Blueprint

0001654954-17-007074.txt : 20170808 0001654954-17-007074.hdr.sgml : 20170808 20170808164747 ACCESSION NUMBER: 0001654954-17-007074 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170808 DATE AS OF CHANGE: 20170808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATRION CORP CENTRAL INDEX KEY: 0000701288 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 630821819 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32982 FILM NUMBER: 171015425 BUSINESS ADDRESS: STREET 1: ONE ALLENTOWN PARKWAY CITY: ALLEN STATE: TX ZIP: 75002 BUSINESS PHONE: 9723909800 MAIL ADDRESS: STREET 1: ONE ALLENTOWN PARKWAY CITY: ALLEN STATE: TX ZIP: 75002 FORMER COMPANY: FORMER CONFORMED NAME: ALATENN RESOURCES INC DATE OF NAME CHANGE: 19920703 10-Q 1 atri_10q.htm QUARTERLY REPORT Blueprint

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[ x ]

Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2017

[ ]

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Transition Period from to

Commission File Number 001-32982

Atrion Corporation
(Exact Name of Registrant as Specified in its Charter)

Delaware		63-0821819
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

One Allentown Parkway, Allen, Texas 75002
(Address of Principal Executive Offices) (Zip Code)

(972) 390-9800
(Registrant’s Telephone Number, Including Area Code)

Indicate by check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer ☐		Accelerated filer ☒		Non-accelerated filer ☐
Smaller reporting company ☐		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Title of Each Class		Number of Shares Outstanding at July 20, 2017
Common stock, Par Value $0.10 per share		1,851,842

ATRION CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

PART I. Financial Information	2

Item 1. Financial Statements

Consolidated Statements of Income (Unaudited) For the Six Months Ended June 30, 2017 and 2016	3
Consolidated Statements of Comprehensive Income (Unaudited) For the Six Months Ended June 30, 2017 and 2016	4
Consolidated Balance Sheets (Unaudited) June 30, 2017 and December 31, 2016	5
Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2017 and 2016	6
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) June 30, 2017 and December 31, 2016	7
Notes to Consolidated Financial Statements (Unaudited)	8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3. Quantitative and Qualitative Disclosures About Market Risk	16

Item 4. Controls and Procedures	17

PART II. Other Information	17

Item 1. Legal Proceedings	17

Item 1A. Risk Factors	17

Item 6. Exhibits	17

SIGNATURES	18

Exhibit Index	19

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

ATRION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
	(in thousands, except per share amounts)
Revenues	$36,164	$36,143	$74,669	$72,358
Cost of goods sold	18,470	18,928	38,344	37,578
Gross profit	17,694	17,215	36,325	34,780
Operating expenses:
Selling	1,864	1,664	3,612	3,400
General and administrative	4,287	3,880	8,304	7,829
Research and development	1,368	1,597	2,907	3,012
	7,519	7,141	14,823	14,241
Operating income	10,175	10,074	21,502	20,539

Interest income	370	85	519	208
Other income (expense), net	--	36	1	(309)
	370	121	520	(101)

Income before provision for income taxes	10,545	10,195	22,022	20,438
Provision for income taxes	(519)	(2,745)	(2,046)	(6,042)

Net income	$10,026	$7,450	$19,976	$14,396

Net income per basic share	$5.44	$4.09	$10.86	$7.90
Weighted average basic shares outstanding	1,844	1,822	1,839	1,823


Net income per diluted share	$5.40	$4.02	$10.76	$7.76
Weighted average diluted shares outstanding	1,858	1,853	1,856	1,855

Dividends per common share	$1.05	$0.90	$2.10	$1.80

The accompanying notes are an integral part of these statements.

ATRION CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
	(In thousands)

Net Income	$10,026	$7,450	$19,976	$14,396

Other Comprehensive Income (Loss) Unrealized income (loss) on investments, net of tax expense (benefit) of $204, ($136), $36 and ($172)	379	(252)	66	(321)

Comprehensive Income	$10,405	$7,198	$20,042	$14,075

The accompanying notes are an integral part of these statements.

ATRION CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

Assets	June 30, 2017	December 31, 2016
	(in thousands)
Current assets:
Cash and cash equivalents	$20,223	$20,022
Short-term investments	27,073	24,080
Accounts receivable	19,690	17,166
Inventories	29,965	29,015
Prepaid expenses and other current assets	6,022	3,181
	102,973	93,464

Long-term investments	10,046	9,945

Property, plant and equipment	165,571	160,413
Less accumulated depreciation and amortization	99,015	95,148
	66,556	65,265

Other assets and deferred charges:
Patents	1,837	1,929
Goodwill	9,730	9,730
Other	1,529	1,609
	13,096	13,268

Total assets	$192,671	$181,942
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$8,111	$8,663
Accrued income and other taxes	1,272	410
	9,383	9,073

Line of credit	--	--

Other non-current liabilities	10,965	9,881

Stockholders’ equity:
Common stock, par value $0.10 per share; authorized10,000 shares, issued 3,420 shares	342	342
Paid-in capital	48,017	37,448
Accumulated other comprehensive income (loss)	(408)	(474)
Retained earnings	256,035	239,946
Treasury shares,1,584 at June 30, 2017 and 1,596 at December 31, 2016, at cost	(131,663)	(114,274)
Total stockholders’ equity	172,323	162,988


Total liabilities and stockholders’ equity	$192,671	$181,942

The accompanying notes are an integral part of these financial statements.

