SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 13. SHAREHOLDERS’ EQUITY

Preferred Stock Purchase Rights

On June 5, 2008, the Board of Directors of the Company approved a shareholder Rights Agreement, subject to finalization of price, which was approved by the Board on July 23, 2008 at $59.09 per one one-hundredth of a Preferred Share.

On July 23, 2008, the Board of Directors of the Company authorized and declared a dividend distribution of one right (a “Right”) for each outstanding share of the Company’s common stock, par value $0.10 per share to stockholders of record at the close of business on such date. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Series B Preferred Stock, par value $0.10 per share, of the Company (the “Preferred Stock”), at a price of $59.09 per one one-hundredth of a Preferred Share, subject to adjustment.  The definitive terms of the Rights are set forth in a Rights Agreement, dated as of July 23, 2008, between the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent.

The Rights become exercisable upon the earlier of the following events: (i) 10 days following a public announcement that a person or group of affiliated or associated persons have acquired beneficial ownership of 15% or more of the outstanding Common Stock or (ii) 10 business days (or such later date as may be determined by action of the Board of Directors prior to such time as any person or group of affiliated or associated persons becomes an acquiring person) following the commencement of, or announcement of an intention to make, a tender offer or exchange offer the consummation of which would result in the beneficial ownership by a person or group of 15% or more of the outstanding Common Stock (the earlier of such dates being the distribution date). The Rights will expire on July 27, 2018.

Share Repurchase Program

In December 2010, The Company’s board of directors authorized a share repurchase program, which allowed the Company to buy back up to 700,000 shares of its common stock through June 6, 2011.  During 2011, the Company repurchased 20,728 shares at a weighted average price of $14.97 and 40,400 shares at a weighted average price of $13.60 in 2010.  The timing, price and amount of these repurchases were determined by management based on its evaluation of market conditions and other factors.  These repurchases were made through the open market, including block purchases, or in private negotiated transactions, or otherwise.  The buyback was funded through available cash balances and or borrowings.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of December 31, 2011 of $27.4 million consisted of aggregate additional pension liability adjustments of $27.4 million, net of a $17.9 million tax benefit and an immaterial unrealized holding gain on a derivative instrument.  Accumulated other comprehensive loss as of December 31, 2010 of $21.7 million consisted of aggregate additional pension liability adjustments of $21.4 million, net of a $14.0 million tax benefit and an unrealized holding loss on a derivative instrument of $0.3 million, net of a tax benefit of $0.2 million.

The related tax effects allocated to each component of other comprehensive income (loss) was as follows:

	Before			Tax			Net of
	Tax			(Expense)			Tax
	Amount			Benefit			Amount
Year ended December 31, 2009
Pension liability adjustment	$	1,421		$	(564	)	$	857
Less: reclassification adjustment for costs realized in net income		1,209			(479	)		730
Net pension liability adjustment		2,630			(1,043	)		1,587
Unrealized holding loss on derivative instruments		(175	)		69			(106	)
Less: reclassification adjustment for costs realized in net income		466			(184	)		282
Net unrealized holding gain on derivative instruments		291			(115	)		176
Other comprehensive income	$	2,921		$	(1,158	)	$	1,763
Year ended December 31, 2010
Pension liability adjustment	$	(3,164	)	$	1,254		$	(1,910	)
Less: reclassification adjustment for costs realized in net income		1,098			(435	)		663
Net pension liability adjustment		(2,066	)		819			(1,247	)
Unrealized holding loss on derivative instruments		(344	)		136			(208	)
Less: reclassification adjustment for costs realized in net income		446			(177	)		269
Net unrealized holding gain on derivative instruments		102			(41	)		61
Other comprehensive income	$	(1,964	)	$	778		$	(1,186	)
Year ended December 31, 2011
Pension liability adjustment	$	(11,190	)	$	4,438		$	(6,752	)
Less: reclassification adjustment for costs realized in net income		1,208			(480	)		728
Net pension liability adjustment		(9,982	)		3,958			(6,024	)
Unrealized holding loss on derivative instruments		(524	)		206			(318	)
Less: reclassification adjustment for costs realized in net income		997			(394	)		603
Net unrealized holding gain on derivative instruments		473			(188	)		285
Other comprehensive income	$	(9,509	)	$	3,770		$	(5,739	)

Earnings Per Share

Due to their antidilutive effect, approximately 84,300 options, 98,500 options and 63,000 options to purchase common stock were excluded from the calculation of diluted earnings per share for the years ended December 31, 2011, 2010 and 2009, respectively. However, these options could become dilutive in future periods. The following table sets forth the reconciliation of the weighted average shares outstanding:

	Year Ended December 31,
	2011		2010		2009
Weighted average shares outstanding - Basic		10,108,907		9,893,322		9,551,614
Dilutive effect of stock options and restricted stock grants		110,501		185,615		221,108
Weighted average shares outstanding - Diluted		10,219,408		10,078,937		9,772,722