Equity and EPS

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Equity and EPS

NOTE 7: EQUITY AND EPS

Dividend and Dividend Equivalent information by quarter for 2016, 2015, and 2014 is detailed below:

Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration date	Payment date	Declared		Paid		Total payment
2016
March 7, 2016	April 14, 2016	$	0.08	$	0.08	$	1,378
August 1, 2016	September 8, 2016	0.02		0.02		344
October 31, 2016	December 8, 2016	0.02		0.02		344
		$	0.12	$	0.12	$	2,066
2015
March 10, 2015	April 21, 2015	$	0.06	$	0.06	$	1,087
2014
February 28, 2014	April 9, 2014	$	0.05	$	0.05	$	907

See Note 18 for a dividend declaration made in 2017.

Capital Stock

Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the stockholders and not by the Board. Stockholders holding 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval.

On January 3, 2012, the Company reorganized into a holding company structure.  In connection with this transaction, the new holding company was similarly structured in terms of number of shares of Common Stock and Preferred Stock, the articles of incorporation and officer and directors.  The Reorganization did not change the designations, rights, powers or preferences relative rights to holders of the Company's Preferred or Common Stock as described above.  Further, in connection with the Reorganization, the Company’s treasury shares were canceled, which also reduced the number of issued shares.  The Company had historically used this treasury stock for issuance of Common Stock under the Company’s share-based compensation plans.  With the retirement of these treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under the share-based compensation plans that were active at that time. At December 31, 2016, reserved authorized shares remaining for issuance of Common Stock were 331,000 employee unvested RSUs under the Stock Incentive Plan of 2004 (the "2004 Plan") (see Note 9).

On September 1, 2015, the Company's Board of Directors authorized the purchase of 950,000 shares of common stock for $14,488 in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment.

EPS

The computations of basic and diluted EPS is as follows:

	Year Ended December 31,
	2016		2015		2014
Operations:
Net income(a)	$	31,184	$	26,191	$	23,675
Less: Income attributable to participating securities (unvested shares and units) (b)	954		873		832
Net income attributable to common shareholders	$	30,230	$	25,318	$	22,843
Share information:
Basic weighted average common shares(c)	16,643,811		17,123,556		17,305,866
Incremental shares from potential dilutive securities (d)	—		—		—
Diluted weighted average common shares	16,643,811		17,123,556		17,305,866
Basic and diluted EPS(e)	$	1.82	$	1.48	$	1.32

^(a)  Net income attributable to all shareholders.

^(b)  Participating securities include0,128,500, and 278,900 unvested restricted stock for the years ended December 31, 2016, 2015, and 2014, as well as 527,486, 437,946, and 413,288 RSUs for the years ended December 31, 2016, 2015, and 2014, respectively. Participating securities do not receive an allocation in periods when a loss is experienced.

^(c)  Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities consisting of restricted stock awards of 0, 128,500, and 278,900 for 2016, 2015, and 2014, respectively.

^(d)  Potential dilutive securities have not been included in the EPS computation in a period when a loss is experienced. At December 31, 2016 and 2015, the Company had 0 stock options outstanding and potentially dilutive, respectively. At December 31, 2014, the Company had 4,000 stock options outstanding and potentially dilutive.

^(e)  Basic and diluted weighted average common shares for 2016 and 2015 were affected by the September 1, 2015, purchase of 950,000 shares of common stock in a privately negotiated transaction with F2 SEA, Inc., an affiliate of SEACOR Holdings, Inc., pursuant to a Stock Repurchase Agreement. SEACOR Holdings, Inc. is the 70 percent owner of ICP, the Company's 30 percent equity method investment.

Changes in Accumulated Other Comprehensive Income (Loss) by Component

	Pension Plan Items			(a)	Post-Employment Benefit Plan Items			Equity Method Investment Translation Adjustment and Post-Employment Benefit Adjustment			Total
Balance, December 31, 2013	$	(377	)		$	390		$	(17	)	$	(4	)
Other comprehensive income (loss) before reclassifications	218				(1,620		)	(15		)	(1,417		)
Amounts reclassified from accumulated other comprehensive income	(85		)		774			—			689
Net 2014 other comprehensive income (loss)	133				(846		)	(15		)	(728		)
Balance, December 31, 2014	$	(244	)		$	(456	)	$	(32	)	$	(732	)
Other comprehensive income (loss) before reclassifications	(355		)		47			(10		)	(318		)
Amounts reclassified from accumulated other comprehensive income	599				(101		)	52			550
Net 2015 other comprehensive income (loss)	244				(54		)	42			232
Balance, December 31, 2015	$	—			$	(510	)	$	10		$	(500	)
Other comprehensive income (loss) before reclassifications	—				113			(14		)	99
Amounts reclassified from accumulated other comprehensive income	—				21			7			28
Net 2016 other comprehensive income (loss)	—				134			(7		)	127
Balance, December 31, 2016	$	—			$	(376	)	$	3		$	(373	)

^(a)  The Company's pension benefit plans were terminated as of the quarter ended June 2015.

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Consolidated Statements of Income
Post Employment Benefit Items:
Amortization of prior service cost	$	(338	)	(a)
Recognized net actuarial loss	269			(a)
	(69		)	Total before tax
	90			Tax expense
	$	21		Net of tax
Equity Method Investment Adjustment:
Accumulated postretirement benefit obligation	$	13
	(6		)	Tax benefit
	$	7		Net of tax
Reclassifications for 2016	$	28		Total net of tax

^(a)  These accumulated other comprehensive income components are included in the computation of net period post-employment benefit cost. See Note 9for additional details.