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Equity
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Equity

14. Equity

 

Share Repurchases

 

On January 24, 2013, the Company's Board of Directors authorized management to purchase up to a total of 2,500,000 shares of the Company's common stock at management's discretion in open market transactions (the “2013 Authorization”) and canceled the Company's previous share repurchase authorization, which had been in place since January 26, 2011 (the “2011 Authorization”). The following table summarizes the aggregate shares purchased under these plans during each of the three years ended December 31:

 

  Year Ended December 31,
   2013  2012  2011
Shares purchased under 2013 Authorization and 2011 Authorization   966,700  576,064  435,000
Aggregate amount (in thousands)  $ 46,052 $22,509 $19,576
Average price paid per share  $ 47.64 $ 39.07 $ 45.00

Periodically, shares are purchased in the open market on behalf of participants relating to the Company's nonqualified deferred compensation plans. Certain amounts are subsequently distributed to participants. In January 2012, the Company purchased 1,211 shares of the Company's common stock from the rabbi trust that held the shares for the Company's Nonqualified Savings Plan, which no longer permits investments in the Company's common stock. Activities during each of the three years ended December 31 are summarized as follows (dollars in thousands):

 

   Year Ended December 31,
   2013 2012 2011
 Purchases:         
 Number of shares    99  108  93
 Aggregate amount $ 4 $ 4 $ 5
           
 Sales:         
 Number of shares    -   1,211 (a)  9
 Aggregate amount  $ - $ 25 $ -
 
(a) Represents shares purchased by the Company from the rabbi trust that held the shares for the Nonqualified Savings Plan.

Accumulated Other Comprehensive Income (Loss)

 

Components of AOCI, after tax, for the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands):

 

            
 Unrealized Derivatives Gain (Loss), Net of Tax Foreign Currency Translation Gain (Loss), Net of Tax Marketable Securities, Net of Tax Total
Balance at January 1, 2011$ (110) $ 6,209 $ (1,302) $ 4,797
Other comprehensive income (loss)  98   (12,287)   496   (11,693)
Balance at December 31, 2011  (12)   (6,078)   (806)   (6,896)
Other comprehensive income  12   8,952   1,060   10,024
Balance at December 31, 2012  -   2,874   254   3,128
Other comprehensive income before reclassifications  -   1,775   373   2,148
Amounts reclassified from AOCI(a)  -   -   (627)   (627)
Net change in AOCI  -   1,775   (254)   1,521
Balance at December 31, 2013$ - $ 4,649 $ - $ 4,649

(a) The gain on marketable securities reclassified out of AOCI for the year ended December 31, 2013 is composed of a $964 gain and income tax expense of $337. The gain and income tax expense are included in “Other revenue” and “Provision for income taxes,” respectively, in the consolidated statements of income.