Common and treasury stock

12 Months Ended

Mar. 31, 2012

Common and treasury stock [Abstract]

Common and treasury stock

Note 21:  Common and treasury stock

Following is a summary of common and treasury stock activity for the years ended March 31, 2010, 2011 and 2012:

	Common stock				Treasury stock at cost
	Shares		Amount		Shares			Amount
Balance, March 31, 2009		32,790	$	20,494		(549	)	$	(13,897	)
Purchase of treasury stock		-		-		(5	)		(25	)
Public offering		13,800		8,625		-			-
Stock options and awards		225		141		-			-
Balance, March 31, 2010		46,815		29,260		(554	)		(13,922	)
Purchase of treasury stock		-		-		(5	)		(78	)
Stock options and awards		290		180		-			-
Balance, March 31, 2011		47,105		29,440		(559	)		(14,000	)
Purchase of treasury stock		-		-		(35	)		(505	)
Stock options and awards		256		160		-			-
Balance, March 31, 2012		47,361	$	29,600		(594	)	$	(14,505	)

On September 30, 2009, the Company completed a public offering of 13,800 shares of its common stock at a price of $7.15 per share. Cash proceeds were $92,858 after deducting underwriting discounts, commissions, legal, accounting and printing fees of $5,812.

The Company announced a common share repurchase program on May 18, 2005 approved by the Board of Directors which was a dual purpose program authorizing the repurchase of up to five percent of the Company's outstanding common stock, as well as the indefinite buy-back of additional shares to offset dilution from Modine's incentive stock plans. The five percent portion of this program was completed in fiscal 2006. No shares were repurchased under the anti-dilution portion of this program during fiscal 2010, 2011 and 2012.

During fiscal 2012, 2011 and 2010, the Company repurchased 35, 5 and 5 shares of stock, respectively, for a cost of $505, $78 and $25, respectively. Pursuant to its equity compensation plans, the Company gave participants the opportunity to deliver back to the Company the number of shares from the vesting of stock awards sufficient to satisfy the individual's minimum tax withholding obligations. These shares are held as treasury shares.

The Company is allowed to make purchases of common stock under the First Amendment to Amended and Restated Credit Agreement with its primary lenders and the First Amendment to the Note Purchase and Private Shelf Agreement with the senior Note Holders.