STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE J – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

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

	2016		2015		2014
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(29,320)	$	(35,231)	$	(30,140)
Interest rate swap		(542)		(897)		(576)
Foreign currency translation		(1,978)		(2,379)		(1,216)
Total	$	(31,840)	$	(38,507)	$	(31,932)
After-tax amounts:
Unrecognized net periodic benefit costs(1)	$	(21,886)	$	(25,497)	$	(22,387)
Interest rate swap		(329)		(545)		(350)
Foreign currency translation		(1,202)		(1,454)		(742)
Total	$	(23,417)	$	(27,496)	$	(23,479)

⁽¹⁾ The decrease in unrecognized net periodic benefit costs for 2016 reflects the impact of decreases in the unrecognized net actuarial loss $5.2 million ($3.2 million after-tax) related to the nonunion defined benefit pension plan, primarily due to amortization of net actuarial losses and pension settlement expense offset, in part, by decreases in the discount rates used to remeasure the plan obligations. 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 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, 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)
Other comprehensive income (loss) before reclassifications		(799)		(1,267)		216		252
Amounts reclassified from accumulated other comprehensive loss		4,878		4,878		—		—
Net current-period other comprehensive income		4,079		3,611		216		252
Balances at December 31, 2016	$	(23,417)	$	(21,886)	$	(329)	$	(1,202)

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)
	2016		2015
	(in thousands)
Amortization of net actuarial loss	$	(4,944)	$	(4,230)
Amortization of prior service credit		190		190
Pension settlement expense		(3,229)		(3,202)
Total, pre-tax		(7,983)		(7,242)
Tax benefit		3,105		2,817
Total, net of tax	$	(4,878)	$	(4,425)

⁽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:

	2016				2015
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,088	$	0.06	$	1,584
Second quarter	$	0.08	$	2,087	$	0.06	$	1,578
Third quarter	$	0.08	$	2,074	$	0.06	$	1,578
Fourth quarter	$	0.08	$	2,069	$	0.08	$	2,097

On January 31, 2017, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record on February 14, 2017.

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 2016, the Company purchased 485,212 shares for an aggregate cost of $9.5 million, leaving $37.7 million available for repurchase under the program as of December 31, 2016. Treasury shares totaled 2,565,399 and 2,080,187 as of December 31, 2016 and 2015, respectively.