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DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended
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Dec. 31, 2014
Dividends, Share Repurchases, Earning Per Share and Accumulated Other Comprehensive Income [Abstract] |
DIVIDENDS, SHARE REPURCHASES AND EARNINGS PER SHARE | DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Dividends On February 5, 2015, our board of directors approved a dividend of $0.32 per share of Common Stock, payable on March 16, 2015 to shareholders of record on February 27, 2015. See discussion of our dividends in Note 11 to our fiscal year 2014 Financial Statements. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments. Share Repurchases On November 6, 2014, our board of directors extended the date to repurchase shares of our Common Stock through November 5, 2015 and increased the remaining authorized repurchase amount to a total of $150 million. During the three and nine months ended December 31, 2014, respectively, we spent $37.4 million and $80.8 million to repurchase 565,622 and 1,160,940 shares of our Common Stock. As of January 30, 2015, we had $125.0 million of repurchase authority remaining from the $150.0 million that was authorized for share repurchases between November 5, 2014 and November 5, 2015. For additional information on our repurchases of Common Stock, see “Share Repurchases” in Note 11 to the fiscal year 2014 Financial Statements. The timing and method of any repurchases under the program will depend on a variety of factors, is subject to our results of operations, financial condition, cash requirements, and other factors and restrictions under applicable law and our debt instruments, and may be suspended or discontinued at any time. Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:
|  |  | Three Months Ended December 31, |  | Nine Months Ended December 31, |
|  |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
| Options: |  |  |  |  |  |  |  |  |
| Outstanding |  | 483,237 |  |  | 576,178 |  |  | 654,630 |  |  | 530,965 |  |
| Weighted average exercise price |  | $ | 73.88 |  |  | $ | 53.33 |  |  | $ | 68.78 |  |  | $ | 51.78 |  |
| Restricted stock awards: |  |  |  |  |  |  |  |  |
| Outstanding |  | — |  |  | — |  |  | — |  |  | 274 |  |
| Weighted average price |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64.20 |  |
The following table sets forth the computation of basic and diluted earnings per share:
|  | Three Months Ended December 31, |  | Nine Months Ended December 31,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Net income (loss) available to common stockholders (in thousands): |  |  |  |  |  |  |  |
Income (loss) available to common stockholders – basic |  | $ | (968 | ) |  | $ | 18,927 |  |  | $ | 69,223 |  |  | $ | 156,419 |
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) |  | — |  |  | — |  |  | — |  |  | — |
Income (loss) available to common stockholders – diluted |  | $ | (968 | ) |  | $ | 18,927 |  |  | $ | 69,223 |  |  | $ | 156,419 |
Shares: |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding – basic |  | 35,039,875 |  |  | 36,477,191 |  |  | 35,332,925 |  |  | 36,175,207 |
Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) |  | — |  |  | — |  |  | — |  |  | — |
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method |  | 248,727 |  |  | 292,603 |  |  | 324,194 |  |  | 398,750 |
Weighted average number of common shares outstanding – diluted |  | 35,288,602 |  |  | 36,769,794 |  |  | 35,657,119 |  |  | 36,573,957 |
Basic earnings (loss) per common share |  | $ | (0.03 | ) |  | $ | 0.52 |  |  | $ | 1.96 |  |  | $ | 4.32 |
Diluted earnings (loss) per common share |  | $ | (0.03 | ) |  | $ | 0.51 |  |  | $ | 1.94 |  |  | $ | 4.28 |
_____________
(1) | Diluted earnings per common share for the three and nine months ended December 31, 2014 and 2013 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes will be convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of December 31, 2014, the base conversion price of the notes was approximately $73.07, based on the base conversion rate of 13.6849 shares of Common Stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances, including the payment of dividends). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeds the base conversion price, holders will receive up to an additional 8.8952 shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three and nine months ended December 31, 2014 and 2013 as our average stock price during these periods did not meet or exceed the conversion requirements.
Accumulated Other Comprehensive Income The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:
|  | Currency Translation Adjustments |  | Pension Liability Adjustments (1) |  | Total
Balance as of March 31, 2014 |  | $ | 57,812 |  |  | $ | (214,318 | ) |  | $ | (156,506 | )
Other comprehensive income before reclassification |  | (28,276 | ) |  | — |  |  | (28,276 | )
Reclassified from accumulated other comprehensive income |  | — |  |  | — |  |  | — |
Net current period other comprehensive income |  | (28,276 | ) |  | — |  |  | (28,276 | )
Foreign exchange rate impact |  | (13,154 | ) |  | 13,154 |  |  | — |
Balance at December 31, 2014 |  | $ | 16,382 |  |  | $ | (201,164 | ) |  | $ | (184,782 | )
_____________
(1) | Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.

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