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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2012
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE K – STOCKHOLDERS’ EQUITY

 

Total Comprehensive Loss

 

 

Year Ended December 31

 

 

2012

 

2011

 

2010

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

Net income (loss)

 

  $

(7,732

)

   $

6,333

 

   $

(32,421

)

Less: Noncontrolling interest in net income of subsidiary

 

–

 

(174

)

(272

)

Net income (loss) attributable to Arkansas Best Corporation

 

(7,732

)

6,159

 

(32,693

)

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Change in foreign currency translation, net of tax of (2012 – $10; 2011 – $69; 2010 – $49)

 

19

 

(108

)

76

 

Unrecognized net actuarial gain (loss), net of tax of (2012 – $3,709; 2011 – $10,804; 2010 – $1,951)

 

(5,830

)

(27,178

)

3,064

 

Amortization of unrecognized net periodic benefit costs, net of tax of (2012 – $4,354; 2011 – $2,789; 2010 – $3,119):

 

 

 

 

 

 

 

Net actuarial loss

 

6,957

 

4,497

 

4,819

 

Prior service credit

 

(116

)

(115

)

(4

)

Net transition obligation

 

–

 

–

 

82

 

Pension settlement expense, net of tax of (2012 – $0; 2011 – $438; 2010 – $69)

 

–

 

687

 

109

 

Other, net of tax of (2012 – $0; 2011 – $70; 2010 – $7)

 

–

 

(132

)

13

 

Other comprehensive income (loss)

 

1,030

 

(22,349

)

8,159

 

Comprehensive loss attributable to Arkansas Best Corporation

 

  $

(6,702

)

   $

(16,190

)

   $

(24,534

)

 

Accumulated Other Comprehensive Loss

 

Components of accumulated other comprehensive loss were as follows at December 31:

 

 

 

2012

 

2011

 

2010

 

 

 

(in thousands)

 

Pre-tax amounts:

 

 

 

 

 

 

 

Foreign currency translation

 

  $

(662

)

   $

(691

)

   $

(514

)

Unrecognized net periodic benefit costs(1)

 

(86,737

)

(88,393

)

(58,707

)

Other

 

–

 

–

 

202

 

Total

 

  $

(87,399

)

   $

(89,084

)

   $

(59,019

)

 

 

 

 

 

 

 

 

After-tax amounts:

 

 

 

 

 

 

 

Foreign currency translation

 

  $

(404

)

   $

(423

)

   $

(315

)

Unrecognized net periodic benefit costs(1)

 

(56,968

)

(57,979

)

(35,870

)

Other

 

–

 

–

 

132

 

Total

 

  $

(57,372

)

   $

(58,402

)

   $

(36,053

)

 

(1)          The increase in unrecognized net periodic benefit costs for the year ended December 31, 2011 reflected the impact of a $34.4 million ($25.0 million after tax) increase in the unrecognized net actuarial loss related to the nonunion defined benefit pension plan in 2011. The increase in the unrecognized net actuarial loss was primarily attributable to the decrease in the discount rate used to remeasure the plan obligation at December 31, 2011 and the amount required to adjust the assumed return on plan assets to the actual loss experienced in 2011. The nonunion defined benefit pension plan is discussed further in Note J.

 

Dividends on Common Stock

 

The following table is a summary of dividends declared during the applicable quarter:

 

 

 

2012

 

2011

 

2010

 

 

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter

 

 $

0.03

 

  $

797

 

  $

0.03

 

  $

788

 

  $

0.03

 

  $

777

 

Second quarter

 

 $

0.03

 

  $

808

 

  $

0.03

 

  $

797

 

  $

0.03

 

  $

777

 

Third quarter

 

 $

0.03

 

  $

807

 

  $

0.03

 

  $

798

 

  $

0.03

 

  $

786

 

Fourth quarter

 

 $

0.03

 

  $

807

 

  $

0.03

 

  $

797

 

  $

0.03

 

  $

786

 

 

Stockholders’ Rights Plan

 

Prior to April 30, 2011, the Company had in place a stockholders’ rights plan; however, the plan expired by its terms on April 30, 2011 and was not renewed.

 

Treasury Stock

 

The Company has a program to repurchase its Common Stock in the open market or in privately negotiated transactions. In 2003, the Company’s Board of Directors authorized stock repurchases of up to $25.0 million; and in 2005, an additional $50.0 million was authorized for a total of $75.0 million. As of December 31, 2012, the Company had purchased 1,618,150 shares for an aggregate cost of $56.8 million, leaving $18.2 million available for repurchase under the current buyback program. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. No shares were repurchased by the Company in 2012, 2011, or 2010.