COMMON STOCK REPURCHASES

12 Months Ended

Mar. 31, 2019

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. 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 March 31, 2019, there remained 1,369,014 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:



	Fiscal Year Ended March 31,
(in thousands, except $ per share data)	2018		2019
Shares of common stock repurchased in the open market	1,139,548		361,091
Value of common stock repurchased in the open market	$	52,948	$	13,177
Average price per share	$	46.46	$	36.49

Value of shares withheld in satisfaction of employee tax obligations	$	11,429	$	14,070

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 statement 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.

There were no retirements of treasury stock during Fiscal Years 2017, 2018, and 2019.