SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2018

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 16.  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 March 31, 2018, $75.0 million was available to purchase common stock under our share repurchase program.

Since the share repurchase program began, through March 31, 2018, we have repurchased 1.6 million shares of our common stock at a total cost of $43.3 million, including commission expense.  During fiscal 2018 and 2017, we did not repurchase any shares of our common stock.  During fiscal 2016, we repurchased 325,000 shares of our common stock at a total cost of $13.0 million and an average per share cost including commission expense of $40.18.  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 fiscal 2018, 2017 and 2016 our total quarterly dividend payout was $13.6 million, $11.7 million and $10.0 million, respectively, and were made from retained earnings.  See Note 21, “Summary of Quarterly Data (Unaudited)” for further information on quarterly dividends declared on our common stock during the past two fiscal years.

See Note 23, “Subsequent Events,” for information regarding cash dividends declared by our Board of Directors after March 31, 2018.

Common Stock Warrants

As of March 31, 2018, 2017 and 2016, 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.  During fiscal 2016, we issued 4,000 shares of common stock upon the exercise of vested warrants at an exercise price of $3.00 per share.  During fiscal 2018 and 2017, we did not issue any shares of common stock pursuant to the exercise of vested warrants.