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Treasury Stock
9 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Treasury Stock

Note C — Treasury Stock

 

The Company’s Board of Directors approved the commencement of a share repurchase program in the fall of 1996. In February 2017, the Company’s Board of Directors approved a 1,000,000 share expansion to the Company’s existing stock repurchase program, increasing the total number of shares of the Company’s common stock approved for repurchase over the life of the program to 36,000,000 shares. Since the commencement of the share repurchase program, the Company has spent $431 million to repurchase 34,881,055 shares of its common stock, equal to 65% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $12.36 per share. These repurchases were funded primarily by the net earnings of the Company, along with proceeds from the exercise of common stock options. During the three months ended December 31, 2017, the Company had no repurchases of common stock. During the nine months ended December 31, 2017, the Company repurchased 249,245 shares of common stock for $11.2 million at an average price of $44.88 per share. The Company had 18,866,048 shares of common stock outstanding as of December 31, 2017, net of the 34,881,055 shares of common stock in treasury.