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Treasury Stock and Subsequent Event
6 Months Ended
Sep. 30, 2011
Treasury Stock and Subsequent Event [Abstract] 
Treasury Stock and Subsequent Event

Note C — Treasury Stock and Subsequent Event

The Company’s Board of Directors initially approved the commencement of a share repurchase program in the fall of 1996. In May 2010, the Board approved an 850,000 share expansion of the repurchase program to 15,000,000 shares over the life of the share repurchase program. Since the commencement of the share repurchase program, the Company has spent $259 million to repurchase 14,709,365 shares of its common stock, equal to 56% of the outstanding common stock had there been no repurchases. The average price of these repurchases is $17.60 per share. These purchases have been funded primarily from the net earnings of the Company, along with the proceeds from the exercise of common stock options. During the three and six months ended September 30, 2011, the Company repurchased 140,672 shares for $6.3 million, and 218,202 shares for $10.0 million, respectively. The Company had 11,465,181 shares of common stock outstanding as of September 30, 2011, net of the 14,709,365 shares in treasury. Subsequent to the end of the quarter, through October 25, 2011, the Company repurchased 45,668 shares of common stock for $2.20 million or $48.15 average price per share.