| Shareholders' Equity |
Shareholders’ Equity
The changes in shareholders’ equity for the nine months ended September 29, 2018 are summarized as follows as adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock as discussed in Note 11:
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Number of Shares |
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| (Dollars and Shares in thousands) |
Amount |
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Common
Stock
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Convertible
Class B Stock
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| Shares Authorized |
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40,000 |
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15,000 |
| Share Par Value |
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$ |
0.01 |
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$ |
0.01 |
| COMMON STOCK |
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| Beginning of Period |
$ |
340 |
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22,861 |
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11,082 |
| Conversion of Class B Shares to Common Shares |
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443 |
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(443) |
| Exercise of Stock Options |
1 |
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25 |
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22 |
| End of Period |
$ |
341 |
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23,329 |
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10,661 |
| ADDITIONAL PAID IN CAPITAL |
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| Beginning of Period |
$ |
67,748 |
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| Stock Compensation Expense |
2,349 |
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| Exercise of Stock Options |
282 |
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| End of Period |
$ |
70,379 |
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| ACCUMULATED OTHER COMPREHENSIVE LOSS |
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| Beginning of Period |
$ |
(13,352) |
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| Adoption of ASU 2018-02 |
(1,373) |
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| Foreign Currency Translation Adjustment |
(1,346) |
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| Retirement Liability Adjustment – Net of Tax |
646 |
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| End of Period |
$ |
(15,425) |
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| RETAINED EARNINGS |
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| Beginning of Period |
$ |
325,191 |
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| Adoption of ASU 2014-09 |
3,268 |
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| Adoption of ASU 2018-02 |
1,373 |
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| Net Income |
34,318 |
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| End of Period |
$ |
364,150 |
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| TREASURY STOCK |
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| Beginning of Period |
$ |
(50,000) |
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(1,675) |
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| Purchase |
— |
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— |
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| End of Period |
$ |
(50,000) |
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(1,675) |
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| TOTAL SHAREHOLDERS’ EQUITY |
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| Beginning of Period |
$ |
329,927 |
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| End of Period |
$ |
369,445 |
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21,654 |
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10,661 |
On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allowed the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company has repurchased approximately 1,675,000 shares and has completed that program. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. No amounts have been repurchased under the new program as of September 29, 2018.
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