9. Stockholders’ Equity

Earnings per Share

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

	Three months ended			Six months ended
	June 30,			June 30,
	2014		2013	2014	2013
	(in thousands, except per share amounts)
Net income	$	82,988	51,957	157,852	105,820

Weighted average shares outstanding - basic	85,073		85,869	85,046	85,731
Dilutive potential shares from stock options	—		—	—	1
Weighted average shares outstanding - diluted	85,073		85,869	85,046	85,732

Earnings per share basic and diluted	$	0.98	0.61	1.86	1.23

Dividends

On April 16, 2014, the Board of Directors (the “Board”) approved a dividend on our common stock in the amount of $0.34 per share to stockholders of record as of July 11, 2014 to be paid on August 1, 2014. The total dividend to be paid is approximately $28.8 million and is included in other current liabilities in the consolidated balance sheet at June 30, 2014.

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 628,022 shares and 789,177 shares repurchased in the open market or privately during the three months ended June 30, 2014 and 2013, respectively, which included 423,452 shares and 464,177 shares repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during the three months ended June 30, 2014 and 2013, respectively. There were 908,208 shares and 870,878 shares repurchased in the open market or privately during the six months ended June 30, 2014 and 2013, respectively, which included 426,119 shares and 466,778 shares repurchased from employees tendering shares to cover their minimum income tax withholdings with respect to vesting of stock awards during each of these two periods.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize other comprehensive income (loss) activity for the three and six months ended June 30, 2014 and June 30, 2013.

Three months ended June 30, 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 March 31, 2014	$	2,709		552		(19,472	)	(16,211	)

Other comprehensive income before reclassification	2,253			1,317		—		3,570
Amount reclassified from accumulated other comprehensive income	(884		)	(516	)	285		(1,115	)
Net current period other comprehensive income	1,369			801		285		2,455

Balance at June 30, 2014	$	4,078		1,353		(19,187	)	(13,756	)

Three months ended June 30, 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 March 31, 2013	$	3,567		1,066		(47,806	)	(43,173	)

Other comprehensive income before reclassification	(89		)	(69	)	—		(158	)
Amount reclassified from accumulated other comprehensive income	(2,047		)	(1,198	)	592		(2,653	)
Net current period other comprehensive income (loss)	(2,136		)	(1,267	)	592		(2,811	)

Balance at June 30, 2013	$	1,431		(201	)	(47,214	)	(45,984	)

Six months ended June 30, 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 income before reclassification	2,557			1,494		—		4,051
Amount reclassified from accumulated other comprehensive income	(1,629		)	(951	)	632		(1,948	)
Net current period other comprehensive income	928			543		632		2,103

Balance at June 30, 2014	$	4,078		1,353		(19,187	)	(13,756	)

Six months ended June 30, 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	3,190			1,865		—		5,055
Amount reclassified from accumulated other comprehensive income	(3,582		)	(2,098	)	1,438		(4,242	)
Net current period other comprehensive income (loss)	(392		)	(233	)	1,438		813

Balance at June 30, 2013	$	1,431		(201	)	(47,214	)	(45,984	)

Reclassifications from accumulated other comprehensive income (loss) and included in net income are summarized in the tables that follow.

	For the three months ended June 30, 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	$	1,404		(520	)	884		Investment and other income
Valuation allowance	—			516		516		Provision for income taxes
Amortization of pension and postretirement benefits	(452		)	167		(285	)	Underwriting and distribution expense and Compensation and related costs
Total	$	952		163		1,115

	For the three months ended June 30, 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	$	3,236		(1,189	)	2,047		Investment and other income
Valuation allowance	—			1,198		1,198		Provision for income taxes
Amortization of pension and postretirement benefits	(1,187		)	595		(592	)	Underwriting and distribution expense and Compensation and related costs
Total	$	2,049		604		2,653

	For the six months ended June 30, 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	$	2,586		(957	)	1,629		Investment and other income
Valuation allowance	—			951		951		Provision for income taxes
Amortization of pension and postretirement benefits	(1,004		)	372		(632	)	Underwriting and distribution expense and Compensation and related costs
Total	$	1,582		366		1,948

	For the six months ended June 30, 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	$	5,662		(2,080	)	3,582		Investment and other income
Valuation allowance	—			2,098		2,098		Provision for income taxes
Amortization of pension and postretirement benefits	(2,591		)	1,153		(1,438	)	Underwriting and distribution expense and Compensation and related costs
Total	$	3,071		1,171		4,242