Capital Stock (Notes)

12 Months Ended

Mar. 31, 2017

Equity [Abstract]

Schedule of Stock by Class [Table Text Block]

10. CAPITAL STOCK

At March 31, 2017, the authorized numbers of common and preferred shares were 500,000 and 4,000, respectively. At March 31, 2017 and 2016, there were 4,111 and 6,988 shares of common stock, respectively, reserved for issuance under Legg Mason's equity plans.

In May 2012, Legg Mason's Board of Directors approved a share repurchase authorization for up to $1,000,000 for purchases of common stock. All but $13,515 of the share repurchases under this authorization were completed by March 2015, and the remaining share repurchases under this authorization were completed in April 2015. In January 2015, Legg Mason's Board of Directors approved a new share repurchase authorization for up to $1,000,000 for additional repurchases of common stock. There is no expiration attached to this share repurchase authorization. During fiscal 2017, 2016, and 2015, Legg Mason purchased and retired 11,697, 4,537, and 6,931 shares of its common stock, respectively, for $381,672, $209,632, and $356,522, respectively, through open market purchases. The remaining balance of the authorized stock buyback is approximately $423,000.

As discussed in Note 6, warrants issued in connection with the repurchase of the Convertible Notes could result in the issuance of a maximum of 14,205 shares of Legg Mason common stock, subject to adjustment, if certain conditions are met prior to their expiration in July 2017.

Changes in common stock for the years ended March 31, 2017, 2016 and 2015, respectively, are as follows:

	Years Ended March 31,
	2017		2016		2015
COMMON STOCK
Beginning balance	107,012		111,469		117,173
Shares issued for:
Stock option exercises	321		338		718
Deferred compensation employee stock trust	16		12		44
Stock-based compensation	445		142		938
Shares repurchased and retired	(11,697	)	(4,537	)	(6,931	)
Employee tax withholding by settlement of net share transactions	(370	)	(412	)	(473	)
Ending balance	95,727		107,012		111,469

Dividends declared per share were $0.88, $0.80 and $0.64 for fiscal 2017, 2016 and 2015, respectively. Dividends declared but not paid at March 31, 2017, 2016 and 2015, were $21,153, $22,038 and $17,837, respectively, and are included in Other current liabilities of the Consolidated Balance Sheets.

	Years Ended March 31,
	2017		2016		2015
COMMON STOCK
Beginning balance	107,012		111,469		117,173
Shares issued for:
Stock option exercises	321		338		718
Deferred compensation employee stock trust	16		12		44
Stock-based compensation	445		142		938
Shares repurchased and retired	(11,697	)	(4,537	)	(6,931	)
Employee tax withholding by settlement of net share transactions	(370	)	(412	)	(473	)
Ending balance	95,727		107,012		111,469