Shareholders' Equity

12 Months Ended

Mar. 31, 2018

Equity [Abstract]

Shareholders' Equity

NOTE 7 — SHAREHOLDERS’ EQUITY:

Common Shares:

Authorized common shares total 75,000,000 with a par value $0.01 per share, of which, 22,799,088 were outstanding as of March 31, 2018 and 27,065,852 as of March 31, 2017. Shares held in treasury at March 31, 2018 were 30,166,709 and at March 31, 2017 were 25,899,945.

Common Stock Repurchase Program:

In December 2016, the Company publicly announced the approval by the Board of Directors of the repurchase of up to $5 million of its common stock, that the repurchases may be effected from time to time at prevailing market prices, through open market or in privately negotiated transactions, which may include, in whole or in part, the establishment of a purchase program pursuant to the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, through block purchases or through accelerated or forward or similar stock purchases.

In September 2017, the Company’s Board of Directors approved an additional $5 million, bringing the total authorized stock repurchases under the program to $10 million and in June 2018 extended the program to December 31, 2018. Under the program, repurchases will be funded from available working capital and any repurchased shares will be held in the treasury as authorized and issued shares available for general corporate purposes. During the twelve months ended March 31, 2018, 4,266,764 shares for $6,292,620 were repurchased. As of March 31, 2018, the Company had repurchased 4,330,744 shares for $6,359,238 under this program. The remaining balance of the program is $3,640,762 as of March 31, 2018.

Series A Preferred Stock:

The Company has issued and outstanding 3,677 shares of Series A Preferred Stock, $.01 par value (“Preferred Stock”), with a face value of $3,677,000, which had no determinable market value as of March 31, 2018. The Preferred Stock is non-voting, has no dividend preferences and has not been convertible since March 31, 2002; however, it retains a liquidation preference.