Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

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Shareholders' Equity
 12 Months Ended
Dec. 31, 2011
Shareholders' Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 8 — SHAREHOLDERS’ EQUITY

Reserved Common Stock

At December 31, 2011, approximately 4.7 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

Comprehensive income consists primarily of net income (loss) 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 accumulated balances of the components of other comprehensive loss net of tax, at December 31, 2011 and 2010 are as follows:

 

                 
(In thousands)   2011     2010  

Accumulated foreign currency translation

   $ 1,232     $ 1,322  

Accumulated loss on derivative adjustment net of tax benefit of approximately $0.1 million and $0.2 million for December 31, 2011 and 2010, respectively

     (256 )      (338 ) 

Accumulated retirement liability adjustment net of tax benefit of approximately $1.0 million and $0.5 million at December 31, 2011 and 2010, respectively

     (1,862 )      (986 ) 
   

 

 

    

 

 

  
    $ (886 )    $ (2 )