Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.8.0.1
Shareholders' Equity
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
The changes in shareholders’ equity for the nine months ended September 30, 2017 are summarized as follows: 
 
 
 
Number of Shares
(Dollars and Shares in thousands)
Amount
 
Common
Stock
 
Convertible
Class B Stock
Shares Authorized
 
 
40,000

 
15,000

Share Par Value
 
 
$
0.01

 
$
0.01

COMMON STOCK
 
 
 
 
 
Beginning of Period
$
297

 
21,955

 
7,665

Conversion of Class B Shares to Common Shares
—

 
777

 
(777
)
Exercise of Stock Options
—

 
18

 
39

End of Period
$
297

 
22,750

 
6,927

ADDITIONAL PAID IN CAPITAL
 
 
 
 
 
Beginning of Period
$
64,752

 
 
 
 
Stock Compensation Expense
2,203

 
 
 
 
Exercise of Stock Options
349

 
 
 
 
End of Period
$
67,304

 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
Beginning of Period
$
(15,494
)
 
 
 
 
Foreign Currency Translation Adjustment
3,987

 
 
 
 
Retirement Liability Adjustment – Net of Tax
392

 
 
 
 
End of Period
$
(11,115
)
 
 
 
 
RETAINED EARNINGS
 
 
 
 
 
Beginning of Period
$
305,512

 
 
 
 
Net Income
25,332

 
 
 
 
End of Period
$
330,844

 
 
 
 
TREASURY STOCK
 
 
 
 
 
Beginning of Period
$
(17,618
)
 
(523
)
 
 
Purchase
(32,382
)
 
(1,152
)
 
 
End of Period
$
(50,000
)
 
(1,675
)
 
 
TOTAL SHAREHOLDERS’ EQUITY
 
 
 
 
 
Beginning of Period
$
337,449

 
 
 
 
 
 
 
 
 
 
End of Period
$
337,330

 
21,075

 
6,927



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 the program, which authorized repurchases up to $50.0 million.