Shareholders' Equity

9 Months Ended

Jun. 30, 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 nine months ended June 30, 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:

	June 30,			September 30,
	2016			2015
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	22,587		$	27,021
Unrecognized actuarial loss	(28,666		)	(30,144		)
	$	(6,079	)	$	(3,123	)
After-tax amounts:
Unrealized appreciation on securities	$	14,482		$	17,201
Unrecognized actuarial loss	(17,638		)	(18,578		)
	$	(3,156	)	$	(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 nine months ended June 30, 2016:

	Three Months Ended June 30, 2016
	Unrealized
	Appreciation on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan			Total
	(in thousands)
Balances at April 1, 2016	$	4,738	$	(17,952	)	$	(13,214	)
Other comprehensive income before reclassifications	9,744		—			9,744
Amounts reclassified from accumulated other comprehensive income	—		314			314
Net current-period other comprehensive income	9,744		314			10,058
Balances at June 30, 2016	$	14,482	$	(17,638	)	$	(3,156	)

	Nine Months Ended June 30, 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	(2,719		)	—			(2,719		)
Amounts reclassified from accumulated other comprehensive income	—			940			940
Net current-period other comprehensive income (loss)	(2,719		)	940			(1,779		)
Balances at June 30, 2016	$	14,482		$	(17,638	)	$	(3,156	)

The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Operations during the three and nine months ended June 30, 2016:

	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details About Accumulated Other Comprehensive Income	Three Months Ended June 30,						Nine Months Ended June 30,						Affected Line Item in the Condensed Consolidated
(Loss) Components	2016			2015			2016			2015			Statement of Operations
	(in thousands)						(in thousands)
Defined Benefit Pension Items
Amortization of net actuarial loss	$	493		$	309		$	1,479		$	927		General and administrative
	(179		)	(112		)	(539		)	(337		)	Income tax provision
Total reclassifications for the period	$	314		$	197		$	940		$	590		Net of tax