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COMMON STOCK EQUITY | 6 Months Ended
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Mar. 31, 2017
Equity [Abstract] |
COMMON STOCK EQUITY | COMMON STOCK EQUITY Changes in common stock equity during the six months ended March 31, 2017, were as follows:
(Thousands) | Number of Shares | Common Stock | Premium on Common Stock | Accumulated Other Comprehensive (Loss) Income | Treasury Stock And Other | Retained Earnings | Total
Balance at September 30, 2016 | 86,086 |  | $ | 221,654 |  | $ | 215,580 |  |  | $ | (15,155 | ) |  | $ | (81,044 | ) | $ | 825,556 |  | $ | 1,166,591 |
Net income |  |  |  |  |  |  |  | 149,631 |  | 149,631 |
Other comprehensive income |  |  |  |  | 7,558 |  |  |  |  | 7,558 |
Common stock issued: |  |  |  |  |  |  |  |  |
Incentive plan | 232 |  | 581 |  | 4,788 |  |  |  |  |  |  |  | 5,369 |
Dividend reinvestment plan (1) | 279 |  |  | (1,266 | ) |  |  |  | 10,994 |  |  | 9,728 |
Cash dividend declared ($.51 per share) |  |  |  |  |  |  |  | (44,003 | ) | (44,003 | )
Treasury stock and other | (233 | ) |  | (28 | ) |  |  |  | (8,566 | ) |  | (8,594 | )
Balance at March 31, 2017 | 86,364 |  | $ | 222,235 |  | $ | 219,074 |  |  | $ | (7,597 | ) |  | $ | (78,616 | ) | $ | 931,184 |  | $ | 1,286,280 |
(1) | Shares sold through the DRP are issued from treasury stock at average cost, which may differ from the actual market price paid.
NJR satisfies its external common equity requirements, if any, through issuances of its common stock, including the proceeds from stock issuances under its DRP. The DRP allows NJR, at its option, to use treasury shares or newly issued shares to raise capital. In December 2015, NJR registered 5 million shares of NJR common stock for issuance under the DRP. NJR raised $9.7 million and $8.2 million of equity through the DRP, by issuing approximately 279,000 and 260,000 shares of treasury stock, during the six months ended March 31, 2017 and 2016, respectively. Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of accumulated other comprehensive income (loss), net of related tax effects during the three months ended March 31, 2017 and 2016:
(Thousands) | Available for Sale Securities | Cash Flow Hedges | Postemployment Benefit Obligation | Total
Balance at December 31, 2016 | $ | 9,713 |  |  | $ | — |  |  | $ | (19,036 | ) |  | $ | (9,323 | )
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |
Other comprehensive income, before reclassifications, net of tax of $(1,808), $0, $0, $(1,808) | 3,054 |  |  | — |  |  | — |  |  | 3,054 |
Amounts reclassified from accumulated other comprehensive income, net of tax of $1,138, $0, $(217), $921 | (1,646 | ) |  | — |  |  | 318 |  | (2) | (1,328 | )
Net current-period other comprehensive income, net of tax of $(670), $0, $(217), $(887) | 1,408 |  |  | — |  |  | 318 |  |  | 1,726 |
Balance at March 31, 2017 | $ | 11,121 |  |  | $ | — |  |  | $ | (18,718 | ) |  | $ | (7,597 | )
Balance as of December 31, 2015 | $ | 10,086 |  |  | $ | (33 | ) |  | $ | (15,523 | ) |  | $ | (5,470 | )
Other comprehensive income, net of tax |  |  |  |  |  |  |
Other comprehensive income (loss), before reclassifications, net of tax of $(3,154), $(10), $0, $(3,164) | 4,500 |  |  | 19 |  |  | — |  |  | 4,519 |
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(11), $(175), $(186) | — |  |  | 19 |  |  | 257 |  |  | 276 |
Net current-period other comprehensive income, net of tax of ($3,154), $(21), $(175), $(3,350) | 4,500 |  |  | 38 |  |  | 257 |  |  | 4,795 |
Balance as of March 31, 2016 | $ | 14,586 |  |  | $ | 5 |  |  | $ | (15,266 | ) |  | $ | (675 | )
The following table presents the changes in the components of accumulated other comprehensive income (loss), net of related tax effects during the six months ended March 31, 2017 and 2016:
(Thousands) | Available for Sale Securities | Cash Flow Hedges | Postemployment Benefit Obligation | Total
Balance at September 30, 2016 | $ | 4,198 |  |  | $ | — |  |  | $ | (19,353 | ) |  | $ | (15,155 | )
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |
Other comprehensive income, before reclassifications, net of tax of $(6,648), $0, $0, $(6,648) | 10,096 |  |  | — |  |  | — |  |  | 10,096 |
Amounts reclassified from accumulated other comprehensive income, net of tax of $2,192, $0, $(434), $1,758 | (3,173 | ) |  | — |  |  | 635 |  | (2) | (2,538 | )
Net current-period other comprehensive income, net of tax of $(4,456), $0, $(434), $(4,890) | 6,923 |  |  | — |  |  | 635 |  |  | 7,558 |
Balance at March 31, 2017 | $ | 11,121 |  |  | $ | — |  |  | $ | (18,718 | ) |  | $ | (7,597 | )
Balance as of September 30, 2015 | $ | 6,385 |  |  | $ | — |  |  | $ | (15,779 | ) |  | $ | (9,394 | )
Other comprehensive income (loss), net of tax |  |  |  |  |  |  |
Other comprehensive income (loss), before reclassifications, net of tax of $(5,768), $13, $0, $(5,755) | 8,201 |  |  | (22 | ) |  | — |  |  | 8,179 |
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(15), $(349), $(364) | — |  |  | 27 |  | (1) | 513 |  | (2) | 540 |
Net current-period other comprehensive income, net of tax of ($5,768), $(2), $(349), $(6,119) | 8,201 |  |  | 5 |  |  | 513 |  |  | 8,719 |
Balance as of March 31, 2016 | $ | 14,586 |  |  | $ | 5 |  |  | $ | (15,266 | ) |  | $ | (675 | )
(1) | Consists of realized losses related to foreign currency derivatives, which are reclassified to gas purchases on the Unaudited Condensed Consolidated Statements of Operations. Effective January 1, 2016, the Company elected not to designate its foreign currency derivatives as accounting hedges and, as a result, changes in fair value of the effective portion of the hedges are no longer recorded in OCI.
(2) | Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.

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