EQUITY

At-the-Market (ATM) Common Stock Program

On April 4, 2017, we signed a Distribution Agreement (the Agreement) with a sales agent, under which we could offer and sell, from time to time, through the sales agent shares of our common stock, par value $.20 per share (the Shares), up to an aggregate offering price of $100.0 million. Net proceeds from any of these sales could be used to fund (or offset costs of) acquisitions, future capital expenditures, repay amounts outstanding under our revolving credit facility, and general corporate purposes.

On May 2, 2018, we terminated the Distribution Agreement. The Distribution Agreement was terminable at will on written notification by us with no penalty. As of the date of termination, we had sold 787,547 shares of our common stock under the Distribution Agreement resulting in net proceeds of approximately $18.6 million. We paid the sales agent a commission of 2.0% of the gross sales price per share sold. As a result of the termination, there will be no more sales of our common stock under the Distribution Agreement.

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows for the three months ended September 30:



	2018				2017
	(In thousands)
Unrealized appreciation on securities, before tax	$	(51	)		$	53
Tax benefit (expense)	13			⁽¹⁾	(20		)
Unrealized appreciation on securities, net of tax	$	(38	)		$	33

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(1)	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended September 30 are as follows:



	Net Gains on Equity Securities
	2018				2017
	(In thousands)
Balance at June 30:	$	(65	)		$	20
Unrealized appreciation (loss) before reclassifications	(38		)	⁽¹⁾	33
Amounts reclassified from accumulated other comprehensive income	—				—
Net current-period other comprehensive income (loss)	(38		)		33
Balance at September 30:	$	(103	)		$	53

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(1)	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Components of accumulated other comprehensive income (loss) were as follows for the nine months ended September 30:



	2018				2017
	(In thousands)
Unrealized appreciation (loss) on securities, before tax	$	(239	)		$	85
Tax benefit (expense)	60			⁽¹⁾	(32		)
Unrealized appreciation (loss) on securities, net of tax	$	(179	)		$	53

_______________________


(1)	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Changes in accumulated other comprehensive income by component, net of tax, for the nine months ended September 30 are as follows:



	Net Gains on Equity Securities
	2018				2017
	(In thousands)
Balance at December 31, 2017	$	63			$	—
Adjustment due to ASU 2018-02	13			⁽¹⁾	—
Balance at January 1:	76				—
Unrealized appreciation (loss) before reclassifications	(179		)	⁽¹⁾	53
Amounts reclassified from accumulated other comprehensive income	—				—
Net current-period other comprehensive income (loss)	(179		)		53
Balance at September 30:	$	(103	)		$	53

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(1)	Due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.