Shareholders' Equity

6 Months Ended

Mar. 31, 2018

Shareholders' Equity

Shareholders' Equity

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 second quarters of fiscal 2018 or fiscal 2017.

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

	March 31,		September 30,
	2018		2017
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	19,908	$	31,700
Unrealized actuarial loss		(27,952)		(28,873)
	$	(8,044)	$	2,827
After-tax amounts:
Unrealized appreciation on securities	$	11,901	$	20,070
Unrealized actuarial loss		(17,122)		(17,770)
	$	(5,221)	$	2,300

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, 2018:

	Three Months Ended March 31, 2018
	Unrealized
	Appreciation
	(Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at January 1, 2018	$	19,469	$	(17,430)	$	2,039
Other comprehensive loss before reclassifications		(7,568)		—		(7,568)
Amounts reclassified from accumulated other comprehensive income		—		308		308
Net current-period other comprehensive income (loss)		(7,568)		308		(7,260)
Balance at March 31, 2018	$	11,901	$	(17,122)	$	(5,221)

	Six Months Ended March 31, 2018
	Unrealized
	Appreciation
	(Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at October 1, 2017	$	20,070	$	(17,770)	$	2,300
Other comprehensive loss before reclassifications		(8,169)		—		(8,169)
Amounts reclassified from accumulated other comprehensive income		—		648		648
Net current-period other comprehensive income (loss)		(8,169)		648		(7,521)
Balance at March 31, 2018	$	11,901	$	(17,122)	$	(5,221)

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

	Reclassified from				Reclassified from
	Accumulated Other				Accumulated Other
	Comprehensive				Comprehensive
	Income (Loss)				Income (Loss)
	Three Months Ended				Six Months Ended
Details About Accumulated Other	March 31,				March 31,				Affected Line Item in the
Comprehensive Income (Loss) Components	2018		2017		2018		2017		Consolidated Statements of Operations
		(in thousands)				(in thousands)
Amortization of net actuarial loss on defined benefit pension plan	$	(460)	$	(575)	$	(921)	$	(1,150)	General and administrative
		152		209		273		418	Income tax provision
Total reclassifications for the period	$	(308)	$	(366)	$	(648)	$	(732)	Net of tax