Stockholders' Equity

9 Months Ended

Dec. 31, 2012

Stockholders' Equity

Note 7. Stockholders’ Equity

Stock Repurchase Program

In November 2012, the Company’s Board of Directors authorized a stock repurchase program for up to $15.0 million of its common stock. The Company financed the stock repurchase program with its available cash. During the three and nine months ended December 31, 2012, the Company repurchased 800,000 shares for $10.7 million in open market purchases at an average cost of $13.32 per share, including commission expense. The Company completed the stock repurchase program in January 2013 with the repurchase of an additional 323,587 shares under the program for a total cost of $4.4 million, including commission expense. The Company has completed the $15.0 million purchase of common stock under this stock repurchase program.