Stockholders' Equity and Earnings Per Share

NACCO Industries, Inc. Class A common stock is traded on the New York Stock Exchange under the ticker symbol “NC.” Because of transfer restrictions on Class B common stock, no trading market has developed, or is expected to develop, for the Company's Class B common stock. The Class B common stock is convertible into Class A common stock on a one-for-one basis at any time at the request of the holder. The Company's Class A common stock and Class B common stock have the same cash dividend rights per share. As the liquidation and dividend rights are identical, any distribution of earnings would be allocated to Class A and Class B stockholders on a proportionate basis, and accordingly the net income per share for each class of common stock is identical. The Class A common stock has one vote per share and the Class B common stock has ten votes per share. The total number of authorized shares of Class A common stock and Class B common stock at December 31, 2017 was 25,000,000 shares and 6,756,176 shares, respectively. Treasury shares of Class A common stock totaling 2,937,644 and 3,007,334 at December 31, 2017 and 2016, respectively, have been deducted from shares outstanding.

Stock Repurchase Programs: During 2017, the Company did not repurchase any shares of its Class A Common Stock. Under past stock repurchase programs, the Company has repurchased 1,855,923 shares of Class A Common Stock for an aggregate purchase price of $101.7 million.

Stock Compensation: See Note 2 for a discussion of the Company's restricted stock awards.

Amounts Reclassified out of Accumulated Other Comprehensive Income: The following table summarizes the amounts reclassified out of AOCI and recognized in the Consolidated Statement of Operations:



	Amount reclassified from AOCI
Details about AOCI components	2017			2016			2015			Location of loss (gain) reclassified from AOCI into income
	(In thousands)
Loss (gain) on cash flow hedging
Foreign exchange contracts	$	(158	)	$	(11	)	$	(860	)	Cost of sales
Interest rate contracts	(3,466		)	1,187			1,460			Interest expense
	(3,624		)	1,176			600			Total before income tax expense
Tax effect	1,255			(419		)	(191		)	Income tax expense (benefit)
	$	(2,369	)	$	757		$	409		Net of tax

Pension and postretirement plan
Actuarial loss	$	955		$	1,145		$	1,333		^(a)
Prior-service credit	(10		)	(49		)	(57		)	^(a)
	945			1,096			1,276			Total before income tax expense
Tax effect	(363		)	(408		)	(420		)	Income tax benefit
	$	582		$	688		$	856		Net of tax

Total reclassifications for the period	$	(1,787	)	$	1,445		$	1,265		Net of tax

(a) NACCO and NACoal's AOCI components are included in the computation of pension and postretirement expense. See Note 14 for a discussion of the Company's pension and postretirement expense.

Earnings per Share: The weighted average number of shares of Class A common stock and Class B common stock outstanding used to calculate basic and diluted earnings per share were as follows:



	2017		2016		2015
Basic weighted average shares outstanding	6,830		6,818		7,001
Dilutive effect of restricted stock awards	43		36		21
Diluted weighted average shares outstanding	6,873		6,854		7,022

Basic earnings per share:
Continuing operations	$	4.17	$	0.43	$	0.32
Discontinued operations	$	0.27	$	3.91	$	2.82
Basic earnings per share	$	4.44	$	4.34	$	3.14

Diluted earnings per share:
Continuing operations	$	4.14	$	0.43	$	0.32
Discontinued operations	$	0.27	$	3.89	$	2.81
Diluted earnings per share	$	4.41	$	4.32	$	3.13