STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

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
	2024		2023
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	6,564	$	6,816
Interest rate swap		1,214		1,710
Foreign currency translation		(3,285)		(2,709)
Total	$	4,493	$	5,817
After-tax amounts:
Unrecognized net periodic benefit credit	$	4,874	$	5,061
Interest rate swap		897		1,263
Foreign currency translation		(2,426)		(2,000)
Total	$	3,345	$	4,324

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, 2024 and 2023:

			Unrecognized		Interest		Foreign
	Total		Benefit Credit		Swap		Translation
	(in thousands)
Balances at December 31, 2023	$	4,324	$	5,061	$	1,263	$	(2,000)
Other comprehensive loss before reclassifications		(792)		—		(366)		(426)
Amounts reclassified from accumulated other comprehensive income		(187)		(187)		—		—
Net current-period other comprehensive loss		(979)		(187)		(366)		(426)
Balances at March 31, 2024	$	3,345	$	4,874	$	897	$	(2,426)
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)

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

	Unrecognized Net Periodic
	Benefit Credit
	Three Months Ended March 31
	2024		2023
	(in thousands)
Amortization of net actuarial gain, pre-tax(1)	$	252	$	333
Tax expense		(65)		(86)
Total, net of tax	$	187	$	247

(1) Included in the computation of net periodic benefit credit 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:

	2024				2023
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.12	$	2,828	$	0.12	$	2,915

On April 26, 2024, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of May 10, 2024.

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, 2023, the Company had $33.5 million available for repurchases of its common stock in total under the share repurchase program. In February 2024, 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.

During the three months ended March 31, 2024, the Company repurchased 120,681 shares for an aggregate cost of $15.7 million, including 65,366 shares for an aggregate cost of $8.0 million under Rule 10b5-1 plans, which allows for stock repurchases during closed trading windows. The Company had $115.3 million remaining under its share repurchase program as of March 31, 2024. Subsequent to March 31, 2024 through April 30, 2024, the Company settled repurchases of 36,547 shares for an aggregate cost of $5.2 million.