SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On April 27, 2015, the Audit Committee approved the payment of a dividend of $0.15 per share on June 10, 2015 to holders of record on May 20, 2015. 

Subsequent to March 28, 2015, the Company borrowed $111.6 million under its revolving line of credit with Wells Fargo Bank NA, all of which was used to fund open-market repurchases of 2,534,234 shares of its common stock at an average price per share of $54.51.  As of May 14, 2015, the Company had $146.1 million in outstanding borrowings under the line of credit.

On May 11, 2015, the Company’s Board of Directors approved an additional 2.0 million share repurchase authorization.  These share repurchases will be executed at the Company’s discretion based on then-current business and market factors, in open market or privately negotiated transactions.  Refer to Note 9, Credit Agreement, and Note 11, Common Stock Repurchases, for further information regarding our credit facility and common stock repurchases.