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Other | 6 Months Ended
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Jun. 30, 2013
Other | NOTE J — OTHER Cash dividends Dividends declared in the six months ended June 30, 2013 are as follows:
Dividend per share |  |  | Date declared |  | Date of record |  | Payment date
$ | 0.03125 |  |  | March 12, 2013 |  | May 1, 2013 |  | May 15, 2013
$ | 0.03125 |  |  | June 13, 2013 |  | August 1, 2013 |  | August 15, 2013
On February 15, 2013 and May 15, 2013, the Company paid cash dividends of $319,000 and $401,000, respectively, which reduced retained earnings. In the three months ended June 30, 2013, the Company reduced retained earnings for the accrual of $397,000 relating to the dividend payable on August 15, 2013. On August 2, 2013, the Board of Directors declared a quarterly dividend of $0.03125 per share payable on November 15, 2013 to shareholders of record on November 1, 2013. Dividends declared in the six months ended June 30, 2012 are as follows:
Dividend per share |  |  | Date declared |  | Date of record |  | Payment date
$ | 0.025 |  |  | January 11, 2012 |  | February 1, 2012 |  | February 15, 2012
$ | 0.025 |  |  | March 6, 2012 |  | May 1, 2012 |  | May 15, 2012
$ | 0.025 |  |  | June 13, 2012 |  | August 1, 2012 |  | August 15, 2012
Stock repurchase program On April 30, 2013, Lifetime’s Board of Directors authorized the repurchase of up to $10.0 million of the Company’s common stock. The repurchase authorization permits the Company to effect the repurchases from time to time through open market purchases and privately negotiated transactions. During the three months ended June 30, 2013, the Company repurchased 245,575 shares under the April 2013 authorization for a total cost of $3.2 million and thereafter retired the shares. Supplemental cash flow information
|  | Six Months Ended June 30, |
|  | 2013 |  |  | 2012 |
|  | (in thousands) |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 1,842 |  |  | $ | 3,033 |
Cash paid for taxes |  |  | 4,891 |  |  |  | 3,117 |
Non-cash investing activities: |  |  |  |  |  |  |  |
Translation adjustment |  | $ | 390 |  |  | $ | (207 | )
Components of accumulated other comprehensive loss, net
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Accumulated translation adjustment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (1,679 | ) |  | $ | (3,800 | ) |  | $ | (2,804 | ) |  | $ | (5,881 | )
Translation gain (loss) during period |  |  | (1,515 | ) |  |  | (1,874 | ) |  |  | (390 | ) |  |  | 207 |
Balance at end of period |  | $ | (3,194 | ) |  | $ | (5,674 | ) |  | $ | (3,194 | ) |  | $ | (5,674 | )
Accumulated deferred losses on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (259 | ) |  | $ | — |  |  | $ | (272 | ) |  | $ | — |
Derivative fair value adjustment, net of taxes of $154 and $163 for the three and six months ended June 30, 2013, respectively |  |  | 231 |  |  |  | — |  |  |  | 244 |  |  |  | — |
Balance at end of period |  | $ | (28 | ) |  | $ | — |  |  | $ | (28 | ) |  | $ | — |
Accumulated effect of retirement benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (1,147 | ) |  | $ | — |  |  | $ | (1,160 | ) |  | $ | — |
Net loss arising from retirement benefit obligations, net of taxes of $483 for the three and six months ended June 30, 2012 |  |  | — |  |  |  | (702 | ) |  |  | — |  |  |  | (702 | )
Amounts reclassified from accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of acturial losses, net of taxes of $9 for the three months ended June 30, 2013 and 2012 and $18 and $9 for the six months ended June 30, 2013 and 2012, respectively |  |  | 13 |  |  |  | 14 |  |  |  | 26 |  |  |  | 14 |
Balance at end of period |  | $ | (1,134 | ) |  | $ | (688 | ) |  | $ | (1,134 | ) |  | $ | (688 | )
Total accumulated other comprehensive loss at end of period |  | $ | (4,356 | ) |  | $ | (6,362 | ) |  | $ | (4,356 | ) |  | $ | (6,362 | )
Reclassifications out of accumulated other comprehensive loss
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Statement of Operations line item
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  |
|  | (in thousands) |  |  |
Effect of retirement benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses before taxes |  | $ | 22 |  |  | $ | 23 |  |  | $ | 44 |  |  | $ | 23 |  |  |
Tax benefit |  |  | (9 | ) |  |  | (9 | ) |  |  | (18 | ) |  |  | (9 | ) |  |
Actuarial losses net of taxes |  | $ | 13 |  |  | $ | 14 |  |  | $ | 26 |  |  | $ | 14 |  |  | Selling, general and administrative expenses
Review Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Lifetime Brands, Inc: We have reviewed the condensed consolidated balance sheet of Lifetime Brands, Inc. and Subsidiaries (the “Company”) as of June 30, 2013, and the related condensed consolidated statements of operations and comprehensive income for the three-month and six-month periods ended June 30, 2013 and 2012 and the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2013 and 2012. These financial statements are the responsibility of the Company’s management. We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with US generally accepted accounting principles. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Company as of December 31, 2012 and the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the year then ended (not presented herein) and we expressed an unqualified opinion on those consolidated financial statements in our report dated March 15, 2013. The consolidated balance sheet of Grupo Vasconia, S.A.B. and Subsidiaries (a corporation in which the Company has a 30% interest) as of December 31, 2012 and the related consolidated statements of income, shareholders’ equity, and cash flows for the year then ended (not presented herein) were audited by other auditors whose report dated February 28, 2013 expressed an unqualified opinion on those statements, and our opinion, insofar as it relates to the amounts included for Grupo Vasconia, S.A.B and Subsidiaries, is based solely on the report of the other auditors. In the consolidated financial statements, the Company’s investment in Grupo Vasconia, S.A.B. and Subsidiaries is stated at $36.4 million at December 31, 2012 and the Company’s equity in the net income of Grupo Vasconia, S.A.B. and Subsidiaries is stated at $6.9 million for the year then ended. In our opinion, the accompanying condensed consolidated balance sheet of Lifetime Brands, Inc. and Subsidiaries as of December 31, 2012, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

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- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
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