SHAREHOLDERS’ EQUITY

Treasury Stock

On May 18, 2018, the Company commenced a modified Dutch auction cash tender offer to purchase up to $16.0 million of its outstanding common stock, par value $0.0001 per share, at a per share price not greater than $21.00 nor less than $18.50, to each seller in cash, less any applicable withholding taxes and without interest (the "tender offer"). The tender offer expired on June 15, 2018. As a result of the tender offer, the Company accepted for purchase a total of 316,659 shares of its common stock that were properly tendered and not properly withdrawn at the price of $21.00 per share, for an aggregate purchase price of $6.6 million, which was funded from cash on hand, during the three months ended June 30, 2018.

During the three months ended June 30, 2019, the Company purchased 4,039 additional shares of its common stock outstanding.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income, displayed in the Consolidated Statement of Shareholders’ Equity, represents net income plus the results of certain shareholders’ equity changes not reflected in the Consolidated Statements of Operations, such as foreign currency translation and certain pension and post-retirement 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, 2018	$	4,042		$	295	$	4,337
Current-period change ⁽¹⁾	(630		)	—		(630		)
Balance as of June 30, 2019	$	3,412		$	295	$	3,707

⁽¹⁾No material amounts reclassified from accumulated other comprehensive income.

Dividends

On March 12, 2019, the Board declared a dividend of $0.125 per share that was paid on March 29, 2019 to shareholders of record on March 22, 2019, for an aggregate amount of $0.3 million.

On May 31, 2019, the Board declared a dividend of $0.125 per share that was paid on June 28, 2019 to shareholders of record on June 21, 2019, for an aggregate amount of $0.3 million.