Treasury Stock and Subsequent Event

3 Months Ended

Jun. 30, 2015

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 $369 million to repurchase 33,252,570 shares of its common stock, equal to 62% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $11.11 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, 2015, the Company repurchased 260,082 shares for $9.1 million for an average of $34.87 per share. The Company had 20,024,534 shares of common stock outstanding as of June 30, 2015, net of the 33,252,570 shares in treasury. Subsequent to the end of the quarter, through July 31, 2015, the Company repurchased 101,810 shares for $3,296,000 for an average of $32.38 per share.