XML 36 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
 3 Months Ended
Sep. 26, 2014
Shareholders' Equity [Abstract]  
Shareholders' Equity
K.Shareholders’ Equity

On February 1, 2008, the Board of Directors authorized the purchase of 500,000 shares of Common Stock at market values.  On July 27, 2012, the Board of Directors authorized the purchase of an additional 375,000 shares of Common Stock at market values.  These authorizations have no expiration.  The Company made open market purchases of 125,000 shares of its outstanding Common Stock during fiscal 2012 and 185,000 shares during fiscal 2013.

The following is a reconciliation of the Company’s equity balances for the first fiscal three months of 2014 and 2015 (in thousands):

  
Twin Disc, Inc. Shareholders’ Equity
     
      
Accumulated
       
      
Other
    
Non-
   
  
Common
  
Retained
  
Comprehensive
  
Treasury
  
Controlling
  
Total
 
  
Stock
  
Earnings
  
Income (Loss)
  
Stock
  
Interest
  
Equity
 
Balance –June 30, 2013
 
$
13,183
  
$
184,110
  
$ 
(25,899
)
 
$ 
(28,890
)
 
$
1,058
  
$
143,562
 
                         
Net income
      
1,277
           
87
   
1,364
 
Translation adjustments
          
1,926
       
(46
)
  
1,880
 
Benefit plan adjustments, net of tax
          
450
           
450
 
Cash dividends
      
(1,015
)
          
(486
)
  
(1,501
)
Compensation expense and windfall tax benefits
  
753
                   
753
 
Shares (acquired) issued, net
  
(2,777
)
          
652
       
(2,125
)
Balance-September 27, 2013
 
$
11,159
  
$
184,372
  
$ 
(23,523
)
 
$ 
(28,238
)
 
$
613
  
$
144,383
 
 
  
Twin Disc, Inc. Shareholders’ Equity
     
      
Accumulated
       
      
Other
    
Non-
   
  
Common
  
Retained
  
Comprehensive
  
Treasury
  
Controlling
  
Total
 
  
Stock
  
Earnings
  
Income (Loss)
  
Stock
  
Interest
  
Equity
 
Balance-June 30, 2014
 
$
11,973
  
$
183,695
  
$ 
(15,943
)
 
$ 
(28,141
)
 
$
727
  
$
152,311
 
Net income
      
4,043
           
19
   
4,062
 
Translation adjustments
          
(4,337
)
      
9
   
(4,328
)
Benefit plan adjustments, net of tax
          
488
           
488
 
Cash dividends
      
(1,015
)
          
(219
)
  
(1,234
)
Compensation expense and windfall tax benefits
  
77
                   
77
 
Shares (acquired) issued, net
  
(342
)
          
44
       
(298
)
Balance-September 26, 2014
 
$
11,708
  
$
186,723
  
$ 
(19,792
)
 
$ 
(28,097
)
 
$
536
  
$
151,078