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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2023
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

​

Accumulated Other Comprehensive Income

​

Components of accumulated other comprehensive income were as follows:

​

​

​

​

​

​

​

​

​

​

    

September 30

    

December 31

​

​

    

2023

    

2022

 

​

​

(in thousands)

​

Pre-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

8,289

​

$

9,287

​

Interest rate swap

​

​

2,468

​

​

3,526

​

Foreign currency translation

​

 

(3,239)

​

 

(3,247)

​

​

​

​

​

​

​

​

​

Total

​

$

7,518

​

$

9,566

​

​

​

​

​

​

​

​

​

After-tax amounts:

​

​

​

​

​

​

​

Unrecognized net periodic benefit credit

​

$

6,155

​

$

6,896

​

Interest rate swap

​

​

1,823

​

​

2,604

​

Foreign currency translation

​

 

(2,392)

​

 

(2,397)

​

​

​

​

​

​

​

​

​

Total

​

$

5,586

​

$

7,103

​

​

​

​

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 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

​

 

(776)

​

 

—

​

​

(781)

​

 

5

​

Amounts reclassified from accumulated other comprehensive income

​

 

(741)

​

 

(741)

​

​

—

​

 

—

​

Net current-period other comprehensive income (loss)

​

 

(1,517)

​

 

(741)

​

​

(781)

​

 

5

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at September 30, 2023

​

$

5,586

​

$

6,155

​

$

1,823

​

$

(2,392)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at December 31, 2021

​

$

3,699

​

$

4,160

​

$

309

​

$

(770)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other comprehensive income (loss) before reclassifications

​

​

701

​

​

—

​

​

2,383

​

​

(1,682)

​

Amounts reclassified from accumulated other comprehensive income

​

​

(422)

​

​

(422)

​

​

—

​

​

—

​

Net current-period other comprehensive income (loss)

​

​

279

​

​

(422)

​

​

2,383

​

​

(1,682)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances at September 30, 2022

​

$

3,978

​

$

3,738

​

$

2,692

​

$

(2,452)

​

​

The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component:

​

​

​

​

​

​

​

​

​

​

​

Unrecognized Net Periodic

​

​

​

Benefit Credit

 

​

​

Nine Months Ended September 30

​

​

    

2023

    

2022

 

​

​

(in thousands)

 

Amortization of net actuarial gain, pre-tax(1)

​

$

998

​

$

568

​

Tax expense

​

​

(257)

​

 

(146)

​

Total, net of tax

​

$

741

​

$

422

​

​

(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

​

Third quarter

​

$

0.12

​

$

2,887

​

$

0.12

​

$

2,965

​

​

On October 25, 2023, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of November 8, 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 executed a 10b5-1 plan allowing for stock repurchases during the closed trading window extending from March 16, 2023 to May 2, 2023. In September 2023, the Company executed a second 10b5-1 plan extending from September 18, 2023 to October 31, 2023.

​

During the nine months ended September 30, 2023, the Company repurchased 688,502 shares for an aggregate cost of $65.9 million, including 348,799 shares for an aggregate cost of $32.3 million under both 10b5-1 plans. The Company had $59.1 million remaining under its share repurchase program as of September 30, 2023. Subsequent to September 30, 2023 through November 2, 2023, the Company settled repurchases of 137,905 shares for an aggregate cost of $13.6 million under its 10b5-1 plan executed in September 2023.