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STOCKHOLDERS' EQUITY | 6 Months Ended
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Sep. 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 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 quarters and six-month periods ended September 30, 2016 and 2015:
|  | Quarter Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands, except dividend per share) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Dividends declared |  | $ | — |  |  |  | 11,814 |  |  |  | — |  |  |  | 23,154 |
Dividend per share |  |  | — |  |  |  | 0.25 |  |  |  | — |  |  |  | 0.50 |
In January 2016, the company suspended the quarterly dividend program in order to preserve liquidity. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and six month periods ended September 30, 2016 and 2015 are as follows:
|  | For the quarter ended September 30, 2016 |  |  | For the six months ended September 30, 2016 |
|  | 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) |  | 6/30/16 |  |  | in OCI |  | net income |  | OCI |  | 9/30/16 |  |  | 3/31/16 |  |  | in OCI |  | net income |  | OCI |  |  |  | 9/30/16 |
Available for sale securities |  |  | (47 | ) |  |  | 79 |  |  |  |  | 40 |  |  |  |  | 119 |  |  |  |  | 72 |  |  |  | (208 | ) |  |  | 138 |  |  |  |  | 142 |  |  |  |  | 280 |  |  |  |  | 72 |
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | 4,683 |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 4,683 |  |  |  | 4,683 |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 4,683 |
Interest rate swaps |  |  | (1,459 | ) |  |  | — |  |  |  |  | 72 |  |  |  |  | 72 |  |  |  |  | (1,387 | ) |  |  | (1,530 | ) |  |  | — |  |  |  |  | 143 |  |  |  |  | 143 |  |  |  |  | (1,387 | )
Total |  |  | (6,634 | ) |  |  | 79 |  |  |  |  | 112 |  |  |  |  | 191 |  |  |  |  | (6,443 | ) |  |  | (6,866 | ) |  |  | 138 |  |  |  |  | 285 |  |  |  |  | 423 |  |  |  |  | (6,443 | )
|  | For the quarter ended September 30, 2015 |  |  | For the six months ended September 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) |  | 6/30/15 |  |  | in OCI |  | net income |  | OCI |  | 9/30/15 |  |  | 3/31/15 |  |  | in OCI |  | net income |  | OCI |  | 9/30/15 |
Available for sale securities |  |  | 183 |  |  |  | (690 | ) |  |  |  | 63 |  |  |  |  | (627 | ) |  |  |  | (444 | ) |  |  | 235 |  |  |  | (804 | ) |  |  |  | 125 |  |  |  |  | (679 | ) |  |  |  | (444 | )
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | (9,059 | ) |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (9,059 | ) |  |  | (9,129 | ) |  |  | 70 |  |  |  |  | — |  |  |  |  | 70 |  |  |  |  | (9,059 | )
Interest rate swaps |  |  | (1,494 | ) |  |  | — |  |  |  |  | 180 |  |  |  |  | 180 |  |  |  |  | (1,314 | ) |  |  | (1,673 | ) |  |  | — |  |  |  |  | 359 |  |  |  |  | 359 |  |  |  |  | (1,314 | )
Total |  |  | (20,181 | ) |  |  | (690 | ) |  |  |  | 243 |  |  |  |  | (447 | ) |  |  |  | (20,628 | ) |  |  | (20,378 | ) |  |  | (734 | ) |  |  |  | 484 |  |  |  |  | (250 | ) |  |  |  | (20,628 | )
The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and six month periods ended September 30, 2016 and 2015:
|  | Quarter Ended |  |  | Six Months Ended |  |  |
|  | September 30, |  |  | September 30 |  |  | Affected line item in the condensed
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | 40 |  |  |  | 97 |  |  |  | 142 |  |  |  | 192 |  |  | Interest income and other, net
Amortization of interest rate swap |  |  | 72 |  |  |  | 277 |  |  |  | 143 |  |  |  | 552 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 112 |  |  |  | 374 |  |  |  | 285 |  |  |  | 744 |  |  |
Tax effect |  |  | — |  |  |  | 131 |  |  |  | — |  |  |  | 260 |  |  |
Total gains for the period, net of tax |  | $ | 112 |  |  |  | 243 |  |  |  | 285 |  |  |  | 484 |  |  |

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