Shareholders' Equity

3 Months Ended

Dec. 31, 2016

Shareholders' Equity

Shareholders' Equity

5.Shareholders’ Equity

The Company has authorization from the Board of Directors for the repurchase of up to four million shares per calendar year.  The repurchases may be made using our cash and cash equivalents or other available sources.  We had no purchases of common shares in either the first quarter of fiscal 2017 or fiscal 2016.

Components of accumulated other comprehensive income (loss) were as follows:

	December 31,			September 30,
	2016			2016
	(in thousands)
Pre-tax amounts:
Unrealized appreciation on securities	$	53,293		$	33,051
Unrecognized actuarial loss	(33,537		)	(34,112		)
	$	19,756		$	(1,061	)
After-tax amounts:
Unrealized appreciation on securities	$	33,311		$	20,899
Unrecognized actuarial loss	(20,737		)	(21,103		)
	$	12,574		$	(204	)

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended December 31, 2016:

	Three Months Ended December 31, 2016
	Unrealized
	Appreciation (Depreciation) on		Defined
	Available-for-sale		Benefit
	Securities		Pension Plan			Total
	(in thousands)
Balances at September 30, 2016	$	20,899	$	(21,103	)	$	(204	)
Other comprehensive income before reclassifications	12,412		—			12,412
Amounts reclassified from accumulated other comprehensive income (loss)	—		366			366
Net current-period other comprehensive income	12,412		366			12,778
Balances at December 31, 2016	$	33,311	$	(20,737	)	$	12,574

The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Operations:

	Amount Reclassified from Accumulated
	Other Comprehensive Income (Loss)
Details About Accumulated Other	Three Months Ended						Affected Line Item in the
Comprehensive Income	December 31,						Condensed Consolidated
(Loss) Components	2016			2015			Statement of Income
	(in thousands)
Defined Benefit Pension
Amortization of net actuarial loss	$	575		$	493		General and administrative
	(209		)	(180		)	Income tax provision
Total reclassifications for the period	$	366		$	313		Net of tax