NOTE 6 – Stockholders’ Equity

Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2020 are as follows (in thousands):


									Accumulated
			Class A		Additional				Other
	Common		Common		Paid-in		Accumulated		Comprehensive
	Stock		Stock		Capital		Deficit		Loss
Balance at December 31, 2019	$	1,782	$	1,851	$	100,994	$	(36,968)	$	(3,691)
Net loss		—		—		—		(3,140)		—
Issuance of restricted stock awards, net of forfeitures		13		—		(13)		—		—
Stock-based compensation		—		—		92		—		—
Repurchase and retirement of common stock		(5)		—		(89)		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $11		—		—		—		—		29
Balance at March 31, 2020	$	1,790	$	1,851	$	100,984	$	(40,108)	$	(3,662)
Net loss		—		—		—		(689)		—
Issuance of restricted stock awards, net of forfeitures		(2)		—		2		—		—
Stock-based compensation		—		—		126		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $12		—		—		—		—		29
Balance at June 30, 2020	$	1,788	$	1,851	$	101,112	$	(40,797)	$	(3,633)
Net earnings		—		—		—		13,190		—
Issuance of restricted stock awards, net of forfeitures		(2)		—		2		—		—
Stock-based compensation		—		—		38		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $12		—		—		—		—		29
Balance at September 30, 2020	$	1,786	$	1,851	$	101,152	$	(27,607)	$	(3,604)

Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2019 are as follows (in thousands):


									Accumulated
			Class A		Additional				Other
	Common		Common		Paid-in		Accumulated		Comprehensive
	Stock		Stock		Capital		Deficit		Loss
Balance at December 31, 2018	$	1,805	$	1,851	$	101,416	$	(38,826)	$	(3,358)
Net loss		—		—		—		(2,490)		—
Issuance of restricted stock awards, net of forfeitures		14		—		(14)		—		—
Stock-based compensation		—		—		108		—		—
Repurchase and retirement of common stock		(10)		—		(190)		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $10		—		—		—		—		25
Balance at March 31, 2019	$	1,809	$	1,851	$	101,320	$	(41,316)	$	(3,333)
Net earnings		—		—		—		5,501		—
Stock-based compensation		—		—		68		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $10		—		—		—		—		26
Balance at June 30, 2019	$	1,809	$	1,851	$	101,388	$	(35,815)	$	(3,307)
Net loss		—		—		—		(414)		—
Stock-based compensation		—		—		67		—		—
Repurchase and retirement of common stock		(16)		—		(312)		—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $10		—		—		—		—		29
Balance at September 30, 2019	$	1,793	$	1,851	$	101,143	$	(36,229)	$	(3,278)

As of September 30, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following:


	September 30, 2020		December 31, 2019
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,450,000 and $2,485,000, respectively	$	(3,604,000)	$	(3,691,000)

As of September 30, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following:


	September 30, 2019		December 31, 2018
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,319,000 and $2,350,000, respectively	$	(3,278,000)	$	(3,358,000)

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. We made no purchases during the first nine months of 2020. During the first nine months of 2019, we purchased and retired 208,416 shares of our outstanding common stock at an average purchase price of $2.03 per share, not including nominal brokerage commissions. At September 30, 2020, we had remaining repurchase authority of 384,809 shares.

We have a stock incentive plan, adopted in 2014, which provides for the grant of up to 2,000,000 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. We granted 158,000 and 143,000 stock awards under this plan during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, there were 1,176,000 shares available for granting options or stock awards.

During the nine months ended September 30, 2020 and 2019, we purchased and retired 50,572 and 48,457 shares of our outstanding common stock at an average purchase price of $1.86 and $1.99 per share, respectively. These purchases were made from employees in connection with the vesting of restricted stock awards under our 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 transferred to the employee in satisfaction of their tax liability. The surrender of these shares is treated by us as a purchase of the shares.