Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.8.0.1
Shareholders' Equity
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
The changes in shareholders’ equity for the three months ended March 31, 2018 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

 
22,861

 
6,852

Conversion of Class B Shares to Common Shares

 
226

 
(226
)
Exercise of Stock Options
1

 
19

 
34

End of Period
$
298

 
23,106

 
6,660

ADDITIONAL PAID IN CAPITAL
 
 
 
 
 
Beginning of Period
$
67,791

 
 
 
 
Stock Compensation Expense
931

 
 
 
 
Exercise of Stock Options
159

 
 
 
 
End of Period
$
68,881

 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
Beginning of Period
$
(13,352
)
 
 
 
 
Adoption of ASU 2018-02
(1,373
)
 
 
 
 
Foreign Currency Translation Adjustment
233

 
 
 
 
Retirement Liability Adjustment – Net of Tax
215

 
 
 
 
End of Period
$
(14,277
)
 
 
 
 
RETAINED EARNINGS
 
 
 
 
 
Beginning of Period
$
325,191

 
 
 
 
Adoption of ASU 2014-09
3,268

 
 
 
 
Adoption of ASU 2018-02
1,373

 
 
 
 
Net Income
3,294

 
 
 
 
End of Period
$
333,126

 
 
 
 
TREASURY STOCK
 
 
 
 
 
Beginning of Period
$
(50,000
)
 
(1,675
)
 
 
Purchase

 

 
 
End of Period
$
(50,000
)
 
(1,675
)
 
 
TOTAL SHAREHOLDERS’ EQUITY
 
 
 
 
 
Beginning of Period
$
329,927

 
 
 
 
 
 
 
 
 
 
End of Period
$
338,028

 
21,431

 
6,660



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 that program. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 millionNo amounts have been repurchased under the new program as of March 31, 2018.