| STOCKHOLDERS' EQUITY |
NOTE H – STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income Components of accumulated other comprehensive income were as follows: | | | | | | | | | | March 31 | | December 31 | | | | 2021 | | 2020 | | | | | (in thousands) | | Pre-tax amounts: | | | | | | | | Unrecognized net periodic benefit credit | | $ | 4,255 | | $ | 4,390 | | Interest rate swap | | | (843) | | | (1,622) | | Foreign currency translation | | | (735) | | | (1,182) | | | | | | | | | | Total | | $ | 2,677 | | $ | 1,586 | | | | | | | | | | After-tax amounts: | | | | | | | | Unrecognized net periodic benefit credit | | $ | 3,160 | | $ | 3,260 | | Interest rate swap | | | (623) | | | (1,198) | | Foreign currency translation | | | (543) | | | (872) | | | | | | | | | | Total | | $ | 1,994 | | $ | 1,190 | |
The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended March 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | Unrecognized | | | Interest | | Foreign | | | | | | | Net Periodic | | | Rate | | Currency | | | | Total | | Benefit Costs | | | Swap | | Translation | | | | | (in thousands) | | Balances at December 31, 2020 | | $ | 1,190 | | $ | 3,260 | | $ | (1,198) | | $ | (872) | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | | | 904 | | | — | | | 575 | | | 329 | | Amounts reclassified from accumulated other comprehensive loss | | | (100) | | | (100) | | | — | | | — | | Net current-period other comprehensive income (loss) | | | 804 | | | (100) | | | 575 | | | 329 | | | | | | | | | | | | | | | | Balances at March 31, 2021 | | $ | 1,994 | | $ | 3,160 | | $ | (623) | | $ | (543) | | | | | | | | | | | | | | | | Balances at December 31, 2019 | | | 203 | | | 2,152 | | | (416) | | | (1,533) | | | | | | | | | | | | | | | | Other comprehensive loss before reclassifications | | | (2,425) | | | (8) | | | (997) | | | (1,420) | | Amounts reclassified from accumulated other comprehensive income | | | (42) | | | (42) | | | — | | | — | | Net current-period other comprehensive loss | | | (2,467) | | | (50) | | | (997) | | | (1,420) | | | | | | | | | | | | | | | | Balances at March 31, 2020 | | $ | (2,264) | | $ | 2,102 | | $ | (1,413) | | $ | (2,953) | |
The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component: | | | | | | | | | | Unrecognized Net Periodic | | | | Benefit Credit(1)(2) | | | | Three Months Ended March 31 | | | | 2021 | | 2020 | | | | | (in thousands) | | Amortization of net actuarial gain | | $ | 135 | | $ | 145 | | Pension settlement expense(3) | | | — | | | (89) | | Total, pre-tax | | | 135 | | | 56 | | Tax expense | | | (35) | | | (14) | | Total, net of tax | | $ | 100 | | $ | 42 | |
| (1) | Amounts in parentheses indicate increases in expense or loss. |
| (2) | These components of accumulated other comprehensive income are included in the computation of net periodic benefit cost as disclosed in Note G. |
| (3) | For the three months ended March 31, 2020, pension settlement expense is related to the supplemental benefit plan (see Note G). |
Dividends on Common Stock The following table is a summary of dividends declared during the applicable quarter: | | | | | | | | | | | | | | | | 2021 | | 2020 | | | | Per Share | | Amount | | Per Share | | Amount | | | | | (in thousands, except per share data) | First quarter | | $ | 0.08 | | $ | 2,037 | | $ | 0.08 | | $ | 2,033 | |
On April 29, 2021, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of May 13, 2021. 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, 2020, the Company had $6.6 million remaining under the program for repurchases of its common stock. On January 28, 2021 the Board of Directors extended the share repurchase program by authorizing a total of $50.0 million to be available for purchases of the Company’s common stock. During the three months ended March 31, 2021, the Company purchased 14,923 shares for an aggregate cost of $1.0 million, leaving $49.0 million available for repurchase of common stock under the program.
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