Share Repurchases (Notes)
|6 Months Ended|
Sep. 30, 2019
|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 no shares repurchased under the 2017 authorization during the six months ended September 30, 2019. During the six months ended September 30, 2018, 145,917 shares were repurchased under the 2017 authorization, at a weighted average purchase price of $2.84 per share. As of September 30, 2019, there was approximately $0.7 million remaining for additional share repurchases under the 2017 authorization.
Additionally, in the six months ended September 30, 2019 and September 30, 2018, the Company repurchased 90,557 and 58,993 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 $2.09 and $3.24 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