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Shareholders' Equity
 12 Months Ended
Dec. 31, 2017
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, 2017, 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 2015, 2016, and 2017 is presented below:

 

                               
                     Accumulated         
   Class A  Class B  Additional     items of other  Class A   
   Common Stock  Common Stock  paid-in  Retained  comprehensive  Treasury Stock  Noncontrolling
(in thousands)  Shares  Amount  Shares  Amount  capital  earnings  income  Shares  Amount  Interest
January 1, 2015  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  -  -  -  -  -
Options exercised  26  -  -  -  667  -  -  -  -  -
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
Net income  -  -  -  -  -  33,111  -  -  -  (526)
Compensation and benefits paid or payable in shares  44  -  -  -  1,564  -  -  -  -  -
Options exercised  33  -  -  -  597  -  -  -  -  -
Shares issued to Directors’  -  -  -  -  309  -  -  (12)  260  -
Dividends declared  -  -  -  -  -  (21,884)  -  -  -  -
                               
Cumulative translation adjustments  -  -  -  -  -  -  45,980  -  -  6
Pension and postretirement liability adjustments  -  -  -  -  -  -  1,183  -  -  -
Derivative valuation adjustment  -  -  -  -  -  -  1,125  -  -  -
December 31, 2017  37,396  $37  3,234  $3  $428,423  $534,082  ($135,901)  8,431  ($256,876)  $3,247