STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2016

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE G – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

	March 31		December 31
	2016		2015
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(38,943)	$	(35,231)
Interest rate swap		(1,796)		(897)
Foreign currency translation		(1,424)		(2,379)
Total	$	(42,163)	$	(38,507)
After-tax amounts:
Unrecognized net periodic benefit costs	$	(27,766)	$	(25,497)
Interest rate swap		(1,091)		(545)
Foreign currency translation		(870)		(1,454)
Total	$	(29,727)	$	(27,496)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2016 and 2015:

			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation
	(in thousands)
Balances at December 31, 2015	$	(27,496)	$	(25,497)	$	(545)	$	(1,454)
Other comprehensive loss before reclassifications		(3,466)		(3,504)		(546)		584
Amounts reclassified from accumulated other comprehensive loss		1,235		1,235		—		—
Net current-period other comprehensive loss		(2,231)		(2,269)		(546)		584
Balances at March 31, 2016	$	(29,727)	$	(27,766)	$	(1,091)	$	(870)
Balances at December 31, 2014	$	(23,479)	$	(22,387)	$	(350)	$	(742)
Other comprehensive loss before reclassifications		(2,490)		(1,831)		(364)		(295)
Amounts reclassified from accumulated other comprehensive loss		1,311		1,311		—		—
Net current-period other comprehensive loss		(1,179)		(520)		(364)		(295)
Balances at March 31, 2015	$	(24,658)	$	(22,907)	$	(714)	$	(1,037)

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component:

Unrecognized Net Periodic Benefit Costs(1)(2)

	Three Months Ended March 31
	2016		2015
	(in thousands)
Amortization of net actuarial loss	$	(1,169)	$	(1,074)
Amortization of prior service credit		47		47
Pension settlement expense		(900)		(1,119)
Total, pre-tax		(2,022)		(2,146)
Tax benefit		787		835
Total, net of tax	$	(1,235)	$	(1,311)

⁽¹⁾ Amounts in parentheses indicate increases in expense or loss.

⁽²⁾ These components of accumulated other comprehensive loss are included in the computation of net periodic pension cost (see Note F).

Dividends on Common Stock

The following table is a summary of dividends declared during the applicable quarter:

	2016				2015
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,088	$	0.06	$	1,584

On April 26, 2016, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of May 10, 2016 payable on May 24, 2016.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. In October 2015, the Board of Directors extended the share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock. As of December 31, 2015, the Company had $47.2 million remaining under the program for repurchases of its common stock. During the three months ended March 31, 2016, the Company purchased 133,959 shares for an aggregate cost of $2.6 million, leaving $44.6 million available for repurchase of common stock under the program.