10. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the nine months ended September 30, 2017 is as follows:

(In thousands)	Stockholders’ Equity
Balance, December 31, 2016	$	479,517
Net income		34,950
Dividend payments		(13,031	)
Dividends accrued for unvested restricted stock units		(43	)
Net unrealized gains on available-for-sale securities (net of tax)		2,512
Net unrealized losses on cash flow hedges (net of tax)		(196	)
Defined benefit plan adjustments (net of tax)		214
Foreign currency translation adjustment		5,402
Proceeds from stock option exercises		6,606
Purchase of treasury stock		(17,348	)
ASU 2016-09 adoption		10
Stock-based compensation expense		5,573
Balance, September 30, 2017	$	504,166

Stock Repurchase Program

Since 1997, our Board of Directors has approved multiple share repurchase programs that have authorized open market repurchase transactions of up to 50.0 million shares of our common stock, which will be implemented through open market or private purchases from time to time as conditions warrant. During the nine months ended September 30, 2017, we repurchased 0.9 million shares of our common stock at an average price of $20.27 per share. As of September 30, 2017, we have the authority to purchase an additional 3.6 million shares of our common stock under the current plans approved by the Board of Directors.

Stock Option Exercises

We issued 0.4 million shares of treasury stock during the nine months ended September 30, 2017 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $23.64. We received proceeds totaling $6.6 million from the exercise of these stock options during the nine months ended September 30, 2017.

Dividend Payments

During the nine months ended September 30, 2017, we paid cash dividends as follows (in thousands except per share amounts):

Record Date	Payment Date	Per Share Amount		Total Dividend Paid
February 2, 2017	February 16, 2017	$	0.09	$	4,369
May 4, 2017	May 18, 2017	$	0.09	$	4,350
August 3, 2017	August 17, 2017	$	0.09	$	4,312

Other Comprehensive Income

Other comprehensive income consists of unrealized gains (losses) on available-for-sale securities; unrealized gains (losses) on cash flow hedges; reclassification adjustments for amounts included in net income related to impairments of available-for-sale securities, realized gains (losses) on available-for-sale securities, realized gains (losses) on cash flow hedges, and amortization of actuarial gains (losses) related to our defined benefit plan; defined benefit plan adjustments; and foreign currency translation adjustments.

The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the three months ended September 30, 2017 and 2016:

	Three Months Ended September 30, 2017
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Unrealized Gains (Losses) on Cash Flow Hedges			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	2,112		$	(338	)	$	(4,876	)	$	(3,714	)	$	(6,816	)
Other comprehensive income (loss) before reclassifications		1,420			(127	)		—			1,541			2,834
Amounts reclassified from accumulated other comprehensive income		(616	)		269			73			—			(274	)
Net current period other comprehensive income (loss)		804			142			73			1,541			2,560
Ending balance	$	2,916		$	(196	)	$	(4,803	)	$	(2,173	)	$	(4,256	)

	Three Months Ended September 30, 2016
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	1,512		$	(3,828	)	$	(6,379	)	$	(8,695	)
Other comprehensive income (loss) before reclassifications		1,028			—			575			1,603
Amounts reclassified from accumulated other comprehensive income		(770	)		36			—			(734	)
Net current period other comprehensive income (loss)		258			36			575			869
Ending balance	$	1,770		$	(3,792	)	$	(5,804	)	$	(7,826	)

The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 30, 2017 and 2016:

	Nine Months Ended September 30, 2017
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Unrealized Gains (Losses) on Cash Flow Hedges			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	404		$	—		$	(5,017	)	$	(7,575	)	$	(12,188	)
Other comprehensive income (loss) before reclassifications		4,262			(619	)		—			5,402			9,045
Amounts reclassified from accumulated other comprehensive income		(1,750	)		423			214			—			(1,113	)
Net current period other comprehensive income (loss)		2,512			(196	)		214			5,402			7,932
Ending balance	$	2,916		$	(196	)	$	(4,803	)	$	(2,173	)	$	(4,256	)

	Nine Months Ended September 30, 2016
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	1,932		$	(3,895	)	$	(7,006	)	$	(8,969	)
Other comprehensive income (loss) before reclassifications		2,267			—			1,202			3,469
Amounts reclassified from accumulated other comprehensive income		(2,429	)		103			—			(2,326	)
Net current period other comprehensive income (loss)		(162	)		103			1,202			1,143
Ending balance	$	1,770		$	(3,792	)	$	(5,804	)	$	(7,826	)

