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Shareholders' Equity
 6 Months Ended
Mar. 31, 2017
Shareholders’ Equity  
Shareholders’ Equity

5.Shareholders’ Equity

 

The Company has authorization from the Board of Directors for the repurchase of up to four million shares per calendar year.  The repurchases may be made using our cash and cash equivalents or other available sources.  We had no purchases of common shares in either of the second quarters of fiscal 2017 or fiscal 2016.

 

Components of accumulated other comprehensive income (loss) were as follows:

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

September 30, 

 

 

    

2017

    

2016

 

 

 

(in thousands)

 

Pre-tax amounts:

 

 

 

 

 

 

 

Unrealized appreciation on securities

 

$

36,158

 

$

33,051

 

Unrealized actuarial loss

 

 

(32,962)

 

 

(34,112)

 

 

 

$

3,196

 

$

(1,061)

 

After-tax amounts:

 

 

 

 

 

 

 

Unrealized appreciation on securities

 

$

22,804

 

$

20,899

 

Unrealized actuarial loss

 

 

(20,371)

 

 

(21,103)

 

 

 

$

2,433

 

$

(204)

 

 

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the three and six months ended March 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended March 31, 2017

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

Appreciation

 

 

 

 

 

 

 

 

 

(Depreciation) on

 

Defined

 

 

 

 

 

 

Available-for-sale

 

Benefit

 

 

 

 

 

    

Securities

    

Pension Plan

    

Total

 

 

 

(in thousands)

 

Balance at January 1, 2017

 

$

33,311

 

$

(20,737)

 

$

12,574

 

Other comprehensive loss before reclassifications

 

 

(10,507)

 

 

 —

 

 

(10,507)

 

Amounts reclassified from accumulated other comprehensive income

 

 

 —

 

 

366

 

 

366

 

Net current-period other comprehensive income (loss)

 

 

(10,507)

 

 

366

 

 

(10,141)

 

Balance March 31, 2017

 

$

22,804

 

$

(20,371)

 

$

2,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Six Months Ended March 31, 2017

 

 

Unrealized

 

 

 

 

 

 

 

 

Appreciation on

 

Defined

 

 

 

 

 

Available-for-sale

 

Benefit

 

 

 

 

    

Securities

    

Pension Plan

    

Total

 

 

(in thousands)

Balance at October 1, 2016

 

$

20,899

 

$

(21,103)

 

$

(204)

Other comprehensive income before reclassifications

 

 

1,905

 

 

 —

 

 

1,905

Amounts reclassified from accumulated other comprehensive income

 

 

 —

 

 

732

 

 

732

Net current-period other comprehensive income

 

 

1,905

 

 

732

 

 

2,637

Balance March 31, 2017

 

$

22,804

 

$

(20,371)

 

$

2,433

 

 

 

The following provides detail about accumulated other comprehensive income components which were reclassified to the Condensed Consolidated Statement of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Amount

 

 Amount

 

 

 

 

 

Reclassified from

 

Reclassified from

 

 

 

 

 

Accumulated Other

 

Accumulated Other

 

 

 

 

 

Comprehensive

 

Comprehensive

 

 

 

 

 

Income

 

Income

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

Details about Accumulated Other

 

March 31, 

 

March 31, 

 

Affected line item in the

 

Comprehensive Income Components

    

2017

    

2016

    

2017

    

2016

    

Consolidated Statement of Operations

 

 

 

 

(in thousands)

 

 

(in thousands)

 

 

 

Defined Benefit Pension Items

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 Amortization of net actuarial loss

 

 

(575)

 

 

(493)

 

$

(1,150)

 

$

(986)

 

General and administrative

 

 

 

$

209

 

$

180

 

$

418

 

$

360

 

Income tax provision

 

Total reclassifications for the period

 

$

(366)

 

$

(313)

 

$

(732)

 

$

(626)

 

Net of tax