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Stock Repurchase Program
12 Months Ended
Mar. 31, 2014
Stock Repurchase Program  
Stock Repurchase Program

12. Stock Repurchase Program

        In August 2011, our Board of Directors approved a stock repurchase program pursuant to which we were authorized to acquire up to $3 million of our outstanding common stock from time to time through August 2012. We acquired approximately 964,000 shares under this original program. On August 9, 2012, our Board of Directors approved a new stock repurchase program pursuant to which we may acquire up to $3 million of our outstanding common stock for an unspecified length of time. Under the new program, we may repurchase shares from time to time in open-market and 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 repurchase program at any time without prior notice.

        For our fiscal year ended March 31, 2014, 2013, and 2012, we repurchased approximately 196,000, 1,524,000, and 574,000 shares of our common stock, respectively. From inception of the program in August 2011 through March 31, 2014, we repurchased approximately 2,293,000 shares of our common stock for an aggregate price of approximately $3.6 million, at an average price per share of $1.54. As of March 31, 2014, all repurchased shares have been retired and resumed their status as authorized and unissued shares of our common stock. As of March 31, 2014, approximately $747,000 remains available for the repurchase of our common stock under our current program.