STOCKHOLDERS' EQUITY

Preferred Stock

We have 2,000,000 authorized and unissued shares of $0.01 par value preferred stock as of December 31, 2017 and 2016. Shares of preferred stock may be issued from time to time, by authorization of our Board of Directors and without the necessity of further action or authorization by stockholders, in one or more series and with such voting powers, designations, preferences and relative, participating, optional or other special rights and qualifications as the Board of Directors may, in its discretion, determine.

Common Stock Public Offering

In September 2016, we completed a public offering of 960,488 shares of our common stock at a public offering price per share of $62.26. The net proceeds from the sale of common stock, after deducting underwriting commissions and expenses, were approximately $57.4 million, which were added to our general funds and used primarily to repay a portion of our short-term debt under unsecured lines of credit.

Shareholders' Rights

Effective February 27, 2018, we entered into the Amendment to the Rights Agreement to accelerate the expiration of the Rights (as defined below) from 5:00 P.M., New York City time, on August 20, 2019, to 5:00 P.M., New York City time, on February 27, 2018 and, which has the effect of terminating the Rights Agreement on that date. At the time of the termination of the Rights Agreement, all of the Rights distributed to holders of our common stock pursuant to the Rights Agreement will expire by their respective terms. Accordingly, the Rights Agreement is of no further force and effect.

Prior to termination of the Rights Agreement, each outstanding share of our common stock held of record on September 3, 1999, as adjusted for our stock split in September 2014, and additional shares of common stock issued since that time, was accompanied by one preferred stock purchase right (each, a "Right," and, collectively, the "Rights"). Each Right initially entitled the holder to purchase one fiftieth of a share of our Series A Participating Cumulative Preferred Stock, par value $0.01 per share, at a price of $70 per unit, subject to anti-dilution adjustments. Upon a person or entity becoming an Acquiring Person, each Right (other than the Rights held by the Acquiring Person) would have become exercisable to purchase a number of shares of our common stock having a market value equal to two times the exercise price of the Right.

Accumulated Other Comprehensive (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements, call options and natural gas futures and swap contracts, designated as commodity contracts cash flow hedges, are the components of our accumulated comprehensive income (loss).

The following tables present the changes in the balance of accumulated other comprehensive loss for the years ended December 31, 2017 and 2016. All amounts in the following tables are presented net of tax.



	Defined Benefit Pension and Postretirement Plan Items			Commodity Contract Cash Flow Hedges			Total
(in thousands)
As of December 31, 2016	$	(5,360	)	$	482		$	(4,878	)
Other comprehensive income before reclassifications	281			159			440
Amounts reclassified from accumulated other comprehensive income/(loss)	336			(170		)	166
Net current-period other comprehensive income/(loss)	617			(11		)	606
As of December 31, 2017	$	(4,743	)	$	471		$	(4,272	)



	Defined Benefit Pension and Postretirement Plan Items			Commodity Contracts Cash Flow Hedges			Total
(in thousands)
As of December 31, 2015	$	(5,580	)	$	(260	)	$	(5,840	)
Other comprehensive income/(loss) before reclassifications	(254		)	762			508
Amounts reclassified from accumulated other comprehensive income/(loss)	474			(20		)	454
Net current-period other comprehensive income	220			742			962
As of December 31, 2016	$	(5,360	)	$	482		$	(4,878	)

The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015. Deferred gains and losses of our commodity contracts cash flow hedges are recognized in earnings upon settlement.



	For the Year Ended December 31,
(in thousands)	2017			2016			2015
Amortization of defined benefit pension and postretirement plan items:
Prior service cost ⁽¹⁾	$	77		$	77		$	68
Net gain ⁽¹⁾	(636		)	(871		)	(650		)
Total before income taxes	(559		)	(794		)	(582		)
Income tax benefit	223			320			233
Net of tax	$	(336	)	$	(474	)	$	(349	)

Gains and losses on commodity contracts cash flow hedges
Propane swap agreements ⁽²⁾	$	1,607		$	(322	)	$	(120	)
Natural gas swaps ⁽²⁾	(822		)	—			(55		)
Natural gas futures ⁽²⁾	(456		)	345			(31		)
Total before income taxes	329			23			(206		)
Income tax impact	(159		)	(3		)	83
Net of tax	$	170		$	20		$	(123	)

Total reclassifications for the period	$	(166	)	$	(454	)	$	(472	)


⁽¹⁾	These amounts are included in the computation of net periodic benefits. See Note 16, Employee Benefit Plans, for additional details.


⁽²⁾	These amounts are included in the effects of gains and losses from derivative instruments. See Note 7, Derivative Instruments, for additional details.

Amortization of defined benefit pension and postretirement plan items is included in operations expense, and gains and losses on propane swap agreements, call options and natural gas futures contracts are included in cost of sales in the accompanying consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying consolidated statements of income.