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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2019
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE H – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Loss ​ Components of accumulated other comprehensive loss were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30 |  | December 31 | ​
​ |  | 2019 |  | 2018 |
​ | ​ | (in thousands) | ​
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit costs | ​ | $ | (8,685) | ​ | $ | (11,821) | ​
Interest rate swap | ​ | ​ | (364) | ​ | ​ | 801 | ​
Foreign currency translation | ​ |  | (2,355) | ​ |  | (2,816) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | (11,404) | ​ | $ | (13,836) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit costs(1) | ​ | $ | (10,421) | ​ | $ | (12,749) | ​
Interest rate swap | ​ | ​ | (269) | ​ | ​ | 591 | ​
Foreign currency translation | ​ |  | (1,739) | ​ |  | (2,080) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | (12,429) | ​ | $ | (14,238) | ​
​
(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 expected to occur in 2019. The reclassification of stranded income tax effects related to this item is not permitted by ASC Topic 220 which the Company adopted as of January 1, 2018.
​ ​ 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, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized | ​ | ​ | Interest |  | Foreign | ​
​ | ​ | ​ | ​ | ​ | Net Periodic | ​ | ​ | Rate | ​ | Currency | ​
​ |  | Total |  | Benefit Costs |  | ​ | Swap |  | Translation | ​
​ | ​ | (in thousands) | ​
Balances at December 31, 2018 | ​ | $ | (14,238) | ​ | $ | (12,749) | ​ | $ | 591 | ​ | $ | (2,080) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ | ​ | 84 | ​ | ​ | 603 | ​ | ​ | (860) | ​ | ​ | 341 | ​
Amounts reclassified from accumulated other comprehensive loss | ​ | ​ | 1,725 | ​ | ​ | 1,725 | ​ | ​ | — | ​ | ​ | — | ​
Net current-period other comprehensive income (loss) | ​ | ​ | 1,809 | ​ | ​ | 2,328 | ​ | ​ | (860) | ​ | ​ | 341 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at June 30, 2019 | ​ | $ | (12,429) | ​ | $ | (10,421) | ​ | $ | (269) | ​ | $ | (1,739) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ |  | 4,377 | ​ |  | 3,890 | ​ | ​ | 779 | ​ |  | (292) | ​
Amounts reclassified from accumulated other comprehensive loss | ​ |  | 1,931 | ​ |  | 1,931 | ​ | ​ | — | ​ |  | — | ​
Net current-period other comprehensive income (loss) | ​ |  | 6,308 | ​ |  | 5,821 | ​ | ​ | 779 | ​ |  | (292) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at June 30, 2018 | ​ | $ | (17,842) | ​ | $ | (17,285) | ​ | $ | 1,134 | ​ | $ | (1,691) | ​
​
(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.
​ 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 | ​
​ |  | 2019 |  | 2018 |
​ | ​ | (in thousands) |
Amortization of net actuarial loss | ​ | $ | (706) | ​ | $ | (1,562) | ​
Amortization of prior service credit | ​ | ​ | 17 | ​ |  | 47 | ​
Pension settlement expense | ​ | ​ | (1,634) | ​ |  | (1,085) | ​
Total, pre-tax | ​ | ​ | (2,323) | ​ |  | (2,600) | ​
Tax benefit | ​ | ​ | 598 | ​ |  | 669 | ​
Total, net of tax | ​ | $ | (1,725) | ​ | $ | (1,931) | ​
​
(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 G).
​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2019 | ​ | 2018 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.08 | ​ | $ | 2,052 | ​ | $ | 0.08 | ​ | $ | 2,058 | ​
Second quarter | ​ | $ | 0.08 | ​ | $ | 2,050 | ​ | $ | 0.08 | ​ | $ | 2,058 | ​
​ On July 25, 2019, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 9, 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. As of December 31, 2018, the Company had $22.3 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2019, the Company purchased 168,535 shares for an aggregate cost of $5.2 million, leaving $17.1 million available for repurchase of common stock under the program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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