STOCKHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

(9) STOCKHOLDERS’ EQUITY

Common Stock

The number of authorized and issued common stock and preferred stock at March 31, are as follows:

	2016		2015
Common stock shares authorized		125,000,000		125,000,000
Common stock par value	$	0.10	$	0.10
Common stock shares issued		47,067,715		47,029,359
Preferred stock shares authorized		3,000,000		3,000,000
Preferred stock par value	No par		No par
Preferred stock shares issued		—		—

Common Stock Repurchases

In May 2014, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during fiscal 2016.

In January 2016, the company suspended its common stock repurchase program.

The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows:

(In thousands, except share and per share data)	2016		2015		2014
Aggregate cost of common stock repurchased	$	—		99,999		—
Shares of common stock repurchased		—		2,841,976		—
Average price paid per common share	$	—		35.19		—

Dividend Program

The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors. The Board of Directors declared the following dividends for the years ended March 31, are as follows:

(In thousands, except per share data)	2016		2015		2014
Dividends declared	$	34,965		49,127		49,973
Dividend per share		0.75		1.00		1.00

In January 2016, the company suspended the quarterly dividend program.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows:

	For the year ended March 31, 2015														For the year ended March 31, 2016
(in thousands)	Balance at 3/31/14			Gains/(losses) recognized in OCI			Reclasses from OCI to net income		Net period OCI			Remaining balance 3/31/15			Balance at 3/31/15			Gains/(losses) recognized in OCI			Reclasses from OCI to net income		Net period OCI			Remaining balance 3/31/16
Available for    sale    securities		92			(64	)		207		143			235			235			(573	)		130		(443	)		(208	)
Currency    translation    adjustment		(9,811	)		—			—		—			(9,811	)		(9,811	)		—			—		—			(9,811	)
Pension/Post-    retirement    benefits		(116	)		(9,013	)		—		(9,013	)		(9,129	)		(9,129	)		13,812			—		13,812			4,683
Interest rate    swap		(2,390	)		—			717		717			(1,673	)		(1,673	)		—			143		143			(1,530	)
Total		(12,225	)		(9,077	)		924		(8,153	)		(20,378	)		(20,378	)		13,239			273		13,512			(6,866	)

The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31,

	Year Ended March 31,				Affected line item in the condensed
(In thousands)	2016		2015		consolidated statements of income
Realized gains on available for sale    securities	$	200		207	Interest income and other, net
Amortization of interest rate swap		220		717	Interest and other debt costs
Total pre-tax amounts		420		924
Tax effect		147		—
Total gains for the period, net of tax	$	273		924

Included in accumulated other comprehensive loss for the year ended March 31, 2016, is an after-tax loss of $1.5 million ($2.4 million pre-tax) relating to interest rate hedges, which are cash flow hedges, entered into in July 2010 in connection with the September 2010 senior notes offering as disclosed in Note (5). The interest rate hedges settled in August 2010 concurrent with the pricing of the senior unsecured notes. The hedges met the effectiveness criteria and will be amortized over the term of the individual notes matching the term of the hedges to interest expense.