Treasury Stock

12 Months Ended

Mar. 31, 2022

Equity [Abstract]

Treasury Stock

Note 8 — Treasury Stock

During each of the three fiscal years ended March 31, 2022, the Company continued to repurchase shares of its common stock under a program originally approved by the Company’s Board of Directors in 1996. Including a 1,000,000 share expansion authorized in May 2021 by the Company’s Board of Directors, the total number of shares of common stock authorized to be repurchased over the life of the program is 38,000,000 shares of common stock. Purchases may be made from time to time depending on market conditions and other relevant factors. The share repurchases for the fiscal years ended March 31, 2022, 2021 and 2020 and cumulatively since inception of the authorization, are as follows:

	2022		2021		2020		Cumulative
Shares repurchased		566,073		367,961		822,353		37,219,625
Cost	$	90,085,000	$	32,671,000	$	65,608,000	$	654,520,000
Average price	$	159.14	$	88.79	$	79.78	$	17.59

During the period subsequent to March 31, 2022, through the date of filing this annual report, the Company repurchased 88,833 shares for $14 million, or an average of $162.06 per share. The repurchased shares were recorded as treasury stock, at cost, and are available for general corporate purposes. The repurchases were primarily financed from cash generated from operations and from cash proceeds from the exercise of stock options.