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STOCKHOLDERS EQUITY
 12 Months Ended
Aug. 31, 2014
Equity [Abstract]  
STOCKHOLDERS EQUITY
STOCKHOLDERS’ EQUITY
 
Dividends

The following table summarizes the dividends declared and paid during fiscal years 2014, 2013 and 2012.

 
 
 
 
First Payment
 
Second Payment
Declared
 
Amount
 
Record Date
 
Date Paid
 
Amount
 
Record Date
 
Date Paid
 
Amount
1/23/14
 
$
0.70

 
2/14/14
 
2/28/14
 
$
0.35

 
8/15/14
 
8/29/14
 
$
0.35

11/27/12
 
$
0.60

 
12/10/12
 
12/21/12
 
$
0.30

 
8/15/13
 
8/30/13
 
$
0.30

1/25/12
 
$
0.60

 
2/15/12
 
2/29/12
 
$
0.30

 
8/15/12
 
8/31/12
 
$
0.30



The Company anticipates the ongoing payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, the amount of such dividends, and the establishment of record and payment dates is subject to final determination by the Board of Directors at its discretion after its review of the Company’s financial performance and anticipated capital requirements.

Preferred Stock Authorized Shares

As of August 31, 2014, 2,000,000 shares of preferred stock with a par value of $0.0001, were authorized, but no shares were outstanding.  Upon issuance, our Board of Directors has the ability to define the terms of the preferred shares, including voting rights, liquidation preferences, conversion and redemption provisions and dividend rates.

Comprehensive Income and Accumulated Other Comprehensive Loss

The following table discloses the tax effects allocated to each component of other comprehensive income (loss) (in thousands):
 
 
Foreign currency translation adjustments
 
Defined benefit pension plan
 
Derivative Instruments
 
Total
(Amounts in thousands and net of income taxes)
 
 
 
 
 
 
 
 
Balances as of August 31, 2011
 
$
(21,894
)
 
$
(273
)
 
$
(748
)
 
$
(22,915
)
Other comprehensive income (loss)
 
(1,187
)
 
185

 
(398
)
(2) 
(1,400
)
Other comprehensive income (loss) related to mergers and corrections of prior years (1)
 
(8,881
)
 
—

 
—

 
(8,881
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

 
14

(3) 
—

 
14

Balances as of August 31, 2012
 
(31,962
)
 
(74
)
 
(1,146
)
 
(33,182
)
Other comprehensive income (loss)
 
(10,359
)
 
(68
)
 
2,144

(2) 
(8,283
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

 
(10
)
(3) 
—

 
(10
)
Balances as of August 31, 2013
 
(42,321
)
 
(152
)
 
998

 
(41,475
)
Other comprehensive income (loss)
 
(8,089
)
 
260

 
101

(2) 
(7,728
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
—

 
5

(3) 
(88
)
(2)(4) 
(83
)
Balances as of August 31, 2014
 
$
(50,410
)
 
$
113

 
$
1,011

 
$
(49,286
)
 
 
 
 
 
 
 
 
 
(1)
Includes $5.6 million to record foreign currency translation differences for a 2012 merger of a real estate subsidiary with an operating subsidiary and $3.3 million to correct foreign currency translations for prior years related to a 2007 merger of a real estate subsidiary with an operating subsidiary and other matters. See Note 1- Company Overview and Basis of Presentation for details.
(2)
See Note 12 - Derivative Instruments and Hedging Activities.
(3) 
Amounts reclassified from accumulated other comprehensive income (loss) related to the minimum pension liability are included in warehouse club operations in the Company's Consolidated Statements of Income.
(4) 
Amounts reclassified from accumulated other comprehensive income (loss) for settlement of derivative instruments are included in other income (expense), net in the Company's Consolidated Statements of Income.
        
Retained Earnings Not Available for Distribution

The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands):
 
August 31, 2014
 
August 31, 2013
Retained earnings not available for distribution
$
4,556

 
$
4,171