COMMON STOCK REPURCHASES

12 Months Ended

Mar. 31, 2013

Equity [Abstract]

Common Stock Repurchases

COMMON STOCK REPURCHASES

From time to time, the Board authorizes 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 such time they are retired or re-issued. During the years ended March 31, 2013, 2012, and 2011, the Company repurchased 751,706, 8,027,287, and 3,315,000 shares of its common stock, respectively, for a total cost of $23.9 million, $273.8 million, and $105.5 million, respectively. All repurchases in fiscal years 2013 and 2011 were made in the open market. Of the total 8,027,287 shares repurchased in fiscal year 2012, 4,327,770 shares were repurchased in privately negotiated transactions and 3,699,517 shares were repurchased in the open market. Repurchases by the Company pursuant to the Board authorized programs during fiscal years 2013, 2012, and 2011 are discussed in detail below. As of March 31, 2013, there remained 881,907 shares authorized for repurchase under the program approved by the Board on August 6, 2012.

Open Market Repurchases

Under the Board authorized programs, during the years ended March 31, 2013, 2012, and 2011, the Company repurchased 751,706, 3,699,517, and 3,315,000 shares of its common stock, respectively, in the open market for a total cost of $23.9 million, $123.8 million, and $105.5 million, respectively, and an average price per share of $31.84, $33.46, and $31.83, respectively. The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit.

Privately Negotiated Transactions

Pursuant to a Board authorized accelerated share repurchase ("ASR") program, the Company entered into three separate Master Confirmation and Supplemental Confirmations ("the ASR Agreements") with Goldman, Sachs & Co. ("Goldman") during the year ended March 31, 2012. Under the ASR Agreements, the Company paid Goldman $150.0 million in exchange for delivery of 4,327,770 shares during the year ended March 31, 2012 at an average price per share of $34.66, which was based on the volume-weighted average price of the Company's common stock during the terms of the ASR Agreements, less a discount.

In addition, the Company withheld shares valued at $3.0 million during the year ended March 31, 2013, compared to $2.6 million in fiscal year 2012 and an immaterial amount in fiscal year 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 consolidated statements of cash flows. These share withholdings have the effect of share repurchases by the Company because they reduce the number of shares outstanding as a result of the vesting.

Treasury Stock Retirement

During the years ended March 31, 2013, 2012, and 2011, the Company retired 5,398,376, 5,000,000, and 4,000,000 shares of treasury stock, respectively, at a total value of $176.3 million, $177.1 million, and $102.4 million, respectively. These were non-cash equity transactions in which the cost of the reacquired shares was recorded as a reduction to both retained earnings and treasury stock. These shares were returned to the status of authorized but unissued shares.