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Treasury Stock
6 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Treasury Stock

Note 4 — 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 $442 million on the repurchase of 35,081,057 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 $12.61 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 and six months ended September 30, 2018, the Company repurchased 133,425 shares of its common stock for $7.8 million at an average price of $58.58 per share and 199,978 shares of the Company’s common stock for $11.3 million at an average price of $56.52 per share, respectively.  The Company had 18,826,375 shares of common stock outstanding as of September 30, 2018, net of the 35,081,057 shares in treasury.   During the period subsequent to the quarter ended September 30, 2018, the Company repurchased 81,308 shares of its common stock for $4,599,000 at an average price of $56.56 per share.