SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2016

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6: SHAREHOLDERS’ EQUITY

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 the 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 and authorized the Company to repurchase up to $0.5 million of the Company’s outstanding common shares in open market transactions.  As of November 8, 2016, 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 November 8, 2016, there was $19.8 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 $0.2 million. The Company does not have any stock repurchase plans or programs other than the June 2004 Plan and the August 2006 Plan.

During the three and nine months ended September 30, 2016, the company repurchased 9,009 shares at an average price of $17.54.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income, displayed in the Consolidated Statements of Shareholders’ Equity and Comprehensive Income, 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, 2015	$	358	$	328	$	686
Current-period change 1		2,911		—		2,911
Balance as of September 30, 2016	$	3,269	$	328	$	3,597

¹ No amounts reclassified from accumulated other comprehensive income.

Dividends

On August 11, 2016, the Board of Directors declared a dividend of $0.125 per share that was paid on September 21, 2016 to shareholders of record on August 31, 2016.