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Treasury Stock and Subsequent Event
6 Months Ended
Sep. 30, 2013
Text Block [Abstract]  
Treasury Stock and Subsequent Event

Note C — Treasury Stock and Subsequent Event

The Company’s Board of Directors initially approved the commencement of a share repurchase program in the fall of 1996. In August 2013, the Board approved a 2,000,000 share expansion of the repurchase program to 34,000,000 shares over the life of the share repurchase program. Since the commencement of the share repurchase program, the Company has spent $321 million to repurchase 31,974,629 shares of its common stock, equal to 60% of the outstanding common stock had there been no repurchases. The average price of these repurchases was $10.04 per share. These repurchases were funded primarily from the net earnings of the Company, along with the proceeds from the exercise of common stock options. During the three and six months ended September 30, 2013, the Company repurchased 372,076 shares for $12.4 million, and 657,615 shares for $19.7 million, respectively. The Company had 20,984,675 shares of common stock outstanding as of September 30, 2013, net of the 31,974,629 shares in treasury. Subsequent to the end of the quarter, through November 4, 2013, the Company repurchased 72,387 shares for $2,733,000 for an average of $37.75 per share. During the quarter ended June 30, 2013, the Company’s Board of Directors declared a two-for-one stock split in the form of a 100% stock dividend with a record date of June 12, 2013 and a distribution date of June 26, 2013. All prior period share and per share calculations in these financial statements and elsewhere in this report have been retroactively adjusted to reflect this split.