of common stock at an average price of $13.73 and $14.05 per share, respectively. There have been a total of 682,192 common shares repurchased under the program since its inception at an average price of $13.76 per share. Unrelated to the stock repurchase program, the Company purchased 81 shares of common stock from non-officer employees during the nine months ended November 30, 2014 at an average price of $14.15 per share.