Stockholders' Equity

12 Months Ended

Dec. 31, 2013

12. Stockholders' Equity

Earnings per Share

For the years ended December 31, 2013, 2012 and 2011, earnings per share from continuing operations were computed as follows:

	2013

	(in thousands, except per share amounts)

Income from continuing operations	$	252,998	192,528	172,205




Weighted average shares outstanding — basic		85,589	85,726	85,783
Dilutive potential shares from stock options		—	2	10


Weighted average shares outstanding — diluted		85,589	85,728	85,793




Earnings per share from continuing operations, basic and diluted	$	2.96	2.25	2.01

Anti-dilutive Securities

There were no anti-dilutive options for the years ended December 31, 2013 and 2012. Options to purchase 16 thousand shares of Class A common stock ("common stock") were excluded from the diluted earnings per share calculation for the year ended December 31, 2011, because they were anti-dilutive.

Dividends

We declared dividends on our common stock of $1.18 per share, $2.03 per share and $0.85 per share for the years ended December 31, 2013, 2012 and 2011, respectively. The Board of Directors approved an increase in the quarterly dividend on our common stock from $0.28 per share to $0.34 per share beginning with our fourth quarter 2013 dividend, paid on February 3, 2014. In the fourth quarter of 2012, the Company paid a special cash dividend on our common stock of $1.00 per share (included in the 2012 total above). As of December 31, 2013 and 2012, other current liabilities included $29.0 million and $24.0 million, respectively, for dividends payable to stockholders.

Common Stock Repurchases

The Board of Directors has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs. There were 1,492,535 shares, 1,536,968 shares and 1,951,331 shares repurchased in the open market or privately during the years ended December 31, 2013, 2012 and 2011, respectively, which includes 665,035 shares, 568,568 shares and 494,207 shares repurchased from employees who elected to tender shares to cover their minimum tax withholdings with respect to vesting of stock awards during the years ended December 31, 2013, 2012 and 2011, respectively.

Accumulated Other Comprehensive Loss

The following table summarizes other comprehensive income (loss) activity for the year ended December 31, 2013.

	Unrealized gains on investment securities		Change in valuation allowance for unrealized gains (losses) on investment securities

	(in thousands)
Balance at December 31, 2012	$	1,823		32	(48,652)	(46,797)
Other comprehensive income before reclassification		10,447		6,085	25,592	42,124
Amount reclassified from accumulated other comprehensive income		(9,120)		(5,307)	3,241	(11,186)


Net current period other comprehensive income		1,327		778	28,833	30,938


Balance at December 31, 2013	$	3,150	$	810	(19,819)	(15,859)

Reclassifications from accumulated other comprehensive income and included in net income are summarized in the table that follows for the year ended December 31, 2013.

	Pre-tax				Statement of income line item

	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	14,417	(5,297)	9,120	Investment and other income
Valuation allowance		—	5,307	5,307	Provision for income taxes
Amortization of pension and postretirement benefits		(5,182)	1,941	(3,241)	Underwriting and distribution expense and Compensation and related costs


Total	$	9,235	1,951	11,186

- Definition

The combined disclosure used to capture the disclosure pertaining to an entity's earnings per share and disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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