SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2015

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 14. SHAREHOLDERS’ EQUITY

Share Repurchase Program

Between August 2011 and January 2012, our Board of Directors authorized the repurchase of up to a total of $55.0 million of our common stock. In July 2013, our 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, 2015, $37.0 million was available to purchase common stock under our share repurchase program.

Since the share repurchase program began, through June 30, 2015, 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, 2015 and 2014, 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

During the three months ended June 30, 2015 and 2014, our total quarterly dividend payout was $2.5 million and $2.2 million, respectively, and our dividend payout was made from retained earnings.

Common Stock Warrants

During the three months ended June 30, 2015, we issued 4,000 shares of common stock upon the exercise of vested warrants at an exercise price of $3.00 per share. As of June 30, 2015, there were no unvested warrants outstanding.

As of March 31, 2015, there were warrants to purchase 4,000 shares of common stock outstanding at a weighted average exercise price of $3.00 per share, expiring in fiscal years 2016 through 2017. In March 2015, the terms of our agreement with Kansas State University Institute for Commercialization were amended and accordingly, the vesting of these outstanding warrants was accelerated during the fourth quarter of fiscal 2015.