SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2014

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 11.  SHAREHOLDERS’ EQUITY

Share Repurchase Program

Between August 2011 and January 2012, the Board of Directors authorized the repurchase of up to a total of $55.0 million of our common stock. In July 2013, the Board of Directors approved a $12.3 million increase to our existing share repurchase program to a total of $67.3 million. As of June 30, 2014, $37.0 million was available to purchase common stock under our share repurchase program.

Since the share repurchase program began, through June 30, 2014, we have repurchased 1.3 million shares of our common stock at a total cost of $30.3 million, including commission expense. During the three months ended June 30, 2014 and 2013, we did not repurchase any shares of our common stock. The repurchases are made from time to time on the open market at prevailing market prices or in negotiated transactions off the market.  Repurchased shares are retired.

Dividend Payments

On April 23, 2014, our Board of Directors declared a cash dividend of $0.10 per share on our outstanding common stock, payable on June 17, 2014 to shareholders of record as of the close of business on June 3, 2014. The total dividend payout was $2.2 million and was made from retained earnings.

On July 23, 2014, our Board of Directors declared a cash dividend of $0.10 per share on our outstanding common stock to be paid on September 17, 2014 to all shareholders of record as of the close of business on September 3, 2014. We anticipate paying additional quarterly dividends during fiscal 2015 in December and March.  However, such future declarations of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

Common Stock Warrants

At June 30, 2014, there were warrants to purchase 10,000 shares of common stock outstanding at a weighted average exercise price of $3.00 per share, expiring in fiscal years 2016 through 2017. During the three months ended June 30, 2014, we issued 20,000 shares of common stock upon the exercise of vested warrants at an exercise price of $3.00 per share. As of June 30, 2014, there were no vested warrants outstanding. At March 31, 2014, there were warrants to purchase 30,000 shares of common stock outstanding, of which 20,000 shares were vested, at a weighted average exercise price of $3.00 per share, expiring in fiscal years 2016 through 2017. The fair value of the warrants issued were determined using the Black-Scholes option-pricing model and are amortized over their estimated useful life, of approximately ten years, as an intangible asset. The warrants vest at a rate of 20% annually from their issuance dates and have a term of five years.