COMMON STOCK REPURCHASES

6 Months Ended

Sep. 30, 2012

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

COMMON STOCK REPURCHASES

From time to time, the Company's Board of Directors ("Board") has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Repurchased shares are held as treasury stock until they are retired or re-issued. Repurchases by the Company pursuant to Board authorized programs during the six months ended September 30, 2012 and 2011 are discussed below. As of September 30, 2012, there remained 1,000,000 shares authorized for repurchase under the program approved by the Board on August 6, 2012 and no other shares authorized under previously approved programs.

Open Market Repurchases

Under the Board authorized programs, in the six months ended September 30, 2012 and 2011, the Company repurchased 633,613 shares and 1,529,983 shares, respectively, of its common stock in the open market for a total cost of $19.9 million and $49.1 million, respectively, and at an average price per share of $31.45 and $32.07, respectively. The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit.

In addition, the Company withheld shares valued at $1.7 million in the six months ended September 30, 2012, compared to $0.9 million in the six months ended September 30, 2011, in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under the Company's stock plans. The amounts withheld were equivalent to the employees' minimum statutory tax withholding requirements and are reflected as a financing activity within the Company's Condensed consolidated statements of cash flows. These share withholdings have the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued in connection with the vesting of shares subject to the restricted stock grants and did not represent an expense to the Company.

Privately Negotiated Transactions

During the six months ended September 30, 2011, pursuant to a Board authorized accelerated share repurchase ("ASR") program, the Company entered into three separate Master Confirmation and Supplemental Confirmations ("ASR Agreements") with Goldman, Sachs & Co. ("Goldman"). Under these ASR Agreements, the Company paid Goldman $150.0 million in exchange for delivery of 3,967,883 shares during the six months ended September 30, 2011. Based on the number of shares delivered and the Company's closing stock price on the dates at which the major terms of the ASR Agreements were reached, the total consideration allocated to stock repurchases as of September 30, 2011 was $135.0 million. The remaining $15.0 million was recorded as an equity forward contract and was included in Additional paid-in-capital in the Condensed consolidated balance sheet as of September 30, 2011.