Shareholders' Equity

6 Months Ended

Mar. 31, 2016

Shareholders' Equity

Shareholders' Equity

5.Shareholders’ Equity

The Company has authorization from the Board of Directors for the repurchase of up to four million shares per calendar year.  The repurchases may be made using our cash and cash equivalents or other available sources.  We have had no purchases of common shares in fiscal 2016.  During the six months ended March 31, 2015, we purchased 810,097 common shares at an aggregate cost of $59.7 million, which are held as treasury shares.

Components of accumulated other comprehensive income (loss) were as follows:

	March 31,			September 30,
	2016			2015
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	6,696		$	27,021
Unrecognized actuarial loss	(29,158		)	(30,144		)
	$	(22,462	)	$	(3,123	)
After-tax amounts:
Unrealized appreciation on securities	$	4,738		$	17,201
Unrecognized actuarial loss	(17,952		)	(18,578		)
	$	(13,214)		$	(1,377	)

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended March 31, 2016:

	Three Months Ended March 31, 2016
	Unrealized
	Appreciation  (Depreciation) on			Defined
	Available-for-sale			Benefit
	Securities			Pension Plan			Total
	(in thousands)
Balances at January 1, 2016	$	6,191		$	(18,265	)	$	(12,074	)
Other comprehensive loss before reclassifications	(1,453		)	—			(1,453		)
Amounts reclassified from accumulated other comprehensive income	—			313			313
Net current-period other comprehensive income (loss)	(1,453		)	313			(1,140		)
Balances at March 31, 2016	$	4,738		$	(17,952	)	$	(13,214	)

	Six Months Ended March 31, 2016
	Unrealized
	Appreciation  (Depreciation) on			Defined
	Available-for-sale			Benefit
	Securities			Pension Plan			Total
	(in thousands)
Balances at October 1, 2015	$	17,201		$	(18,578	)	$	(1,377	)
Other comprehensive loss before reclassifications	(12,463		)	—			(12,463		)
Amounts reclassified from accumulated other comprehensive income	—			626			626
Net current-period other comprehensive income (loss)	(12,463		)	626			(11,837		)
Balances at March 31, 2016	$	4,738		$	(17,952	)	$	(13,214	)

The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income during the three and six months ended March 31, 2016:

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details About Accumulated Other Comprehensive Income	Three Months Ended March 31,						Six Months Ended March 31,						Affected Line Item in the Condensed Consolidated
(Loss) Components	2016			2015			2016			2015			Statement of Income
	(in thousands)						(in thousands)
Defined Benefit Pension Items
Amortization of net actuarial loss	$	(493	)	$	(309	)	$	(986	)	$	(618	)	General and administrative
	180			112			360			225			Income tax provision
Total reclassifications for the period	$	(313	)	$	(197	)	$	(626	)	$	(393	)	Net of tax