Public Offering and Common Stock Repurchases

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Public Offering and Common Stock Repurchases

Public Offering and Common Stock Repurchases

Preferred Stock

On December 7, 2016, the Company issued 8.1 million depositary shares, each of which represents a 1/20th interest in a share of Series A Preferred Stock, for an offering price of $50 per depositary share. The Company issued an aggregate of 402,500 shares of Series A Preferred Stock in connection therewith. During fiscal 2020, 402,500 shares of Series A Preferred Stock automatically converted into 16.0 million shares of the Company's common stock. The number of shares of common stock issued upon conversion was determined based on a defined average volume weighted average price per share of the Company’s common stock. Upon conversion, there were no shares of Series A Preferred Stock outstanding.

        Dividends were paid on the Series A Preferred Stock quarterly. The final dividend payment was made on November 15, 2019. During fiscal 2020, fiscal 2019 and fiscal 2018, the Company accrued $14.4 million, $23.2 million and $23.2 million of dividends and paid $17.4 million, $23.2 million and $23.2 million of dividends on the Series A Preferred Stock, respectively.

Issuer Repurchases of Equity Securities

During fiscal 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. On January 27, 2020, the Company's Board of Directors approved to increase the remaining share repurchase authority under the Repurchase Program to $300.0 million. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid; however, the program will continue until the maximum amount of dollars authorized have been expended or until it is modified or terminated by the Board. During fiscal 2020, the Company repurchased 3.6 million shares of common stock at a total cost of $100.7 million at a weighted average price of $27.94 per share. The repurchased shares were canceled by the Company upon receipt. No shares of common stock were repurchased in fiscal 2019 or 2018.

At March 31, 2020, a total of approximately $223.0 million of repurchase authority remained under the Repurchase Program. On April 8, 2020, the Company announced the temporary suspension of share repurchases as a result of the uncertainty caused by the COVID-19 pandemic.