COMMON STOCK REPURCHASES

12 Months Ended

Mar. 31, 2015

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, 2015, 2014, and 2013, the Company repurchased 2,221,448, 1,949,407, and 751,706 shares of its common stock, respectively, for a total cost of $112.9 million, $85.7 million, and $23.9 million, respectively, and at an average price per share of $50.84, $43.94, and $31.84, respectively.

The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit. All repurchases in fiscal years 2015, 2014, and 2013 were made in the open market. As of March 31, 2015, there remained 2,711,052 shares authorized for repurchase under the program approved by the Board on March 4, 2015.

The Company withheld shares valued at $7.6 million during the year ended March 31, 2015, compared to $6.2 million in fiscal year 2014, and $3.0 million in fiscal year 2013, 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.

There were no retirements of treasury stock during fiscal years 2015 and 2014. During the year ended March 31, 2013, the Company retired 5,398,376 shares of treasury stock at a total value of $176.3 million. 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.