SHAREHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2012

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 11.  SHAREHOLDERS' EQUITY

Share Repurchase Program

In August 2011, the Board of Directors authorized the repurchase of up to an aggregate of $40.0 million of our common stock.  In January 2012, the Board of Directors approved a $15.0 million increase to the Company's existing share repurchase program, to a total of $55.0 million.  Since the share repurchase program began, through December 31, 2012, we have repurchased 1.2 million shares of our common stock at a total cost of $27.3 million.  As of December 31, 2012, $27.7 million of our common stock may yet be purchased under such authorization.  The repurchases are made from time to time on the open market at prevailing market prices or in negotiated transactions off the market.  Repurchased shares are retired.  During the three and nine months ended December 31, 2012, we did not repurchase any of our common stock.

Dividend Payments

In December 2012, the Company declared a special cash dividend of $1.00 per share on our outstanding common stock, payable on December 28, 2012 to shareholders of record as of the close of business on December 17, 2012.  The total dividend payout was $22.0 million and was made from retained earnings.

Common Stock Warrants

At December 31, 2012 and March 31, 2012, there were 30,000 warrants outstanding, of which 12,000 shares were vested, to purchase common stock at a weighted average exercise price of $3.00 per share, expiring in fiscal years 2016 through 2017.  The fair value of the warrants issued were determined using the Black-Scholes option-pricing model and are amortized over their estimated useful life, of approximately ten years, as an intangible asset.  The warrants vest at a rate of 20% annually from their issuance dates and have a term of five years.