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Stock Plans

12 Months Ended

Mar. 31, 2025

Note 11. Stock Plans

In May 2019, the Company’s Board of Directors (“Board”) authorized a stock repurchase program allowing for the repurchase of up to $8 million of the Company’s outstanding shares of common stock in open market purchases, privately negotiated transactions, or through other structures in accordance with applicable federal securities laws. The authorization was effective immediately.

The timing and actual number of shares will depend on a variety of factors, including stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

In August 2019, the Company’s Board authorized an additional repurchase of up to $1 million of the Company’s outstanding shares.

On September 5, 2024, the Company settled in cash with dissenting shareholders to repurchase the 652,249 Dissenting Shares at a price per share of $8.63, or $5.6 million (as discussed in Note 2). The Dissenting Shares were retained by the Company to be included within treasury stock.

The table below summarizes treasury share transactions for the Company (in thousands):


	For the Year Ended March 31,
	2025					2024
	Number of Shares		Amount			Number of Shares		Amount
Treasury shares at the beginning of period		5,368	$	(76,794	)		5,368	$	(76,794	)
Treasury shares purchased		652		(5,629	)		-		-
Treasury shares at the end of period		6,020	$	(82,423	)		5,368	$	(76,794	)