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,
	2015		2014	2015	2014
	(in thousands, except per share amounts)

Net income	$	67,445	82,988	134,558	157,852


Weighted average shares outstanding, basic and diluted	84,079		85,073	83,831	85,046


Earnings per share, basic and diluted	0.80		0.98	1.61	1.86

Dividends

On April 15, 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 July 13, 2015 to be paid on August 3, 2015. The total dividend to be paid is approximately $36.1 million and is included in other current liabilities as of June 30, 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 516,533 shares and 628,022 shares repurchased in the open market or privately during the three months ended June 30, 2015 and 2014, respectively, which includes 306,533 shares and 423,452 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. There were 622,591 shares and 908,208 shares repurchased in the open market or privately during the six months ended June 30, 2015 and 2014, respectively, which includes 312,091 shares and 426,119 shares, respectively, repurchased from employees who tendered 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, 2015 and June 30, 2014.

Three months ended June 30, 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 March 31, 2015	$	421		(809	)	(47,302	)	(47,690	)

Other comprehensive income before reclassification	(2,845		)	(1,671	)	—		(4,516	)
Amount reclassified from accumulated other comprehensive income	(289		)	(169	)	933		475

Net current period other comprehensive income (loss)	(3,134		)	(1,840	)	933		(4,041	)


Balance at June 30, 2015	$	(2,713	)	(2,649	)	(46,369	)	(51,731	)

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	)

Six months ended June 30, 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	(222		)	(158	)	—		(380	)
Amount reclassified from accumulated other comprehensive income	(1,764		)	(1,020	)	1,876		(908	)

Net current period other comprehensive income (loss)	(1,986		)	(1,178	)	1,876		(1,288	)


Balance at June 30, 2015	$	(2,713	)	(2,649	)	(46,369	)	(51,731	)

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, 2014	$	4,078		1,353		(19,187	)	(13,756	)

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, 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	$	459		(170	)	289		Investment and other income
Valuation allowance	—			169		169		Provision for income taxes
Amortization of pension and postretirement benefits	(1,330		)	397		(933	)	Underwriting and distribution expense and Compensation and related costs


Total	$	(871	)	396		(475	)

	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 six months ended June 30, 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	$	2,804		(1,040	)	1,764		Investment and other income
Valuation allowance	—			1,020		1,020		Provision for income taxes
Amortization of pension and postretirement benefits	(2,827		)	951		(1,876	)	Underwriting and distribution expense and Compensation and related costs

Total	$	(23	)	931		908

	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