SHAREHOLDERS’ EQUITY

12 Months Ended

Sep. 30, 2017

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

NOTE 6  SHAREHOLDERS’ EQUITY

The Company has authorization from the Board of Directors for the repurchase of up to four million common shares in any calendar year. The repurchases may be made using our cash and cash equivalents or other available sources. During fiscal 2015, we purchased 810,097 common shares at an aggregate cost of $59.7 million, which are held as treasury shares. We had no purchases of common shares in fiscal years 2017 and 2016.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 

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

	September 30,
	2017		2016		2015
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	31,700	$	33,051	$	27,021
Unrealized actuarial loss		(28,873)		(34,112)		(30,144)
	$	2,827	$	(1,061)	$	(3,123)
After-tax amounts:
Unrealized appreciation on securities	$	20,070	$	20,899	$	17,201
Unrealized actuarial loss		(17,770)		(21,103)		(18,578)
	$	2,300	$	(204)	$	(1,377)

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the year ended September 30, 2017:

	Unrealized
	Appreciation
	(Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at September 30, 2016	$	20,899	$	(21,103)	$	(204)
Other comprehensive loss before reclassifications		(829)		—		(829)
Amounts reclassified from accumulated other comprehensive income		—		3,333		3,333
Net current-period other comprehensive income (loss)		(829)		3,333		2,504
Balance at September 30, 2017	$	20,070	$	(17,770)	$	2,300

The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Consolidated Statements of Operations during the years ended September 30, 2017 and 2016:

	Amount
	Reclassified from
	Accumulated Other
	Comprehensive
Details About Accumulated Other	Income (Loss)				Affected Line Item in the
Comprehensive Income (Loss) Components	2017		2016		Consolidated Statements of Operations
		(in thousands)
Other-than-temporary impairment of available-for-sale securities	$	—	$	1,509	Loss on investment securities
		—		(583)	Income tax provision
	$	—	$	926	Net of tax
Amortization of net actuarial loss on defined benefit pension plan	$	5,238	$	(3,968)	General and administrative
		(1,905)		1,443	Income tax provision
	$	3,333	$	(2,525)	Net of tax
Total reclassifications for the period	$	3,333	$	(1,599)