Shareholders' Equity

9 Months Ended

Nov. 30, 2016

Equity [Abstract]

Shareholders' Equity

9. Shareholders’ Equity

Changes in shareholders’ equity accounts for the nine months ended November 30, 2016 are as follows (in thousands, except share amounts):

	Common Stock				Additional Paid-in			Retained			Accumulated Other Comprehensive			Treasury Stock
	Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Total
Balance March 1, 2016		30,053,443	$	75,134	$	121,597		$	206,105		$	(27,285	)		(4,437,005	)	$	(77,005	)	$	298,546
Net loss		—		—		—			(4,354	)		—			—			—			(4,354	)
Foreign currency translation, net of deferred tax of $6,087		—		—		—			—			9,940			—			—			9,940
Dividends paid ($2.025 per share)		—		—		—			(52,724	)		—			—			—			(52,724	)
Stock based compensation		—		—		1,019			—			—			—			—			1,019
Stock based compensation allocated to loss on sale of discontinued operations		—		—		112			—			—			—			—			112
Exercise of stock options and restricted stock		—		—		(1,810	)		—			—			282,988			4,720			2,910
Stock repurchases		—		—		—			—			—			(491,169	)		(7,757	)		(7,757	)
Balance November 30, 2016		30,053,443	$	75,134	$	120,918		$	149,027		$	(17,345	)		(4,645,186	)	$	(80,042	)	$	247,692

During the period, the Board had authorized the repurchase of up to an aggregate of $20.0 million of the Company’s outstanding common stock through a stock repurchase program. Under the 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. 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.

During the nine months ended November 30, 2016, the Company, under the program, repurchased 491,057 shares of common stock at an average price of $15.79 per share. Since the program’s inception in October 2008, there has been 1,209,568 common shares repurchased at an average price of $14.57 per share. As of November 30, 2016 there was $2.4 million available to repurchase shares of the Company’s common stock under the program. Unrelated to the stock repurchase program, the Company purchased 112 shares of common stock during the nine months ended November 30, 2016 at an average price of $16.15 per share.