STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE K – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

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

	2021		2020		2019
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	5,602	$	4,390	$	2,898
Interest rate swap		419		(1,622)		(563)
Foreign currency translation		(1,044)		(1,182)		(2,075)
Total	$	4,977	$	1,586	$	260
After-tax amounts:
Unrecognized net periodic benefit credit	$	4,160	$	3,260	$	2,152
Interest rate swap		309		(1,198)		(416)
Foreign currency translation		(770)		(872)		(1,533)
Total	$	3,699	$	1,190	$	203

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component:

			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Credit			Swap	Translation
	(in thousands)
Balances at December 31, 2019	$	203	$	2,152	$	(416)	$	(1,533)
Other comprehensive income (loss) before reclassifications		1,359		1,480		(782)		661
Amounts reclassified from accumulated other comprehensive income		(372)		(372)		—		—
Net current-period other comprehensive income (loss)		987		1,108		(782)		661
Balances at December 31, 2020	$	1,190	$	3,260	$	(1,198)	$	(872)
Other comprehensive loss before reclassifications		2,909		1,300		1,507		102
Amounts reclassified from accumulated other comprehensive income		(400)		(400)		—		—
Net current-period other comprehensive income		2,509		900		1,507		102
Balances at December 31, 2021	$	3,699	$	4,160	$	309	$	(770)

The following is a summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component for the years ended December 31:

	Unrecognized Net Periodic
	Benefit Credit(1)(2)
	2021		2020
	(in thousands)
Amortization of net actuarial gain	$	539	$	589
Amortization of prior service credit		—		1
Pension settlement expense(3)		—		(89)
Total, pre-tax		539		501
Tax expense		(139)		(129)
Total, net of tax	$	400	$	372

(1) Amounts in parentheses indicate increases in expense or loss.

(2) These components of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note J).

(3) Pension settlement expense is related to the supplemental benefit plan (see Note J).

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
Second quarter	$	0.08	$	2,058	$	0.08	$	2,049
Third quarter	$	0.08	$	2,050	$	0.08	$	2,040
Fourth quarter	$	0.08	$	1,994	$	0.08	$	2,035

On January 28, 2022, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 11, 2022.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “existing share repurchase program”). The existing share repurchase 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 January 28, 2021, the Board of Directors extended the existing share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock.

On November 1, 2021, the Company announced that its Board of Directors authorized the Company to enter into an accelerated share repurchase program (“ASR”) and, on November 2, 2021, the Company entered into a fixed dollar ASR with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock. All share repurchase activities under the Company’s existing share repurchase program were suspended while the ASR was in effect. During 2021, the Company purchased 835,576 shares of its common stock for an aggregate cost of $83.1 million, of which 709,287 shares were repurchased under the ASR for an aggregate cost of $75.0 million. As of December 31, 2021, $66.9 million was available for repurchase under both the existing share repurchase program and the ASR. The remaining $25.0 million available under the ASR was recorded as an unsettled forward contract within stockholders’ equity as additional paid-in capital as of December 31, 2021. Treasury shares totaled 4,492,514 and 3,656,938 as of December 31, 2021 and 2020, respectively.

In January 2022, $25.0 million remaining under the ASR was settled with the repurchase of 214,763 shares. Immediately following final execution of the ASR, $41.9 million remained available under the existing share repurchase program. Subsequently, the Company has settled repurchases of 79,676 shares for an aggregate cost of $6.9 million under the existing share repurchase program as of February 25, 2022.