Stockholders' Equity

12 Months Ended

Dec. 31, 2014

12. Stockholders' Equity

Earnings per Share

For the years ended December 31, 2014, 2013 and 2012, earnings per share from continuing operations were computed as follows:

	2014		2013		2012
	(in thousands, except per share amounts)
Income from continuing operations	$	313,331		252,998		192,528


Weighted average shares outstanding—basic		84,485		85,589		85,726
Dilutive potential shares from stock options		—		—		2

Weighted average shares outstanding—diluted		84,485		85,589		85,728


Earnings per share from continuing operations, basic and diluted	$	3.71	$	2.96		2.25

Dividends

We declared dividends on our common stock of $1.45 per share, $1.18 per share and $2.03 per share for the years ended December 31, 2014, 2013 and 2012, respectively. The Board of Directors approved an increase in the quarterly dividend on our common stock from $0.34 per share to $0.43 per share beginning with the dividend declared in the fourth quarter 2014 and paid on February 2, 2015 to stockholders of record on January 12, 2015. 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, 2014 and 2013, other current liabilities included $36.0 million and $29.0 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 2,252,152 shares, 1,492,535 shares and 1,536,968 shares repurchased in the open market or privately during the years ended December 31, 2014, 2013 and 2012, respectively, which includes 599,340 shares, 665,035 shares and 568,568 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, 2014, 2013 and 2012, respectively.

Accumulated Other Comprehensive Loss

The following table summarizes other comprehensive income (loss) activity for the years ended December 31, 2014 and 2013.

Year ended December 31, 2014	Unrealized gains on investment securities		Change in valuation allowance for unrealized gains (losses) on investment securities		Pension and postretirement benefits		Total accumulated other comprehensive income (loss)
	(in thousands)
Balance at December 31, 2013	$	3,150		810		(19,819)		(15,859)
Other comprehensive loss before reclassification		(636)		(381)		(29,689)		(30,706)
Amount reclassified from accumulated other comprehensive income		(3,241)		(1,900)		1,263		(3,878)

Net current period other comprehensive loss		(3,877)		(2,281)		(28,426)		(34,584)

Balance at December 31, 2014	$	(727)	$	(1,471)		(48,245)		(50,443)

Year ended December 31, 2013	Unrealized gains on investment securities		Change in valuation allowance for unrealized gains (losses) on investment securities		Pension and postretirement benefits		Total accumulated other comprehensive income (loss)
	(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 years ended December 31, 2014 and 2013.

	For the year ended December 31, 2014
	Pre-tax		Tax (expense) benefit		Net of tax		Statement of income line item
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of available for sale investment securities	$	5,146		(1,905)		3,241	Investment and other income
Valuation allowance		—		1,900		1,900	Provision for income taxes
Amortization of pension and postretirement benefits		(2,007)		744		(1,263)	Underwriting and distribution expense and Compensation and related costs

Total	$	3,139		739		3,878

	For the year ended December 31, 2013
	Pre-tax		Tax (expense) benefit		Net of 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.

+ References+ Details