Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS??? EQUITY

v3.22.4
SHAREHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
SHAREHOLDERS’ EQUITY SHAREHOLDERS’ EQUITY
Share Buyback Program
The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. In the year ended December 31, 2020, the Company repurchased 282,000 shares, at an aggregate cost of $7.7 million. The Company has the capacity under the currently authorized program to repurchase additional shares of its common stock with a maximum dollar value of $41.5 million. The Company’s Rule 10b5-1 plan associated with the program was terminated on February 3, 2020. Under its current credit agreement, and as described further in Note 8, the Company is restricted from further stock repurchases under this program.
Reserved Common Stock
At December 31, 2022, approximately 10.8 million shares of common stock were reserved for issuance upon conversion of the Class B stock, exercise of stock options, issuance of restricted stock 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 other than via gift, devise or bequest and cannot receive dividends unless an equal or greater amount of dividends is declared on Common Stock.
Comprehensive Loss and Accumulated Other Comprehensive Loss
Comprehensive income or loss consists of net income or loss and the after-tax impact of retirement liability adjustments. No income tax effect is recorded for currency translation adjustments.
The components of accumulated other comprehensive loss are as follows:
(In thousands) 2022 2021
Foreign Currency Translation Adjustments $ (7,335) $ (5,407)
Retirement Liability Adjustment – Before Tax (4,473) (11,370)
Tax Benefit 2,282  2,282 
Retirement Liability Adjustment – After Tax (2,191) (9,088)
Accumulated Other Comprehensive Loss $ (9,526) $ (14,495)
The components of other comprehensive income (loss) are as follows:
(In thousands) 2022 2021 2020
Foreign Currency Translation Adjustments $ (1,928) $ (939) $ 2,574 
Retirement Liability Adjustment 6,897  2,894  (3,396)
Other Comprehensive Income (Loss) $ 4,969  $ 1,955  $ (822)
In 2022, 2021 and 2020, no tax benefit was recognized as the Company had recorded a full valuation allowance.