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Treasury Stock and Subsequent Event
3 Months Ended
Jun. 30, 2012
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 February 2012, the Board approved a 1,000,000 share expansion of the repurchase program to 16,000,000 shares over the life of the share repurchase program. Since the commencement of the share repurchase program, the Company has spent $274 million to repurchase 15,039,713 shares of its common stock, equal to 57% of the outstanding common stock had there been no repurchases. The average price of these repurchases is $18.23 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 months ended June 30, 2012, the Company repurchased 86,612 shares for $3.7 million. The Company had 11,274,291 shares of common stock outstanding as of June 30, 2012, net of the 15,039,713 shares in treasury. Subsequent to the end of the quarter, through July 30, 2012, the Company repurchased 9,818 shares of common stock for $445,000 or $45.40 average price per share.