Capital Structure and Accumulated Comprehensive Income

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Capital Structure and Accumulated Comprehensive Income

Stock

Our Amended and Restated Certificate of Incorporation, authorizes up to 500,000,000 shares of common stock, par value of $0.01. Subject to the rights of holders of any series of preferred stock, all of the voting power of the stockholders of Holdings shall be vested in the holders of the common stock. There were 53,390,136 shares of common stock issued and outstanding at December 31, 2015. As of December 31, 2014, there were 53,902,475 shares issued and outstanding.

In 2015, our Board of Directors declared quarterly cash dividends as follows:

Dividends per Common Share		Declaration Date	Record Date	Payable Date
$	0.125	February 12, 2015	March 16, 2015	April 3, 2015
$	0.125	May 8, 2015	June 15, 2015	July 6, 2015
$	0.125	July 24, 2015	September 15, 2015	October 2, 2015
$	0.0625	November 9, 2015	December 15, 2015	January 5, 2016

All dividends were paid as scheduled.

Any determination to pay dividends and other distributions in cash, stock, or property by Holdings in the future will be at the discretion of our Board of Directors and will be dependent on then-existing conditions, including our business conditions, our financial condition, results of operations, liquidity, capital requirements, contractual restrictions including restrictive covenants contained in our debt agreements, and other factors. Additionally, because we are a holding company, our ability to pay dividends on our common stock may be limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us, including restrictions under the terms of the agreements governing our indebtedness.

Preferred Stock

Our Amended and Restated Certificate of Incorporation authorizes our Board of Directors to issue up to 10,000,000 shares, in the aggregate, of preferred stock, par value of $0.01 in one or more series and to fix the preferences, powers and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference and to fix the number of shares to be included in any such series without any further vote or action by our stockholders.

There are no shares of preferred stock issued or outstanding at December 31, 2015 and 2014. At present, we have no plans to issue any preferred stock.

Share Repurchase Program

We are authorized by our Board of Directors to repurchase shares of our outstanding common stock on the open market or in privately negotiated transactions. As of December 31, 2015, we are authorized to repurchase up to $50 million of our common stock through December 11, 2016. Stock repurchases will be funded using our available liquidity. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. Under our share repurchase program, as of December 31, 2015, we have repurchased 706,093 shares of our common stock at an average price of $23.83 and are authorized to repurchase up to an additional $33.2 million of our common stock.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consists of fair value adjustments associated with cash flow hedges and accumulated adjustments for net experience losses and prior service cost related to employee benefit plans. The following table presents the changes in accumulated other comprehensive income by component (in thousands) during the year ended December 31, 2015:

	For the Year Ended December 31, 2015
	Unrealized gain (loss) on cash flow hedges			Unrealized gain (loss)  on short-term investments			Pension and other post- retirement benefits liability			Total
Beginning Balance	$	(134	)	$	(41	)	$	(19,643	)	$	(19,818	)
Other comprehensive income before reclassifications	—			47			1,788			1,835
Amounts reclassed from accumulated other comprehensive income	53			—			1,759			1,812
Ending Balance	$	(81	)	$	6		$	(16,096	)	$	(16,171	)

Amounts reclassed from accumulated other comprehensive income (loss) related to cash flow hedges are included in interest expense in our Income Statements and amounts reclassed related to the pension and other post-retirement benefits liability are included in the computation of net periodic pension costs, at their before tax amounts.