STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE I – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income were as follows:

	March 31		December 31
	2022		2021
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	5,413	$	5,602
Interest rate swap		2,394		419
Foreign currency translation		(629)		(1,044)
Total	$	7,178	$	4,977
After-tax amounts:
Unrecognized net periodic benefit credit	$	4,019	$	4,160
Interest rate swap		1,767		309
Foreign currency translation		(463)		(770)
Total	$	5,323	$	3,699

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2022 and 2021:

			Unrecognized		Interest		Foreign
			Net Periodic		Rate		Currency
	Total		Benefit Credit		Swap		Translation
	(in thousands)
Balances at December 31, 2021	$	3,699	$	4,160	$	309	$	(770)
Other comprehensive income before reclassifications		1,765		—		1,458		307
Amounts reclassified from accumulated other comprehensive income		(141)		(141)		—		—
Net current-period other comprehensive income (loss)		1,624		(141)		1,458		307
Balances at March 31, 2022	$	5,323	$	4,019	$	1,767	$	(463)
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 income		(100)		(100)		—		—
Net current-period other comprehensive income (loss)		804		(100)		575		329
Balances at March 31, 2021	$	1,994	$	3,160	$	(623)	$	(543)

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
	2022		2021
	(in thousands)
Amortization of net actuarial gain, pre-tax	$	189	$	135
Tax expense		(48)		(35)
Total, net of tax	$	141	$	100

(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 H.

Dividends on Common Stock

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

	2022				2021
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	1,978	$	0.08	$	2,037

On April 28, 2022, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of May 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.

On November 2, 2021, the Company entered into a fixed dollar accelerated share repurchase program (“ASR”) with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock, of which $75.0 million was repurchased during 2021. 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.

As of December 31, 2021, the Company had $66.9 million available for repurchases of its common stock under both the existing share repurchase program and the ASR. All share repurchase activities under the existing share repurchase program were suspended while the ASR was in effect. In January 2022, the $25.0 million remaining under the ASR was settled with the repurchase of 214,763 shares. During the three months ended March 31, 2022, the Company purchased 407,998 shares for an aggregate cost of $41.5 million, including the shares purchased under the ASR, leaving $25.4 million available for repurchase of common stock under the existing share repurchase program as of March 31, 2022. In April 2022, the Board of Directors reauthorized the existing share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $75.0 million.