Stockholders' Equity

3 Months Ended

Mar. 31, 2013

10. Stockholders’ Equity

Earnings per Share

The components of basic and diluted earnings per share from continuing operations were as follows:

	Three months ended
	March 31,
	2013		2012
	(in thousands, except per share amounts)

Net income from continuing operations	$	53,863	46,837

Weighted average shares outstanding - basic	85,592		85,604
Dilutive potential shares from stock options (1)	1		2
Weighted average shares outstanding - diluted	85,593		85,606

Earnings per share from continuing operations, basic and diluted	$	0.63	0.55

(1) There were no anti-dilutive options for the three months ended March 31, 2013 or 2012.

Dividends

On February 14, 2013, the Board of Directors (the “Board”) approved a dividend on our common stock in the amount of $0.28 per share to stockholders of record as of April 10, 2013 to be paid on May 1, 2013. The total dividend to be paid is approximately $24.0 million and is included in other current liabilities in the consolidated balance sheet at March 31, 2013.

Common Stock Repurchases

The Board 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 81,701 shares repurchased in the open market or privately during the three months ended March 31, 2013, which included 2,601 shares repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during the quarter. There were 366 shares repurchased in the open market during the quarter ended March 31, 2012, all of which were repurchased from employees tendering shares during the quarter.

In April 2013, the Company repurchased 464,177 shares from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during the period.

Accumulated Other Comprehensive Loss

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

	Unrealized gains on investment securities			Decrease of valuation allowance for unrealized gains 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	3,279			1,934			—		5,213
Amount reclassified from accumulated other comprehensive income	(1,535		)	(900		)	846		(1,589	)
Net current period other comprehensive income	1,744			1,034			846		3,624

Balance at March 31, 2013	$	3,567		$	1,066		(47,806	)	(43,173	)

Reclassifications from accumulated other comprehensive income and included in net income are summarized in the table that follows for the three months ended March 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	$	(2,426	)	891		(1,535	)	Investment and other income
Valuation allowance	—			(900	)	(900	)	Provision for income taxes
Amortization of pension and post retirement benefits	1,404			(558	)	846		Underwriting and distribution expense Compensation and related costs
Total	$	(1,022	)	(567	)	(1,589	)

- 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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