STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE J – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

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

	2015		2014		2013
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(35,231)	$	(30,140)	$	(17,044)
Interest rate swap		(897)		(576)		—
Foreign currency translation		(2,379)		(1,216)		(863)
Total	$	(38,507)	$	(31,932)	$	(17,907)
After-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(25,497)	$	(22,387)	$	(14,386)
Interest rate swap		(545)		(350)		—
Foreign currency translation		(1,454)		(742)		(526)
Total	$	(27,496)	$	(23,479)	$	(14,912)

⁽¹⁾ The increase in unrecognized net periodic benefit costs for 2015 primarily reflected the impact of increases in the unrecognized net actuarial loss of $4.2 million ($2.5 million after‑tax) related to the nonunion defined benefit pension plan, primarily due to the difference in actual return on plan assets versus the assumed return offset, in part, by pension settlement expense and amortization of net actuarial losses.The increase in unrecognized net periodic benefit costs for 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 nonunion defined benefit pension plan is discussed further in Note I.

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, 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)
Other comprehensive loss before reclassifications		(8,442)		(7,535)		(195)		(712)
Amounts reclassified from accumulated other comprehensive loss		4,425		4,425		—		—
Net current-period other comprehensive loss		(4,017)		(3,110)		(195)		(712)
Balances at December 31, 2015	$	(27,496)	$	(25,497)	$	(545)	$	(1,454)

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

	Unrecognized Net Periodic
	Benefit Costs(1)(2)
	2015		2014
	(in thousands)
Amortization of net actuarial loss	$	(4,230)	$	(2,705)
Amortization of prior service credit		190		190
Pension settlement expense		(3,202)		(6,595)
Total, pre-tax		(7,242)		(9,110)
Tax benefit		2,817		3,544
Total, net of tax	$	(4,425)	$	(5,566)

⁽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 I).

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
Second quarter	$	0.06	$	1,578	$	0.03	$	816
Third quarter	$	0.06	$	1,578	$	0.03	$	823
Fourth quarter	$	0.08	$	2,097	$	0.06	$	1,644

On January 27, 2016, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record on February 10, 2016.

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. In October 2015, the Board of Directors extended the share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock. During 2015, the Company purchased 402,255 shares for an aggregate cost of $12.8 million, leaving $47.2 million available for repurchase under the program as of December 31, 2015.Treasury shares totaled 2,080,187 and 1,677,932 as of December 31, 2015 and 2014, respectively.

As of February 22, 2016, the Companyhad purchasedan additional 104,002 shares of its common stock for an aggregate cost of $2.0 million, leaving $45.2 million available for repurchase under the current buyback program.