Shareholders' Equity

12 Months Ended

Mar. 31, 2014

Equity [Abstract]

Shareholders' Equity

(7)           Shareholders’ Equity

Preferred Stock

In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112,187.  Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder.  The shares have a liquidation value of $4.00 per share and may pay dividends at the sole discretion of the Company.  The Company does not anticipate paying dividends to the preferred shareholders in the foreseeable future.  Each share of preferred stock is entitled to one vote on all matters submitted to a vote of shareholders of the Company.  As of March 31, 2014 and 2013, 2,500 shares of the convertible preferred stock remained unconverted and outstanding.

Share Repurchase Plan

On November 8, 2006, the Company’s Board of Directors approved a share repurchase plan of up to $20.0 million.  On October 31, 2008, November 1, 2010, and August 1, 2011, the Company’s Board of Directors approved a second, third, and fourth share repurchase plan, respectively, each for an additional $20.0 million.  The repurchase plan is intended to be implemented through purchases made from time to time in either the open market or through private transactions at the Company’s discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements.  There can be no assurances as to the precise number of shares that will be repurchased under the share repurchase plan, and the Company may discontinue the share repurchase plan at any time subject to compliance with applicable regulatory requirements.  Shares purchased pursuant to the share repurchase plan will either be cancelled or held in the Company’s treasury.  During fiscal 2013 the Company repurchased approximately 397,000 shares of the Company’s outstanding common stock for approximately $3.9 million, averaging approximately $9.74 per share.  During fiscal 2014 the Company had no share repurchases.  As of March 31, 2014 the Company had approximately $10.2 million remaining under the Company’s share repurchase plan.

Dividends

On August 3, 2009, the Company’s Board of Directors declared its first quarterly dividend of $0.10 per share on its common stock.  On August 2, 2010, the Company’s Board of Directors increased the quarterly dividend to $0.125 per share, and then on January 27, 2012, the Company’s Board of Directors increased the quarterly dividend to $0.15 per share.  On December 3, 2012, the Company’s Board of Directors declared a special dividend of $1.00 per share on its common stock.  On July 26, 2013, the Company’s Board of Directors increased the quarterly dividend to $0.17 per share.  The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance.

During fiscal 2014, our Board of Directors declared the following dividends:

Declaration Date	Per Share Dividend		Record Date	Total Amount (In thousands)		Payment Date
May 3, 2013	$	0.150	May 15, 2013	$	3,016	May 24, 2013
July 26, 2013	$	0.170	August 12, 2013	$	3,433	August 23, 2013
October 28, 2013	$	0.170	November 8, 2013	$	3,432	November 22, 2013
January 30, 2014	$	0.170	February 12, 2014	$	3,432	February 21, 2014