|
Stockholders' Equity (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Equity [Abstract] |
|
| Summary of Changes in Stockholders' Equity |
A summary of the changes in stockholders’ equity for the nine
months ended September 30, 2014 is as follows:
|
|
|
|
|
| (In thousands) |
|
Stockholders’
Equity |
|
|
Balance, December 31, 2013
|
|
$ |
604,606 |
|
|
Net income
|
|
|
35,328 |
|
|
Dividend payments
|
|
|
(15,060 |
) |
|
Dividends accrued for unvested restricted stock units
|
|
|
1 |
|
|
Net unrealized gains (losses) on available-for-sale securities (net
of tax)
|
|
|
(2,850 |
) |
|
Foreign currency translation adjustment
|
|
|
(2,182 |
) |
|
Proceeds from stock option exercises
|
|
|
2,311 |
|
|
Purchase of treasury stock
|
|
|
(62,144 |
) |
|
Income tax benefit from exercise of stock options
|
|
|
71 |
|
|
Stock-based compensation expense
|
|
|
6,296 |
|
|
|
|
|
|
|
Balance, September 30, 2014
|
|
$ |
566,377 |
|
|
|
|
|
|
|
| Cash Dividends |
During the nine months ended September 30, 2014, we paid cash
dividends as follows (in thousands except per share amounts):
|
|
|
|
|
|
|
|
Record Date
|
|
Payment Date
|
|
Per Share Amount
|
|
Total Dividend Paid
|
|
February 6, 2014
|
|
February 20, 2014 |
|
$0.09 |
|
$5,102 |
|
May 1, 2014
|
|
May 15, 2014 |
|
$0.09 |
|
$5,035 |
|
July 31, 2014
|
|
August 14, 2014 |
|
$0.09 |
|
$4,923 |
|
| Changes in Accumulated Other Comprehensive Income, Net of Tax by Component |
The following tables present changes in accumulated other
comprehensive income, net of tax, by component for the three months
ended September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, 2014 |
|
| (In thousands) |
|
Unrealized
Gains
(Losses) on
Available-
for-Sale
Securities
|
|
|
Defined
Benefit Plan
Adjustments
|
|
|
Foreign
Currency
Adjustments
|
|
|
Total
|
|
|
Beginning balance
|
|
$ |
11,035 |
|
|
$ |
(891 |
) |
|
$ |
1,293 |
|
|
$ |
11,437 |
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
(1,602 |
) |
|
|
— |
|
|
|
(2,568 |
) |
|
|
(4,170 |
) |
|
Amounts reclassified from accumulated other comprehensive
income
|
|
|
(1,546 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income(loss)
|
|
|
(3,148 |
) |
|
|
— |
|
|
|
(2,568 |
) |
|
|
(5,716 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
7,887 |
|
|
$ |
(891 |
) |
|
$ |
(1,275 |
) |
|
$ |
5,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, 2013 |
|
| (In thousands) |
|
Unrealized
Gains
(Losses) on
Available-
for-Sale
Securities
|
|
|
Defined
Benefit Plan
Adjustments
|
|
|
Foreign
Currency
Adjustments
|
|
|
Total
|
|
|
Beginning balance
|
|
$ |
6,766 |
|
|
$ |
(1,952 |
) |
|
$ |
1,722 |
|
|
$ |
6,536 |
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
3,522 |
|
|
|
— |
|
|
|
(108 |
) |
|
|
3,414 |
|
|
Amounts reclassified from accumulated other comprehensive
income
|
|
|
(960 |
) |
|
|
— |
|
|
|
— |
|
|
|
(960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income(loss)
|
|
|
2,562 |
|
|
|
— |
|
|
|
(108 |
) |
|
|
2,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
9,328 |
|
|
$ |
(1,952 |
) |
|
$ |
1,614 |
|
|
$ |
8,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables present changes in accumulated other
comprehensive income, net of tax, by component for the nine months
ended September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended September 30,
2014 |
|
| (In thousands) |
|
Unrealized
Gains
(Losses) on
Available-
for-Sale
Securities
|
|
|
Defined
Benefit Plan
Adjustments
|
|
|
Foreign
Currency
Adjustments
|
|
|
Total
|
|
|
Beginning balance
|
|
$ |
10,737 |
|
|
$ |
(891 |
) |
|
$ |
907 |
|
|
$ |
10,753 |
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
1,316 |
|
|
|
— |
|
|
|
(2,182 |
) |
|
|
(866 |
) |
|
Amounts reclassified from accumulated other comprehensive
income
|
|
|
(4,166 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income(loss)
|
|
|
(2,850 |
) |
|
|
— |
|
|
|
(2,182 |
) |
|
|
(5,032 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
7,887 |
|
|
$ |
(891 |
) |
|
$ |
(1,275 |
) |
|
$ |
5,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, 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
|
|
|
3,174 |
|
|
|
— |
|
|
|
(1,498 |
) |
|
|
1,676 |
|
|
Amounts reclassified from accumulated other comprehensive
income
|
|
|
(3,954 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income(loss)
|
|
|
(780 |
) |
|
|
— |
|
|
|
(1,498 |
) |
|
|
(2,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance
|
|
$ |
9,328 |
|
|
$ |
(1,952 |
) |
|
$ |
1,614 |
|
|
$ |
8,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reclassifications Out of Accumulated Other Comprehensive Income |
The following tables present the details of reclassifications out
