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Note 6 - Shareholders' Equity | 12 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
(6) | Shareholders’ Equity
Preferred Stock In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112,187. Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder. The shares have a liquidation value of $4.00 per share and may pay dividends at the sole discretion of the Company. The Company does not anticipate paying dividends to the preferred shareholders in the foreseeable future. Each share of preferred stock is entitled to one vote on all matters submitted to a vote of shareholders of the Company. At March 31, 2021 and 2020, 2,500 shares of the convertible preferred stock remained unconverted and outstanding. Share Repurchase Plan On November 8, 2006, the Company's Board of Directors approved a share repurchase plan of up to $20.0 million. On October 31, 2008, November 1, 2010, and August 1, 2011, the Company’s Board of Directors approved an increase under the repurchase plan each for an additional $20.0 million. On January 25, 2019 the Company’s Board of Directors authorized an additional $30.0 million under the repurchase plan. The repurchase plan is intended to be implemented through purchases made from time to time in either the open market or through private transactions at the Company's discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements. There can be no assurances as to the precise number of shares that will be repurchased under the share repurchase plan, and the Company may discontinue the share repurchase plan at any time subject to compliance with applicable regulatory requirements. Shares purchased pursuant to the share repurchase plan will either be retired or held in the Company's treasury. During fiscal 2020 the Company purchased and retired approximately 613,000 shares of its common stock for approximately $11.5 million. During fiscal 2021 and 2019 the Company had no share repurchases. At March 31, 2021 the Company had approximately $28.7 million remaining under the Company’s share repurchase plan. Dividends On July 23, 2018 the Company’s Board of Directors increased the quarterly dividend to $0.27 per share, and on May 4, 2020 the Company’s Board of Directors increased the quarterly dividend to $0.28 per share, on its common stock. The Company intends to continue to pay regular quarterly dividends; however, the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance. During fiscal 2021, our Board of Directors declared the following dividends:
Declaration Date |  | Per Share Dividend |  | Record Date |  | Total Amount (In thousands) |  | Payment Date
May 4, 2020 |  | $0.28 |  | May 15, 2020 |  | $5,647 |  | May 22, 2020
July 20, 2020 |  | $0.28 |  | July 31, 2020 |  | $5,647 |  | August 7, 2020
October 26, 2020 |  | $0.28 |  | November 9, 2020 |  | $5,676 |  | November 20, 2020
January 19, 2021 |  | $0.28 |  | February 1, 2021 |  | $5,676 |  | February 12, 2021

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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