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Changes in Shareholders' Equity | 3 Months Ended
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Mar. 31, 2023
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, 2022 to March 31, 2023:
| 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, 2022 | 40,785 |  | $ | 41 |  | — |  | $ | — |  | $ | 441,540 |  | $ | 931,318 |  | $ | (144,927) |  | 9,675 |  | $ | (364,923) |  | $ | 4,494 |  | $ | 867,543 |
Net income | — |  | — |  | — |  | — |  | — |  | 26,889 |  | — |  | — |  | — |  | 197 |  | 27,086 |
Compensation and benefits paid or payable in shares | 58 |  | — |  | — |  | — |  | 378 |  | — |  | — |  | — |  | — |  | — |  | 378 |
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.25 per share | — |  | — |  | — |  | — |  | — |  | (7,792) |  | — |  | — |  | — |  | — |  | (7,792) |
Class B Common Stock, $0.25 per share | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Cumulative translation adjustments | — |  | — |  | — |  | — |  | — |  | — |  | 13,881 |  | — |  | — |  | 238 |  | 14,119 |
Pension and postretirement liability adjustments | — |  | — |  | — |  | — |  | — |  | — |  | (916) |  | — |  | — |  | — |  | (916) |
Derivative valuation adjustment | — |  | — |  | — |  | — |  | — |  | — |  | (2,902) |  | — |  | — |  | — |  | (2,902) |
March 31, 2023 | 40,842 |  | $ | 41 |  | — |  | $ | — |  | $ | 441,917 |  | $ | 950,415 |  | $ | (134,864) |  | 9,675 |  | $ | (364,923) |  | $ | 4,929 |  | $ | 897,515 |
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to March 31, 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 |
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 |
(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. During the three months ended March 31, 2022, the Company repurchased 514,686 shares totaling $43.9 million. The Company did not repurchase shares during the three months ended March 31, 2023.

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