Stockholders' Equity

6 Months Ended

Jun. 30, 2015

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, 2014	$	1,788		$	1,487	$	5,125		$	108,629	$	(4,680	)
Net earnings	—			—		—			279		—
Issuance of nonvested stock awards, net of forfeitures	18			—		(18		)	—		—
Stock-based compensation	—			—		195			—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $30	—			—		—			—		45
Unrealized gain on available-for-sale securities, net of income tax expense of $1	—			—		—			—		2
Repurchase and retirement of common stock	(7		)	—		(58		)	—		—
Balance at June 30, 2015	$	1,799		$	1,487	$	5,244		$	108,908	$	(4,633	)

As of June 30, 2015 and December 31, 2014, accumulated other comprehensive loss consists of the following:

	June 30, 2015			December 31, 2014
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $3,107,000 and $3,137,000, respectively	$	(4,666,000	)	$	(4,711,000	)
Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $23,000 and $22,000, respectively	33,000			31,000
Accumulated other comprehensive loss	$	(4,633,000	)	$	(4,680,000	)

On July 22, 2015, we were notified by the New York Stock Exchange (“NYSE”) that the average closing price of our common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE.  Under NYSE rules, we have six months following receipt of the notification, subject to possible extension, to regain compliance with the minimum share price requirement or be subject to delisting.  We will monitor the price for our common stock and will consider available options to resolve the deficiency and regain compliance with the NYSE listing standards.  If we are not able to regain compliance, our stock will be delisted from trading on the NYSE.  This would result in the need to find another market on which our stock can be listed or cause our stock to cease trading on an active market, which could result in a reduction in the liquidity for our stock and a reduction in demand for our stock.

On January 23, 2013, our Board of Directors suspended the quarterly dividend.  In addition, 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 the first six months of 2015 or 2014.  At June 30, 2015, 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.  We granted 227,000 and 211,000 stock awards under this plan during the six months ended June 30, 2015 and 2014, respectively.  As of June 30, 2015, there were 1,412,787 shares available for granting options or stock awards.

During the six months ended June 30, 2015 and 2014, we purchased and retired 73,453 and 66,829 shares of our outstanding common stock for $65,000 and $104,000, 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.