Note 7 — Treasury Stock

During each of the fiscal years ended March 31, 2018, the Company continued to repurchase shares of its common stock under a program originally approved by the Company’s Board of Directors in 1996. Including a 1,000,000 share expansion authorized in February 2017, the total number of shares of common stock authorized to be repurchased over the life of the program is 36,000,000 shares of common stock. Purchases may be made from time to time depending on market conditions and other relevant factors. The share repurchases for the fiscal years ended March 31, 2018, 2017 and 2016 and cumulatively since inception of the authorization, are as follows:

	2018		2017		2016		Cumulative
Shares repurchased		249,245		745,575		893,771		34,881,079
Cost	$	11,187,000	$	27,999,000	$	31,525,000	$	430,989,000
Average price	$	44.88	$	37.56	$	35.27	$	12.36

During the period subsequent to March 31, 2018, through the date of filing this annual report, the Company had no repurchases of common stock.