NOTE J – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

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



	2017		2016		2015
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(25,768)	$	(29,320)	$	(35,231)
Interest rate swap		481		(542)		(897)
Foreign currency translation		(1,894)		(1,978)		(2,379)
Total	$	(27,181)	$	(31,840)	$	(38,507)

After-tax amounts:
Unrecognized net periodic benefit costs	$	(19,715)	$	(21,886)	$	(25,497)
Interest rate swap		292		(329)		(545)
Foreign currency translation		(1,151)		(1,202)		(1,454)
Total	$	(20,574)	$	(23,417)	$	(27,496)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component:


			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 income (loss) before reclassifications		(799)		(1,267)		216		252
Amounts reclassified from accumulated other comprehensive loss		4,878		4,878		—		—
Net current-period other comprehensive income		4,079		3,611		216		252


Balances at December 31, 2016	$	(23,417)	$	(21,886)	$	(329)	$	(1,202)

Other comprehensive income (loss) before reclassifications		(1,968)		(2,640)		621		51
Amounts reclassified from accumulated other comprehensive loss		4,811		4,811		—		—
Net current-period other comprehensive income (loss)		2,843		2,171		621		51

Balances at December 31, 2017	$	(20,574)	$	(19,715)	$	292	$	(1,151)

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component for the years ended December 31:


	Unrecognized Net Periodic
	Benefit Costs(1)(2)
	2017		2016
	(in thousands)
Amortization of net actuarial loss	$	(3,908)	$	(4,944)
Amortization of prior service credit		190		190
Pension settlement expense		(4,156)		(3,229)
Total, pre-tax		(7,874)		(7,983)
Tax benefit		3,063		3,105
Total, net of tax	$	(4,811)	$	(4,878)

⁽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 I).

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
Third quarter	$	0.08	$	2,063	$	0.08	$	2,074
Fourth quarter	$	0.08	$	2,057	$	0.08	$	2,069

On January 26, 2018, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 9, 2018.

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. 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. During 2017, the Company purchased 286,179 shares for an aggregate cost of $6.0 million, leaving $31.7 million available for repurchase under the program as of December 31, 2017. Treasury shares totaled 2,851,578 and 2,565,399 as of December 31, 2017 and 2016, respectively.