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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2016
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE G – STOCKHOLDERS’ EQUITY

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

    

June 30

    

December 31

 

 

    

2016

    

2015

 

 

 

(in thousands)

 

Pre-tax amounts:

 

 

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(40,311)

 

$
(35,231)

 

Interest rate swap

 

 
(2,035)

 

 
(897)

 

Foreign currency translation

 

 
(1,645)

 

 
(2,379)

 

Total

 

$
(43,991)

 

$
(38,507)

 

 

 

 

 

 

 

 

 

After-tax amounts:

 

 

 

 

 

 

 

Unrecognized net periodic benefit costs

 

$
(28,601)

 

$
(25,497)

 

Interest rate swap

 

 
(1,237)

 

 
(545)

 

Foreign currency translation

 

 
(1,005)

 

 
(1,454)

 

Total

 

$
(30,843)

 

$
(27,496)

 

 

 

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, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrecognized

 

 

Interest

    

Foreign

 

 

 

 

 

 

Net Periodic

 

 

Rate

 

Currency

 

 

    

Total

    

Benefit Costs

    

 

Swap

    

Translation

 

 

 

(in thousands)

 

Balances at December 31, 2015

 

$
(27,496)

 

$
(25,497)

 

$
(545)

 

$
(1,454)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

 
(5,678)

 

 
(5,435)

 

 
(692)

 

 
449

 

Amounts reclassified from accumulated other comprehensive loss

 

 
2,331

 

 
2,331

 

 

 —

 

 

 —

 

Net current-period other comprehensive income (loss)

 

 
(3,347)

 

 
(3,104)

 

 
(692)

 

 
449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at June 30, 2016

 

$
(30,843)

 

$
(28,601)

 

$
(1,237)

 

$
(1,005)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component:

 

 

 

 

 

 

 

 

 

 

 

Unrecognized Net Periodic

 

 

 

Benefit Costs(1)(2)

 

 

 

Six Months Ended June 30

 

 

    

2016

    

2015

 

 

 

(in thousands)

 

Amortization of net actuarial loss

 

$
(2,445)

 

$
(2,142)

 

Amortization of prior service credit

 

 
95

 

 
95

 

Pension settlement expense

 

 
(1,464)

 

 
(1,716)

 

Total, pre-tax

 

 
(3,814)

 

 
(3,763)

 

Tax benefit

 

 
1,483

 

 
1,464

 

Total, net of tax

 

$
(2,331)

 

$
(2,299)

 

 

 

(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 benefit cost (see Note F).

 

Dividends on Common Stock

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

 

    

Per Share

    

Amount

    

Per Share

    

Amount

    

 

 

(in thousands, except per share data)

First quarter

 

$
0.08

 

$
2,088

 

$
0.06

 

$
1,584

 

Second quarter

 

$
0.08

 

$
2,087

 

$
0.06

 

$
1,578

 

 

On July 28, 2016, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 11, 2016, payable on August 25, 2016.

 

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, 2015, the Company had $47.2 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2016, the Company purchased 283,346 shares for an aggregate cost of $5.1 million, leaving $42.1 million available for repurchase of common stock under the program.