EQUITY

At-the-Market (ATM) Common Stock Program

On April 4, 2017, we entered into a Distribution Agreement (the Agreement) with a sales agent, under which we may offer and sell, from time to time, through the sales agent shares of our common stock, par value $0.20 per share (the Shares), up to an aggregate offering price of $100.0 million. We intend to use the net proceeds from these sales to fund (or offset costs of) acquisitions, future capital expenditures, repay amounts outstanding under our revolving credit facility, and general corporate purposes.

Under the Agreement, the sales agent may sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made directly on the NYSE, on any other existing trading market for the Shares or to or through a market maker. In addition, under the Agreement, the sales agent may sell the Shares by any other method permitted by law, including in privately negotiated transactions. Subject to the terms and conditions of the Agreement, the sales agent will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of the NYSE, to sell the Shares from time to time, based on our instructions (including any price, time or size limits or other customary parameters or conditions that we may impose).

We are not obligated to make any sales of the Shares under the Agreement. The offering of Shares under the Agreement will terminate on the earlier of (1) the sale of all of the Shares subject to the Agreement or (2) the termination of the Agreement by the sales agent or us. We will pay the sales agent a commission of 2.0% of the gross sales price per share sold and have agreed to provide the sales agent with customary indemnification and contribution rights.

As of December 31, 2017, we sold 787,547 shares of our common stock resulting in net proceeds of approximately $18.6 million. No shares were sold in the fourth quarter of 2017.

Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income were as follows for the years ended December 31:



	2017			2016		2015
	(In thousands)
Unrealized appreciation on securities, before tax	$	102		$	—	$	—
Tax expense	(39		)	—		—
Unrealized appreciation on securities, net of tax	$	63		$	—	$	—

Changes in accumulated other comprehensive income by component, net of tax, for the years ended December 31 are as follows:



	Net Gains on Equity Securities
	2017		2016		2015
	(In thousands)
Balance at January 1:	$	—	$	—	$	—
Unrealized appreciation before reclassifications	63		—		—
Amounts reclassified from accumulated other comprehensive income	—		—		—
Net current-period other comprehensive income	63		—		—
Balance at December 31:	$	63	$	—	$	—