CLB 2018 Annual Report

F-23 within those fiscal years with early adoption permitted. We have evaluated and elected this optional transition method for adoption. Based on our current lease portfolio, we estimate that the adoption of this standard will result in approximately $77 million of additional assets and liabilities being reflected on our Consolidated Balance Sheets upon adoption of this standard on January 1, 2019; however, there will not be a material impact to our Consolidated Statement of Operations or Cash Flows. 13. EQUITY Common Shares In 2016, we completed a public offering of 1,475,000 shares of our common stock. The purchase price paid by the underwriter was $116.67 per share. The underwriter exercised in full its option to purchase an additional 221,250 shares of common stock at the public offering price of $116.67 per share bringing the total shares issued from the offering to 1,696,250. The net proceeds from these issuances of common stock were $197.2 million, after deducting underwriting discounts and offering expenses. The proceeds were used to repay a portion of the outstanding borrowings under our Credit Facility. Treasury Shares In connection with our initial public offering in September 1995, our shareholders authorized our Management Board to repurchase up to 10% of our issued share capital, the maximum allowed under Dutch law at the time, for a period of 18 months. This authorization was renewed at subsequent annual or special shareholder meetings. At our annual shareholders' meeting on May 24, 2018, our shareholders authorized an extension to repurchase up to 10% of our issued share capital through November 24, 2019. The repurchase of shares in the open market is at the discretion of management pursuant to this shareholder authorization. From the activation of the share repurchase program on October 29, 2002 through December 31, 2018, pursuant to shareholder approvals, we have repurchased 39,618,299 shares for an aggregate purchase price of approximately $1.6 billion, or an average price of $41.57 per share and have canceled 33,475,406 shares with an historical cost of $1.2 billion. At December 31, 2018, we held 479,407 shares in treasury with the authority to repurchase 4,000,218 additional shares under our stock repurchase program. Subsequent to year-end, we have repurchased 35 shares at a total cost of $2.4 thousand. Dividend Policy In 2008, Core Laboratories announced the initiation of a cash dividend program. Cash dividends of $0.55 per share were paid each quarter of 2018 and 2017. The declaration and payment of future dividends will be at the discretion of the Supervisory Board of Directors and will depend upon, among other things, future earnings, general financial condition, liquidity, capital requirements, and general business conditions. On January 15, 2019, the Company declared a cash dividend of $0.55 per share of common stock payable February 15, 2019 to shareholders of record on January 25, 2019. Accumulated Other Comprehensive Income (Loss) Amounts recognized, net of tax, in Accumulated other comprehensive income (loss) at December 31, 2018 2017 consist of (in thousands): 2018 2017 Prior service cost $ 593 $ 541 Unrecognized net actuarial loss and foreign exchange (6,243) (8,703) Fair value of derivatives 194 (191) Total Accumulated other comprehensive (loss) $ (5,456) $ (8,353) Unrecognized amounts currently recorded to Accumulated other comprehensive income (loss) that are expected to be recognized as components of next year's net pension benefit cost include $44.0 thousand of unrecognized net actuarial loss.