Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity

Stockholders' Equity

NOTE 6 — 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, 2012	$	1,836		$	1,851	$	102,166		$	(55,256	)	$	(2,504	)
Net loss	—			—		—			(2,279		)	—
Issuance of restricted stock awards, net of forfeitures	15			—		(15		)	—			—
Stock-based compensation	—			—		98			—			—
Repurchase and retirement of common stock	(3		)	—		(58		)	—			—
Unrealized gain on available-for-sale securities, net of income tax expense of $12	—			—		—			—			17
Change in net actuarial loss and prior service cost, net of income tax expense of $10	—			—		—			—			14
Balance at March 31, 2013	$	1,848		$	1,851	$	102,191		$	(57,535	)	$	(2,473	)

As of March 31, 2013 and December 31, 2012, accumulated other comprehensive loss, net of income taxes, consists of the following:

	March 31, 2013			December 31, 2012
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $1,722,000 and $1,732,000, respectively	$	(2,509,000	)	$	(2,523,000	)
Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $27,000 and $15,000, respectively	36,000			19,000
Accumulated other comprehensive loss	$	(2,473,000	)	$	(2,504,000	)

Our previous debt agreement with our bank group allowed us to pay dividends and repurchase shares of our common stock, for an aggregate amount of not more than $2,500,000 in any fiscal year.  The April 29, 2013 amendment to our credit facility removes the $2,500,000 restriction.

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 three months ended March 31, 2013 or 2012.  At March 31, 2013, we had remaining repurchase authority of 1,634,607 shares.

We have a stock incentive plan which provides for the grant of up to 1,500,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards.  Under the plan, nonvested restricted stock vests an aggregate of twenty percent each year beginning on the second anniversary date of the grant.  The aggregate market value of the nonvested restricted stock at the date of issuance is being amortized on a straight-line basis over the six-year period.  As of March 31, 2013, there were 381,774 shares available for granting options or stock awards.

During the three months ended March 31, 2013 and 2012, we purchased and retired 33,950 and 23,779 shares of our outstanding common stock at an average purchase price of $1.80 and $1.16 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.