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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2015
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE G – STOCKHOLDERS’ EQUITY

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

    

September 30

    

December 31

 

 

    

2015

    

2014

 

 

 

(in thousands)

 

Pre-tax amounts:

 

 

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(34,969)

 

$
(30,140)

 

Interest rate swap

 

 
(1,568)

 

 
(576)

 

Foreign currency translation

 

 
(2,119)

 

 
(1,216)

 

Total

 

$
(38,656)

 

$
(31,932)

 

 

 

 

 

 

 

 

 

After-tax amounts:

 

 

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(25,338)

 

$
(22,387)

 

Interest rate swap

 

 
(953)

 

 
(350)

 

Foreign currency translation

 

 
(1,294)

 

 
(742)

 

Total

 

$
(27,585)

 

$
(23,479)

 

 

 

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 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 loss before reclassifications

 

 
(7,387)

 

 
(6,232)

 

 
(603)

 

 
(552)

 

Amounts reclassified from accumulated other comprehensive loss

 

 
3,281

 

 
3,281

 

 

 —

 

 

 —

 

Net current-period other comprehensive loss

 

 
(4,106)

 

 
(2,951)

 

 
(603)

 

 
(552)

 

Balances at September 30, 2015

 

$
(27,585)

 

$
(25,338)

 

$
(953)

 

$
(1,294)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2013

 

$
(14,912)

 

$
(14,386)

 

$

 —

 

$
(526)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

 
(8,206)

 

 
(8,072)

 

 

 —

 

 
(134)

 

Amounts reclassified from accumulated other comprehensive loss

 

 
4,418

 

 
4,418

 

 

 —

 

 

 —

 

Net current-period other comprehensive loss

 

 
(3,788)

 

 
(3,654)

 

 

 —

 

 
(134)

 

Balances at September 30, 2014

 

$
(18,700)

 

$
(18,040)

 

$

 —

 

$
(660)

 

 

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

 

Unrecognized Net Periodic Benefit Costs (1)(2)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30

 

 

    

2015

    

2014

 

 

 

(in thousands)

 

Amortization of net actuarial loss

 

$
(3,035)

 

$
(1,968)

 

Amortization of prior service credit

 

 
142

 

 
142

 

Pension settlement expense

 

 
(2,478)

 

 
(5,405)

 

Total, pre-tax

 

 
(5,371)

 

 
(7,231)

 

Tax benefit

 

 
2,090

 

 
2,813

 

Total, net of tax

 

$
(3,281)

 

$
(4,418)

 

 

 

(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

 

Third quarter

 

$
0.06

 

$
1,578

 

$
0.03

 

$
823

 

 

On October 22, 2015 the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of November 5, 2015 payable on November 19, 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 nine months ended September 30, 2015, the Company purchased 292,186 shares of its common stock for an aggregate cost of $10.0 million. In October 2015, the Board of Directors extended the share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock.