NOTE J – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

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



	2018		2017		2016
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(11,821)	$	(25,768)	$	(29,320)
Interest rate swap		801		481		(542)
Foreign currency translation		(2,816)		(1,894)		(1,978)

Total	$	(13,836)	$	(27,181)	$	(31,840)

After-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(12,749)	$	(19,715)	$	(21,886)
Interest rate swap		591		292		(329)
Foreign currency translation		(2,080)		(1,151)		(1,202)

Total	$	(14,238)	$	(20,574)	$	(23,417)

⁽¹⁾

Includes $4.0 million related to a previous valuation allowance on deferred tax assets for nonunion defined benefit pension liabilities which will be reversed to retained earnings upon extinguishment of the nonunion defined benefit pension plan, which is expected to occur in first quarter 2019. The reclassification of stranded income tax effects related to this item is not permitted by the amendment to ASC Topic 220 which the Company adopted as of January 1, 2018 (see Note B).

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, 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		2,843		2,171		621		51

Balances at December 31, 2017	$	(20,574)	$	(19,715)	$	292	$	(1,151)
Adjustment to beginning balance of accumulated other comprehensive loss for adoption of accounting standard(1)		(3,576)		(3,391)		63		(248)
Balances at January 1, 2018		(24,150)		(23,106)		355		(1,399)

Other comprehensive income (loss) before reclassifications		(1,821)		(1,376)		236		(681)
Amounts reclassified from accumulated other comprehensive loss		11,733		11,733		—		—
Net current-period other comprehensive income (loss)		9,912		10,357		236		(681)

Balances at December 31, 2018	$	(14,238)	$	(12,749)	$	591	$	(2,080)

⁽¹⁾

The Company elected to reclassify the stranded income tax effects in accumulated other comprehensive loss to retained earnings as of January 1, 2018 as a result of adopting an amendment to ASC Topic 220 (see Note B).

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)
	2018		2017
	(in thousands)
Amortization of net actuarial loss	$	(2,968)	$	(3,908)
Amortization of prior service credit		93		190
Pension settlement expense		(12,925)		(4,156)
Total, pre-tax		(15,800)		(7,874)
Tax benefit		4,067		3,063
Total, net of tax	$	(11,733)	$	(4,811)

⁽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:


	2018				2017
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,058	$	0.08	$	2,066
Second quarter	$	0.08	$	2,058	$	0.08	$	2,078
Third quarter	$	0.08	$	2,060	$	0.08	$	2,063
Fourth quarter	$	0.08	$	2,068	$	0.08	$	2,057

On January 25, 2019, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 8, 2019.

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 2018, the Company purchased 246,056 shares for an aggregate cost of $9.4 million, leaving $22.3 million available for repurchase under the program as of December 31, 2018. Treasury shares totaled 3,097,634 and 2,851,578 as of December 31, 2018 and 2017, respectively.

As of February 22, 2019, the Company had purchased an additional 29,385 shares of its common stock for an aggregate cost of $1.1 million, leaving $21.2 million available for repurchase under the current buyback program.