Stockholders' Equity

12 Months Ended

Dec. 31, 2015

11. Stockholders' Equity

Earnings per Share

For the years ended December 31, 2015, 2014 and 2013, earnings per share were computed as follows:

	2015		2014		2013
	(in thousands, except per share amounts)
Net income	$	245,536		313,331		252,998
Weighted average shares outstanding, basic and diluted		83,499		84,485		85,589
Earnings per share, basic and diluted	$	2.94		3.71		2.96

Dividends

We declared dividends on our common stock of $1.75 per share, $1.45 per share and $1.18 per share for the years ended December 31, 2015, 2014 and 2013, respectively. The Board of Directors approved an increase in the quarterly dividend on our common stock from $0.43 per share to $0.46 per share beginning with the dividend declared in the fourth quarter 2015 and paid on February 1, 2016, to stockholders of record on January 11, 2016. As of December 31, 2015 and 2014, other current liabilities included $38.1 million and $36.0 million, respectively, for dividends payable to stockholders.

Common Stock Repurchases

The Board of Directors has authorized the repurchase of our common stock in the open market and/or private purchases. The acquired shares may be used for corporate purposes, including shares issued to employees in our stock-based compensation programs. There were 1,955,509 shares, 2,252,152 shares and 1,492,535 shares repurchased in the open market or privately during the years ended December 31, 2015, 2014 and 2013, respectively, which includes 432,353 shares, 599,340 shares and 665,035 shares repurchased from employees who elected to tender shares to cover their minimum tax withholdings with respect to vesting of stock awards during the years ended December 31, 2015, 2014 and 2013, respectively.

Accumulated Other Comprehensive Loss

The following table summarizes other comprehensive income (loss) activity for the years ended December 31, 2015 and 2014.

Year ended December 31, 2015	Unrealized (gains) losses on investment securities		Change in valuation allowance for unrealized gains (losses) on investment securities		Pension and postretirement benefits		Total accumulated other comprehensive income (loss)
	(in thousands)
Balance at December 31, 2014	$	(727)		(1,471)		(48,245)		(50,443)
Other comprehensive loss before reclassification		(2,464)		(1,463)		(9,897)		(13,824)
Amount reclassified from accumulated other comprehensive income		(538)		(306)		3,606		2,762

Net current period other comprehensive loss		(3,002)		(1,769)		(6,291)		(11,062)

Balance at December 31, 2015	$	(3,729)	$	(3,240)		(54,536)		(61,505)

Year ended December 31, 2014	Unrealized (gains) losses on investment securities		Change in valuation allowance for unrealized gains (losses) on investment securities		Pension and postretirement benefits		Total accumulated other comprehensive income (loss)
	(in thousands)
Balance at December 31, 2013	$	3,150		810		(19,819)		(15,859)
Other comprehensive loss before reclassification		(636)		(381)		(29,689)		(30,706)
Amount reclassified from accumulated other comprehensive income		(3,241)		(1,900)		1,263		(3,878)

Net current period other comprehensive loss		(3,877)		(2,281)		(28,426)		(34,584)

Balance at December 31, 2014	$	(727)	$	(1,471)		(48,245)		(50,443)

Reclassifications from accumulated other comprehensive income and included in net income are summarized in the table that follows for the years ended December 31, 2015 and 2014.

	For the year ended December 31, 2015
	Pre-tax		Tax (expense) benefit		Net of tax		Statement of income line item
	(in thousands)
Reclassifications included in net income:
Sponsored funds investment gains	$	850		(312)		538	Investment and other income (loss)
Valuation allowance		—		306		306	Provision for income taxes
Amortization of pension and postretirement benefits		(5,654)		2,048		(3,606)	Underwriting and distribution expense and Compensation and related costs

Total	$	(4,804)		2,042		(2,762)

	For the year ended December 31, 2014
	Pre-tax		Tax (expense) benefit		Net of tax		Statement of income line item
	(in thousands)
Reclassifications included in net income:
Realized gain on sale of sponsored investment securities	$	5,146		(1,905)		3,241	Investment and other income (loss)
Valuation allowance		—		1,900		1,900	Provision for income taxes
Amortization of pension and postretirement benefits		(2,007)		744		(1,263)	Underwriting and distribution expense and Compensation and related costs

Total	$	3,139		739		3,878

- Definition

The combined disclosure used to capture the disclosure pertaining to an entity's earnings per share and disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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