Stockholders' Equity

6 Months Ended

Jun. 30, 2016

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, 2015	$	1,799		$	1,487	$	5,424		$	110,502	$	(4,204	)
Net earnings	—			—		—			557		—
Issuance of nonvested stock awards, net of forfeitures	22			—		(22		)	—		—
Stock-based compensation	—			—		177			—		—
Change in net actuarial loss and prior service cost, net of income tax expense of $27	—			—		—			—		41
Unrealized gain on available-for-sale securities, net of income tax expense of $3	—			—		—			—		3
Repurchase and retirement of common stock	(7		)	—		(59		)	—		—
Balance at June 30, 2016	$	1,814		$	1,487	$	5,520		$	111,059	$	(4,160	)

As of June 30, 2016 and December 31, 2015, accumulated other comprehensive loss consists of the following:

	June 30, 2016			December 31, 2015
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,792,000 and $2,819,000, respectively	$	(4,188,000	)	$	(4,229,000	)
Accumulated unrealized gain on available- for-sale securities, net of income tax expense of $21,000 and $18,000, respectively	28,000			25,000
Accumulated other comprehensive loss	$	(4,160,000	)	$	(4,204,000	)

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 2016 or 2015.  At June 30, 2016, 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 220,500 and 227,000 stock awards under this plan during the six months ended June 30, 2016 and 2015, respectively.  As of June 30, 2016, there were 1,258,465 shares available for granting options or stock awards.

During the six months ended June 30, 2016 and 2015, we purchased and retired 67,555 and 73,453 shares of our outstanding common stock for $66,000 and $65,000, 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.