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STOCKHOLDERS' EQUITY | 9 Months Ended
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Dec. 31, 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 no dividends for the quarter and nine month period ended December 31, 2016. The Board of Directors declared the following dividends for the quarter and nine month period ended December 2015:
|  | Quarter Ended |  | Nine Months Ended
|  | December 31, |  | December 31,
(In thousands, except dividend per share) |  | 2015 |  | 2015
Dividends declared |  | $ | 11,811 |  |  |  |  | 34,965 |  |
Dividend per share |  |  | 0.25 |  |  |  |  | 0.75 |  |
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 nine month periods ended December 31, 2016 and 2015 are as follows:
|  | For the quarter ended December 31, 2016 |  |  | For the nine months ended December 31, 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) |  | 9/30/16 |  |  | in OCI |  | net income |  | OCI |  | 12/31/16 |  |  | 3/31/16 |  |  | in OCI |  | net income |  | OCI |  |  |  | 12/31/16 |
Available for sale securities |  |  | 72 |  |  |  | (188 | ) |  |  |  | 115 |  |  |  |  | (73 | ) |  |  |  | (1 | ) |  |  | (208 | ) |  |  | (50 | ) |  |  |  | 257 |  |  |  |  | 207 |  |  |  |  | (1 | )
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 |  |  | (1,387 | ) |  |  | — |  |  |  |  | 70 |  |  |  |  | 70 |  |  |  |  | (1,317 | ) |  |  | (1,530 | ) |  |  | — |  |  |  |  | 213 |  |  |  |  | 213 |  |  |  |  | (1,317 | )
Total |  |  | (6,443 | ) |  |  | (188 | ) |  |  |  | 185 |  |  |  |  | (3 | ) |  |  |  | (6,446 | ) |  |  | (6,866 | ) |  |  | (50 | ) |  |  |  | 470 |  |  |  |  | 420 |  |  |  |  | (6,446 | )
|  | For the quarter ended December 31, 2015 |  |  | For the nine months ended December 31, 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) |  | 9/30/15 |  |  | in OCI |  | net income |  | OCI |  | 12/31/15 |  |  | 3/31/15 |  |  | in OCI |  | net income |  | OCI |  | 12/31/15 |
Available for sale securities |  |  | (444 | ) |  |  | 235 |  |  |  |  | (24 | ) |  |  |  | 211 |  |  |  |  | (233 | ) |  |  | 235 |  |  |  | (569 | ) |  |  |  | 101 |  |  |  |  | (468 | ) |  |  |  | (233 | )
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 |  |  | (1,314 | ) |  |  | — |  |  |  |  | 180 |  |  |  |  | 180 |  |  |  |  | (1,134 | ) |  |  | (1,673 | ) |  |  | — |  |  |  |  | 539 |  |  |  |  | 539 |  |  |  |  | (1,134 | )
Total |  |  | (20,628 | ) |  |  | 235 |  |  |  |  | 156 |  |  |  |  | 391 |  |  |  |  | (20,237 | ) |  |  | (20,378 | ) |  |  | (499 | ) |  |  |  | 640 |  |  |  |  | 141 |  |  |  |  | (20,237 | )
The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2016 and 2015:
|  | Quarter Ended |  |  | Nine Months Ended |  |  |
|  | December 31, |  |  | December 31, |  |  | Affected line item in the condensed
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | 115 |  |  |  | (37 | ) |  |  | 257 |  |  |  | 155 |  |  | Interest income and other, net
Amortization of interest rate swap |  |  | 70 |  |  |  | 277 |  |  |  | 213 |  |  |  | 829 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 185 |  |  |  | 240 |  |  |  | 470 |  |  |  | 984 |  |  |
Tax effect |  |  | — |  |  |  | 84 |  |  |  | — |  |  |  | 344 |  |  |
Total gains for the period, net of tax |  | $ | 185 |  |  |  | 156 |  |  |  | 470 |  |  |  | 640 |  |  |

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