STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2020

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows:

	June 30		December 31
	2020		2019
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	2,683	$	2,898
Interest rate swap		(2,148)		(563)
Foreign currency translation		(3,378)		(2,075)
Total	$	(2,843)	$	260
After-tax amounts:
Unrecognized net periodic benefit credit	$	1,993	$	2,152
Interest rate swap		(1,587)		(416)
Foreign currency translation		(2,496)		(1,533)
Total	$	(2,090)	$	203

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the six months ended June 30, 2020 and 2019:

			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation
	(in thousands)
Balances at December 31, 2019	$	203	$	2,152	$	(416)	$	(1,533)
Other comprehensive loss before reclassifications		(2,142)		(8)		(1,171)		(963)
Amounts reclassified from accumulated other comprehensive income		(151)		(151)		—		—
Net current-period other comprehensive loss		(2,293)		(159)		(1,171)		(963)
Balances at June 30, 2020	$	(2,090)	$	1,993	$	(1,587)	$	(2,496)
Balances at December 31, 2018	$	(14,238)	$	(12,749)	$	591	$	(2,080)
Other comprehensive income (loss) before reclassifications		84		603		(860)		341
Amounts reclassified from accumulated other comprehensive loss		1,725		1,725		—		—
Net current-period other comprehensive income (loss)		1,809		2,328		(860)		341
Balances at June 30, 2019	$	(12,429)	$	(10,421)	$	(269)	$	(1,739)

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

	Unrecognized Net Periodic
	Benefit Credit (Costs)(1)(2)
	Six Months Ended June 30
	2020		2019
	(in thousands)
Amortization of net actuarial gain (loss)	$	293	$	(706)
Amortization of prior service credit		—		17
Pension settlement expense(3)		(89)		(1,634)
Total, pre-tax		204		(2,323)
Tax benefit (expense)		(53)		598
Total, net of tax	$	151	$	(1,725)

(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 benefit cost as disclosed in Note G.

(3) For the six months ended June 30, 2020, pension settlement expense is related to the supplemental benefit plan (see Note G).

Dividends on Common Stock

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

	2020				2019
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,033	$	0.08	$	2,052
Second quarter	$	0.08	$	2,049	$	0.08	$	2,050

On July 24, 2020, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of August 7, 2020.

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. As of December 31, 2019, the Company had $13.2 million remaining under the program for repurchases of its common stock. During the six months ended June 30, 2020, the Company purchased 150,000 shares for an aggregate cost of $3.2 million, leaving $10.0 million available for repurchase of common stock under the program.