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Changes in Shareholders' Equity | 6 Months Ended
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Jun. 30, 2022
Stockholders' Equity Note [Abstract] |
Changes in Shareholders’ Equity | Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to June 30, 2022:
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Equity
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
December 31, 2021 | 40,760 |  | $ | 41 |  | — |  | $ | — |  | $ | 436,996 |  | $ | 863,057 |  | $ | (145,984) |  | 8,665 |  | $ | (280,143) |  | $ | 3,638 |  | $ | 877,605 |
Net income | — |  | — |  | — |  | — |  | — |  | 27,737 |  | — |  | — |  | — |  | 338 |  | 28,075 |
Compensation and benefits paid or payable in shares | 21 |  | — |  | — |  | — | 745 |  | — |  | — |  | — |  | — |  | — |  | 745 |
Options exercised | — |  | — |  | — |  | — |  | 7 |  | — |  | — |  | — |  | — |  | — |  | 7 |
Shares issued to Directors' | — |  | — | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Purchase of Treasury shares (a) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 515 |  | (43,937) |  | — |  | (43,937) |
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.21 per share | — |  | — |  | — |  | — |  | — |  | (6,661) |  | — |  | — |  | — |  | — |  | (6,661) |
Class B Common Stock, $0.21 per share | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Cumulative translation adjustments | — |  | — |  | — |  | — |  | — |  | — |  | (1,730) |  | — |  | — |  | 56 |  | (1,674) |
Pension and postretirement liability adjustments | — |  | — |  | — |  | — |  | — |  | — |  | 74 |  | — |  | — |  | — |  | 74 |
Derivative valuation adjustment | — |  | — |  | — |  | — |  | — |  | — |  | 10,018 |  | — |  | — |  | — |  | 10,018 |
March 31, 2022 | 40,781 |  | $ | 41 |  | — |  | $ | — |  | $ | 437,748 |  | $ | 884,133 |  | $ | (137,622) |  | 9,180 |  | $ | (324,080) |  | $ | 4,032 |  | $ | 864,252 |
Net income | — |  | — |  | — |  | — |  | — |  | 39,201 |  | — |  | — |  | — |  | 168 |  | 39,369 |
Compensation and benefits paid or payable in shares | 4 |  | — |  | — |  | — |  | 902 |  | — |  | — |  | — |  | — |  | — |  | 902 |
Options exercised | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Shares issued to Directors' | — |  | — |  | — |  | — |  | 800 |  | — |  | — |  | (13) |  | 285 |  | — |  | 1,085 |
Purchase of Treasury shares (a) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 508 |  | (41,128) |  | — |  | (41,128) |
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.21 per share | — |  | — |  | — |  | — |  | — |  | (6,529) |  | — |  | — |  | — |  | — |  | (6,529) |
Class B Common Stock, $0.21 per share | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Cumulative translation adjustments | — |  | — |  | — |  | — |  | — |  | — |  | (39,661) |  | — |  | — |  | (91) |  | (39,752) |
Pension and postretirement liability adjustments | — |  | — |  | — |  | — |  | — |  | — |  | 234 |  | — |  | — |  | — |  | 234 |
Derivative valuation adjustment | — |  | — |  | — |  | — |  | — |  | — |  | 3,349 |  | — |  | — |  | — |  | 3,349 |
June 30, 2022 | 40,785 |  | $ | 41 |  | — |  | $ | — |  | $ | 439,450 |  | $ | 916,805 |  | $ | (173,700) |  | 9,675 |  | $ | (364,923) |  | $ | 4,109 |  | $ | 821,782 |
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to June 30, 2021:
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Equity
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
December 31, 2020 | 39,115 |  | $ | 39 |  | 1,618 |  | $ | 2 |  | $ | 433,696 |  | $ | 770,746 |  | $ | (132,408) |  | 8,391 |  | $ | (256,009) |  | $ | 3,799 |  | $ | 819,865 |
Net income | — |  | — |  | — |  | — |  | — |  | 27,582 |  | — |  | — |  | — |  | 27 |  | 27,609 |
Compensation and benefits paid or payable in shares | 20 |  | — |  | — |  | — | (13) |  | — |  | — |  | — |  | — |  | — |  | (13) |
Options exercised | 6 |  |  |  | — |  | 128 |  | — |  | — |  | — |  | — |  | — |  | 128 |
Shares issued to Directors' | — |  | — | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.20 per share | — |  | — |  | — |  | — |  | — |  | (6,150) |  | — |  | — |  | — |  | — |  | (6,150) |
Class B Common Stock, $0.20 per share | — |  | — |  | — |  | — |  | — |  | (324) |  | — |  | — |  | — |  | — |  | (324) |
Cumulative translation adjustments | — |  | — |  | — |  | — |  | — |  | — |  | (15,955) |  | — |  | — |  | (210) |  | (16,165) |
Pension and postretirement liability adjustments | — |  | — |  | — |  | — |  | — |  | — |  | 509 |  | — |  | — |  | — |  | 509 |
Derivative valuation adjustment | — |  | — |  | — |  | — |  | — |  | — |  | 752 |  | — |  | — |  | — |  | 752 |
March 31, 2021 | 39,141 |  | $ | 39 |  | 1,618 |  | $ | 2 |  | $ | 433,811 |  | $ | 791,854 |  | $ | (147,102) |  | 8,391 |  | $ | (256,009) |  | $ | 3,616 |  | $ | 826,211 |
Net income | — |  | — |  | — |  | — |  | 0 |  | 31,397 |  | — |  | — |  | — |  | 43 |  | 31,440 |
Compensation and benefits paid or payable in shares | — |  | — |  | — |  | — |  | 692 |  | — |  | — |  | — |  | — |  | — |  | 692 |
Options exercised | 1 |  | — |  | — |  | — |  | 21 |  | — |  | — |  | — |  | — |  | — |  | 21 |
Shares issued to Directors' | — |  | — |  | — |  | — |  | 706 |  | — |  | — |  | (11) |  | 241 |  | — |  | 947 |
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.20 per share | — |  | — |  | — |  | — |  | — |  | (6,150) |  | — |  | — |  | — |  | — |  | (6,150) |
Class B Common Stock, $0.20 per share | — |  | — |  | — |  | — |  | — |  | (323) |  | — |  | — |  | — |  | — |  | (323) |
Cumulative translation adjustments | — |  | — |  | — |  | — |  | — |  | — |  | 13,774 |  | — |  | — |  | 183 |  | 13,957 |
Pension and postretirement liability adjustments | — |  | — |  | — |  | — |  | — |  | — |  | (130) |  | — |  | — |  | — |  | (130) |
Derivative valuation adjustment | — |  | — |  | — |  | — |  | — |  | — |  | 1,394 |  | — |  | — |  | — |  | 1,394 |
June 30, 2021 | 39,142 |  | $ | 39 |  | 1,618 |  | $ | 2 |  | $ | 435,230 |  | $ | 816,778 |  | $ | (132,064) |  | 8,380 |  | $ | (255,768) |  | $ | 3,842 |  | $ | 868,059 |
(a)In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million. During the six months period ending June 30, 2022, the Company repurchased 1,022,717 shares totaling $85.1 million.

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