6.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 had no purchases of common shares in either of the third quarters of fiscal 2017 or fiscal 2016.

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


	June 30,		September 30,
	2017		2016
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	24,907	$	33,051
Unrealized actuarial loss		(32,387)		(34,112)
	$	(7,480)	$	(1,061)
After-tax amounts:
Unrealized appreciation on securities	$	15,905	$	20,899
Unrealized actuarial loss		(20,006)		(21,103)
	$	(4,101)	$	(204)

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the three and nine months ended June 30, 2017:


	Three Months Ended June 30, 2017
	Unrealized
	Appreciation
	(Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at April 1, 2017	$	22,804	$	(20,371)	$	2,433
Other comprehensive loss before reclassifications		(6,899)		—		(6,899)
Amounts reclassified from accumulated other comprehensive income		—		365		365
Net current-period other comprehensive income (loss)		(6,899)		365		(6,534)
Balance June 30, 2017	$	15,905	$	(20,006)	$	(4,101)


	Nine Months Ended June 30, 2017
	Unrealized
	Appreciation
	(Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at October 1, 2016	$	20,899	$	(21,103)	$	(204)
Other comprehensive loss before reclassifications		(4,994)		—		(4,994)
Amounts reclassified from accumulated other comprehensive income		—		1,097		1,097
Net current-period other comprehensive income (loss)		(4,994)		1,097		(3,897)
Balance June 30, 2017	$	15,905	$	(20,006)	$	(4,101)

The following provides detail about accumulated other comprehensive income components which were reclassified to the Condensed Consolidated Statements of Operations:


	Amount				Amount
	Reclassified from				Reclassified from
	Accumulated Other				Accumulated Other
	Comprehensive				Comprehensive
	Income (Loss)				Income (Loss)
	Three Months Ended				Nine Months Ended
Details About Accumulated Other	June 30,				June 30,				Affected Line Item in the
Comprehensive Income (Loss) Components	2017		2016		2017		2016		Consolidated Statement of Operations
		(in thousands)				(in thousands)
Defined Benefit Pension Items
Amortization of net actuarial loss	$	574	$	493	$	1,724	$	1,479	General and administrative
		(209)		(179)		(627)		(539)	Income tax provision
Total reclassifications for the period	$	365	$	314	$	1,097	$	940	Net of tax