Related Party Transactions

12 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Agreements with Solera Capital, LLC

The Company had an advisory services agreement with Solera requiring the Company to pay Solera an annual advisory fee of $600,000 effective April 1, 2011, which it terminated upon the consummation of the IPO and as such the Company paid Solera a one-time termination fee of $1.3 million in April 2012.

Additionally, the Company is a party to an amended and restated registration rights agreement dated as of November 14, 2005, or Registration Rights Agreement, relating to shares of common stock of the Company held by certain affiliates of Solera and certain other stockholders. As discussed further below, on November 18, 2013, Solera completed the sale of its shares entitled to registration under this agreement.

On August 6, 2012, the Company closed a secondary public offering, in which certain stockholders, including Solera, sold a portion of shares of common stock of the Company. In addition, on March 18, 2013, Solera sold another portion of its investment in shares of the Company’s common stock, and on November 18, 2013, Solera sold the remaining portion of its investment in shares of the Company’s common stock. The offering expenses incurred by the Company for these secondary public offerings were $0.7 million, $0.5 million and $0.3 million, respectively. The Company did not receive any proceeds from the sale of shares in these secondary public offerings.

In conjunction with the secondary public offering that closed on March 18, 2013, the Company repurchased and retired 500,000 shares of its common stock from Solera in a private, non-underwritten transaction at a price of $38.25 per share. The price paid by the Company was equal to the price paid by the underwriters in the secondary public offering.