SHAREHOLDERS’ EQUITY

Preferred Stock

On May 19, 1998, the Company amended its Amended and Restated Articles of Incorporation to reduce the number of authorized shares of common stock from 100.0 million to 99.0 million and the Company authorized 1.0 million shares of preferred stock with a par value of $0.01 per share. No shares of preferred stock have ever been issued or outstanding.

Treasury Stock

On June 30, 2004, the Company’s Board of Directors authorized the Company to repurchase, in the open market, the lesser of (i) 131,756 shares of its common stock and (ii) $1.3 million of its shares, (the “June 2004 Plan”). On August 28, 2006, a second program permitting the Company to purchase, in the open market, up to $20 million of its outstanding shares was approved by our Board of Directors (the “August 2006 Plan”). On July 14, 2011, the Company’s Board of Directors authorized the Company to reactivate the June 2004 Plan. On August 31, 2016, the Company's Board of Directors reactivated the August 2006 Plan. In August of 2016 and December of 2017, the Company's Board of Directors authorized the Company to repurchase up to $0.5 million, respectively, of the Company's outstanding common shares in open market transactions. In August of 2018 and November of 2018, the Company's Board of Directors reactivated an additional $0.5 million (of the original $20.0 million authorization), respectively, in shares of the Company's common stock to be repurchased in the open market. As of August 8, 2017, the maximum number of shares available for repurchase under the June 2004 Plan was 19,084, and the total number of shares purchased in the open market under the June 2004 Plan was 112,672. As of December 31, 2018, there was $18.9 million remaining for repurchase under the August 2006 Plan, and the total value of shares repurchased in the open market under the August 2006 Plan was $1.1 million. The Company does not have any stock repurchase plans or programs other than the June 2004 Plan and the August 2006 Plan.

On May 17, 2018, we announced our intention to commence a modified Dutch auction cash tender offer to purchase up to $16.0 million of our common stock. The tender offer commenced on May 18, 2018 and expired on June 15, 2018. As a result of the tender offer, we accepted for purchase 316,659 shares of our common stock at a purchase price of $21.00 per share, for an aggregate purchase price of $6.6 million, excluding fees and expenses relating to the tender offer, which was funded from cash on hand.

During the year ended December 31, 2018, the Company repurchased 29,963 shares at an average price of $20.02. During the year ended December 31, 2017, the Company repurchased 15,418 shares at an average price of $14.69.

Equity-Based Compensation

During 2018, 6,000 shares were issued for stock option exercises and a total of 16,331 shares were issued to the members of the Board as compensation for their work on the Board.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income displayed in the Consolidated Statements of Shareholders’ Equity represents the results of certain shareholders’ equity changes not reflected in the consolidated statements of operations, such as foreign currency translation and certain pension and postretirement benefit obligations.

The after-tax components of accumulated other comprehensive income, are as follows (in thousands):



	Foreign Currency Translation			Pension Postretirement Benefit Obligation			Accumulated Other Comprehensive Income, Net
Balance as of December 31, 2016	$	1,534		$	300		$	1,834
Current-period change before reclassifications	4,169			—			4,169
Amounts reclassified from accumulated other comprehensive income (loss)	—			(29		)	(29		)
Income tax provision	—			10			10
Balance as of December 31, 2017	$	5,703		$	281		$	5,984
Current-period change before reclassifications	(1,661		)	—			(1,661		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			4			4
Income tax provision	—			10			10
Balance as of December 31, 2018	$	4,042		$	295		$	4,337

Dividends

On March 12, 2018, the Board of Directors declared a dividend of $0.125 per share that was paid on March 28, 2018 to shareholders of record on March 21, 2018.

On May 10, 2018, the Board of Directors declared a dividend of $0.125 per share that was paid on May 30, 2018 to shareholders of record on May 23, 2018.

On August 10, 2018, the Board of Directors declared a dividend of $0.500 per share that was paid on September 26, 2018 to shareholders of record on September 17, 2018.

On November 14, 2018, the Board of Directors declared a dividend of $0.500 per share that was paid on December 27, 2018 to shareholders of record on December 6, 2018.

During the year ended December 31, 2018, the Company declared and paid dividends amounting to an aggregate of $3.1 million. During the year ended December 31, 2017, the Company declared and paid dividends amounting to an aggregate of $1.4 million. Payment of future dividends is at the discretion of our Board of Directors.