Shareholders' Equity

9 Months Ended

Nov. 30, 2015

Equity [Abstract]

Shareholders' Equity

8. Shareholders’ Equity

Changes in shareholders’ equity accounts for the nine months ended November 30, 2015 are as follows (in thousands, except share amounts):

	Common Stock				Additional Paid-in			Retained			Accumulated Other Comprehensive			Treasury Stock
	Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			Total
Balance March 1, 2015		30,053,443	$	75,134	$	121,687		$	188,413		$	(22,197	)		(4,514,905	)	$	(78,357	)	$	284,680
Net earnings		—		—		—			30,891			—			—			—			30,891
Foreign currency translation, net of deferred tax of $1,869		—		—		—			—			(3,052	)		—			—			(3,052	)
Dividends paid ($.525 per share)		—		—		—			(13,528	)		—			—			—			(13,528	)
Stock based compensation		—		—		983			—			—			—			—			983
Exercise of stock options and restricted stock grants		—		—		(1,352	)		—			—			77,900			1,352			—
Balance November 30, 2015		30,053,443	$	75,134	$	121,318		$	205,776		$	(25,249	)		(4,437,005	)	$	(77,005	)	$	299,974

On October 20, 2008, the Board of Directors authorized the repurchase of up to $5.0 million of the common stock through a stock repurchase program. Under the Board-approved repurchase program, share purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. The Board increased the authorized amount available to repurchase the Company’s shares by an additional $5.0 million on April 20, 2012 and by another $10.0 million on December 19, 2014. There were no repurchases of common stock during the nine months ended November 30, 2015 and there have been 718,511 common shares repurchased under the program since its inception at an average price of $13.74 per share. There is currently $10.1 million available to repurchase the Company’s common stock under the program.