Treasury Stock and Subsequent Event

6 Months Ended

Sep. 30, 2014

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 $342 million to repurchase 32,457,426 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 $10.53 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 six months ended September 30, 2014, the Company repurchased 186,506 shares for $7.4 million and 309,952 shares for $13.2 million, respectively. The Company had 20,727,355 shares of common stock outstanding as of September 30, 2014, net of the 32,457,426 shares in treasury. Subsequent to the end of the quarter, through October 23, 2014, the Company repurchased 76,624 shares for $2,549,000 for an average of $33.27 per share.