The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended September 30, 2017 and 2016:

(In thousands)	Three Months Ended September 30, 2017
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for- sale securities:
Net realized gain on sales of securities	$	1,066		Net realized investment gain
Impairment expense		(57	)	Net realized investment gain
Net losses on derivatives designated as hedging instruments		(385	)	Cost of sales
Defined benefit plan adjustments – actuarial losses		(106	)	⁽¹⁾
Total reclassifications for the period, before tax		518
Tax (expense) benefit		(244	)
Total reclassifications for the period, net of tax	$	274

⁽¹⁾	Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

(In thousands)	Three Months Ended September 30, 2016
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for- sale securities:
Net realized gain on sales of securities	$	1,268		Net realized investment gain
Impairment expense		(6	)	Net realized investment gain
Defined benefit plan adjustments – actuarial losses		(51	)	⁽¹⁾
Total reclassifications for the period, before tax		1,211
Tax (expense) benefit		(477	)
Total reclassifications for the period, net of tax	$	734

⁽¹⁾	Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

The following tables present the details of reclassifications out of accumulated other comprehensive income for the nine months ended September 30, 2017 and 2016:

(In thousands)	Nine Months Ended September 30, 2017
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for- sale securities:
Net realized gain on sales of securities	$	3,031		Net realized investment gain
Impairment expense		(162	)	Net realized investment gain
Net losses on derivatives designated as hedging instruments		(539	)	Cost of sales
Defined benefit plan adjustments – actuarial losses		(310	)	⁽¹⁾
Total reclassifications for the period, before tax		2,020
Tax (expense) benefit		(907	)
Total reclassifications for the period, net of tax	$	1,113

⁽¹⁾	Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

(In thousands)	Nine Months Ended September 30, 2016
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for- sale securities:
Net realized gain on sales of securities	$	4,383		Net realized investment gain
Impairment expense		(401	)	Net realized investment gain
Defined benefit plan adjustments – actuarial losses		(149	)	⁽¹⁾
Total reclassifications for the period, before tax		3,833
Tax (expense) benefit		(1,507	)
Total reclassifications for the period, net of tax	$	2,326

⁽¹⁾	Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

The following table presents the tax effects related to the change in each component of other comprehensive income for the three months ended September 30, 2017 and 2016:

	Three Months Ended									Three Months Ended
	September 30, 2017									September 30, 2016
(In thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gains (losses) on available-for-sale securities	$	2,328		$	(908	)	$	1,420		$	1,685		$	(657	)	$	1,028
Unrealized gains (losses) on cash flow hedges		(184	)		57			(127	)		—			—			—
Reclassification adjustment for amounts related to available-for-sale investments included in net income		(1,009	)		393			(616	)		(1,262	)		492			(770	)
Reclassification adjustment for amounts related to cash flow hedges included in net income		385			(116	)		269			—			—			—
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income		106			(33	)		73			51			(15	)		36
Foreign currency translation adjustment		1,541			—			1,541			575			—			575
Total Other Comprehensive Income (Loss)	$	3,167		$	(607	)	$	2,560		$	1,049		$	(180	)	$	869

The following table presents the tax effects related to the change in each component of other comprehensive income for the nine months ended September 30, 2017 and 2016:

	Nine Months Ended									Nine Months Ended
	September 30, 2017									September 30, 2016
(In thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gains (losses) on available-for-sale securities	$	6,987		$	(2,725	)	$	4,262		$	3,716		$	(1,449	)	$	2,267
Unrealized gains (losses) on cash flow hedges		(897	)		278			(619	)		—			—			—
Reclassification adjustment for amounts related to available-for-sale investments included in net income		(2,869	)		1,119			(1,750	)		(3,982	)		1,553			(2,429	)
Reclassification adjustment for amounts related to cash flow hedges included in net income		539			(116	)		423			—			—			—
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income		310			(96	)		214			149			(46	)		103
Foreign currency translation adjustment		5,402			—			5,402			1,202			—			1,202
Total Other Comprehensive Income (Loss)	$	9,472		$	(1,540	)	$	7,932		$	1,085		$	58		$	1,143