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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2017
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE G – STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Loss Components of accumulated other comprehensive loss were as follows:
| June 30 |  | December 31 |
| 2017 |  | 2016 |
| (in thousands) |
Pre-tax amounts: |  |  |  |  |  |
Unrecognized net periodic benefit costs | $ | (27,251) |  | $ | (29,320) |
Interest rate swap |  | (186) |  |  | (542) |
Foreign currency translation |  | (2,125) |  |  | (1,978) |
Total | $ | (29,562) |  | $ | (31,840) |
After-tax amounts: |  |  |  |  |  |
Unrecognized net periodic benefit costs | $ | (20,622) |  | $ | (21,886) |
Interest rate swap |  | (113) |  |  | (329) |
Foreign currency translation |  | (1,291) |  |  | (1,202) |
Total | $ | (22,026) |  | $ | (23,417) |
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, 2017 and 2016:
|  |  |  |  | Unrecognized |  |  | Interest |  | Foreign |
|  |  |  |  | Net Periodic |  |  | Rate |  | Currency |
|  | Total |  | Benefit Costs |  |  | Swap |  | Translation |
|  | (in thousands) |
Balances at December 31, 2016 |  | $ | (23,417) |  | $ | (21,886) |  | $ | (329) |  | $ | (1,202) |
Other comprehensive income (loss) before reclassifications |  |  | (1,442) |  |  | (1,569) |  |  | 216 |  |  | (89) |
Amounts reclassified from accumulated other comprehensive loss |  |  | 2,833 |  |  | 2,833 |  |  | — |  |  | — |
Net current-period other comprehensive income |  |  | 1,391 |  |  | 1,264 |  |  | 216 |  |  | (89) |
Balances at June 30, 2017 |  | $ | (22,026) |  | $ | (20,622) |  | $ | (113) |  | $ | (1,291) |
Balances at December 31, 2015 |  | $ | (27,496) |  | $ | (25,497) |  | $ | (545) |  | $ | (1,454) |
Other comprehensive income (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) |
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 |
|  | 2017 |  | 2016 |
|  | (in thousands) |
Amortization of net actuarial loss |  | $ | (2,031) |  | $ | (2,445) |
Amortization of prior service credit |  |  | 95 |  |  | 95 |
Pension settlement expense |  |  | (2,701) |  |  | (1,464) |
Total, pre-tax |  |  | (4,637) |  |  | (3,814) |
Tax benefit |  |  | 1,804 |  |  | 1,483 |
Total, net of tax |  | $ | (2,833) |  | $ | (2,331) |
| (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:
|  | 2017 |  | 2016 |
|  | Per Share |  | Amount |  | Per Share |  | Amount |
|  | (in thousands, except per share data)
First quarter |  | $ | 0.08 |  | $ | 2,066 |  | $ | 0.08 |  | $ | 2,088 |
Second quarter |  | $ | 0.08 |  | $ | 2,078 |  | $ | 0.08 |  | $ | 2,087 |
On July 25, 2017, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 8, 2017, payable on August 22, 2017. 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, 2016, the Company had $37.7 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2017 the Company purchased 194,520 shares for an aggregate cost of $3.6 million, leaving $34.1 million available for repurchase of common stock under the program.

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