SHAREHOLDERS' EQUITY

6 Months Ended

Sep. 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 September 30, 2015, $37.0 million was available to purchase common stock under our share repurchase program.

Since the share repurchase program began, through September 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 and six months ended September 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 September 30, 2015 and 2014, our total quarterly dividend payout was $2.5 million and $2.3 million, respectively. During the six months ended September 30, 2015 and 2014, our total quarterly dividend payout was $5.0 million and $4.5 million, respectively. Our dividend payout was made from retained earnings.

See Note 19, “Subsequent Events,” for information regarding cash dividends declared by our Board of Directors after September 30, 2015.

Common Stock Warrants

During the three and six months ended September 30, 2015, we issued 0 and 4,000, respectively, shares of common stock upon the exercise of vested warrants at an exercise price of $3.00 per share. As of September 30, 2015, there were no 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.