COMMON STOCK REPURCHASES

3 Months Ended

Jun. 30, 2017

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 three months ended June 30, 2016 and 2017 are discussed below. As of June 30, 2017, there remained 617,128 shares authorized for repurchase under the repurchase program approved by the Board on July 29, 2016. The Company furthermore announced on July 27, 2017 a new 1 million share stock repurchase program to commence at the conclusion of its existing stock repurchase program. There were no remaining shares authorized under previously approved programs.

In the three months ended June 30, 2016 and 2017, the Company repurchased 441,738 shares and 252,707 shares, respectively, of its common stock in the open market for a total cost of $18.6 million and $13.5 million, respectively, and at an average price per share of $42.19 and $53.39, respectively. In addition, the Company withheld shares valued at $8.8 million and $10.5 million in the three months ended June 30, 2016 and 2017, 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.