SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Preferred Stock

The Company has outstanding Series A Convertible Exchangeable Preferred Stock on which cumulative dividends of $2.125 per share are payable quarterly. The Company paid $0.5 million of preferred stock dividends for the six months ended June 30, 2014. During the three months ended June 30, 2014, approximately 25,454 shares of preferred stock were converted into 173,885 shares of common stock. Subsequent to June 30, 2014 and through July 29, 2014, approximately 3,825 shares of preferred stock were converted into 26,133 shares of common stock.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss) by component:

	Pension			Postretirement medical benefits			Foreign currency translation adjustment		Tax effect of other comprehensive income gains			Accumulated other comprehensive loss
	(In thousands)
Balance at December 31, 2013	$	(12,255	)	$	(20,292	)	$	—	$	(31,048	)	$	(63,595	)
Other comprehensive income (loss) before reclassifications	—			—			9,477		(224		)	9,253
Amounts reclassified from accumulated other comprehensive income (loss)	717			10			—		—			727
Balance at June 30, 2014	$	(11,538	)	$	(20,282	)	$	9,477	$	(31,272	)	$	(53,615	)

The following table reflects the reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2014 are as follows (in thousands):

Details about accumulated other comprehensive loss components	Amount reclassified from accumulated other comprehensive loss1						Affected line item in the statement where net income (loss) is presented
	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Amortization of defined benefit pension items
Actuarial losses	$	359		$	717		2
Amortization of postretirement medical items
Prior service costs	$	(159	)	$	(318	)	3
Actuarial losses	164			328			3
Total	$	5		$	10

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(1) Amounts in parentheses indicate debits to income/loss.

(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 7 - Pension for additional details)

(3) These accumulated other comprehensive loss components are included in the computation of net periodic postretirement medical cost. (See Note 7 - Postretirement Medical Benefits for additional details)

Equity Offering

Subsequent to June 30, 2014, the Company completed a public offering of 1,684,507 shares of common stock at $35.50 per share for gross proceeds of $59.8 million. The Company intends to use the net proceeds of the offering to increase its overall financial flexibility, pursue organic and acquisition growth strategies and for general corporate purposes.