Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity

Stockholders' Equity

NOTE 7 — Stockholders’ Equity

Changes in the components of stockholders’ equity are as follows (in thousands):

	Common Stock			Class A Common Stock		Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss
Balance at December 31, 2010	$	1,820		$	1,851	$	101,541		$	(49,167	)	$	(1,538	)
Net earnings	—			—		—			335			—
Issuance of restricted stock awards, net of forfeitures	13			—		(13		)	—			—
Stock-based compensation	—			—		230			—			—
Repurchase and retirement of common stock	(3		)	—		(49		)	—			—
Unrealized gain on available-for-sale securities, net of income tax expense of $4	—			—		—			—			5
Change in net actuarial loss and prior service cost, net of income tax expense of $304	—			—		—			—			445
Balance at June 30, 2011	$	1,830		$	1,851	$	101,709		$	(48,832	)	$	(1,088	)

As of June 30, 2011 and December 31, 2010, accumulated other comprehensive loss, net of income taxes, consists of the following:

	June 30, 2011			December 31, 2010
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $762,000 and $1,066,000, respectively	$	(1,107,000	)	$	(1,552,000	)
Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $14,000 and $10,000, respectively	19,000			14,000
Accumulated other comprehensive loss	$	(1,088,000	)	$	(1,538,000	)

On July 29, 2009, our Board of Directors voted to suspend the declaration of regular quarterly cash dividends on all classes of our common stock.  Dividends are prohibited by our credit facility.

On July 28, 2004, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our outstanding common stock.  The purchases may be made in the open market or in privately negotiated transactions as conditions warrant.  The repurchase authorization has no expiration date, does not obligate us to acquire any specific number of shares and may be suspended at any time.  No purchases of our equity securities were made pursuant to this authorization during the six months ended June 30, 2011 or 2010.  At June 30, 2011, we had remaining repurchase authority of 1,634,607 shares.  At present we are not permitted to make such purchases under our credit facility.

During the six-month period ended June 30, 2011, we purchased and retired 29,575 shares of our outstanding common stock at an average purchase price of $1.76 per share.  No purchases were made during the three months ended June 30, 2011.  During the three and six-month periods ended June 30, 2010, we purchased and retired 3,556 and 23,814 shares of our outstanding common stock at an average purchase price of $2.15 and $2.10 per share, respectively.  These purchases were made from employees in connection with the vesting of restricted stock awards under our 2004 Stock Incentive Plan and were not pursuant to the aforementioned repurchase authorization.  Since the vesting of a restricted stock award is a taxable event to our employees for which income tax withholding is required, the plan allows employees to surrender to us some of the shares that would otherwise have vested in satisfaction of their tax liability.  The surrender of these shares is treated by us as a purchase of the shares.