NOTE G – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:


	June 30		December 31
	2018		2017
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(17,929)	$	(25,768)
Interest rate swap		1,535		481
Foreign currency translation		(2,289)		(1,894)

Total	$	(18,683)	$	(27,181)

After-tax amounts:
Unrecognized net periodic benefit costs	$	(17,285)	$	(19,715)
Interest rate swap		1,134		292
Foreign currency translation		(1,691)		(1,151)

Total	$	(17,842)	$	(20,574)

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, 2018 and 2017:


			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation
	(in thousands)
Balances at December 31, 2017	$	(20,574)	$	(19,715)	$	292	$	(1,151)
Adjustment to beginning balance of accumulated other comprehensive loss for adoption of accounting standard(1)		(3,576)		(3,391)		63		(248)
Balances at January 1, 2018		(24,150)		(23,106)		355		(1,399)

Other comprehensive income (loss) before reclassifications		4,377		3,890		779		(292)
Amounts reclassified from accumulated other comprehensive loss		1,931		1,931		—		—
Net current-period other comprehensive income (loss)		6,308		5,821		779		(292)

Balances at June 30, 2018	$	(17,842)	$	(17,285)	$	1,134	$	(1,691)

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)

⁽¹⁾

The Company elected to reclassify the stranded income tax effects in accumulated other comprehensive loss to retained earnings as of January 1, 2018 as a result of adopting an amendment to ASC Topic 220 (see Note A).

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
	2018		2017
	(in thousands)
Amortization of net actuarial loss	$	(1,562)	$	(2,031)
Amortization of prior service credit		47		95
Pension settlement expense		(1,085)		(2,701)
Total, pre-tax		(2,600)		(4,637)
Tax benefit		669		1,804
Total, net of tax	$	(1,931)	$	(2,833)

⁽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:


	2018				2017
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,058	$	0.08	$	2,066
Second quarter	$	0.08	$	2,058	$	0.08	$	2,078

On July 27, 2018, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 10, 2018.

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, 2017, the Company had $31.7 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2018, the Company purchased 5,882 shares for an aggregate cost of $0.2 million, leaving $31.5 million available for repurchase of common stock under the program.