STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2021

STOCKHOLDERS' EQUITY

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.