Can the lounge please check my logic?

Last year(2015) I had 28 hours of vacation time that I didn't use. I took a couple of days off in early April 2016.
The company I work for claims my vacation hours expired on March 31(2016). I disagree. Before I present my defense can you check my logic. I only ask because they have done this to coworkers also and I think they are wrong
based on the company policy statement which reads...

"Up to 50% of your Vacation hours may currently be carried over into the next calendar year, they must be consumed by March 31st of the following calendar year."

My logic says the hours from 2015 can be carried over to 2016 and must be consumed by March 31st the"following year which is 2017".

It's a good company. I think they are just confused by their own statement.

Edit to change of to off.