of accumulated other comprehensive income for the three months
ended September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Three Months Ended September 30, 2014 |
|
|
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:
|
|
|
|
|
|
|
|
|
|
Net realized gain on sales of securities
|
|
$ |
2,565 |
|
|
|
Net realized investment gain |
|
|
Impairment expense
|
|
|
(30 |
) |
|
|
Net realized investment gain |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, before tax
|
|
|
2,535 |
|
|
|
|
|
|
Tax (expense) benefit
|
|
|
(989 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, net of tax
|
|
$ |
1,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Three Months Ended September 30, 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:
|
|
|
|
|
|
|
|
|
|
Net realized gain on sales of securities
|
|
$ |
1,583 |
|
|
|
Net realized investment gain |
|
|
Impairment expense
|
|
|
(9 |
) |
|
|
Net realized investment gain |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, before tax
|
|
|
1,574 |
|
|
|
|
|
|
Tax (expense) benefit
|
|
|
(614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, net of tax
|
|
$ |
960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables present the details of reclassifications out
of accumulated other comprehensive income for the nine months ended
September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Nine Months Ended September 30,
2014 |
|
|
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:
|
|
|
|
|
|
|
|
|
|
Net realized gain on sales of securities
|
|
$ |
6,895 |
|
|
|
Net realized investment gain |
|
|
Impairment expense
|
|
|
(64 |
) |
|
|
Net realized investment gain |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, before tax
|
|
|
6,831 |
|
|
|
|
|
|
Tax (expense) benefit
|
|
|
(2,665 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, net of tax
|
|
$ |
4,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Nine Months Ended September 30, 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:
|
|
|
|
|
|
|
|
|
|
Net realized gain on sales of securities
|
|
$ |
6,496 |
|
|
|
Net realized investment gain |
|
|
Impairment expense
|
|
|
(13 |
) |
|
|
Net realized investment gain |
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, before tax
|
|
|
6,483 |
|
|
|
|
|
|
Tax (expense) benefit
|
|
|
(2,529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period, net of tax
|
|
$ |
3,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Comprehensive Income |
The following table presents the tax effects related to the change
in each component of other comprehensive income for the three
months ended September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, 2014 |
|
|
Three Months Ended
September 30, 2013 |
|
| (In thousands) |
|
Before-Tax
Amount |
|
|
Tax
(Expense)
Benefit |
|
|
Net-of-Tax
Amount |
|
|
Before-Tax
Amount |
|
|
Tax
Benefit |
|
|
Net-of-Tax
Amount |
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
$ |
(2,626 |
) |
|
$ |
1,024 |
|
|
$ |
(1,602 |
) |
|
$ |
5,774 |
|
|
$ |
(2,252 |
) |
|
$ |
3,522 |
|
|
Reclassification adjustment for amounts included in net income
|
|
|
(2,535 |
) |
|
|
989 |
|
|
|
(1,546 |
) |
|
|
(1,574 |
) |
|
|
614 |
|
|
|
(960 |
) |
|
Foreign currency translation adjustment
|
|
|
(2,568 |
) |
|
|
— |
|
|
|
(2,568 |
) |
|
|
(108 |
) |
|
|
— |
|
|
|
(108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Comprehensive Income (Loss)
|
|
$ |
(7,729 |
) |
|
$ |
2,013 |
|
|
$ |
(5,716 |
) |
|
$ |
4,092 |
|
|
$ |
(1,638 |
) |
|
$ |
2,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the tax effects related to the change
in each component of other comprehensive income for the nine months
ended September 30, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, 2014 |
|
|
Nine Months Ended
September 30, 2013 |
|
| (In thousands) |
|
Before-Tax
Amount |
|
|
Tax
(Expense)
Benefit |
|
|
Net-of-Tax
Amount |
|
|
Before-Tax
Amount |
|
|
Tax
Benefit |
|
|
Net-of-Tax
Amount |
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
$ |
2,157 |
|
|
$ |
(841 |
) |
|
$ |
1,316 |
|
|
$ |
5,203 |
|
|
$ |
(2,029 |
) |
|
$ |
3,174 |
|
|
Reclassification adjustment for amounts included in net income
|
|
|
(6,831 |
) |
|
|
2,665 |
|
|
|
(4,166 |
) |
|
|
(6,483 |
) |
|
|
2,529 |
|
|
|
(3,954 |
) |
|
Foreign currency translation adjustment
|
|
|
(2,182 |
) |
|
|
— |
|
|
|
(2,182 |
) |
|
|
(1,498 |
) |
|
|
— |
|
|
|
(1,498 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Comprehensive Income (Loss)
|
|
$ |
(6,856 |
) |
|
$ |
1,824 |
|
|
$ |
(5,032 |
) |
|
$ |
(2,778 |
) |
|
$ |
500 |
|
|
$ |
(2,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|