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Treasury Stock

12 Months Ended

Mar. 31, 2025

Note 8 — Treasury Stock

During each of the three fiscal years ended March 31, 2025, the Company continued to repurchase shares of its common stock under a program originally approved by the Company’s Board of Directors in 1996. Including a 3,000,000 share expansion authorized in November 2022 by the Company’s Board of Directors, the total number of shares of common stock authorized to be repurchased over the life of the program is 117,000,000 shares of common stock. Purchases may be made from time to time depending on market conditions and other relevant factors. During fiscal 2025, the Company effected the three-for-one forward stock split. All prior period share, equity award and per share amounts and calculations in these consolidated financial statements and elsewhere in this annual report have been retroactively adjusted to reflect the stock split. The share repurchases for the fiscal years ended March 31, 2025, 2024 and 2023 and cumulatively since inception of the authorization, are as follows:


	2025		2024		2023		Cumulative
Shares repurchased		377,154		645,939		1,794,723		114,476,691
Cost	$	37,605,000	$	45,710,000	$	93,675,000	$	831,510,000
Average price	$	99.71	$	70.76	$	52.19	$	7.26

During the period subsequent to March 31, 2025, through the date of filing this annual report, the Company repurchased 46,715 shares for $5.2 million, or an average of $112.34 per share. The repurchased shares were recorded as treasury stock, at cost, and are available for general corporate purposes. The repurchases were primarily financed from cash generated from operations and from cash proceeds from the exercise of stock options.