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STOCKHOLDERS' EQUITY
 3 Months Ended
Jun. 30, 2016
Equity [Abstract]  
STOCKHOLDERS' EQUITY

(3)

STOCKHOLDERS' EQUITY

Dividends

The declaration of dividends is at the discretion of the company’s Board of Directors, and depends 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 quarters ended June 30:

 

 

 

Quarter Ended

 

 

 

June 30,

 

(In thousands, except dividend per share)

 

2016

 

 

2015

 

Dividends declared

 

$

—

 

 

 

11,340

 

Dividend per share

 

 

—

 

 

 

0.25

 

 

In January 2016, the company suspended the quarterly dividend program in order to preserve liquidity in an oilfield services market that has been negatively impacted by the precipitous drop in oil prices and corresponding reduction in global E&P spending.

 

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters ended June 30, 2016 and 2015 are as follows:

 

 

 

For the quarter ended June 30, 2016

 

 

For the quarter ended June 30, 2015

 

 

 

Balance

 

 

Gains/(losses)

 

 

Reclasses

 

 

Net

 

 

Remaining

 

 

Balance

 

 

Gains/(losses)

 

 

Reclasses

 

 

Net

 

 

Remaining

 

 

 

at

 

 

recognized

 

 

from OCI to

 

 

period

 

 

balance

 

 

at

 

 

recognized

 

 

from OCI to

 

 

period

 

 

balance

 

(in thousands)

 

3/31/16

 

 

in OCI

 

 

net income

 

 

OCI

 

 

6/30/16

 

 

3/31/15

 

 

in OCI

 

 

net income

 

 

OCI

 

 

6/30/15

 

Available for sale securities

 

 

(208

)

 

 

59

 

 

 

102

 

 

 

161

 

 

 

(47

)

 

 

235

 

 

 

(114

)

 

 

62

 

 

 

(52

)

 

 

183

 

Currency translation adjustment

 

 

(9,811

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,811

)

 

 

(9,811

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,811

)

Pension/Post- retirement benefits

 

 

4,683

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,683

 

 

 

(9,129

)

 

 

70

 

 

 

—

 

 

 

70

 

 

 

(9,059

)

Interest rate swaps

 

 

(1,530

)

 

 

—

 

 

 

71

 

 

 

71

 

 

 

(1,459

)

 

 

(1,673

)

 

 

—

 

 

 

179

 

 

 

179

 

 

 

(1,494

)

Total

 

 

(6,866

)

 

 

59

 

 

 

173

 

 

 

232

 

 

 

(6,634

)

 

 

(20,378

)

 

 

(44

)

 

 

241

 

 

 

197

 

 

 

(20,181

)

 

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters ended June 30, 2016 and 2015:

 

 

 

Quarter Ended

 

 

 

 

 

June 30,

 

 

Affected line item in the condensed

(In thousands)

 

2016

 

 

2015

 

 

consolidated statements of income

Realized gains on available for sale securities

 

$

102

 

 

 

62

 

 

Interest income and other, net

Amortization of interest rate swap

 

 

71

 

 

 

179

 

 

Interest and other debt costs

Total pre-tax amounts

 

 

173

 

 

 

241

 

 

 

Tax effect

 

 

—

 

 

 

—

 

 

 

Total gains for the period, net of tax

 

$

173

 

 

 

241