Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

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Shareholders' Equity
12 Months Ended
Dec. 31, 2012
Shareholders' Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 11 — SHAREHOLDERS’ EQUITY

Reserved Common Stock

At December 31, 2012, approximately 6.5 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)   2012     2011  

Foreign Currency Translation Adjustments

  $ 1,415     $ 1,232  
   

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives – Before Tax

    (218     (393

Tax Benefit

    76       137  
   

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives – After Tax

    (142     (256
   

 

 

   

 

 

 

Retirement Liability Adjustment – Before Tax

    (9,316     (2,865

Tax Benefit

    3,260       1,003  
   

 

 

   

 

 

 

Retirement Liability Adjustment – After Tax

    (6,056     (1,862
   

 

 

   

 

 

 

Accumulated Other Comprehensive Loss

  $ (4,783   $ (886
   

 

 

   

 

 

 

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

 

                         
(In thousands)   2012     2011     2010  

Foreign Currency Translation Adjustments

    183       (90     217  
   

 

 

   

 

 

   

 

 

 

Reclassification to Interest Expense

    209       298       380  

Mark to Market Adjustments for Derivatives

    (34     (171     (527

Tax Benefit (Expense)

    (61     (45     51  
   

 

 

   

 

 

   

 

 

 

Mark to Market Adjustments for Derivatives

    114       82       (96
   

 

 

   

 

 

   

 

 

 

Retirement Liability Adjustment

    (6,451     (1,348     54  

Tax Benefit (Expense)

    2,257       472       (19
   

 

 

   

 

 

   

 

 

 

Retirement Liability Adjustment

    (4,194     (876     35  
   

 

 

   

 

 

   

 

 

 

Other Comprehensive (Loss) Income

  $ (3,897   $ (884   $ 156