Shareholders' Equity

9 Months Ended

Sep. 29, 2018

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

The changes in shareholders’ equity for the nine months ended September 29, 2018 are summarized as follows as adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock as discussed in Note 11: 

			Number of Shares
(Dollars and Shares in thousands)	Amount		Common Stock		Convertible Class B Stock
Shares Authorized			40,000		15,000
Share Par Value			$	0.01	$	0.01
COMMON STOCK
Beginning of Period	$	340	22,861		11,082
Conversion of Class B Shares to Common Shares			443		(443)
Exercise of Stock Options	1		25		22
End of Period	$	341	23,329		10,661
ADDITIONAL PAID IN CAPITAL
Beginning of Period	$	67,748
Stock Compensation Expense	2,349
Exercise of Stock Options	282
End of Period	$	70,379
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of Period	$	(13,352)
Adoption of ASU 2018-02	(1,373)
Foreign Currency Translation Adjustment	(1,346)
Retirement Liability Adjustment – Net of Tax	646
End of Period	$	(15,425)
RETAINED EARNINGS
Beginning of Period	$	325,191
Adoption of ASU 2014-09	3,268
Adoption of ASU 2018-02	1,373
Net Income	34,318
End of Period	$	364,150
TREASURY STOCK
Beginning of Period	$	(50,000)	(1,675)
Purchase	—		—
End of Period	$	(50,000)	(1,675)
TOTAL SHAREHOLDERS’ EQUITY
Beginning of Period	$	329,927
End of Period	$	369,445	21,654		10,661

On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allowed the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company has repurchased approximately 1,675,000 shares and has completed that program. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. No amounts have been repurchased under the new program as of September 29, 2018.