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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2023
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE H – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income ​ Components of accumulated other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30 |  | December 31 | ​
​ |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 8,622 | ​ | $ | 9,287 | ​
Interest rate swap | ​ | ​ | 2,955 | ​ | ​ | 3,526 | ​
Foreign currency translation | ​ |  | (2,731) | ​ |  | (3,247) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 8,846 | ​ | $ | 9,566 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 6,402 | ​ | $ | 6,896 | ​
Interest rate swap | ​ | ​ | 2,183 | ​ | ​ | 2,604 | ​
Foreign currency translation | ​ |  | (2,016) | ​ |  | (2,397) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 6,569 | ​ | $ | 7,103 | ​
​ ​ ​ The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized | ​ | Interest | ​ | Foreign | ​
​ | ​ | ​ | ​ | ​ | Net Periodic | ​ | Rate | ​ | Currency | ​
​ |  | Total |  | Benefit Credit |  | Swap |  | Translation |
​ | ​ | (in thousands) | ​
Balances at December 31, 2022 | ​ | $ | 7,103 | ​ | $ | 6,896 | ​ | $ | 2,604 | ​ | $ | (2,397) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ |  | (40) | ​ |  | — | ​ | ​ | (421) | ​ |  | 381 | ​
Amounts reclassified from accumulated other comprehensive income | ​ |  | (494) | ​ |  | (494) | ​ | ​ | — | ​ |  | — | ​
Net current-period other comprehensive income (loss) | ​ |  | (534) | ​ |  | (494) | ​ | ​ | (421) | ​ |  | 381 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at June 30, 2023 | ​ | $ | 6,569 | ​ | $ | 6,402 | ​ | $ | 2,183 | ​ | $ | (2,016) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2021 | ​ | $ | 3,699 | ​ | $ | 4,160 | ​ | $ | 309 | ​ | $ | (770) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ | ​ | 1,556 | ​ | ​ | — | ​ | ​ | 1,802 | ​ | ​ | (246) | ​
Amounts reclassified from accumulated other comprehensive income | ​ | ​ | (281) | ​ | ​ | (281) | ​ | ​ | — | ​ | ​ | — | ​
Net current-period other comprehensive income (loss) | ​ | ​ | 1,275 | ​ | ​ | (281) | ​ | ​ | 1,802 | ​ | ​ | (246) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at June 30, 2022 | ​ | $ | 4,974 | ​ | $ | 3,879 | ​ | $ | 2,111 | ​ | $ | (1,016) | ​
​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrecognized Net Periodic | ​
​ | ​ | Benefit Credit |
​ | ​ | Six Months Ended June 30 | ​
​ |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
Amortization of net actuarial gain, pre-tax(1) | ​ | $ | 665 | ​ | $ | 378 | ​
Tax expense | ​ | ​ | (171) | ​ |  | (97) | ​
Total, net of tax | ​ | $ | 494 | ​ | $ | 281 | ​
​
(1) | Included in the computation of net periodic benefit credit of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan.
​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.12 | ​ | $ | 2,915 | ​ | $ | 0.08 | ​ | $ | 1,978 | ​
Second quarter | ​ | $ | 0.12 | ​ | $ | 2,894 | ​ | $ | 0.12 | ​ | $ | 2,949 | ​
​ On July 26, 2023, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of August 9, 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. ​ As of December 31, 2022, the Company had $26.5 million available for repurchases of its common stock in total under the share repurchase program. In February 2023, 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 $125.0 million. In March 2023, the Company entered into a 10b5-1 agreement allowing for stock repurchases during the closed trading window extending from March 16, 2023 to May 2, 2023. ​ During the six months ended June 30, 2023, the Company repurchased 453,296 shares for an aggregate cost of $41.2 million, including 305,751 shares for an aggregate cost of $28.0 million under the 10b5-1 agreement. The Company had $83.8 million remaining under its share repurchase program as of June 30, 2023.

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