STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE K — STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows at December 31:

	2014			2013			2012
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(30,140	)	$	(17,044	)	$	(86,737	)
Interest rate swap	(576		)	—			—
Foreign currency translation	(1,216		)	(863		)	(662		)
Total	$	(31,932	)	$	(17,907	)	$	(87,399	)
After-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(22,387	)	$	(14,386	)	$	(56,968	)
Interest rate swap	(350		)	—			—
Foreign currency translation	(742		)	(526		)	(404		)
Total	$	(23,479	)	$	(14,912	)	$	(57,372	)

(1) The increase in unrecognized net periodic benefit costs for the year ended December 31, 2014 reflected the impact of increases in the unrecognized net actuarial loss $8.3 million ($5.1 million after-tax) related to the nonunion defined benefit pension plan and $5.2 million ($3.2 million after-tax) related to the postretirement health benefit plan, primarily due to decreases in the discount rates used to remeasure the plan obligations. The decrease in unrecognized net periodic benefit costs for the year ended December 31, 2013 reflected the impact of a $66.3 million ($40.5 million after-tax) decrease in the unrecognized net actuarial loss related to the nonunion defined benefit pension plan in 2013, primarily due to a $29.3 million ($17.9 million after-tax) curtailment gain and a $27.8 million ($17.0 million after-tax) net actuarial gain related to the increase in the discount rate used to remeasure the plan obligation upon curtailment and the amount required to adjust the assumed return on plan assets to the actual return experienced in 2013. The nonunion defined benefit pension plan is discussed further in Note J.

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component:

				Unrecognized			Interest			Foreign
				Net Periodic			Rate			Currency
	Total			Benefit Costs			Swap			Translation
	(in thousands)
Balances at December 31, 2012	$	(57,372	)	$	(56,968	)	$	—		$	(404	)
Other comprehensive income (loss) before reclassifications	36,439			36,561			—			(122		)
Amounts reclassified from accumulated other comprehensive loss	6,021			6,021			—			—
Net current-period other comprehensive income (loss)	42,460			42,582			—			(122		)
Balances at December 31, 2013	(14,912		)	(14,386		)	—			(526		)
Other comprehensive loss before reclassifications	(14,133		)	(13,567		)	(350		)	(216		)
Amounts reclassified from accumulated other comprehensive loss	5,566			5,566			—			—
Net current-period other comprehensive loss	(8,567		)	(8,001		)	(350		)	(216		)
Balances at December 31, 2014	$	(23,479	)	$	(22,387	)	$	(350	)	$	(742	)

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component for the years ended December 31, 2014 and 2013:

	Unrecognized Net Periodic Benefit Costs(1)(2)
	2014			2013
	(in thousands)
Amortization of net actuarial loss	$	(2,705	)	$	(7,935	)
Amortization of prior service credit	190			190
Pension settlement expense	(6,595		)	(2,111		)
Total, pre-tax	(9,110		)	(9,856		)
Tax benefit	3,544			3,835
Total, net of tax	$	(5,566	)	$	(6,021	)

(1) Amounts in parentheses indicate increases in expense or loss.

(2) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost (see Note J).

Dividends on Common Stock

The following table is a summary of dividends declared during the applicable quarter:

	2014				2013				2012
	Per Share		Amount		Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.03	$	819	$	0.03	$	807	$	0.03	$	797
Second quarter	$	0.03	$	816	$	0.03	$	806	$	0.03	$	808
Third quarter	$	0.03	$	823	$	0.03	$	805	$	0.03	$	807
Fourth quarter	$	0.06	$	1,644	$	0.03	$	815	$	0.03	$	807

On January 22, 2015, the Company’s Board of Directors declared a dividend of $0.06 per share payable to stockholders of record as of February 5, 2015.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. In 2003, the Company’s Board of Directors authorized stock repurchases of up to $25.0 million; and in 2005, an additional $50.0 million was authorized for a total of $75.0 million. As of December 31, 2014, the Company had purchased 1,618,150 shares for an aggregate cost of $56.8 million, leaving $18.2 million available for repurchase under the current buyback program. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources.

In February 2015, the Company purchased an additional 64,200 shares of its common stock for an aggregate cost of $2.5 million, leaving $15.7 million available for repurchase under the current buyback program.