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Stock Repurchase Plan
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stock Repurchase Plan Stock Repurchase Plan
On March 11, 2024, the Company announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $7,500,000 of its outstanding shares of common stock. Repurchases of shares of common stock under the stock repurchase program are made in the open market and in accordance with applicable securities laws. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. There were 63,377 shares with an average stock price of $14.50 repurchased under the repurchase program during the three months ended March 31, 2025, totaling $919,000. There was no stock repurchased during the period ended March 31, 2024.
ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three months ended March 31, 2025 and 2024 (in thousands):
2024:Derivative
Hedging
Activities
Post Retirement
Benefit Plan
Items(A)
Accumulated
Other
Comprehensive
Income (Loss)
2024:
Balance at December 31, 2023$901 $4,400 $5,301 
Other comprehensive income before reclassifications347 (37)310 
Amounts reclassified from accumulated other comprehensive income(562)(124)(686)
Income tax benefit48 34 82 
Balance at March 31, 2024$734 $4,273 $5,007 
2025:
Balance at December 31, 2024$(1,254)$3,546 $2,292 
Other comprehensive income before reclassifications719 — 719 
Amounts reclassified from accumulated other comprehensive income532 (141)391 
Income tax benefit (expense)(261)29 (232)
Balance at March 31, 2025$(264)$3,434 $3,170 
(A)The effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in other income and expense on the Consolidated Statements of Operations. These Accumulated Other Comprehensive Income components are included in the computation of net periodic benefit cost (see Note 9, "Post-Retirement Benefits" for additional details). The tax effect of post-retirement benefit items reclassified from Accumulated Other Comprehensive Income is included in income tax expense on the Consolidated Statements of Operations