Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

10. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the three months ended March 31, 2017 is as follows:

(In thousands)	Stockholders’ Equity
Balance, December 31, 2016	$	479,517
Net income		6,651
Dividend payments		(4,369	)
Dividends accrued for unvested restricted stock units		(8	)
Net unrealized gains on available-for-sale securities (net of tax)		1,335
Net unrealized gains on cash flow hedges		79
Defined benefit plan adjustments (net of tax)		55
Foreign currency translation adjustment		1,242
Proceeds from stock option exercises		1,377
Purchase of treasury stock		(5,559	)
ASU 2016-09 adoption		10
Stock-based compensation expense		1,883
Balance, March 31, 2017	$	482,213

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 50.0 million shares of our common stock, which will be implemented through open market or private purchases from time to time as conditions warrant. During the three months ended March 31, 2017, we repurchased 0.3 million shares of our common stock at an average price of $21.44 per share. As of March 31, 2017, we have the authority to purchase an additional 4.2 million shares of our common stock under the current plans approved by the Board of Directors.

Stock Option Exercises

We issued 0.1 million shares of treasury stock during the three months ended March 31, 2017 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $23.02. We received proceeds totaling $1.4 million from the exercise of these stock options during the three months ended March 31, 2017.

Dividend Payments

During the three months ended March 31, 2017, we paid cash dividends as follows (in thousands except per share amounts):

Record Date	Payment Date	Per Share Amount		Total Dividend Paid
February 2, 2017	February 16, 2017	$	0.09	$	4,369

Other Comprehensive Income

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

The following tables present changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2017 and 2016:

	Three Months Ended March 31, 2017
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Unrealized Gains (Losses) on Cash Flow Hedges		Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	404		$	—	$	(5,017	)	$	(7,575	)	$	(12,188	)
Other comprehensive income (loss) before    reclassifications		1,620			79		—			1,242			2,941
Amounts reclassified from accumulated other    comprehensive income		(285	)		—		55			—			(230	)
Net current period other comprehensive income    (loss)		1,335			79		55			1,242			2,711
Ending balance	$	1,739		$	79	$	(4,962	)	$	(6,333	)	$	(9,477	)

	Three Months Ended March 31, 2016
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	1,932		$	(3,895	)	$	(7,006	)	$	(8,969	)
Other comprehensive income (loss) before    reclassifications		758			—			1,228			1,986
Amounts reclassified from accumulated other    comprehensive income		(1,013	)		45			—			(968	)
Net current period other comprehensive income (loss)		(255	)		45			1,228			1,018
Ending balance	$	1,677		$	(3,850	)	$	(5,778	)	$	(7,951	)

The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2017 and 2016

(In thousands)	Three Months Ended March 31, 2017
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	$	572		Net realized investment gain
Impairment expense		(103	)	Net realized investment gain
Defined benefit plan adjustments – actuarial    losses		(80	)	(1)
Total reclassifications for the period, before    tax		389
Tax (expense) benefit		(159	)
Total reclassifications for the period, net    of tax	$	230

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

(In thousands)	Three Months Ended March 31, 2016
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	$	1,761		Net realized investment gain
Impairment expense		(100	)	Net realized investment gain
Defined benefit plan adjustments – actuarial    losses		(65	)	(1)
Total reclassifications for the period, before    tax		1,596
Tax (expense) benefit		(628	)
Total reclassifications for the period, net    of tax	$	968

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

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, 2017 and 2016:

	Three Months Ended									Three Months Ended
	March 31, 2017									March 31, 2016
(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	$	2,656		$	(1,036	)	$	1,620		$	1,244		$	(486	)	$	758
Unrealized gains (losses) on cash flow hedges		79			—			79			—			—			—
Reclassification adjustment for amounts related to    available-for-sale investments included in net    income		(469	)		184			(285	)		(1,661	)		648			(1,013	)
Reclassification adjustment for amounts related to    defined benefit plan adjustments included in net    income		80			(25	)		55			65			(20	)		45
Foreign currency translation adjustment		1,242			—			1,242			1,228			—			1,228
Total Other Comprehensive Income (Loss)	$	3,588		$	(877	)	$	2,711		$	876		$	142		$	1,018