Stock Repurchase Program

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stock Repurchase Program

Stock Repurchase Program

On May 12, 2022, the Board of Directors terminated the 2012 stock repurchase program and approved a new plan for the Company to acquire up to $10 million of our outstanding common stock for an unspecified length of time (the “2022 Stock Repurchase Program”). Under the 2022 Stock Repurchase Program, we may repurchase shares from time to time in the open market and in privately negotiated transactions and block trades, and may also repurchase shares pursuant to a 10b5-1 trading plan during our closed trading windows. There is no guarantee as to the exact number of shares that will be repurchased. We may modify or terminate the 2022 Stock Repurchase Program at any time without prior notice. During the fiscal year ended March 31, 2024, we repurchased 39,861 shares, for an aggregate price of approximately $0.2 million, at an average price of $4.54 per share. From the inception of the 2022 Stock Repurchase Program through March 31, 2024, we repurchased approximately 339,861 shares of our common stock for an aggregate price of approximately $1.1 million, at an average price per share of $3.14. As of March 31, 2024, these repurchased shares had been retired and resumed their status as authorized and unissued shares of our common stock. As of March 31, 2024 approximately $8.9 million remained available for the repurchase of our common stock under our 2022 Stock Repurchase Program.