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Stockholders' Equity | 12 Months Ended
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Mar. 31, 2015
Stockholders' Equity |
(9) |  | STOCKHOLDERS’ EQUITY
Common Stock The number of authorized and issued common stock and preferred stock at March 31, are as follows:
|  | 2015 |  |  | 2014 |
Common stock shares authorized |  |  | 125,000,000 |  |  |  | 125,000,000 |
Common stock par value |  |  | $0.10 |  |  |  | $0.10 |
Common stock shares issued |  |  | 47,029,359 |  |  |  | 49,730,442 |
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 2015, the company’s Board of Directors authorized an extension of its current common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. If shares are purchased in open market or privately-negotiated transactions pursuant to this share repurchase program, the company will use its available cash and/or borrowings under its revolving credit facility or other borrowings to fund any share repurchases. As of March 31, 2015, the company had $100 million remaining authorized under this repurchase program available to repurchase shares. 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 2014, 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, 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. At March 31, 2015, $100 million remains available to repurchase shares under the May 2014 share repurchase program. 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. No shares were repurchased under the May 2013 program. 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) |  | 2015 |  |  | 2014 |  |  | 2013 |  |  |
Aggregate cost of common stock repurchased |  | $ | 99,999 |  |  |  | — |  |  |  | 85,034 |  |  |
Shares of common stock repurchased |  |  | 2,841,976 |  |  |  | — |  |  |  | 1,856,900 |  |  |
Average price paid per common share |  | $ | 35.19 |  |  |  | — |  |  |  | 45.79 |  |  |
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) |  | 2015 |  |  | 2014 |  |  | 2013 |  |  |
Dividends declared |  | $ | 49,127 |  |  |  | 49,973 |  |  |  | 49,766 |  |  |
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, 2014 |  |  | For the year ended March 31, 2015 |  |  |
(in thousands) |  | Balance at 3/31/13 |  |  | Gains/(losses) recognized in OCI |  |  | Reclasses from OCI to net income |  |  | Net period OCI |  |  | Remaining balance 3/31/14 |  |  | Balance at 3/31/14 |  |  | Gains/(losses) recognized in OCI |  |  | Reclasses from OCI to net income |  |  | Net period OCI |  |  | Remaining balance 3/31/15 |  |  |
Available for sale securities |  |  | (121 | ) |  |  | (92 | ) |  |  | 305 |  |  |  | 213 |  |  |  | 92 |  |  |  | 92 |  |  |  | (64 | ) |  |  | 207 |  |  |  | 143 |  |  |  | 235 |  |  |
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |
Pension/Post-retirement benefits |  |  | (4,353 | ) |  |  | 4,237 |  |  |  | — |  |  |  | 4,237 |  |  |  | (116 | ) |  |  | (116 | ) |  |  | (9,013 | ) |  |  | — |  |  |  | (9,013 | ) |  |  | (9,129 | ) |  |
Interest rate swap |  |  | (2,856 | ) |  |  | — |  |  |  | 466 |  |  |  | 466 |  |  |  | (2,390 | ) |  |  | (2,390 | ) |  |  | — |  |  |  | 717 |  |  |  | 717 |  |  |  | (1,673 | ) |  |
Total |  |  | (17,141 | ) |  |  | 4,145 |  |  |  | 771 |  |  |  | 4,916 |  |  |  | (12,225 | ) |  |  | (12,225 | ) |  |  | (9,077 | ) |  |  | 924 |  |  |  | (8,153 | ) |  |  | (20,378 | ) |  |
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) |  | 2015 |  |  | 2014 |  |  |  |
Realized gains on available for sale securities |  | $ | 207 |  |  |  | 469 |  |  | Interest income and other, net |  |
Amortization of interest rate swap |  |  | 717 |  |  |  | 717 |  |  | Interest and other debt costs |  |
Total pre-tax amounts |  |  | 924 |  |  |  | 1,186 |  |  |  |  |
Tax effect |  |  | — |  |  |  | 415 |  |  |  |  |
Total gains for the period, net of tax |  | $ | 924 |  |  |  | 771 |  |  |  |  |
Included in accumulated other comprehensive loss for the year ended March 31, 2015, is an after-tax loss of $1.8 million ($2.6 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.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -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=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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