Treasury Stock and Subsequent Event

9 Months Ended

Dec. 31, 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 November 2015, the Company’s Board of Directors approved a 1,000,000 share expansion to its existing stock repurchase plan, increasing the total number of shares of the Company’s common stock approved for repurchase over the life of the program to 35,000,000 shares of the Company’s common stock from the previous limit of 34,000,000 shares of the Company’s common stock. Since the commencement of the share repurchase program, the Company has spent $387 million to repurchase 33,775,022 shares of its common stock, equal to 63% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $11.46 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, 2015, the Company repurchased 222,832 shares of the Company’s common stock for $8.0 million at an average of $35.91 per share of common stock and 782,534 shares of the Company’s common stock for $26.8 million at an average of $34.22 per share of common stock, respectively. The Company had 19,607,827 shares of common stock outstanding as of December 31, 2015, net of the 33,775,022 shares in treasury. Subsequent to the end of the quarter, through January 29, 2016, the Company repurchased 42,629 shares of common stock for $1,852,000 at an average of $43.44 per share of common stock.