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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2015
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

 

NOTE G — STOCKHOLDERS’ EQUITY

 

Accumulated Other Comprehensive Loss

 

 

 

June 30

 

December 31

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Pre-tax amounts:

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(25,480

)

$
(30,140

)

Interest rate swap

 
(773

)
(576

)

Foreign currency translation

 
(1,540

)
(1,216

)

 

 

 

 

 

 

 

 

$
(27,793

)

$
(31,932

)

 

 

 

 

 

 

 

 

After-tax amounts:

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(19,540

)

$
(22,387

)

Interest rate swap

 
(470

)
(350

)

Foreign currency translation

 
(940

)
(742

)

 

 

 

 

 

 

 

 

$
(20,950

)

$
(23,479

)

 

 

 

 

 

 

 

 

 

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the six months ended June 30, 2015 and 2014:

 

 

 

 

 

Unrecognized

 

Interest

 

Foreign

 

 

 

 

 

Net Periodic

 

Rate

 

Currency

 

 

 

Total

 

Benefit Costs

 

Swap

 

Translation

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2014

 

$
(23,479

)

$
(22,387

)

$
(350

)

$
(742

)

Other comprehensive income (loss) before reclassifications

 
230

 
548

 
(120

)
(198

)

Amounts reclassified from accumulated other comprehensive loss

 
2,299

 
2,299

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Net current-period other comprehensive income (loss)

 
2,529

 
2,847

 
(120

)
(198

)

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2015

 

$
(20,950

)

$
(19,540

)

$
(470

)

$
(940

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2013

 

$
(14,912

)

$
(14,386

)

$

—

 

$
(526

)

Other comprehensive income (loss) before reclassifications

 
(5,413

)
(5,477

)

—

 
64

 

Amounts reclassified from accumulated other comprehensive loss

 
3,542

 
3,542

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Net current-period other comprehensive income (loss)

 
(1,871

)
(1,935

)

—

 
64

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2014

 

$
(16,783

)

$
(16,321

)

$

—

 

$
(462

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component for the six months ended June 30:

 

 

 

Six Months Ended June 30

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Unrecognized Net Periodic Benefit Costs(1)(2)

 

 

 

 

 

Amortization of net actuarial loss

 

$
(2,142

)

$
(1,293

)

Amortization of prior service credit

 
95

 
95

 

Pension settlement expense

 
(1,716

)
(4,600

)

 

 

 

 

 

 

Total, pre-tax

 
(3,763

)
(5,798

)

Tax benefit

 
1,464

 
2,256

 

 

 

 

 

 

 

Total, net of tax

 

$
(2,299

)

$
(3,542

)

 

 

 

 

 

 

 

 

 

(1)

Amounts in parentheses indicate increases in expense or loss.

(2)

These components of accumulated other comprehensive loss are included in the computation of net periodic pension cost (see Note F).

 

Dividends on Common Stock

 

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

 

 

 

2015

 

2014

 

 

 

Per Share

 

Amount

 

Per Share

 

Amount

 

 

 

(in thousands, except per share data)

 

First quarter

 

$
0.06 

 

$
1,584 

 

$
0.03 

 

$
819 

 

Second quarter

 

$
0.06 

 

$
1,578 

 

$
0.03 

 

$
816 

 

 

On July 28, 2015, the Company’s Board of Directors declared a dividend of $0.06 per share payable to stockholders of record as of August 11, 2015.

 

Treasury Stock

 

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. 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. As of December 31, 2014, the Company had purchased 1,618,150 shares for an aggregate cost of $56.8 million. During the six months ended June 30, 2015, the Company purchased 163,233 shares of its common stock for an aggregate cost of $6.0 million, leaving $12.2 million available for repurchase under the current buyback program.