Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Stockholders' Equity

10. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the three months ended March 31, 2013 is as follows:

(In thousands)	Stockholders’ Equity
Balance, December 31, 2012	$	692,406
Net income		7,890
Dividend payments		(5,586	)
Dividends accrued for unvested restricted stock units		(2	)
Unrealized gains and losses on available-for-sale securities (net of tax)		(1,644	)
Foreign currency translation adjustment		323
Proceeds from stock option exercises		55
Purchase of treasury stock		(22,546	)
Stock-based compensation expense		2,232
Balance, March 31, 2013	$	673,128

Stock Repurchase Program

Since 1997, our Board of Directors has approved multiple share repurchase programs that have authorized open market repurchase transactions of up to 35 million shares of our common stock. During the three months ended March 31, 2013, we repurchased 1.0 million shares of our common stock at an average price of $22.46 per share. We currently have the authority to purchase an additional 3.1 million shares of our common stock under the current plan approved by the Board of Directors.

Stock Option Exercises

We issued four thousand shares of treasury stock during the three months ended March 31, 2013 to accommodate employee stock option exercises. The stock options had exercise prices of $15.29. We received proceeds totaling $55 thousand from the exercise of these stock options during the three months ended March 31, 2013.

Dividend Payments

During the three months ended March 31, 2013, we paid cash dividends as follows (in thousands except per share amount):

Record Date	Payment Date		Per Share Amount		Total Dividend Paid
February 7, 2013		February 21, 2013	$	0.09	$	5,586

Other Comprehensive Income

Other comprehensive income consists of unrealized gains (losses) on available-for-sale securities, reclassification adjustments for amounts included in net income related to impairments of available-for-sale securities and realized gains (losses) on available-for-sale securities, defined benefit plan adjustments and foreign currency translation adjustments.

The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2013 and 2012:

(In thousands)	Three Months Ended March 31, 2013
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-sale securities:
Realized gain on sales of securities	$	3,444			Net realized investment gain
Impairment expense		(4	)		Net realized investment gain
Total reclassifications for the period, before tax		3,440
Tax (expense) benefit		(1,342	)
Total reclassifications for the period, net of tax	$	2,098
(In thousands)	Three Months Ended March 31, 2012
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-sale securities:
Realized gain on sales of securities	$	2,406			Net realized investment gain
Impairment expense		(33	)		Net realized investment gain
Total reclassifications for the period, before tax		2,373
Tax (expense) benefit		(925	)
Total reclassifications for the period, net of tax	$	1,448

The following tables present changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2013 and 2012:

	Three Months Ended March 31, 2013
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments		Total
Beginning balance	$	10,108		$	(1,952	)	$	3,112	$	11,268
Other comprehensive income (loss) before reclassifications		454			—			323		777
Amounts reclassified from accumulated other comprehensive income		(2,098	)		—			—		(2,098	)
Net current period other comprehensive income (loss)		(1,644	)		—			323		(1,321	)
Ending balance	$	8,464		$	(1,952	)	$	3,435	$	9,947

	Three Months Ended March 31, 2012
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Foreign Currency Adjustments		Total
Beginning balance	$	10,160		$	2,942	$	13,102
Other comprehensive income (loss) before reclassifications		8,205			153		8,358
Amounts reclassified from accumulated other comprehensive income		(1,448	)		—		(1,448	)
Net current period other comprehensive income (loss)		6,757			153		6,910
Ending balance	$	16,917		$	3,095	$	20,012

The following table presents the tax effects related to the change in each component of other comprehensive income for the three months ended March 31, 2013 and 2012:

	Three Months Ended March 31, 2013									Three Months Ended March 31, 2012
(In thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gains (losses) on available-for-sale securities	$	744		$	(290	)	$	454		$	13,449		$	(5,244	)	$	8,205
Reclassification adjustment for amounts included in net income		(3,440	)		1,342			(2,098	)		(2,373	)		925			(1,448	)
Foreign currency translation adjustment		323			—			323			153			—			153
Total Other Comprehensive Income (Loss)	$	(2,373	)	$	1,052		$	(1,321	)	$	11,229		$	(4,319	)	$	6,910