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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2024
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 | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 6,066 | ​ | $ | 6,816 | ​
Interest rate swap | ​ | ​ | 219 | ​ | ​ | 1,710 | ​
Foreign currency translation | ​ |  | (3,141) | ​ |  | (2,709) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 3,144 | ​ | $ | 5,817 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 4,504 | ​ | $ | 5,061 | ​
Interest rate swap | ​ | ​ | 161 | ​ | ​ | 1,263 | ​
Foreign currency translation | ​ |  | (2,319) | ​ |  | (2,000) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 2,346 | ​ | $ | 4,324 | ​
​ ​ ​ The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized | ​ | Interest | ​ | Foreign | ​
​ | ​ | ​ | ​ | ​ | Net Periodic | ​ | Rate | ​ | Currency | ​
​ |  | Total |  | Benefit Credit |  | Swap |  | Translation |
​ | ​ | (in thousands) | ​
Balances at December 31, 2023 | ​ | $ | 4,324 | ​ | $ | 5,061 | ​ | $ | 1,263 | ​ | $ | (2,000) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss before reclassifications | ​ | ​ | (1,421) | ​ | ​ | — | ​ | ​ | (1,102) | ​ | ​ | (319) | ​
Amounts reclassified from accumulated other comprehensive income | ​ | ​ | (557) | ​ | ​ | (557) | ​ | ​ | — | ​ | ​ | — | ​
Net current-period other comprehensive loss | ​ | ​ | (1,978) | ​ | ​ | (557) | ​ | ​ | (1,102) | ​ | ​ | (319) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at September 30, 2024 | ​ | $ | 2,346 | ​ | $ | 4,504 | ​ | $ | 161 | ​ | $ | (2,319) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) | ​
​ 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 | ​
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands) |
Amortization of net actuarial gain, pre-tax(1) | ​ | $ | 750 | ​ | $ | 998 | ​
Tax expense | ​ | ​ | (193) | ​ |  | (257) | ​
Total, net of tax | ​ | $ | 557 | ​ | $ | 741 | ​
​
(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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.12 | ​ | $ | 2,828 | ​ | $ | 0.12 | ​ | $ | 2,915 | ​
Second quarter | ​ | $ | 0.12 | ​ | $ | 2,819 | ​ | $ | 0.12 | ​ | $ | 2,894 | ​
Third quarter | ​ | $ | 0.12 | ​ | $ | 2,838 | ​ | $ | 0.12 | ​ | $ | 2,887 | ​
​ On October 30, 2024, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of November 13, 2024. ​ 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, 2023, the Company had $33.5 million available for repurchases of its common stock under the share repurchase program. In February 2024, 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. ​ During the nine months ended September 30, 2024, the Company repurchased 478,315 shares for an aggregate cost of $56.1 million, including 211,692 shares for an aggregate cost of $25.5 million under Rule 10b5-1 plans, which allows for stock repurchases during closed trading windows. The Company had $74.9 million remaining under its share repurchase program as of September 30, 2024. Subsequent to September 30, 2024 through October 31, 2024, the Company settled repurchases of 62,544 shares for an aggregate cost of $6.5 million.

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