Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity

Stockholders' Equity

NOTE 6 — Stockholders’ Equity

Changes in the components of stockholders’ equity are as follows (in thousands, except per share amounts):

	Common Stock			Class A Common Stock		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss
Balance at December 31, 2010	$	1,564		$	1,660	$	2,721		$	106,432		$	(1,626	)
Cumulative effect of accounting change for adoption of ASU 2010-16 (see NOTE 3)	—			—		—			187			—
Balance at January 1, 2011	1,564			1,660		2,721			106,619			(1,626		)
Net earnings	—			—		—			1,200			—
Dividends paid, $0.06 per share	—			—		—			(1,944		)	—
Issuance of nonvested stock awards, net of forfeitures	20			—		(20		)	—			—
Stock-based compensation	—			—		518			—			—
Unrealized gain on interest rate swap, net of income tax expense of $77	—			—		—			—			113
Change in net actuarial loss and prior service cost,, net of income tax expense of $840	—			—		—			—			1,227
Unrealized gain on available-for-sale securities, net of income tax expense of $1	—			—		—			—			2
Repurchase and retirement of common stock	(4		)	—		(146		)	—			—
Balance at June 30, 2011	$	1,580		$	1,660	$	3,073		$	105,875		$	(284	)

As of June 30, 2011 and December 31, 2010, accumulated other comprehensive loss 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 $37,000 and $877,000, respectively	$	(54,000	)	$	(1,281,000	)
Unrealized loss on interest rate swap, net of income tax benefit of $166,000 and $243,000, respectively	(242,000		)	(355,000		)
Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $9,000 and $8,000, respectively	12,000			10,000
Accumulated other comprehensive loss	$	(284,000	)	$	(1,626,000	)

On July 27, 2011, our Board of Directors declared a quarterly cash dividend on both classes of common stock of $.03 per share.  The dividend is payable on September 10, 2011 to stockholders of record at the close of business on August 10, 2011.

On October 23, 2002, our Board of Directors authorized the repurchase of up to 3,000,000 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 1,653,333 shares.

During the six-month period ended June 30, 2011, we purchased and retired 43,427 shares of our outstanding common stock for $150,000.  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 4,006 and 30,697 shares of our outstanding common stock for $16,000 and $117,000, 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 vested in satisfaction of their tax liability.  The surrender of these shares is treated by us as a purchase of the shares.