DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Dividends

On August 5, 2015, our board of directors approved a dividend of $0.34 per share of Common Stock, payable on September 15, 2015 to shareholders of record on September 1, 2015. See discussion of our dividends in Note 10 to our fiscal year 2015 Financial Statements. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments.

Share Repurchases

As of July 31, 2015, we had $125.0 million of repurchase authority remaining from $150.0 million that was authorized by our board of directors for share repurchases between November 6, 2014 and November 5, 2015. During the three months ended June 30, 2014, we spent $20.2 million to repurchase 270,598 shares of our Common Stock. We did not repurchase any shares during the three months ended June 30, 2015. For additional information on our repurchases of Common Stock, see “Share Repurchases” in Note 10 to the fiscal year 2015 Financial Statements. The timing and method of any repurchases under the program will depend on a variety of factors, is subject to our results of operations, financial condition, cash requirements, and other factors and restrictions under applicable law and our debt instruments, and may be suspended or discontinued at any time.

Earnings per Share

Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:



	Three Months Ended June 30,
	2015		2014
Options:
Outstanding	747,253		302,447
Weighted average exercise price	$	68.47	$	62.17
Restricted stock awards:
Outstanding	262,746		43,391
Weighted average price	$	58.53	$	74.46

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended June 30,
	2015			2014
Net income (loss) available to common stockholders (in thousands):
Income (loss) available to common stockholders – basic	$	(9,558	)	$	44,109
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax ⁽¹⁾	—			—
Income (loss) available to common stockholders – diluted	$	(9,558	)	$	44,109
Shares:
Weighted average number of common shares outstanding – basic	34,857,969			35,564,328
Assumed conversion of 3% Convertible Senior Notes outstanding during the period⁽¹⁾	—			—
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method	—			301,578
Weighted average number of common shares outstanding – diluted	34,857,969			35,865,906

Basic earnings (loss) per common share	$	(0.27	)	$	1.24
Diluted earnings (loss) per common share	$	(0.27	)	$	1.23

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⁽¹⁾

Diluted earnings per common share for the three months ended June 30, 2015 and 2014 excludes potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes will be convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of June 30, 2015, the base conversion price of the notes was approximately $72.27, based on the base conversion rate of 13.8373 shares of Common Stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances, including the payment of dividends). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeds the base conversion price, holders will receive up to an additional 8.9912 shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three months ended June 30, 2015 and 2014 as our average stock price during these periods did not meet or exceed the conversion requirements.

Accumulated Other Comprehensive Income

The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:



	Currency Translation Adjustments			Pension Liability Adjustments ⁽¹⁾			Total
Balance as of March 31, 2015	$	(39,066	)	$	(231,263	)	$	(270,329	)
Other comprehensive income before reclassification	14,714			—			14,714
Reclassified from accumulated other comprehensive income	—			—			—
Net current period other comprehensive income	14,714			—			14,714
Foreign exchange rate impact	16,072			(16,072		)	—
Balance at June 30, 2015	$	(8,280	)	$	(247,335	)	$	(255,615	)

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⁽¹⁾	Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.