XML 20 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Treasury Stock and Subsequent Event
9 Months Ended
Dec. 31, 2013
Text Block [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 August 2013, the Board approved a 2,000,000 share expansion of the repurchase program to 34,000,000 shares over the life of the share repurchase program. Since the commencement of the share repurchase program, the Company has spent $325 million to repurchase 32,080,182 shares of its common stock, equal to 61% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $10.14 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 and nine months ended December 31, 2013, the Company repurchased 105,553 shares for $4.2 million, and 763,168 shares for $24 million, respectively. The Company had 20,936,089 shares of common stock outstanding as of December 31, 2013, net of the 32,080,182 shares in treasury. Subsequent to the end of the quarter, through January 21, 2014, the Company repurchased 17,754 shares for $850,000 for an average of $47.85 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.