STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2017

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE G – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:

	June 30		December 31
	2017		2016
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(27,251)	$	(29,320)
Interest rate swap		(186)		(542)
Foreign currency translation		(2,125)		(1,978)
Total	$	(29,562)	$	(31,840)
After-tax amounts:
Unrecognized net periodic benefit costs	$	(20,622)	$	(21,886)
Interest rate swap		(113)		(329)
Foreign currency translation		(1,291)		(1,202)
Total	$	(22,026)	$	(23,417)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the six months ended June 30, 2017 and 2016:

			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation
	(in thousands)
Balances at December 31, 2016	$	(23,417)	$	(21,886)	$	(329)	$	(1,202)
Other comprehensive income (loss) before reclassifications		(1,442)		(1,569)		216		(89)
Amounts reclassified from accumulated other comprehensive loss		2,833		2,833		—		—
Net current-period other comprehensive income		1,391		1,264		216		(89)
Balances at June 30, 2017	$	(22,026)	$	(20,622)	$	(113)	$	(1,291)
Balances at December 31, 2015	$	(27,496)	$	(25,497)	$	(545)	$	(1,454)
Other comprehensive income (loss) before reclassifications		(5,678)		(5,435)		(692)		449
Amounts reclassified from accumulated other comprehensive loss		2,331		2,331		—		—
Net current-period other comprehensive income (loss)		(3,347)		(3,104)		(692)		449
Balances at June 30, 2016	$	(30,843)	$	(28,601)	$	(1,237)	$	(1,005)

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component:

	Unrecognized Net Periodic
	Benefit Costs(1)(2)
	Six Months Ended June 30
	2017		2016
	(in thousands)
Amortization of net actuarial loss	$	(2,031)	$	(2,445)
Amortization of prior service credit		95		95
Pension settlement expense		(2,701)		(1,464)
Total, pre-tax		(4,637)		(3,814)
Tax benefit		1,804		1,483
Total, net of tax	$	(2,833)	$	(2,331)

⁽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 F).

Dividends on Common Stock

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

	2017				2016
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,066	$	0.08	$	2,088
Second quarter	$	0.08	$	2,078	$	0.08	$	2,087

On July 25, 2017, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 8, 2017, payable on August 22, 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. As of December 31, 2016, the Company had $37.7 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2017 the Company purchased 194,520 shares for an aggregate cost of $3.6 million, leaving $34.1 million available for repurchase of common stock under the program.