Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 11 — SHAREHOLDERS’ EQUITY

Reserved Common Stock

At December 31, 2013, approximately 7.9 million shares of common stock were reserved for issuance upon conversion of the Class B stock, exercise of stock options and purchases under the Employee Stock Purchase Plan. Class B Stock is identical to Common Stock, except Class B Stock has ten votes per share, is automatically converted to Common Stock on a one for one basis when sold or transferred, and cannot receive dividends unless an equal or greater amount of dividends is declared on Common Stock.

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of net income and the after-tax impact of currency translation adjustments, mark to market adjustments for derivatives and retirement liability adjustments. Income taxes related to derivatives and retirement liability adjustments within other comprehensive income are generally recorded based on an effective tax rate of approximately 35%. No income tax effect is recorded for currency translation adjustments.

 

The components of accumulated other comprehensive income (loss) are as follows:

 

(In thousands)    2013     2012  

Foreign Currency Translation Adjustments

   $ 1,284      $ 1,415   
  

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives – Before Tax

     (107     (218

Tax Benefit

     38        76   
  

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives – After Tax

     (69     (142
  

 

 

   

 

 

 

Retirement Liability Adjustment – Before Tax

     (7,423     (9,316

Tax Benefit

     2,597        3,260   
  

 

 

   

 

 

 

Retirement Liability Adjustment – After Tax

     (4,826     (6,056
  

 

 

   

 

 

 
    
  

 

 

   

 

 

 

Accumulated Other Comprehensive Loss

   $ (3,611   $ (4,783
  

 

 

   

 

 

 

 

The components of other comprehensive income (loss) are as follows:

 

(In thousands)    2013     2012     2011  

Foreign Currency Translation Adjustments

   $ (131   $ 183      $ (90
  

 

 

   

 

 

   

 

 

 

Reclassification to Interest Expense

     109        209        298   

Mark to Market Adjustments for Derivatives

     2        (34     (171

Tax Benefit (Expense)

     (38     (61     (45
  

 

 

   

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives

     73        114        82   
  

 

 

   

 

 

   

 

 

 

Retirement Liability Adjustment

     1,893        (6,451     (1,348

Tax Benefit (Expense)

     (663     2,257        472   
  

 

 

   

 

 

   

 

 

 

Retirement Liability Adjustment

     1,230        (4,194     (876
  

 

 

   

 

 

   

 

 

 
      
  

 

 

   

 

 

   

 

 

 

Other Comprehensive (Loss) Income

   $ 1,172      $ (3,897   $ (884