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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2021
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | ​ ​ NOTE K – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income ​ Components of accumulated other comprehensive income were as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
​ | ​ | (in thousands) |
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 5,602 | ​ | $ | 4,390 | ​ | $ | 2,898 | ​
Interest rate swap | ​ | ​ | 419 | ​ | ​ | (1,622) | ​ | ​ | (563) | ​
Foreign currency translation | ​ |  | (1,044) | ​ |  | (1,182) | ​ |  | (2,075) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 4,977 | ​ | $ | 1,586 | ​ | $ | 260 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 4,160 | ​ | $ | 3,260 | ​ | $ | 2,152 | ​
Interest rate swap | ​ | ​ | 309 | ​ | ​ | (1,198) | ​ | ​ | (416) | ​
Foreign currency translation | ​ |  | (770) | ​ |  | (872) | ​ |  | (1,533) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 3,699 | ​ | $ | 1,190 | ​ | $ | 203 | ​
​ ​ The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized | ​ | ​ | Interest |  | Foreign | ​
​ | ​ | ​ | ​ | ​ | Net Periodic | ​ | ​ | Rate | ​ | Currency | ​
​ |  | Total |  | Benefit Credit |  | ​ | Swap |  | Translation | ​
​ | ​ | (in thousands) | ​
Balances at December 31, 2019 | ​ | $ | 203 | ​ | $ | 2,152 | ​ | $ | (416) | ​ | $ | (1,533) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ |  | 1,359 | ​ |  | 1,480 | ​ | ​ | (782) | ​ |  | 661 | ​
Amounts reclassified from accumulated other comprehensive income | ​ |  | (372) | ​ |  | (372) | ​ | ​ | — | ​ |  | — | ​
Net current-period other comprehensive income (loss) | ​ |  | 987 | ​ |  | 1,108 | ​ | ​ | (782) | ​ |  | 661 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2020 | ​ | $ | 1,190 | ​ | $ | 3,260 | ​ | $ | (1,198) | ​ | $ | (872) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss before reclassifications | ​ | ​ | 2,909 | ​ | ​ | 1,300 | ​ | ​ | 1,507 | ​ | ​ | 102 | ​
Amounts reclassified from accumulated other comprehensive income | ​ | ​ | (400) | ​ | ​ | (400) | ​ | ​ | — | ​ | ​ | — | ​
Net current-period other comprehensive income | ​ | ​ | 2,509 | ​ | ​ | 900 | ​ | ​ | 1,507 | ​ | ​ | 102 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2021 | ​ | $ | 3,699 | ​ | $ | 4,160 | ​ | $ | 309 | ​ | $ | (770) | ​
​ ​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrecognized Net Periodic | ​
​ | ​ | Benefit Credit(1)(2) |
​ |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
Amortization of net actuarial gain | ​ | $ | 539 | ​ | $ | 589 | ​
Amortization of prior service credit | ​ | ​ | — | ​ |  | 1 | ​
Pension settlement expense(3) | ​ | ​ | — | ​ |  | (89) | ​
Total, pre-tax | ​ | ​ | 539 | ​ |  | 501 | ​
Tax expense | ​ | ​ | (139) | ​ |  | (129) | ​
Total, net of tax | ​ | $ | 400 | ​ | $ | 372 | ​
(1) | Amounts in parentheses indicate increases in expense or loss.
(2) | These components of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note J).
(3) | Pension settlement expense is related to the supplemental benefit plan (see Note J).
​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.08 | ​ | $ | 2,037 | ​ | $ | 0.08 | ​ | $ | 2,033 | ​
Second quarter | ​ | $ | 0.08 | ​ | $ | 2,058 | ​ | $ | 0.08 | ​ | $ | 2,049 | ​
Third quarter | ​ | $ | 0.08 | ​ | $ | 2,050 | ​ | $ | 0.08 | ​ | $ | 2,040 | ​
Fourth quarter | ​ | $ | 0.08 | ​ | $ | 1,994 | ​ | $ | 0.08 | ​ | $ | 2,035 | ​
​ On January 28, 2022, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 11, 2022. ​ Treasury Stock ​ The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “existing share repurchase program”). The existing share repurchase 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 January 28, 2021, the Board of Directors extended the existing share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock. ​ On November 1, 2021, the Company announced that its Board of Directors authorized the Company to enter into an accelerated share repurchase program (“ASR”) and, on November 2, 2021, the Company entered into a fixed dollar ASR with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock. All share repurchase activities under the Company’s existing share repurchase program were suspended while the ASR was in effect. During 2021, the Company purchased 835,576 shares of its common stock for an aggregate cost of $83.1 million, of which 709,287 shares were repurchased under the ASR for an aggregate cost of $75.0 million. As of December 31, 2021, $66.9 million was available for repurchase under both the existing share repurchase program and the ASR. The remaining $25.0 million available under the ASR was recorded as an unsettled forward contract within stockholders’ equity as additional paid-in capital as of December 31, 2021. Treasury shares totaled 4,492,514 and 3,656,938 as of December 31, 2021 and 2020, respectively. ​ In January 2022, $25.0 million remaining under the ASR was settled with the repurchase of 214,763 shares. Immediately following final execution of the ASR, $41.9 million remained available under the existing share repurchase program. Subsequently, the Company has settled repurchases of 79,676 shares for an aggregate cost of $6.9 million under the existing share repurchase program as of February 25, 2022.

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