Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity

18. Shareholders' Equity

We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Each share of our Class A Common Stock is entitled to one vote on all matters submitted to shareholders, and each share of Class B Common Stock is entitled to ten votes. Class A and Class B Common Stock will receive equal dividends as the Board of Directors may determine from time to time. The Class B Common Stock is convertible into an equal number of shares of Class A Common Stock at any time. At December 31, 2011, 3.8 million shares of Class A Common Stock were reserved for the conversion of Class B Common Stock and the exercise of stock options.

In August 2006, we announced that the Board of Directors authorized management to purchase up to 2.0 million additional shares of our Class A Common Stock. The Board's action authorizes management to purchase shares from time to time, in the open market or otherwise, whenever it believes such purchase to be advantageous to our shareholders, and it is otherwise legally permitted to do so. We have made no share purchases under the August 2006 authorization.

Accrued dividends were $4.1 million and $3.7 million as of December 31, 2011 and 2010, respectively. These amounts were included in accrued liabilities.

Activity in shareholders' equity for 2009, 2010, and 2011 is presented below:

	Class A		Class B		Additional		Accumulated
	Common Stock		Common Stock		paid-in capital	Retained earnings	items of other comprehensive		Treasury Stock Class A
(in thousands)	Shares	Amount	Shares	Amount	Amount	Amount	income	Amount	Shares	Amount
Balance: January 1, 2009	35,245	35	3,236	3	363,918	428,497		(101,953)	8,523	(258,871)
Compensation and benefits paid or payable in shares	880	1	-	-	4,309	-		-	-	-
Options exercised	2	-	-	-	24	-		-	-
Shares issued to Directors	-	-	-	-	(220)	-		-	(26)	572
Management compensation plans	22	-	-	-	571	-		-	-	-
Stock option expense	-	-	-	-	70	-		-	-	-
Convertible notes purchased	-	-	-	-	(5,202)	-		-	-	-
Settlement of equity-related tax issues	-	-	-	-	19,204	-		-	-	-
Net (loss)	-	-	-	-	-	(33,458)		-	-	-
Dividends declared	-	-	-	-	-	(14,704)		-	-	-
Cumulative translation adjustments	-	-	-	-	-	-		38,363	-	-
Pension and postretirement liability adjustments	-	-	-	-	-	-		(18,546)	-	-
Balance: December 31, 2009	36,149	36	3,236	3	382,674	380,335		(82,136)	8,497	(258,299)
Compensation and benefits paid or payable in shares	263	-	-	-	3,170	-		-	-	-
Options exercised	7	-	-	-	576	-		-	-
Shares issued to Directors	-	-	-	-	(33)	-		-	(12)	268
Management compensation plans	23	-	-	-	1,489	-		-	-	-
Net income	-	-	-	-	-	37,636		-	-	-
Dividends declared	-	-	-	-	-	(14,923)		-	-	-
Cumulative translation adjustments	-	-	-	-	-	-		(10,208)	-	-
Pension and postretirement liability adjustments	-	-	-	-	-	-		(14,052)	-	-
Derivative valuation adjustment	-	-	-	-	-	-		(276)	-	-
Balance: December 31, 2010	36,442	$36	3,236	$3	$387,876	$403,048		($106,672)	8,485	($258,031)
Compensation and benefits paid or payable in shares	14	1	-	-	314	-		-	-	-
Options exercised	42	-	-	-	883	-		-	-
Shares issued to Directors	-	-	-	-	24	-		-	(5)	111
Management compensation plans	43		-	-	2,398	-		-	-	-
Net income	-	-	-	-	-	34,938		-	-	-
Dividends declared	-	-	-	-	-	(15,942)		-	-	-
Cumulative translation adjustments	-	-	-	-	-	-		(13,070)	-	-
Pension and postretirement liability adjustments	-	-	-	-	-	-		(17,749)	-	-
Derivative valuation adjustment	-	-	-	-	-	-		(2,318)	-	-
Balance: December 31, 2011	36,541	$37	3,236	$3	$391,495	$422,044		($139,809)	8,480	($257,920)