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Stockholders' Equity
 12 Months Ended
Mar. 31, 2014
Stockholders' Equity
(9)   STOCKHOLDERS’ EQUITY

Common Stock

The number of authorized and issued common stock and preferred stock at March 31, are as follows:

 

      2014      2013  

Common stock shares authorized

      125,000,000         125,000,000   

Common stock par value

      $0.10         $0.10   

Common stock shares issued

      49,730,442         49,485,832   

Preferred stock shares authorized

      3,000,000         3,000,000   

Preferred stock par value

      No par         No par   

Preferred stock shares issued

      —         —   

Common Stock Repurchases

In May 2014, the company’s Board of Directors authorized the company to spend up to $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2014 through June 30, 2015. The company uses its available cash and, when considered advantageous, borrowings under its revolving credit facility or other borrowings, to fund any share repurchases. The company evaluates share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets.

In May 2013, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2013 through June 30, 2014. At March 31, 2014, $200.0 million remains available to repurchase shares under the May 2013 share repurchase program.

In May 2012, the company’s Board of Directors authorized the company to spend up to $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization was July 1, 2012 through June 30, 2013. The May 2012 repurchase program ended on June 30, 2013 and the company utilized $20.0 million of the $200.0 million authorized.

 

In May 2011, the company’s Board of Directors replaced its then existing July 2009 share repurchase program with a $200.0 million repurchase program that stayed in effect through June 30, 2012. The May 2011 repurchase program authorized the company to repurchase shares of its common stock in open-market or privately-negotiated transactions. The authorization of the May 2011 repurchase program ended on June 30, 2012, and the company utilized $100.0 million of the $200.0 million authorized.

The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows:

 

(In thousands, except share and per share data)    2014      2013      2012        

Aggregate cost of common stock repurchased

    $         —         85,034         35,015      

Shares of common stock repurchased

      —         1,856,900         739,231      

Average price paid per common share

    $ —         45.79         47.37        

Dividend Program

The declaration of dividends is at the discretion of the company’s Board of Directors. The Board of Directors declared the following dividends for the years ended March 31, are as follows:

 

(In thousands, except per share data)    2014      2013      2012        

Dividends declared

    $         49,973         49,766         51,370      

Dividend per share

      1.00         1.00         1.00        

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows:

 

     For the year ended March 31, 2013     For the year ended March 31, 2014      
(in thousands)   

Balance
at

3/31/12

    

Gains/(losses)
recognized

in OCI

     Reclasses
from OCI to
net income		     

Net

period
OCI

    

Remaining

balance

3/31/13

    

Balance

at

3/31/13

    

Gains/(losses)
recognized

in OCI

     Reclasses
from OCI to
net income		     

Net

period
OCI

     

Remaining

balance

3/31/14

       

Available for sale securities

      251        (1,049 )      677         (372 )      (121 )      (121 )      (92 )      305         213         92     

Currency translation adjustment

      (9,811 )      —        —         —        (9,811 )      (9,811 )      —        —         —         (9,811 )   

Pension/Post-retirement benefits

      (6,448 )      2,095        —         2,095        (4,353 )      (4,353 )      4,237        —         4,237         (116 )   

Interest rate swap

      (3,322 )      —        466         466        (2,856 )      (2,856 )      —        466         466         (2,390 )     

Total

      (19,330 )      1,046        1,143         2,189        (17,141 )      (17,141 )      4,145        771         4,916         (12,225 )   

 

The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31,

 

     Year Ended
March 31,		     

Affected line item in the condensed

consolidated statements of income

     
(In thousands)    2014      2013           

Realized gains on available for sale securities

    $ 469         1,042       Interest income and other, net   

Amortization of interest rate swap

      717         717       Interest and other debt costs     

Total pre-tax amounts

      1,186         1,759         

Tax effect

      415         616             

Total gains for the period, net of tax

    $ 771         1,143         

 

Included in accumulated other comprehensive loss for the year ended March 31, 2014, is an after-tax loss of $2.4 million ($3.7 million pre-tax) relating to interest rate hedges, which are cash flow hedges, entered into in July 2010 in connection with the September 2010 senior notes offering as disclosed in Note (5). The interest rate hedges settled in August 2010 concurrent with the pricing of the senior unsecured notes. The hedges met the effectiveness criteria and will be amortized over the term of the individual notes matching the term of the hedges to interest expense.