Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

19. 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, 2016, 3.3 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. Activity in Shareholders’ equity for 2014, 2015, and 2016 is presented below:

	Class A Common Stock		Class B Preferred Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock		Noncontrolling Interest
(in thousands)	Shares	Amount	Shares	Amount				Shares	Amount
January 1, 2014	36,996	$37	3,236	$3	$416,728	$434,598	($49,498)	8,464	($257,571)	$3,482
Net income	-	-	-	-	-	41,569	-	-	-	180
Compensation and benefits paid or payable in shares	47	-	-	-	1,234	-	-	-	-	-
Conversion of Class B shares to Class A shares	1	-	(1)	-	-	-	-	-	-	-
Changes in equity related to Noncontrolling interest in ASC	-	-	-	-	(24)	-	-	-	-	38
Options exercised	41	-	-	-	974	-	-	-	-	-
Shares issued to Directors'	-	-	-	-	60	-	-	(5)	90	-
Dividends declared	-	-	-	-	-	(20,062)		-	-	-
Cumulative translation adjustments	-	-	-	-	-	-	(55,102)	-	-	(1)
Pension and postretirement liability adjustments	-	-	-	-	-	-	(3,283)	-	-	-
Derivative valuation adjustment	-	-	-	-	-	-	116	-	-	-
December 31, 2014	37,085	$37	3,235	$3	$418,972	$456,105	($107,767)	8,459	($257,481)	$3,699
Net income	-	-	-	-	-	57,279	-	-	-	(14)
Compensation and benefits paid or payable in shares	55	-	-	-	1,540	-	-	-	-	-
Options exercised	99	-	-	-	2,520	-	-	-	-	-
Shares issued to Directors'	-	-	-	-	76	-	-	(4)	90	-
Dividends declared	-	-	-	-	-	(21,434)		-	-	-
Cumulative translation adjustments	-	-	-	-	-	-	(53,415)	-	-	5
Pension and postretirement liability adjustments	-	-	-	-	-	-	2,941	-	-	-
Derivative valuation adjustment	-	-	-	-	-	-	(603)	-	-	-
December 31, 2015	37,239	$37	3,235	$3	$423,108	$491,950	($158,844)	8,455	($257,391)	$3,690
Net income	-	-	-	-	-	52,733	-	-	-	79
Compensation and benefits paid or payable in shares	53	-	-	-	1,980	-	-	-	-	0
Options exercised	26	-	-	-	667	-	-	-	-	0
Shares issued to Directors'	1	-	(1)	-	198	-	-	(12)	255	-
Dividends declared	-	-	-	-	-	(21,828)	-	-	-	-
Cumulative translation adjustments	-	-	-	-	-	-	(24,643)	-	-	(2)
Pension and postretirement liability adjustments	-	-	-	-	-	-	(2,994)	-	-	-
Derivative valuation adjustment	-	-	-	-	-	-	2,292	-	-	-
December 31, 2016	37,319	$37	3,234	$3	$425,953	$522,855	($184,189)	8,443	($257,136)	$3,767