DIVIDENDS, SHARE REPURCHASES, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Dividends

On November 1, 2016, our board of directors approved a dividend of $0.07 per share of Common Stock, payable on December 15, 2016 to shareholders of record on December 1, 2016. See discussion of our dividends in Note 10 to our fiscal year 2016 Financial Statements. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments.

Share Repurchases

We did not repurchase any shares during the six months ended September 30, 2016 and 2015. As of October 31, 2016, we had $150.0 million of repurchase authority remaining that was authorized by our board of directors for share repurchases through November 4, 2016; however, covenants in our credit agreements restrict our ability to repurchase our Common Stock. For additional information on our repurchases of Common Stock, see “Share Repurchases” in Note 10 to the fiscal year 2016 Financial Statements.

Earnings per Share

Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:



	Three Months Ended September 30,				Six Months Ended September 30,
	2016		2015		2016		2015
Options:
Outstanding	1,950,289		1,292,639		1,522,304		592,067
Weighted average exercise price	$	30.07	$	61.87	$	36.23	$	68.99
Restricted stock awards:
Outstanding	442,217		348,182		577,737		296,205
Weighted average price	$	26.81	$	49.79	$	24.59	$	49.22

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended September 30,						Six Months Ended September 30,
	2016			2015			2016			2015
Net loss available to common stockholders (in thousands):
Loss available to common stockholders – basic	$	(29,797	)	$	(42,329	)	$	(70,569	)	$	(51,887	)
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax ⁽¹⁾	—			—			—			—
Loss available to common stockholders – diluted	$	(29,797	)	$	(42,329	)	$	(70,569	)	$	(51,887	)
Shares:
Weighted average number of common shares outstanding – basic	35,070,047			34,921,891			35,012,014			34,876,010
Assumed conversion of 3% Convertible Senior Notes outstanding during the period⁽¹⁾	—			—			—			—
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method	—			—			—			—
Weighted average number of common shares outstanding – diluted	35,070,047			34,921,891			35,012,014			34,876,010

Basic loss per common share	$	(0.85	)	$	(1.21	)	$	(2.02	)	$	(1.49	)
Diluted loss per common share	$	(0.85	)	$	(1.21	)	$	(2.02	)	$	(1.49	)

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⁽¹⁾

Diluted earnings per common share for the three and six months ended September 30, 2015 excludes potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes were convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of September 30, 2015, we had repurchased the $115.0 million principal amount of our 3% Convertible Senior Notes. Prior to the purchase, upon conversion of a note, the holder would have received cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeded the base conversion price, holders would have received additional shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for the three and six months ended September 30, 2015 as our average stock price during these periods did not meet or exceed the conversion requirements.

Accumulated Other Comprehensive Income

The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:



	Currency Translation Adjustments			Pension Liability Adjustments ⁽¹⁾			Total
Balance as of March 31, 2016	$	(67,365	)	$	(222,454	)	$	(289,819	)
Other comprehensive income before reclassification	(17,539		)	—			(17,539		)
Reclassified from accumulated other comprehensive income	—			—			—
Net current period other comprehensive income	(17,539		)	—			(17,539		)
Foreign exchange rate impact	(23,941		)	23,941			—
Balance as of September 30, 2016	$	(108,845	)	$	(198,513	)	$	(307,358	)

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⁽¹⁾	Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.