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Share Repurchases
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9 Months Ended |
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Dec. 31, 2013
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| Payments for Repurchase of Equity [Abstract] | |
| Share Repurchases |
Share Repurchases
In August 2011, the Board of Directors authorized a share repurchase program whereby the Company may repurchase up to an aggregate of $20.0 million of its outstanding Class A Common Stock (the "authorization”). During the three and nine months ended December 31, 2012, approximately 1.4 million and 5.6 million shares were repurchased under the authorization with a weighted-average per share purchase price of $2.04 and $2.20, respectively. There were no shares repurchased under this authorization during the nine months ended December 31, 2013. There was approximately $0.1 million remaining for additional share repurchases under this program as of December 31, 2013.
Additionally, in the nine months ended December 31, 2013, and 2012, the Company repurchased 152,874 and 124,404 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 and restricted stock units. These repurchases are not included in the authorized share repurchase program and had a weighted-average purchase price of $2.08 and $2.36 per share, respectively.
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