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STOCKHOLDERS' EQUITY
 9 Months Ended
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