STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE K – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income were as follows at December 31:

	2024		2023		2022
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	5,660	$	6,816	$	9,287
Interest rate swap		—		1,710		3,526
Foreign currency translation		(5,323)		(2,709)		(3,247)
Total	$	337	$	5,817	$	9,566
After-tax amounts:
Unrecognized net periodic benefit credit	$	4,203	$	5,061	$	6,896
Interest rate swap		—		1,263		2,604
Foreign currency translation		(3,931)		(2,000)		(2,397)
Total	$	272	$	4,324	$	7,103

The following is a summary of the changes in accumulated other comprehensive income, net of tax, by component:

			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 income (loss) before reclassifications		(1,791)		(847)		(1,341)		397
Amounts reclassified from accumulated other comprehensive income		(988)		(988)		—		—
Net current-period other comprehensive income (loss)		(2,779)		(1,835)		(1,341)		397
Balances at December 31, 2023	$	4,324	$	5,061	$	1,263	$	(2,000)
Other comprehensive loss before reclassifications		(3,310)		(116)		(1,263)		(1,931)
Amounts reclassified from accumulated other comprehensive income		(742)		(742)		—		—
Net current-period other comprehensive loss		(4,052)		(858)		(1,263)		(1,931)
Balances at December 31, 2024	$	272	$	4,203	$	—	$	(3,931)

The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component for the years ended December 31:

	Unrecognized Net Periodic
	Benefit Credit
	Year Ended December 31
	2024		2023
	(in thousands)
Amortization of net actuarial gain, pre-tax(1)	$	999	$	1,330
Tax expense		(257)		(342)
Total, net of tax	$	742	$	988

(1) Included in the computation of net periodic benefit credit of the Company’s supplemental benefit plan (“SBP”) and postretirement health benefit plan (see Note J).

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
Second quarter	$	0.12	$	2,819	$	0.12	$	2,894
Third quarter	$	0.12	$	2,838	$	0.12	$	2,887
Fourth quarter	$	0.12	$	2,810	$	0.12	$	2,846

On January 28, 2025, the Company announced its Board of Directors declared a dividend of $0.12 per share to stockholders of record as of February 11, 2025.

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 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 2024, the Company purchased 654,707 shares for an aggregate cost of $75.2 million, including 331,887 shares for an aggregate cost of $37.7 million under Rule 10b5-1 plans, which allowed for stock repurchases during closed trading windows. The Company had $56.6 million remaining under its share repurchase program as of December 31, 2024. Treasury shares totaled 7,114,844 and 6,460,137 as of December 31, 2024 and 2023, respectively. Subsequent to December 31, 2024, the Company settled repurchases of 136,936 shares for an aggregate cost of $12.9 million.