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Stockholders' Equity
 12 Months Ended
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.