STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE I – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income were as follows:

	September 30		December 31
	2022		2021
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	5,034	$	5,602
Interest rate swap		3,646		419
Foreign currency translation		(3,321)		(1,044)
Total	$	5,359	$	4,977
After-tax amounts:
Unrecognized net periodic benefit credit	$	3,738	$	4,160
Interest rate swap		2,692		309
Foreign currency translation		(2,452)		(770)
Total	$	3,978	$	3,699

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 30, 2022 and 2021:

			Unrecognized		Interest		Foreign
			Net Periodic		Rate		Currency
	Total		Benefit Credit		Swap		Translation
	(in thousands)
Balances at December 31, 2021	$	3,699	$	4,160	$	309	$	(770)
Other comprehensive income (loss) before reclassifications		701		—		2,383		(1,682)
Amounts reclassified from accumulated other comprehensive income		(422)		(422)		—		—
Net current-period other comprehensive income (loss)		279		(422)		2,383		(1,682)
Balances at September 30, 2022	$	3,978	$	3,738	$	2,692	$	(2,452)
Balances at December 31, 2020	$	1,190	$	3,260	$	(1,198)	$	(872)
Other comprehensive income before reclassifications		997		—		869		128
Amounts reclassified from accumulated other comprehensive income		(300)		(300)		—		—
Net current-period other comprehensive income (loss)		697		(300)		869		128
Balances at September 30, 2021	$	1,887	$	2,960	$	(329)	$	(744)

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

	Unrecognized Net Periodic
	Benefit Credit(1)(2)
	Nine Months Ended September 30
	2022		2021
	(in thousands)
Amortization of net actuarial gain, pre-tax	$	568	$	404
Tax expense		(146)		(104)
Total, net of tax	$	422	$	300

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

(2) These components of accumulated other comprehensive income are included in the computation of net periodic benefit cost as disclosed in Note H.

Dividends on Common Stock

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

	2022				2021
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	1,978	$	0.08	$	2,037
Second quarter	$	0.12	$	2,949	$	0.08	$	2,058
Third quarter	$	0.12	$	2,965	$	0.08	$	2,050

On October 28, 2022, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of November 11, 2022.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions (the “share repurchase program”). The share repurchase 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. On November 2, 2021, the Company entered into a fixed dollar accelerated share repurchase program (“ASR”) with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock, of which $75.0 million was repurchased during 2021. The remaining $25.0 million available under the ASR was recorded as an unsettled forward contract within stockholders’ equity as additional paid-in capital as of December 31, 2021. The Company had $66.9 million available for repurchases of its common stock in total under the share repurchase program and the ASR as of December 31, 2021.

During the nine months ended September 30, 2022, the Company purchased 848,322 shares for an aggregate cost of $75.1 million, including the purchase of 214,763 shares to settle the remaining $25.0 million under the ASR. In April 2022, the Board of Directors reauthorized the share repurchase program and increased the total amount available for purchases of the Company’s common stock under the program to $75.0 million. The Company had $41.4 million remaining under its share repurchase programs as of September 30, 2022.