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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

​

​

NOTE K – STOCKHOLDERS’ EQUITY

​

Accumulated Other Comprehensive Income

​

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

​

​	​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
​	​	(in thousands)
Pre-tax amounts:	​	​	​	​	​	​	​	​	​	​
Unrecognized net periodic benefit credit	​	$	9,287	​	$	5,602	​	$	4,390	​
Interest rate swap	​	​	3,526	​	​	419	​	​	(1,622)	​
Foreign currency translation	​		(3,247)	​		(1,044)	​		(1,182)	​
​	​	​	​	​	​	​	​	​	​	​
Total	​	$	9,566	​	$	4,977	​	$	1,586	​
​	​	​	​	​	​	​	​	​	​	​
After-tax amounts:	​	​	​	​	​	​	​	​	​	​
Unrecognized net periodic benefit credit	​	$	6,896	​	$	4,160	​	$	3,260	​
Interest rate swap	​	​	2,604	​	​	309	​	​	(1,198)	​
Foreign currency translation	​		(2,397)	​		(770)	​		(872)	​
​	​	​	​	​	​	​	​	​	​	​
Total	​	$	7,103	​	$	3,699	​	$	1,190	​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrecognized

​

​

Interest

Foreign

​

​

​

​

​

​

Net Periodic

​

​

Rate

​

Currency

​

​

Total

Benefit Credit

​

Swap

Translation

​

​

​

(in thousands)

​

Balances at December 31, 2020

​

$

1,190

​

$

3,260

​

$

(1,198)

​

$

(872)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income 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)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss) before reclassifications

​

​

3,966

​

​

3,298

​

​

2,295

​

​

(1,627)

​

Amounts reclassified from accumulated other comprehensive income

​

​

(562)

​

​

(562)

​

​

—

​

​

—

​

Net current-period other comprehensive income (loss)

​

​

3,404

​

​

2,736

​

​

2,295

​

​

(1,627)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2022

​

$

7,103

​

$

6,896

​

$

2,604

​

$

(2,397)

​

​

​

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

​

​	​	​	​	​	​	​	​
​	​	Unrecognized Net Periodic					​
​	​	Benefit Credit(1)(2)
​		2022			2021
​	​	(in thousands)
Amortization of net actuarial gain, pre-tax	​	$	757	​	$	539	​
Tax expense	​	​	(195)	​		(139)	​
Total, net of tax	​	$	562	​	$	400	​

(1) Amounts in parentheses indicate increases in expense or loss.

(2) These components of accumulated other comprehensive income are included in the computation of net periodic benefit cost (credit) (see Note J).

​

Dividends on Common Stock

​

The following table is a summary of dividends declared during the applicable quarter:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2022					​	2021					​
​		Per Share			Amount			Per Share			Amount
​	​	(in thousands, except per share data)
First quarter	​	$	0.08	​	$	1,978	​	$	0.08	​	$	2,037	​
Second quarter	​	$	0.12	​	$	2,949	​	$	0.08	​	$	2,058	​
Third quarter	​	$	0.12	​	$	2,965	​	$	0.08	​	$	2,050	​
Fourth quarter	​	$	0.12	​	$	2,938	​	$	0.08	​	$	1,994	​

​

On January 30, 2023, the Company’s Board of Directors declared a dividend of $0.12 per share to stockholders of record as of February 14, 2023.

​

Treasury Stock

​

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “share repurchase program”). The 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.

​

On November 2, 2021, the Company entered into a fixed dollar accelerated share repurchase program (“ASR”) with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock, of which $75.0 million was repurchased during 2021. 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.

​

During 2022, the Company purchased 822,106 shares of its common stock for an aggregate cost of $65.0 million and purchased 214,763 shares to settle the remaining $25.0 million under the ASR. In April 2022, the Board of Directors reauthorized the share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $75.0 million. The Company had $26.5 million remaining under its share repurchase program as of December 31, 2022. Treasury shares totaled 5,529,383 and 4,492,514 as of December 31, 2022 and 2021, respectively.

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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.

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