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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2018
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, 2018, 2017 or 2016.
Common Stock
The following table demonstrates the change in the number of shares of common stock outstanding during the years ended December 2018, 2017, and 2016 (excludes non-voting restricted shares).
Shares outstanding as of December 31, 2015
47,828,079

Purchase of common stock
(123,577
)
Shares issued under stock incentive plan, net of awards surrendered to pay applicable taxes
192,050

Exercise of stock options
202,500

Shares issued to Board of Directors in lieu of cash
3,276

Shares outstanding as of December 31, 2016
48,102,328

Purchase of common stock
(17,445
)
Shares issued under stock incentive plan, net of awards surrendered to pay applicable taxes
385,037

Exercise of stock options
22,500

Shares issued to Board of Directors in lieu of cash
5,522

Shares outstanding as of December 31, 2017
48,497,942

Shares issued under stock incentive plan, net of awards surrendered to pay applicable taxes
204,855

Shares issued to Board of Directors in lieu of cash
3,129

Shares outstanding as of December 31, 2018
48,705,926


Treasury Stock
As of December 31, 2018 and 2017, the Company held 16,347,713 and 16,120,462 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
 
ASU 2018-02
 
Ending
Balance
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Pension and other post-employment liability adjustment
$
(22,832
)
 
$
(10,785
)
 
$
4,212

 
$
(6,573
)
 
$
—

 
$
(29,405
)
Foreign currency translation adjustment
(14,486
)
 
488

 
—

 
488

 
—

 
(13,998
)
Accumulated other comprehensive income (loss)
$
(37,318
)
 
$
(10,297
)
 
$
4,212

 
$
(6,085
)
 
$
—

 
$
(43,403
)
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Pension and other post-employment liability adjustment
$
(29,405
)
 
$
(9,783
)
 
$
1,025

 
$
(8,758
)
 
$
—

 
$
(38,163
)
Foreign currency translation adjustment
(13,998
)
 
8,387

 
—

 
8,387

 
—

 
(5,611
)
Accumulated other comprehensive income (loss)
$
(43,403
)
 
$
(1,396
)
 
$
1,025

 
$
(371
)
 
$
—

 
$
(43,774
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Pension and other post-employment liability adjustment
$
(38,163
)
 
$
3,575

 
$
(930
)
 
$
2,645

 
$
(4,761
)
 
$
(40,279
)
Interest rate swap derivative
—

 
(1,689
)
 
439

 
(1,250
)
 
—

 
(1,250
)
Foreign currency translation adjustment
(5,611
)
 
(13,140
)
 
—

 
(13,140
)
 
—

 
(18,751
)
Foreign currency translation adjustment on long-term intercompany notes
—

 
(8,114
)
 
—

 
(8,114
)
 
—

 
(8,114
)
Accumulated other comprehensive income (loss)
$
(43,774
)

$
(19,368
)

$
(491
)

$
(19,859
)

$
(4,761
)
 
$
(68,394
)

The following reclassifications were made from accumulated other comprehensive income (loss) to the statements of operations (in thousands):
 
December 31,
 
2018
 
2017
 
2016
Amortization of pension and other post-employment liability adjustments
 
 
 
 
 
Prior service credits (1)
$
730

 
$
1,485

 
$
1,120

Actuarial losses (1)
(917
)
 
(707
)
 
(244
)
Loss recognized during settlement
(5,735
)
 
(2,162
)
 
—

Total before tax
(5,922
)
 
(1,384
)

876

Tax (benefit) expense
(1,502
)
 
(548
)
 
312

Net of tax
$
(4,420
)
 
$
(836
)

$
564

(1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension costs. See Note 10 for additional information.