The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019:

	Class A Common Stock		Class B Common Stock		Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Class A Treasury Stock		Non-controlling Interest	Total Equity
(in thousands)	Shares	Amount	Shares	Amount	Additional paid-in capital	Retained earnings	Accumulated items of other comprehensive income	Shares	Amount	Non-controlling Interest	Total Equity
December 31, 2018	37,450	$37	3,234	$3	$430,555	$589,645	$(158,388)	8,419	$(256,603)	$3,031	$608,280
Adoption of accounting standards(a)	—	—	—	—	—	35	—	—	—	—	35
Net income	—	—	—	—	—	29,190	—	—	—	218	29,408
Compensation and benefits paid or payable in shares	25	—	—	—	(547)	—	—	—	—	—	(547)
Options exercised	3	—	—	—	44	—	—	—	—	—	44
Shares issued to Directors	—	—	—	—	—	—	—	—	—	—	—
Dividends declared:
Class A Common Stock, $0.18 per share	—	—	—	—	—	(5,231)	—	—	—	—	(5,231)
Class B Common Stock, $0.18 per share	—	—	—	—	—	(582)	—	—	—	—	(582)
Cumulative translation adjustments	—	—	—	—	—	—	(654)	—	—	(8)	(662)
Pension and postretirement liability adjustments	—	—	—	—	—	—	(1,487)	—	—	—	(1,487)
Derivative valuation adjustment	—	—	—	—	—	—	(2,851)	—	—	—	(2,851)
March 31, 2019	37,478	$37	3,234	$3	$430,052	$613,057	$(163,380)	8,419	$(256,603)	$3,241	$626,407
Net income	—	—	—	—	—	34,054	—	—	—	205	34,259
Compensation and benefits paid or payable in shares	—	—	—	—	958	—	—	(10)	212	—	1,170
Options exercised	2	—	—	—	28	—	—	—	—	—	28
Shares issued to Directors	—	—	—	—	—	—	—	—	—	—	—
Dividends declared	—	—	—	—	—	—	—	—	—	—	—
Class A Common Stock, $0.18 per share	—	—	—	—	—	(5,523)	—	—	—	—	(5,523)
Class B Common Stock, $0.18 per share	—	—	—	—	—	(291)	—	—	—	—	(291)
Conversion of Class B shares to Class A shares, rounding(b)	1,616	2	(1,616)	(1)	(1)	—	—	—	—	—	—
Cumulative translation adjustments	—	—	—	—	—	—	(1)	—	—	2	1
Pension and postretirement liability adjustments	—	—	—	—	—	—	(40)	—	—	—	(40)
Derivative valuation adjustment	—	—	—	—	—	—	(4,695)	—	—	—	(4,695)
June 30, 2019	39,096	$39	1,618	$2	$431,037	$641,297	$(168,116)	8,409	$(256,391)	$3,448	$651,316

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to June 30, 2018:

Class A Common Stock

Class B Common Stock

Additional paid-in capital

Retained earnings

Accumulated items of other comprehensive income

Class A Treasury Stock

Non-controlling Interest

Total Equity

(in thousands)

Shares

Amount

Shares

Amount

Shares

Amount

December 31, 2017

37,396

$37

3,234

$3

$428,423

$534,082

$(135,901)

8,431

$(256,876)

$3,247

$573,015

Adoption of accounting standards(c)(d)

—

—

—

—

—

(5,068)

—

—

—

(327)

(5,395)

Net income

—

—

—

—

—

7,662

—

—

—

237

7,899

Compensation and benefits paid or payable in shares

44

—

—

—

289

—

—

—

—

—

289

Options exercised

8

—

—

—

147

—

—

—

—

—

147

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,933)

—

—

—

—

(4,933)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

17,646

—

—

(7)

17,639

Pension and postretirement liability adjustments

—

—

—

—

—

—

(13)

—

—

—

(13)

Derivative valuation adjustment

—

—

—

—

—

—

4,480

—

—

—

4,480

March 31, 2018

37,448

$37

3,234

$3

$428,859

$531,193

$(113,788)

8,431

$(256,876)

$3,150

$592,578

Net income

—

—

—

—

—

29,902

—

—

—

(59)

29,843

Compensation and benefits paid or payable in shares

—

—

—

—

773

—

—

274

—

1,047

Options exercised

—

—

—

—

3

—

—

—

—

—

3

Shares issued to Directors

—

—

—

—

—

—

—

(12)

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,935)

—

—

—

—

(4,935)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

(33,216)

—

—

11

(33,205)

Pension and postretirement liability adjustments

—

—

—

—

—

—

2,127

—

—

—

2,127

Derivative valuation adjustment

—

—

—

—

—

—

1,722

—

—

—

1,722

June 30, 2018

37,448

$37

3,234

$3

$429,635

$555,610

$(143,155)

8,419

$(256,602)

$3,102

$588,630

(a)

As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.

(b)

In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.

(c)

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.

(d)

The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Index