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STOCKHOLDERS' EQUITY | 12 Months Ended
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Mar. 31, 2016
Equity [Abstract] |
STOCKHOLDERS' EQUITY |
(9) | STOCKHOLDERS’ EQUITY
Common Stock The number of authorized and issued common stock and preferred stock at March 31, are as follows:
|  | 2016 |  |  | 2015 |
Common stock shares authorized |  |  | 125,000,000 |  |  |  | 125,000,000 |
Common stock par value |  | $ | 0.10 |  |  | $ | 0.10 |
Common stock shares issued |  |  | 47,067,715 |  |  |  | 47,029,359 |
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 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during fiscal 2016. In January 2016, the company suspended its common stock repurchase 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) |  | 2016 |  |  | 2015 |  |  | 2014 |
Aggregate cost of common stock repurchased |  | $ | — |  |  |  | 99,999 |  |  |  | — |
Shares of common stock repurchased |  |  | — |  |  |  | 2,841,976 |  |  |  | — |
Average price paid per common share |  | $ | — |  |  |  | 35.19 |  |  |  | — |
Dividend Program The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the 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) |  | 2016 |  |  | 2015 |  |  | 2014 |
Dividends declared |  | $ | 34,965 |  |  |  | 49,127 |  |  |  | 49,973 |
Dividend per share |  |  | 0.75 |  |  |  | 1.00 |  |  |  | 1.00 |
In January 2016, the company suspended the quarterly dividend program. 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, 2015 |  |  | For the year ended March 31, 2016 |
(in thousands) |  | Balance at 3/31/14 |  |  | Gains/(losses) recognized in OCI |  |  | Reclasses from OCI to net income |  |  | Net period OCI |  |  | Remaining balance 3/31/15 |  |  | Balance at 3/31/15 |  |  | Gains/(losses) recognized in OCI |  |  | Reclasses from OCI to net income |  |  | Net period OCI |  |  | Remaining balance 3/31/16 |
Available for sale securities |  |  | 92 |  |  |  | (64 | ) |  |  | 207 |  |  |  | 143 |  |  |  | 235 |  |  |  | 235 |  |  |  | (573 | ) |  |  | 130 |  |  |  | (443 | ) |  |  | (208 | )
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | (116 | ) |  |  | (9,013 | ) |  |  | — |  |  |  | (9,013 | ) |  |  | (9,129 | ) |  |  | (9,129 | ) |  |  | 13,812 |  |  |  | — |  |  |  | 13,812 |  |  |  | 4,683 |
Interest rate swap |  |  | (2,390 | ) |  |  | — |  |  |  | 717 |  |  |  | 717 |  |  |  | (1,673 | ) |  |  | (1,673 | ) |  |  | — |  |  |  | 143 |  |  |  | 143 |  |  |  | (1,530 | )
Total |  |  | (12,225 | ) |  |  | (9,077 | ) |  |  | 924 |  |  |  | (8,153 | ) |  |  | (20,378 | ) |  |  | (20,378 | ) |  |  | 13,239 |  |  |  | 273 |  |  |  | 13,512 |  |  |  | (6,866 | )
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
(In thousands) |  | 2016 |  |  | 2015 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | 200 |  |  |  | 207 |  |  | Interest income and other, net
Amortization of interest rate swap |  |  | 220 |  |  |  | 717 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 420 |  |  |  | 924 |  |  |
Tax effect |  |  | 147 |  |  |  | — |  |  |
Total gains for the period, net of tax |  | $ | 273 |  |  |  | 924 |  |  |
Included in accumulated other comprehensive loss for the year ended March 31, 2016, is an after-tax loss of $1.5 million ($2.4 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 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 11: 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 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 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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