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Stockholders' Equity
 9 Months Ended
Dec. 31, 2014
Stockholders' Equity

 

(2) STOCKHOLDERS’ EQUITY

Common Stock Repurchase Program

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. At December 31, 2014, $100.0 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 was July 1, 2013 through June 30, 2014. No shares were repurchased under the May 2013 program.

The aggregate dollar outlay for common stock repurchased, along with the number of shares repurchased, and average price paid per share, for the quarters and nine-month periods ended December 31 is as follows:

 

    

Quarter Ended

    Nine Months Ended
     December 31,    December 31,
(In thousands, except share and per share data)    2014      2013            2014      2013        

Aggregate dollar outlay for common stock repurchased

    $ 99,999         —            99,999         —           

Shares of common stock repurchased

      2,841,976         —            2,841,976         —      

Average price paid per common share

    $ 35.19         —              35.19         —        

Dividends

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 quarters and nine-month periods ended December 31:

 

    

Quarter Ended

           Nine Months Ended       
     December 31,           December 31,       
(In thousands, except dividend per share)    2014      2013            2014      2013        

Dividends declared

    $     12,029         12,396            37,229         37,431      

Dividend per share

      0.25         0.25              0.75         0.75        

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income by component, net of tax for the quarters and nine month periods ended December 31, 2014 and 2013 are as follows:

 

     For the quarter ended December 31, 2014     For the nine months ended December 31, 2014
(in thousands)   

Balance

at

9/30/14

    

Gains/(losses)
recognized

in OCI

     Reclasses
from OCI to
net income		      Net
period
OCI		     Remaining
balance
12/31/14		     Balance
at
3/31/14		    

Gains/(losses)
recognized

in OCI

     Reclasses
from OCI to
net income		      Net
period
OCI		      Remaining    
balance    
                        12/31/14      

Available for sale securities

      225        (73 )      19         (54 )      171        92        (76 )      155         79         171       

Currency translation adjustment

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

Pension/Post-retirement benefits

      15        —        —         —        15        (116 )      131        —         131         15     

Interest rate swaps

      (2,157 )      —        116         116        (2,041 )      (2,390 )      —        349         349         (2,041 )     

Total

      (11,728 )      (73 )      135         62        (11,666 )      (12,225 )      55        504         559         (11,666 )   
                                                                                         
  For the quarter ended December 31, 2013   For the nine months ended December 31, 2013

(in thousands)

Balance

at

9/30/13

  

Gains/(losses)
recognized

in OCI

   Reclasses
from OCI to
net income		   Net
period
OCI		   Remaining
balance
12/31/13		   Balance
at
3/31/13		  

Gains/(losses)
recognized

in OCI

   Reclasses
from OCI to
net income		   Net
period
OCI		  

Remaining    

balance     
12/31/13    

Available for sale securities

   (183 )    354      51      405      222      (121 )    149      194      343      222     

Currency translation adjustment

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

Pension/Post-retirement benefits

   (4,353 )    —      —      —      (4,353 )    (4,353 )    —      —      —      (4,353 ) 

Interest rate swaps

   (2,623 )    —      116      116      (2,507 )    (2,856 )    —      349      349      (2,507 )   

Total

   (16,970 )    354      167      521      (16,449 )    (17,141 )    149      543      692      (16,449 ) 
                                                                                         

The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2014 and 2013:

 

     Quarter Ended      Nine Months Ended       
     December 31,      December 31,      Affected line item in the condensed
(In thousands)    2014      2013      2014      2013      consolidated statements of income

Realized gains on available for sale securities

    $ 29         79         238         298       Interest income and other, net

Amortization of interest rate swap

      178         178         537         537       Interest and other debt costs

Total pre-tax amounts

      207         257         775         835      

Tax effect

      72         90         271         292        

Total gains for the period, net of tax

    $ 135         167         504         543