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Shareholders' equity | 12 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
Shareholders' equity | Shareholders' equity The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:
| 2015 |  | 2014 |  | 2013
| (Shares in thousands)
Basic | 41,558 |  |  | 41,366 |  |  | 41,105 |
Dilutive effect of share based awards | 488 |  |  | 450 |  |  | 410 |
Dilutive effect of 3.875% Convertible Notes and warrants | 6,012 |  |  | 4,654 |  |  | 2,178 |
Diluted | 48,058 |  |  | 46,470 |  |  | 43,693 |
Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 5.6 million, 6.3 million and 7.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Convertible Notes, or $61.32 per share, the impact of conversion would be dilutive and the dilutive effect of conversion of the Convertibles Notes is reflected in diluted earnings per share. As described in Note 8, the Company has elected the net settlement method of accounting for these conversions, under which the Company will settle the principal amount of the Convertible Notes in cash, and settle the excess conversion value in shares. As a result, in periods where the average market price of the Company's common stock is above $61.32 per share, under the treasury stock method, the Company calculates the number of shares issuable under the terms of the Convertible Notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge and warrant agreements. The convertible note hedge agreements economically reduce the dilutive impact of the Convertible Notes. However, applicable accounting guidance requires the Company to separately analyze the impact of the warrant agreements on diluted weighted average shares outstanding, without giving effect to the anti-dilutive impact of the convertible note hedge agreements. The reductions in diluted shares that would result from giving effect to the anti-dilutive impact of the convertible note hedge agreements would have been 3.3 million, 2.7 million, and 1.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. The treasury stock method is applied when the warrants are in the money and assumes the proceeds from the exercise of the warrants are used to repurchase shares based on the average stock price during the period. The exercise price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 2.7 million, 1.9 million and 0.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. For additional information regarding the convertible notes and convertible note hedge and warrant agreements, see Note 8 to the consolidated financial statements. The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015 and 2014:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive Income (Loss)
| (Dollars in thousands)
Balance at December 31, 2013 | $ | — |  |  | $ | (97,037 | ) |  | $ | (13,818 | ) |  | $ | (110,855 | )
Other comprehensive income (loss) before reclassifications | 594 |  |  | (47,536 | ) |  | (105,333 | ) |  | (152,275 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (594 | ) |  | 2,829 |  |  | — |  |  | 2,235 |
Net current-year other comprehensive income (loss) | — |  |  | (44,707 | ) |  | (105,333 | ) |  | (150,040 | )
Balance at December 31, 2014 | — |  |  | (141,744 | ) |  | (119,151 | ) |  | (260,895 | )
Other comprehensive income (loss) before reclassifications | (2,974 | ) |  | (1,276 | ) |  | (110,595 | ) |  | (114,845 | )
Amounts reclassified from accumulated other comprehensive income | 483 |  |  | 4,133 |  |  | — |  |  | 4,616 |
Net current-year other comprehensive (loss) income | (2,491 | ) |  | 2,857 |  |  | (110,595 | ) |  | (110,229 | )
Balance at December 31, 2015 | $ | (2,491 | ) |  | $ | (138,887 | ) |  | $ | (229,746 | ) |  | $ | (371,124 | )
The following table provides information relating to the reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2015, 2014 and 2013 :
| December 31, 2015 |  | December 31, 2014 |  | December 31, 2013
| (Dollars in thousands)
Losses (gains) on foreign exchange contracts: |  |  |  |  |
Cost of goods sold | $ | 679 |  |  | $ | (705 | ) |  | $ | 884 |
Total before tax | 679 |  |  | (705 | ) |  | 884 |
Taxes | (196 | ) |  | 111 |  |  | 46 |
Net of tax | $ | 483 |  |  | $ | (594 | ) |  | $ | 930 |
Amortization of pension and other postretirement benefits items: |  |  |  |  |
Actuarial losses (1) | $ | 6,375 |  |  | $ | 4,385 |  |  | $ | 7,211 |
Prior-service credits (1) | — |  |  | (21 | ) |  | (21 | )
Transition obligation | — |  |  | — |  |  | 5 |
Total before tax | 6,375 |  |  | 4,364 |  |  | 7,195 |
Tax benefit | (2,242 | ) |  | (1,535 | ) |  | (2,439 | )
Net of tax | $ | 4,133 |  |  | $ | 2,829 |  |  | $ | 4,756 |
Total reclassifications, net of tax | $ | 4,616 |  |  | $ | 2,235 |  |  | $ | 5,686 |
(1) | These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 14 to the consolidated financial statements for additional information).
As previously disclosed, in 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. On February 23, 2016, the Company's Board of Directors terminated this authorization. No shares were purchased under this authorization.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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