7. Equity

Accelerated Share Repurchase Program

On January 28, 2015, the Board of Directors of the Company authorized a new share repurchase program for the repurchase of up to 4.0 million shares of the Company’s common stock (the “2015 Authorization”) and canceled the Company’s previous share repurchase authorization from January 2013 (the “2013 Authorization”). During the six months ended June 30, 2015, the Company purchased 2,332,230 shares under the 2015 Authorization for a total investment of $57.0 million, including commissions. This included the purchase of 1,648,000 shares in open market transactions, in addition to 684,230 shares under an accelerated share repurchase (“ASR”) agreement.

In May 2015, the Company entered into an ASR agreement with a financial institution. Under the ASR agreement, the Company paid $22.0 million in cash to the financial institution on May 14, 2015 and received an initial delivery of 684,230 shares that were valued at $18.7 million, based on the then-current market price of the Company’s stock. The payment to the financial institution was recorded as two separate transactions: an initial treasury stock transaction and a forward contract indexed to the Company’s common stock. The initial treasury stock transaction was recorded as an $18.7 million increase in treasury shares. The ASR forward contract was recorded as a $3.3 million decrease to additional paid-in capital and reflects the estimated value of stock to be delivered upon final settlement. The initial delivery of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Final settlement of the ASR agreement is expected to take place in the third quarter of 2015. The number of shares of the Company’s common stock that the Company may receive, or may be required to remit, upon settlement under the ASR agreement will be based on the average daily volume weighted average price, less an agreed upon discount, of the Company’s common stock during the duration of the ASR agreement. The terms of the ASR agreement are subject to change if the Company were to enter into or announce certain types of transactions. If the Company is obligated to make an adjustment payment to the financial institution upon settlement of the ASR agreement, the Company may elect to satisfy its obligation in cash or in shares of the Company’s common stock.

Accumulated Other Comprehensive Income

The reclassification adjustments from accumulated other comprehensive income (“AOCI”) to net income for the three and six months ended June 30, 2015 and 2014 were as follows (dollars in thousands):



	Three Months Ended								Six Months Ended
	June 30, 2015								June 30, 2015
	Foreign currency translation gain (loss), net of tax		Marketable securities, net of tax			Total			Foreign currency translation gain (loss), net of tax		Marketable securities, net of tax			Total
Balance at the beginning of period	$	—	$	62,099		$	62,099		$	—	$	71,959		$	71,959
Other comprehensive loss before reclassifications	—		(3,741		)	(3,741		)	—		(13,520		)	(13,520		)
Amounts reclassified from AOCI ^(a)	—		(709		)	(709		)	—		(790		)	(790		)
Net change in AOCI	—		(4,450		)	(4,450		)	—		(14,310		)	(14,310		)
Balance at the end of period	$	—	$	57,649		$	57,649		$	—	$	57,649		$	57,649

^(a) Includes a $1,099 and $1,225 impact of AOCI reclassification into “Gain on disposition of equity securities” for net gain on available-for

-sale securities for the three and six months ended June 30, 2015, respectively. For the three and six months ended June 30, 2015, the tax

impact of this reclassification was $390 and $435, respectively.



	Three Months Ended						Six Months Ended
	June 30, 2014						June 30, 2014
	Foreign currency translation gain, net of tax		Marketable securities, net of tax		Total		Foreign currency translation gain (loss), net of tax		Marketable securities, net of tax		Total
Balance at the beginning of period	$	5,182	$	—	$	5,182	$	4,649	$	—	$	4,649
Other comprehensive income before reclassifications	2,816		—		2,816		3,349		—		3,349
Net change in AOCI	2,816		—		2,816		3,349		—		3,349
Balance at the end of period	$	7,998	$	—	$	7,998	$	7,998	$	—	$	7,998