COMMON STOCK REPURCHASES

9 Months Ended

Dec. 31, 2016

Equity [Abstract]

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES

From time to time, the Company's Board of Directors (the "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 nine months ended December 31, 2015 and 2016 are discussed below. As of December 31, 2016, there remained 869,835 shares authorized for repurchase under the repurchase program approved by the Board on July 29, 2016. There were no remaining shares authorized under previously approved programs.

In the nine months ended December 31, 2015 and 2016, the Company repurchased 8,673,366 shares and 764,176 shares, respectively, of its common stock in the open market for a total cost of $482.8 million and $34.2 million, respectively, and at an average price per share of $55.66 and $44.80, respectively. In addition, the Company withheld shares valued at $10.8 million and $9.4 million in the nine months ended December 31, 2015 and 2016, respectively, 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 same effect as 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.