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Treasury Stock and Subsequent Event
3 Months Ended
Jun. 30, 2013
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 2,000,000 share expansion of the repurchase program to 32,000,000 shares over the life of the share repurchase program. Since the commencement of the share repurchase program, the Company has spent $309 million to repurchase 31,602,553 shares of its common stock, equal to 60% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $9.77 per share. These repurchases were 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, 2013, the Company repurchased 285,539 shares for $7.3 million. The Company had 21,298,885 shares of common stock outstanding as of June 30, 2013, net of the 31,602,553 shares in treasury. Subsequent to the end of the quarter, through July 24, 2013, the Company repurchased 125,293 shares for $3,882,000 for an average of $30.98 per share. During the quarter ended June 30, 2013, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend with a record date of June 12, 2013 and a distribution date of June 26, 2013. All prior period share and per share calculations in these financial statements and elsewhere in this report have been retroactively adjusted to reflect this split.