ETA: Apparently, it's a new thing that has Mike butchering the language to impress Deanna.
Panel 1: It's coloring class and Mike thought-bubbles a sigh as he beholds Deanna, the girl he
Panel 2: He asks himself what rhymes with 'Deanna'.
Panel 3: Why, you may ask? So he can show his depth of feeling by intoning the infamous "Deanna, Deanna, fat as a pianna."
Panel 4: It's too bad that he doesn't have the option of saying she was as "phat as a pianna", the expression not having existed as such back in 1981. That way, he had an out for getting hit in the stomach for unintentionally insulting her. As it stands, he looks like what he is: a dunce who got decked because he was too frakking dumb to understand how his poem would sound.
Panel 5: As he saunters off in defeat, he thought-bubbles that he sucks at poetry.
Summary: We actually didn't need to see the thought processes that 'explain' the reprint this ruins.