Stockholders' Equity

3 Months Ended

Mar. 31, 2015

9.Stockholders’ Equity

Earnings per Share

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

	Three months ended
	March 31,
	2015		2014
	(in thousands, except per share amounts)

Net income	$	67,113	74,864

Weighted average shares outstanding, basic and diluted	83,581		85,019

Earnings per share, basic and diluted	0.80		0.88

Dividends

On February 12, 2015, the Board of Directors approved a dividend on our common stock in the amount of $0.43 per share to stockholders of record on April 10, 2015 to be paid on May 1, 2015. The total dividend to be paid is approximately $35.9 million and is included in other current liabilities as of March 31, 2015.

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 106,058 shares and 280,186 shares repurchased in the open market or privately during the three months ended March 31, 2015 and 2014, respectively, which includes 5,558 shares and 2,667 shares, respectively, repurchased from employees who tendered shares to cover their minimum income tax withholdings with respect to vesting of stock awards during these same reporting periods.

In April 2015, the Company repurchased 306,533 shares from employees who tendered shares to cover their minimum income tax withholdings with respect to vesting of stock awards during April 2015.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize other comprehensive income (loss) activity for the three months ended March 31, 2015 and March 31, 2014.

Three months ended March 31, 2015	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, 2014	$	(727	)	(1,471	)	(48,245	)	(50,443	)

Other comprehensive income before reclassification	(327		)	(189	)	—		(516	)
Amount reclassified from accumulated other comprehensive income	1,475			851		943		3,269
Net current period other comprehensive income (loss)	1,148			662		943		2,753

Balance at March 31, 2015	$	421		(809	)	(47,302	)	(47,690	)

Three months ended March 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 income before reclassification	307			176		—		483
Amount reclassified from accumulated other comprehensive income	(748		)	(434	)	347		(835	)
Net current period other comprehensive income	(441		)	(258	)	347		(352	)

Balance at March 31, 2014	$	2,709		552		(19,472	)	(16,211	)

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

	For the three months ended March 31, 2015
	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	$	(2,345	)	870		(1,475	)	Investment and other income
Valuation allowance	—			(851	)	(851	)	Provision for income taxes
Amortization of pension and postretirement benefits	(1,498		)	555		(943	)	Underwriting and distribution expense and Compensation and related costs
Total	$	(3,843	)	574		(3,269	)

	For the three months ended March 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	$	1,182		(434	)	748		Investment and other income
Valuation allowance	—			434		434		Provision for income taxes
Amortization of pension and postretirement benefits	(552		)	205		(347	)	Underwriting and distribution expense and Compensation and related costs
Total	$	630		205		835

- 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