STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income were as follows:

	March 31		December 31
	2023		2022
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	8,954	$	9,287
Interest rate swap		2,913		3,526
Foreign currency translation		(3,271)		(3,247)
Total	$	8,596	$	9,566
After-tax amounts:
Unrecognized net periodic benefit credit	$	6,649	$	6,896
Interest rate swap		2,152		2,604
Foreign currency translation		(2,415)		(2,397)
Total	$	6,386	$	7,103

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2023 and 2022:

			Unrecognized		Interest		Foreign
			Net Periodic		Rate		Currency
	Total		Benefit Credit		Swap		Translation
	(in thousands)
Balances at December 31, 2022	$	7,103	$	6,896	$	2,604	$	(2,397)
Other comprehensive loss before reclassifications		(470)		—		(452)		(18)
Amounts reclassified from accumulated other comprehensive income		(247)		(247)		—		—
Net current-period other comprehensive loss		(717)		(247)		(452)		(18)
Balances at March 31, 2023	$	6,386	$	6,649	$	2,152	$	(2,415)
Balances at December 31, 2021	$	3,699	$	4,160	$	309	$	(770)
Other comprehensive income before reclassifications		1,765		—		1,458		307
Amounts reclassified from accumulated other comprehensive income		(141)		(141)		—		—
Net current-period other comprehensive income (loss)		1,624		(141)		1,458		307
Balances at March 31, 2022	$	5,323	$	4,019	$	1,767	$	(463)

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

	Unrecognized Net Periodic
	Benefit Credit(1)(2)
	Three Months Ended March 31
	2023		2022
	(in thousands)
Amortization of net actuarial gain, pre-tax	$	333	$	189
Tax expense		(86)		(48)
Total, net of tax	$	247	$	141

(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 of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan.

Dividends on Common Stock

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

	2023				2022
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.12	$	2,915	$	0.08	$	1,978

On April 26, 2023, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of May 10, 2023.

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.

As of December 31, 2022, the Company had $26.5 million available for repurchases of its common stock in total under the share repurchase program. In February 2023, 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 $125.0 million. In March 2023, the Company entered into a 10b5-1 agreement allowing for stock repurchases during our closed trading window extending from March 16, 2023 to May 2, 2023.

During the three months ended March 31, 2023, the Company repurchased 154,089 shares for an aggregate cost of $14.1 million. The Company had $110.9 million remaining under its share repurchase program as of March 31, 2023. During April 2023, the Company settled repurchases of 171,967 shares for an aggregate cost of $15.9 million pursuant to the 10b5-1 agreement under the Company’s share repurchase program, leaving $95.0 million available under the program as of April 28, 2023.