Share Repurchases (Notes)
|9 Months Ended|
Dec. 31, 2018
|Payments for Repurchase of Equity [Abstract]|
In May 2017, the Board of Directors authorized a share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock (the 2017 authorization). The 2017 authorization is in addition to the $0.1 million that was remaining from the August 2011 $20.0 million authorization (the 2011 authorization). There were 337,653 and 133,608 shares repurchased under the authorizations during the nine months ended December 31, 2018 and December 31, 2017, at a weighted average purchase price of $2.51 and $2.98 per share, respectively. As of December 31, 2018, there was approximately $0.9 million remaining for additional share repurchases under the 2017 authorization and the 2011 authorization was exhausted.
Additionally, in the nine months ended December 31, 2018, and December 31, 2017, the Company repurchased 59,053 and 54,572 shares of Class A Common Stock, respectively, from certain employees that were surrendered to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock, RSUs and PSUs. These repurchases were not included in the authorized share repurchase programs and had a weighted-average purchase price of $3.24 and $2.89 per share, respectively.
The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef