Shareholders' equity

12 Months Ended

Dec. 31, 2020

Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:


	2020	2019	2018

Basic	46,488	46,200	45,689
Dilutive effect of share based awards	799	890	970
Dilutive effect of convertible notes and warrants	—	—	142
Diluted	47,287	47,090	46,801

Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.1 million, 0.1 million and 0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020 and 2019:


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)

Balance at December 31, 2018	$	807	$	(131,380)	$	(210,512)	$	(341,085)
Other comprehensive income (loss) before reclassifications	1,062		(12,811)		4,195		(7,554)
Amounts reclassified from accumulated other comprehensive (loss) income	(1,134)		5,381		—		4,247
Net current-year other comprehensive (loss) income	(72)		(7,430)		4,195		(3,307)

Balance at December 31, 2019	735		(138,810)		(206,317)		(344,392)
Other comprehensive (loss) income before reclassifications	(3,331)		(17,032)		59,758		39,395
Amounts reclassified from accumulated other comprehensive income	2,114		5,585		—		7,699
Net current-year other comprehensive (loss) income	(1,217)		(11,447)		59,758		47,094

Balance at December 31, 2020	$	(482)	$	(150,257)	$	(146,559)	$	(297,298)

The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
Losses (gains) on designated foreign exchange forward contracts:
Cost of goods sold	$	2,354	$	(1,284)	$	(2,270)
Total before tax	2,354		(1,284)		(2,270)
Taxes (benefit) expense	(240)		150		163
Net of tax	$	2,114	$	(1,134)	$	(2,107)





Amortization of pension and other postretirement benefits items:
Actuarial losses (1)	$	7,253	$	6,930	$	7,305
Prior-service credits (1)	33		82		251

Total before tax	7,286		7,012		7,556
Tax benefit	(1,701)		(1,631)		(1,733)
Net of tax	$	5,585	$	5,381	$	5,823
Impact on income from continuing operations, net of tax	$	7,699	$	4,247	$	3,716

(1)These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information).