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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
Preferred Stock
The Company's Certificate of Incorporation authorizes the issuance of 10,000,000 shares of preferred stock with a par value of $1.00 per share. Subject to applicable laws, the Board of Directors is authorized to provide for the issuance of preferred shares in one or more series, for such consideration and with designations, powers, preferences and relative, participating, optional or other special rights and the qualifications, limitations or restrictions thereof, as shall be determined by the Board of Directors. There was no preferred stock outstanding as of December 31, 2015, 2014 or 2013.

Common Stock
The following table demonstrates the change in the number of shares of common stock outstanding during the years ended December 2015, 2014, and 2013 (excludes non-voting restricted shares).
Shares outstanding as of December 31, 2012
46,774,573

Purchase of common stock
(211,546
)
Shares issued under stock incentive plan, net of awards surrender to pay applicable taxes
162,549

Exercise of stock options
330,895

Shares issued to Board of Directors in lieu of cash
2,987

Shares outstanding as of December 31, 2013
47,059,458

Purchase of common stock
(270,467
)
Shares issued under stock incentive plan, net of awards surrender to pay applicable taxes
319,773

Exercise of stock options
375,718

Shares issued to Board of Directors in lieu of cash
3,028

Shares outstanding as of December 31, 2014
47,487,510

Purchase of common stock
(260,088
)
Shares issued under stock incentive plan, net of awards surrender to pay applicable taxes
218,458

Exercise of stock options
377,671

Shares issued to Board of Directors in lieu of cash
4,528

Shares outstanding as of December 31, 2015
47,828,079


Treasury Stock
As of December 31, 2015 and 2014, the Company held 15,781,331 and 15,390,371 treasury shares, respectively. The Company records repurchases of its common stock for treasury at cost.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) are as follows (in thousands):
 
Beginning
Balance
 
Before-Tax
Amount
 
Tax Benefit
(Expense)
 
Net-of-Tax
Amount
 
Ending
Balance
December 31, 2013
 
 
 
 
 
 
 
 
 
Pension and other postretirement liability adjustment
$
(45,958
)
 
$
59,743

 
$
(23,014
)
 
$
36,729

 
$
(9,229
)
Foreign currency translation adjustment
19,180

 
(4,814
)
 
—

 
(4,814
)
 
14,366

Accumulated other comprehensive income (loss)
$
(26,778
)
 
$
54,929

 
$
(23,014
)
 
$
31,915

 
$
5,137

December 31, 2014
 
 
 
 
 
 
 
 
 
Pension and other postretirement liability adjustment
$
(9,229
)
 
$
(41,906
)
 
$
16,358

 
$
(25,548
)
 
$
(34,777
)
Foreign currency translation adjustment
14,366

 
(12,271
)
 
—

 
(12,271
)
 
2,095

Accumulated other comprehensive income (loss)
$
5,137

 
$
(54,177
)
 
$
16,358

 
$
(37,819
)
 
$
(32,682
)
December 31, 2015
 
 
 
 
 
 
 
 
 
Pension and other postretirement liability adjustment
$
(34,777
)
 
$
19,728

 
$
(7,783
)
 
$
11,945

 
$
(22,832
)
Foreign currency translation adjustment
2,095

 
(16,581
)
 
—

 
(16,581
)
 
(14,486
)
Accumulated other comprehensive income (loss)
$
(32,682
)
 
$
3,147

 
$
(7,783
)
 
$
(4,636
)
 
$
(37,318
)

The following reclassifications were made from accumulated other comprehensive income (loss) to the statements of operations are as follows (in thousands):
 
December 31,
 
2015
 
2014
 
2013
Amortization of pension and other post-retirement liability adjustments
 
 
 
 
 
Prior Service Credits (1)
$
852

 
$
2,019

 
$
3,364

Actuarial Losses (1)
(6,167
)
 
(2,540
)
 
(9,390
)
Loss recognized during settlement
—

 
(6,509
)
 
—

Total Before Tax
(5,315
)
 
(7,030
)

(6,026
)
Tax Benefit
(1,929
)
 
(2,714
)
 
(2,410
)
Net of Tax
$
(3,386
)
 
$
(4,316
)

$
(3,616
)
(1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension costs. See Note 16 for additional information.