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Accounts Receivable Discount Programs
3 Months Ended
Jun. 30, 2013
Accounts Receivable Discount Programs [Abstract]  
Accounts Receivable Discount Programs
8. Accounts Receivable Discount Programs

The Company uses receivable discount programs with certain customers and their respective banks. Under these programs, the Company may sell those customers’ receivables to those banks at a discount to be agreed upon at the time the receivables are sold. These discount arrangements allow the Company to accelerate collection of customers’ receivables.
 
The following is a summary of the Company’s accounts receivable discount programs of its continuing operations:

 
 
Three Months Ended
 
 
 
June 30,
 
 
 
2013
  
2012
 
 
 
  
 
Receivables discounted
 
$
44,208,000
  
$
45,972,000
 
Weighted average days
  
332
   
337
 
Annualized weighted average discount rate
  
2.4
%
  
2.7
%
Amount of discount as interest expense
 
$
978,000
  
$
1,181,000