SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2021

SHAREHOLDERS’ EQUITY

Treasury Stock

On May 28, 2021, the Company commenced a cash tender offer to purchase up to 211,538 shares of its outstanding common stock, at a purchase price of $26.00 per share to each seller in cash, less any applicable withholding taxes and without interest (the "tender offer"). The tender offer expired on June 25, 2021. As a result of the tender offer, the Company accepted for purchase a total of 171,433 shares of its common stock at the price of $26.00 per share, for an aggregate purchase price of $4.5 million, which was funded from cash on hand. These shares of common stock represented approximately 8.31% of the Company's total outstanding shares as of April 30, 2021.

There were no shares repurchased during the three months ended September 30, 2021. During the three months ended September 30, 2020, the Company repurchased 12,238 additional shares of its common stock outstanding at an average price of $17.06.

During the nine months ended September 30, 2021, the Company repurchased 190,748 shares of its common stock outstanding, which includes the 171,433 shares of its common stock repurchased pursuant to the tender offer. During the nine months ended September 30, 2020, the Company repurchased 323,660 shares of its common stock outstanding, which included 294,117 shares of its common stock repurchased pursuant to a tender offer conducted in 2020 (see Note 13 to the consolidated financial statements in our 2020 Annual Report).

As of September 30, 2021, the Company had 1,921,761 shares of common stock outstanding. As of September 30, 2020, the Company had 2,089,002 shares of common stock outstanding.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income, reflected 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, 2020	$	4,793	$	357	$	5,150
Current-period change (1)	(2,538)		—		(2,538)
Balance as of September 30, 2021	$	2,255	$	357	$	2,612

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

Dividends

On March 2, 2021, the Board declared a dividend of $0.16 per share that was paid on March 30, 2021 to shareholders of record on March 16, 2021, for an aggregate amount of $0.3 million.

On May 24, 2021, the Board declared a dividend of $0.16 per share that was paid on June 14, 2021 to shareholders of record on June 2, 2021, for an aggregate amount of $0.3 million.

On August 31, 2021, the Board declared a dividend of $0.20 per share that was paid on September 29, 2021 to shareholders of record on September 15, 2021, for an aggregate amount of $0.4 million.