COMMON STOCK REPURCHASES

9 Months Ended

Dec. 31, 2018

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. On November 28, 2018, the Company's Board of Directors approved a 1 million shares repurchase program expanding its capacity to repurchase shares to approximately 1.7 million shares. As of December 31, 2018, there remained 1,602,135 shares authorized for repurchase under the repurchase program approved by the Board.

Repurchases by the Company pursuant to Board-authorized programs are shown in the following table:



	Nine Months Ended December 31,
(in thousands, except $ per share data)	2017		2018
Shares of common stock repurchased in the open market	1,138,903		127,970
Value of common stock repurchased in the open market	$	52,915	$	4,780
Average price per share	$	46.46	$	37.35

Value of shares withheld in satisfaction of employee tax obligations	$	11,186	$	13,863

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.