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, except per share amounts):

	Common  Stock			Class A Common  Stock			Additional Paid-in  Capital			Retained  Earnings			Accumulated Other Comprehensive Loss
Balance at December 31, 2012	$	1,590		$	1,660		$	4,136		$	109,322		$	(3,248	)
Net loss	—			—			—			(283		)	—
Issuance of nonvested stock awards, net of forfeitures	19			—			(19		)	—			—
Stock-based compensation	—			—			196			—			—
Change in net actuarial loss and prior service cost, net of income tax expense of $10	—			—			—			—			15
Unrealized gain on available-for-sale securities, net of income tax expense of $4	—			—			—			—			6
Conversion of Class A common stock to common stock	173			(173		)	—			—			—
Repurchase and retirement of common stock	(6		)	—			(138		)	—			—
Balance at March 31, 2013	$	1,776		$	1,487		$	4,175		$	109,039		$	(3,227	)

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

	March 31, 2012			December 31, 2012
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,175,000 and $2,185,000, respectively	$	(3,250,000	)	$	(3,265,000	)
Accumulated unrealized gain on available- for-sale securities, net of income tax expense of $16,000 and $12,000, respectively	23,000			17,000
Accumulated other comprehensive loss	$	(3,227,000	)	$	(3,248,000	)

On January 23, 2013, our Board of Directors suspended the quarterly dividend.  The March 2013 amendment to our credit facility prohibits the payment of dividends.  See NOTE 4 — Credit Facility.

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 2013 or 2012.  At March 31, 2013, we had remaining repurchase authority of 1,653,333 shares.  At present we are not permitted to make such purchases under our credit facility.

We have a stock incentive plan 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.  As of March 31, 2013, there were 700,746 shares available for granting options or stock awards.

During the three months ended March 31, 2013 and 2012, we purchased and retired 61,869 and 49,590 shares of our outstanding common stock for $144,000 and $107,000, 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.