SHAREHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2017

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 15. SHAREHOLDERS’ EQUITY

Share Repurchase Program

Between August 2011 and July 2016, our Board of Directors authorized the repurchase of up to a total of $97.3 million of our common stock. In October 2017, our Board of Directors approved a $21.0 million increase to our existing share repurchase program. As of December 31, 2017, $75.0 million was available to purchase common stock under our share repurchase program.

Since the share repurchase program began, through December 31, 2017, we have repurchased 1.6 million shares of our common stock at a total cost of $43.3 million, including commission expense. During the three and nine months ended December 31, 2017 and 2016, 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 December 31, 2017 and 2016, our total quarterly dividend payout was $3.6 million and $3.2 million, respectively. During the nine months ended December 31, 2017 and 2016, our total quarterly dividend payout was $10.0 million and $8.6 million, respectively. Our dividend payouts were made from retained earnings.

See Note 20, “Subsequent Events,” for information regarding cash dividends declared by our Board of Directors after December 31, 2017.