NOTE 8 SHAREHOLDERS’ EQUITY

The Company has authorization from the Board of Directors for the repurchase of up to four million common 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 during the three months ended December 31, 2018 and 2017.

Components of accumulated other comprehensive income were as follows:


	December 31,		September 30,
	2018		2018
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities (1)	$	—	$	44,023
Unrealized actuarial loss		(21,401)		(21,693)
	$	(21,401)	$	22,330
After-tax amounts:
Unrealized appreciation on securities (1)	$	—	$	29,071
Unrealized actuarial loss		(12,296)		(12,521)
	$	(12,296)	$	16,550

(1)

As disclosed in Note 2—Summary of Significant Accounting Policies, Risks and Uncertainties, we adopted ASU No. 2016-01 on October 1, 2018. The standard requires that changes in the fair value of our equity investments must be recognized in net income.

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended December 31, 2018:


	Three Months Ended December 31, 2018
	Unrealized
	Appreciation		Defined
	on Equity		Benefit
	Securities		Pension Plan		Total
	(in thousands)
Balance at September 30, 2018	$	29,071	$	(12,521)	$	16,550
Adoption of ASU No. 2016-01 (1)		(29,071)		—		(29,071)
Balance at October 1, 2018		—		(12,521)		(12,521)
Other comprehensive income before reclassifications		—		—		—
Amounts reclassified from accumulated other comprehensive income		—		225		225
Net current-period other comprehensive income		—		225		225
Balance at December 31, 2018	$	—	$	(12,296)	$	(12,296)

(1)

As disclosed in Note 2—Summary of Significant Accounting Policies, Risks and Uncertainties, we adopted ASU No. 2016-01 on October 1, 2018. The transition provisions enforced upon adoption require any unrealized gains or losses as of October 1, 2018 to be recognized in the beginning balance of equity.

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


	Reclassified from
	Accumulated Other
	Comprehensive
	Income (Loss)
	Three Months Ended				Affected Line
Details About Accumulated Other	December 31,				Item in the Consolidated
Comprehensive Income (Loss) Components	2018		2017		Statements of Operations
	(in thousands)
Amortization of net actuarial loss on defined benefit pension plan	$	292	$	461	Selling, general and administrative
		(67)		(121)	Income tax provision
Total reclassifications for the period	$	225	$	340	Net of tax

A cash dividend of $0.71 per share was declared on September 5, 2018 for shareholders of record on November 12, 2018, and paid on December 3, 2018. An additional cash dividend of $0.71 per share was declared on December 14, 2018 for shareholders of record on February 8, 2019, payable on March 1, 2019. The dividend payable is included in accounts payable in the Unaudited Condensed Consolidated Balance Sheets.