Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Shareholders' Equity

22. 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, 2018, 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 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 2016, 2017, and 2018 is presented below:

	Class A Common Stock		Class B Common 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, 2016	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
Net income	-	-	-		-	-	82,891		-		-		-		128
Adoption of accounting standards (a),(b)	-	-	-		-	-	(5,068)		-		-		-		(327)
Compensation and benefits paid or payable in shares	44	-	-		-	1,437	-		-		-		-		-
Options exercised	10	-	-		-	201	-		-		-		-		-
Shares issued to Directors'	-	-	-		-	494	-		-		(12)		273		-
Dividends declared	-	-	-		-	-	(22,260)		-		-		-		-
Cumulative translation adjustments	-	-	-		-	-	-		(28,658)		-		-		(17)
Pension and postretirement liability adjustments	-	-	-		-	-	-		3,427		-		-		-
Derivative valuation adjustment	-	-	-		-	-	-		2,744		-		-		-
December 31, 2018	37,450	$37	3,234		$3	$430,555	$589,645		$(158,388)		8,419		$(256,603)		$3,031

(a) As described in Note 2, the Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.

(b) As described in Note 7, the Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.