Shareholders' equity

The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:



	2018	2017	2016
	(Shares in thousands)
Basic	45,689	45,004	43,325
Dilutive effect of share based awards	970	923	570
Dilutive effect of convertible notes and warrants	142	737	3,751
Diluted	46,801	46,664	47,646

Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were approximately 0.6 million, 0.6 million and 3.4 million for the years ended December 31, 2018, 2017 and 2016, respectively.

In connection with the issuance by the Company in 2010 of $400 million principal amount of convertible notes that matured in August 2017, and as a component of hedging arrangements between the Company and two institutional counterparties, the Company issued warrants to the counterparties, entitling them to purchase Company common stock. At December 31, 2018, all of the warrants either (a) were canceled as a result of warrant unwind agreements between the Company and the counterparties or (b) were exercised by the counterparties.

The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 and 2017:



	Cash Flow Hedges			Pension and Other Postretirement Benefit Plans			Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income (Loss)
	(Dollars in thousands)
Balance at December 31, 2016	$	(2,424	)	$	(136,596	)	$	(299,697	)	$	(438,717	)
Other comprehensive income (loss) before reclassifications	2,775			(6,725		)	173,074			169,124
Amounts reclassified from accumulated other comprehensive income (loss)	(11		)	4,513			—			4,502
Net current-year other comprehensive income (loss)	2,764			(2,212		)	173,074			173,626
Balance at December 31, 2017	340			(138,808		)	(126,623		)	(265,091		)
Other comprehensive income (loss) before reclassifications	2,574			1,605			(83,889		)	(79,710		)
Amounts reclassified from accumulated other comprehensive income	(2,107		)	5,823			—			3,716
Net current-year other comprehensive (loss) income	467			7,428			(83,889		)	(75,994		)
Balance at December 31, 2018	$	807		$	(131,380	)	$	(210,512	)	$	(341,085	)

The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2018, 2017 and 2016:



	December 31, 2018			December 31, 2017			December 31, 2016
	(Dollars in thousands)
Losses (gains) on designated foreign exchange forward contracts:
Cost of goods sold	$	(2,270	)	$	(95	)	$	4,511
Total before tax	(2,270		)	(95		)	4,511
Taxes expense (benefit)	163			84			(1,010		)
Net of tax	$	(2,107	)	$	(11	)	$	3,501
Losses (gains) on cross-currency swaps (net investment hedge):
Interest expense	$	(3,277	)	$	—		$	—
Total before tax	(3,277		)	—			—
Tax expense	754			—			—
Net of tax	$	(2,523	)	$	—		$	—
Amortization of pension and other postretirement benefits items:
Actuarial losses (1)	$	7,305		$	6,904		$	6,965
Prior-service credits (1)	251			105			56
Total before tax	7,556			7,009			7,021
Tax benefit	(1,733		)	(2,496		)	(2,509		)
Net of tax	$	5,823		$	4,513		$	4,512
Impact on income from continuing operations, net of tax	$	1,193		$	4,502		$	8,013


(1)	These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 15 for additional information).