Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

v3.8.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
Share Buyback Program
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 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. 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  of common stock. No amounts have been repurchased under the new program as of December 31, 2017.
Reserved Common Stock
At December 31, 2017, approximately 10.5 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 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 Income and Accumulated Other Comprehensive Income (Loss)
Comprehensive income consists of net income 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 income (loss) are as follows:
(In thousands)
2017
 
2016
Foreign Currency Translation Adjustments
$
(4,465
)
 
$
(8,597
)
Retirement Liability Adjustment – Before Tax
(12,988
)
 
(10,611
)
Tax Benefit
4,101

 
3,714

Retirement Liability Adjustment – After Tax
(8,887
)
 
(6,897
)
Accumulated Other Comprehensive Loss
$
(13,352
)
 
$
(15,494
)

The components of other comprehensive income (loss) are as follows:
(In thousands)
2017
 
2016
 
2015
Foreign Currency Translation Adjustments
$
4,132

 
$
(626
)
 
$
(4,617
)
Retirement Liability Adjustment
(2,377
)
 
301

 
2,311

Tax Benefit (Expense)
387

 
(105
)
 
(809
)
Retirement Liability Adjustment
(1,990
)
 
196

 
1,502

Other Comprehensive Income (Loss)
$
2,142

 
$
(430
)
 
$
(3,115
)