STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE L – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

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

	2023		2022		2021
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	6,816	$	9,287	$	5,602
Interest rate swap		1,710		3,526		419
Foreign currency translation		(2,709)		(3,247)		(1,044)
Total	$	5,817	$	9,566	$	4,977
After-tax amounts:
Unrecognized net periodic benefit credit	$	5,061	$	6,896	$	4,160
Interest rate swap		1,263		2,604		309
Foreign currency translation		(2,000)		(2,397)		(770)
Total	$	4,324	$	7,103	$	3,699

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

			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 (loss) before reclassifications		3,966		3,298		2,295		(1,627)
Amounts reclassified from accumulated other comprehensive income		(562)		(562)		—		—
Net current-period other comprehensive income (loss)		3,404		2,736		2,295		(1,627)
Balances at December 31, 2022	$	7,103	$	6,896	$	2,604	$	(2,397)
Other comprehensive income (loss) before reclassifications		(1,791)		(847)		(1,341)		397
Amounts reclassified from accumulated other comprehensive income		(988)		(988)		—		—
Net current-period other comprehensive income (loss)		(2,779)		(1,835)		(1,341)		397
Balances at December 31, 2023	$	4,324	$	5,061	$	1,263	$	(2,000)

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

	Unrecognized Net Periodic
	Benefit Credit
	2023		2022
	(in thousands)
Amortization of net actuarial gain, pre-tax(1)	$	1,330	$	757
Tax expense		(342)		(195)
Total, net of tax	$	988	$	562

(1) Included in the computation of net periodic benefit credit of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan (see Note K).

Dividends on Common Stock

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

	2023				2022
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.12	$	2,915	$	0.08	$	1,978
Second quarter	$	0.12	$	2,894	$	0.12	$	2,949
Third quarter	$	0.12	$	2,887	$	0.12	$	2,965
Fourth quarter	$	0.12	$	2,846	$	0.12	$	2,938

On February 2, 2024, the Company’s Board of Directors declared a dividend of $0.12 per share to stockholders of record as of February 16, 2024.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “share repurchase program”). The 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 February 2023, the Board of Directors reauthorized the share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $125.0 million. During 2023, the Company purchased 930,754 shares of its common stock for an aggregate cost of $91.5 million, including 501,146 shares for an aggregate cost of $47.6 million under Rule 10b5-1 plans, which allowed for stock repurchases during closed trading windows. The Company had $33.5 million remaining under its share repurchase program as of December 31, 2023. Treasury shares totaled 6,460,137 and 5,529,383 as of December 31, 2023 and 2022, respectively. In February 2024, the Board of Directors reauthorized the share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $125.0 million. Subsequent to December 31, 2023 through February 19, 2024, the Company settled repurchases of 51,220 shares for an aggregate cost of $6.1 million.