11. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the three months ended March 31, 2018 is as follows:

(In thousands)	Stockholders’ Equity
Balance, December 31, 2017	$	497,911
Net income		(10,814	)
Dividend payments		(4,367	)
Dividends accrued for unvested restricted stock units		(2	)
Net unrealized gains (losses) on available-for-sale securities (net of tax)		(3,412	)
Defined benefit plan adjustments (net of tax)		62
Foreign currency translation adjustment		842
Proceeds from stock option exercises		369
Purchase of treasury stock		(10,171	)
Adoption of new accounting standards (see note 1)		3,499
Stock-based compensation expense		1,819
Balance, March 31, 2018	$	475,736

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, 2018, we repurchased 0.6 million shares of our common stock at an average price of $16.18 per share. As of March 31, 2018, we have the authority to purchase an additional 2.9 million shares of our common stock under the current plans approved by the Board of Directors.

Stock Option Exercises

We issued 24 thousand shares of treasury stock during the three months ended March 31, 2018 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $18.97. We received proceeds totaling $0.4 million from the exercise of these stock options during the three months ended March 31, 2018.

Dividend Payments

During the three months ended March 31, 2018, we paid cash dividends as follows (in thousands except per share amounts):

Record Date		Payment Date		Per Share Amount				Total Dividend Paid
January 31, 2018		February 14, 2018		$	0.09			$	4,367

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, realized gains (losses) on cash flow hedges, 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 the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31, 2018
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			Total
Beginning balance	$	2,567		$	(4,286	)	$	(1,576	)	$	(3,295	)
Other comprehensive income (loss) before reclassifications		(257	)		—			842			585
Amounts reclassified from accumulated other comprehensive income		65			62			—			127
Amounts reclassified to retained earnings ⁽¹⁾		(3,220	)		—			—			(3,220	)
Net current period other comprehensive income (loss)		(3,412	)		62			842			(2,508	)
Ending balance	$	(845	)	$	(4,224	)	$	(734	)	$	(5,803	)

(1)

With the adoption of ASU 2016-01, the unrealized gains on our equity investments were reclassified to retained earnings. See note 1 for more information.

	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	)

The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2018 and 2017:

(In thousands)	Three Months Ended March 31, 2018
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	$	(73	)	Net realized investment gain
Defined benefit plan adjustments – actuarial losses		(90	)	⁽¹⁾
Total reclassifications for the period, before tax		(163	)
Tax (expense) benefit		36
Total reclassifications for the period, net of tax	$	(127	)

⁽¹⁾	Included in the computation of net periodic pension cost. See Note 5 of Notes to Consolidated Financial Statements.

(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 5 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, 2018 and 2017:

	Three Months Ended									Three Months Ended
	March 31, 2018									March 31, 2017
(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	$	(347	)	$	90		$	(257	)	$	2,656		$	(1,036	)	$	1,620
Unrealized gains (losses) on cash flow hedges		—			—			—			79			—			79
Reclassification adjustment for amounts related to available-for-sale investments included in net income		73			(8	)		65			(469	)		184			(285	)
Reclassification adjustment for amounts reclassed to retained earnings related to the adoption of ASU 2016-01		(3,220	)		—			(3,220	)		—			—			—
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income		90			(28	)		62			80			(25	)		55
Foreign currency translation adjustment		842			—			842			1,242			—			1,242
Total Other Comprehensive Income (Loss)	$	(2,562	)	$	54		$	(2,508	)	$	3,588		$	(877	)	$	2,711