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The Company recognized a loss from discontinued operations of $5.8 million in 2013 as compared to $2.5 million in 2012. In 2011, the Company recorded a loss from discontinued operations of $2.5 million. 

The Company discontinued its operations at its merchant PCC facility at Walsum, Germany in the second quarter of 2013. In connection with the Company's 2007 restructuring of its European coating PCC operations, the Company recorded an impairment charge related to its Walsum facility. This facility continued to operate well below capacity levels into 2013. The Company recorded a pre-tax charge for closure costs of this facility in the second quarter of 2013 of $5.9 million. 

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The increase in the income attributable to non-controlling interests is due to higher profitability in our joint ventures. 

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The Company recorded net income of $80.3 million in 2013 as compared to $74.1 million in 2012. Diluted earnings per share were $2.30 as compared with $2.09 in the previous year. 

In 2011, the Company recorded net income of $67.5 million and diluted earnings per share of $1.86. 

## Liquidity and Capital Resources 

Cash provided from operating activities from continuing operations in 2013 was $137.5 million, compared with $142.1 million in the prior year. Cash flows provided from operations in 2013 were principally used to fund capital expenditures, pay the Company's dividend to common shareholders and to repurchase shares. Cash flows used in discontinued operations were not material to the Company’s liquidity.  Included in cash flow from operations was pension plan funding of approximately $11.4 million, $17.0 million and $6.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. 

Trade working capital is defined as trade accounts receivable, trade accounts payable and inventories. Our average total days of trade working capital were 57 days in 2013 compared with 58 days last year. 

The funding status of the Company’s pe nsion plans was approximately 83% at December 31, 2013 and we have met all minimum funding requirements. The funding status at December 31, 2012 was 66%. The increase in our funded status was due to a decrease in the projected benefit obligation from an increase in the discount rate and to a higher actual return on assets. 

In 2011 , the Company’s Board of Directors authorized the Company’s management to repurchase, at its discretion, up to $75 million of additional shares over a two-year period. The $75 million repurchase program was completed on October 1, 2013. The Company repurchased 1,646,097 shares at an average price of approximately $45.54 per share under the program. 

On September 19, 2013, the Company's Board of Directors authorized the Company’s management to repurcha se, at its discretion, up to $150 million of the Company’s shares over a two-year period commencing upon completion of the repurchase program authorized in 2011. As of December 31, 2013, 139,900 shares have been repurchased under this program for $7.5 million, or an average price of approximately $53.33 per share. 

On January 22, 2014, the Company's Board of Directors declared a regular quarterly dividend on its common stock of $0.05  per share. No dividend will be payable unless declared by the Board and unless funds are legally available for payment thereof. 

The Company is required to make future payments under various contracts, including debt agreements and lease agreements. The Company also has commitments to fund its pension plans and provide payments for other postretirement benefit plans. A summary of the Company’s  outstanding contractual obligations as of December 31, 2013 is as follows: 

