Share Repurchases (Notes)
|6 Months Ended|
Sep. 30, 2020
|Payments for Repurchase of Equity [Abstract]|
|Share Repurchases||Share Repurchases
Reverse/Forward Stock Split
The Company’s Board of Directors approved a proposal to amend the Company’s certificate of incorporation to effect a 1-for-1,000 reverse stock split of the Company’s Class A and Class B Common Stock, followed immediately by an 1,000-for-1 forward stock split (the “Transaction”). The stockholders approved the Transaction at the Annual Meeting of Stockholders held on September 29, 2020. The effective date of the Transaction was October 1, 2020, therefore all share numbers, except on the cover, and stock prices reflected in this filing are on a pre-split basis and do not reflect the effects of the Transaction. See Note 17, Subsequent Events, for additional information.
Share Repurchase Programs
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, 2020 or September 30, 2019. As of September 30, 2020, there was approximately $0.7 million remaining for additional share repurchases under the 2017 authorization.Additionally, in the six months ended September 30, 2020 and September 30, 2019, the Company repurchased 64,743 and 90,557 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 $0.81 and $2.09 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