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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash Flows from Operating Activities:      
Net income $ 48,111 $ 46,827 $ 42,681
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 10,453 8,961 8,092
Stock-based compensation expense 1,049 994 929
Provision for doubtful accounts 360 1,097 1,383
Deferred income taxes 3,506 2,652 1,212
Loss on disposal of fixed assets 92 44 14
Excess tax benefit from exercise of equity awards (513) (552) (556)
Changes in assets and liabilities:      
Accounts receivable (33,835) (64,215) (11,359)
Inventories 12,401 (11,863) (11,776)
Prepaid expenses and other current assets (1,274) (285) 1,829
Other non-current assets (321) (328) (4)
Accounts payable (3,012) 41,324 202
Accrued expenses and other liabilities (3,431) 6,206 2,751
Net cash provided by operating activities 33,586 30,862 35,398
Cash Flows from Investing Activities:      
Cash paid for Acquisitions (42,990)    
Purchases of property and equipment (11,885) (12,337) (7,609)
Purchase of intangible asset   (450)  
Proceeds from sale of equipment     13
Net cash used for investing activities (54,875) (12,787) (7,596)
Cash Flows from Financing Activities:      
Dividend payment (10,591)   (10,527)
Issuance of stock under Employee Stock Purchase Plan 961 875 753
Excess tax benefit from exercise of equity awards 513 552 556
Exercise of stock options 135 437 356
Payment of payroll taxes on stock-based compensation through shares withheld (737) (660) (578)
Net cash (used for) provided by financing activities (9,719) 1,204 (9,440)
(Decrease) increase in cash and cash equivalents (31,008) 19,279 18,362
Cash and cash equivalents, beginning of year 80,188 60,909 42,547
Cash and cash equivalents, end of year 49,180 80,188 60,909
Non-cash Investing and Financing Activities:      
Accrued capital expenditures 109 504 205
Dividend declaration 9,041 10,591  
Supplemental Cash Flow Information:      
Income taxes paid $ 29,740 $ 30,371 $ 24,219