STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE G — STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

	March 31			December 31
	2015			2014
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(30,991	)	$	(30,140	)
Interest rate swap	(1,175		)	(576		)
Foreign currency translation	(1,698		)	(1,216		)
Total	$	(33,864	)	$	(31,932	)
After-tax amounts:
Unrecognized net periodic benefit costs	$	(22,907	)	$	(22,387	)
Interest rate swap	(714		)	(350		)
Foreign currency translation	(1,037		)	(742		)
Total	$	(24,658	)	$	(23,479	)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2015 and 2014:

				Unrecognized			Interest			Foreign
				Net Periodic			Rate			Currency
	Total			Benefit Costs			Swap			Translation
	(in thousands)
Balances at December 31, 2014	$	(23,479	)	$	(22,387	)	$	(350	)	$	(742	)
Other comprehensive loss before reclassifications	(2,490		)	(1,831		)	(364		)	(295		)
Amounts reclassified from accumulated other comprehensive loss	1,311			1,311			—			—
Net current-period other comprehensive loss	(1,179		)	(520		)	(364		)	(295		)
Balances at March 31, 2015	$	(24,658	)	$	(22,907	)	$	(714	)	$	(1,037	)
Balances at December 31, 2013	$	(14,912	)	$	(14,386	)	$	—		$	(526	)
Other comprehensive loss before reclassifications	(5,333		)	(5,296		)	—			(37		)
Amounts reclassified from accumulated other comprehensive loss	2,579			2,579			—			—
Net current-period other comprehensive loss	(2,754		)	(2,717		)	—			(37		)
Balances at March 31, 2014	$	(17,666	)	$	(17,103	)	$	—		$	(563	)

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component  for the three months ended March 31:

	Three Months Ended March 31
	2015			2014
	(in thousands)
Unrecognized Net Periodic Benefit Costs(1) (2)
Amortization of net actuarial loss	$	(1,074	)	$	(577	)
Amortization of prior service credit	47			47
Pension settlement expense	(1,119		)	(3,691		)
Total, pre-tax	(2,146		)	(4,221		)
Tax benefit	835			1,642
Total, net of tax	$	(1,311	)	$	(2,579	)

(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 pension cost (see Note F).

Dividends on Common Stock

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

	2015				2014
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.06	$	1,584	$	0.03	$	819

On May 1, 2015, the Company’s Board of Directors declared a dividend of $0.06 per share payable to stockholders of record as of May 15, 2015.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. 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. As of December 31, 2014, the Company had purchased 1,618,150 shares for an aggregate cost of $56.8 million. In February 2015, the Company purchased 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.