Stockholder's Equity

9 Months Ended

Dec. 26, 2015

Stockholders' Equity Note [Abstract]

Stockholder's Equity

Stockholder's Equity

Accumulated Other Comprehensive Income

The components of AOCI consisted of the following for the periods presented:

	December 31, 2015			March 31, 2015
Foreign currency translation adjustment	$	(780	)	$	(858	)
Derivative instruments, net of tax	(289		)	(203		)
Defined benefit pension, net of tax	(12,131		)	(12,338		)
Accumulated other comprehensive income	$	(13,200	)	$	(13,399	)

Dividends

The following table presents information about the Company's dividend program:

Period	Record Date	Payment Date	Rate		Aggregate Value
3Q16	December 24, 2015	January 8, 2016	$	0.11	$	1,694
2Q16	September 25, 2015	October 9, 2015	$	0.11	$	1,692
1Q16	June 26, 2015	July 10, 2015	$	0.11	$	1,691
4Q15	March 31, 2015	April 15, 2015	$	0.10	$	1,537
3Q15	December 26, 2014	January 9, 2015	$	0.10	$	1,536
2Q15	September 26, 2014	October 10, 2014	$	0.10	$	1,544
1Q15	June 27, 2014	July 11, 2014	$	0.10	$	1,554

While the Company expects to continue to declare quarterly dividends, the payment of future dividends is at the discretion of the Company's Board of Directors (the "Board") and the timing and amount of any future dividends will depend upon earnings, cash requirements and the financial condition of the Company. Under the Credit Agreement, the Company is permitted to make distributions or dividends as long as no Event of Default or Potential Default (as defined in the Credit Agreement) shall have occurred and is continuing or shall occur as a result thereof. In addition, no distribution or dividend is permitted under the Credit Agreement if such event would violate a consolidated leverage ratio required to be maintained under the Credit Agreement other than regular quarterly dividends not exceeding $15,000 per year.

Common Stock Repurchases

The following table presents information about the Company's common stock repurchases:

	Three-months ended				Nine-months ended
	December 31				December 31
	2015		2014		2015		2014
Shares of common stock purchased	3,292		93,126		144,816		359,863
Aggregate purchase price	$	49	$	2,112	$	2,844	$	8,048
Average purchase price	$	14.88	$	22.68	$	19.64	$	22.37

During the nine-month period ended December 31, 2015, the Company made tax payments of $844 and withheld 43,468 shares of common stock, which were designated as treasury shares, at an average price per share of $19.42, in order to satisfy employee income taxes due as a result of the vesting of certain restricted stock units. During the nine-month period ended December 31, 2014, the Company made tax payments of $1,062 and withheld 46,130 shares of common stock, which were designated as treasury shares, at an average price per share of $23.01, in order to satisfy employee income taxes due as a result of the vesting of certain restricted stock units.

Since the inception of its repurchase programs beginning in April 1999 and through December 31, 2015, the Company has repurchased 10,828,575 shares of common stock for an aggregate purchase price of $402,362, or an average purchase price per share of $37.16. These shares do not include the treasury shares withheld for tax payments due upon the vesting of certain restricted stock units and performance shares. As of December 31, 2015, 671,425 shares were available under the most recent repurchase programs. Additional repurchases of common stock may occur from time to time depending upon factors such as the Company’s cash flows and general market conditions. There can be no assurance as to the timing or amount of such repurchases. Under the Credit Agreement, the Company is permitted to repurchase its common stock as long as no Event of Default or Potential Default (as defined in the Credit Agreement) shall have occurred and is continuing or shall occur as a result thereof. In addition, no repurchase of common stock is permitted under the Credit Agreement if the Company's consolidated leverage ratio (based on EBITDA) exceeds 3.0. At December 31, 2015, the Company's leverage ratio was 2.8.