ATRION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended June 30,
	2017	2016
	(In thousands)
Cash flows from operating activities:
Net income	$19,976	$14,396
Adjustments to reconcile net income tonet cash provided by operating activities:
Depreciation and amortization	4,223	4,442
Deferred income taxes	1,009	225
Stock-based compensation	903	1,081
Bond impairment	--	345
Net change in accrued interest, premiums, and discounts
on investments	(82)	38
Other	(2)	--
	26,027	20,527

Changes in operating assets and liabilities:
Accounts receivable	(2,524)	(2,213)
Inventories	(950)	(1,396)
Prepaid expenses	(2,841)	(881)
Other non-current assets	81	(130)
Accounts payable and accrued liabilities	(552)	(1,411)
Accrued income and other taxes	862	331
Other non-current liabilities	39	193
	20,142	15,020

Cash flows from investing activities:
Property, plant and equipment additions	(5,422)	(5,292)
Purchase of investments	(21,911)	(6,799)
Proceeds from sale of investments	--	210
Proceeds from maturities of investments	19,000	5,000
	(8,333)	(6,881)

Cash flows from financing activities:
Shares tendered for employees’ withholding taxes on stock-based compensation	(7,735)	(1,112)
Purchase of treasury stock	--	(1,276)
Dividends paid	(3,873)	(3,280)
	(11,608)	(5,668)

Net change in cash and cash equivalents	201	2,471
Cash and cash equivalents at beginning of period	20,022	28,346
Cash and cash equivalents at end of period	$20,223	$30,817


Cash paid for:
Income taxes	$2,295	$5,860

Non-cash financing activities:
Non-cash effect of stock option exercises	$10,237	--

The accompanying notes are an integral part of these financial statements.

ATRION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

	Common Stock		Treasury Stock
	Shares Outstanding	Amount	Shares	Amount	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balances, January 1, 2017	1,824	$342	1,596	$(114,274)	$37,448	$(474)	$239,946	$162,988

Net income							19,976	19,976
Other comprehensive income (loss)						66		66
Stock-based compensation transactions	46		(46)	583	10,569			11,152
Shares surrendered in stock transactions	(34)		34	(17,972)				(17,972)
Dividends							(3,887)	(3,887)
Balances, June 30, 2017	1,836	$342	1,584	$(131,663)	$48,017	$(408)	$256,035	$172,323

The accompanying notes are an integral part of these financial statements

ATRION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)

Basis of Presentation

The accompanying unaudited consolidated financial statements of Atrion Corporation and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these statements include all normal and recurring adjustments necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2016 ("2016 Form 10-K/A"). References herein to "Atrion," the "Company," "we," "our," and "us" refer to Atrion Corporation and its subsidiaries.

(2)

Inventories

Inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out method. The following table details the major components of inventories (in thousands):

	June 30,	December 31,
	2017	2016
Raw materials	$12,991	$12,984
Work in process	6,927	6,230
Finished goods	10,047	9,801
Total inventories	$29,965	$29,015

(3)

Income per share

The following is the computation for basic and diluted income per share:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2017	2016	2017	2016
	(in thousands, except per share amounts)
Net income	$10,026	$7,450	$19,976	$14,396
Weighted average basic shares outstanding	1,844	1,822	1,839	1,823
Add: Effect of dilutive securities	14	31	17	32
Weighted average diluted shares outstanding	1,858	1,853	1,856	1,855
Earnings per share:
Basic	$5.44	$4.09	$10.86	$7.90
Diluted	$5.40	$4.02	$10.76	$7.76

ATRION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Dilutive securities representing 2,342 and 41 shares of common stock for the quarters ended June 30, 2017 and 2016, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.

(4)

Investments

As of June 30, 2017, we held investments in certificates of deposit, commercial paper, corporate bonds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The certificates of deposit, commercial paper and corporate bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The equity security is considered available for sale and recorded at fair value in the accompanying consolidated balance sheet with the unrealized gains and losses recorded as a component of other comprehensive income. These investments are considered Level 2 investments. We consider as current assets those investments which will mature in the next 12 months including interest receivable on the long-term corporate bonds. The remaining investments are considered non-current assets including our investment in equity securities we intend to hold longer than 12 months. The fair values of these Level 2 investments were estimated using recently executed transactions and market price quotations. The amortized cost and fair value of our investments, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands):

		Gross Unrealized
	Cost	Gains	Losses	Fair Value
As of June 30, 2017:
Short-term Investments:
Certificates of Deposit	$18,107	$1	$(2)	$18,106
Commercial Paper	$8,960	$--	$(4)	$8,956
Corporate bonds	$6	$--	$--	$6

Long-term Investments
Corporate bonds	$5,000	$--	$(63)	$4,937
Equity investments	$5,675	$--	$(629)	$5,046

ATRION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

		Gross Unrealized
	Cost	Gains	Losses	Fair Value
As of December 31, 2016:
Short-term Investments:
Certificates of Deposit	$24,000	$9	$--	$24,009
Corporate bonds	$80	$--	$--	$80

Long-term Investments
Corporate bonds	$5,000	$--	$(287)	$4,713
Equity investments	$5,675	$--	$(730)	$4,945

The above long-term corporate bonds represent an investment in one issuer at June 30, 2017. The unrealized loss for this investment relates to a rise in interest rates which resulted in a lower market price for that security. This investment has not been in a loss position for more than 12 months.

The certificates of deposit have maturities greater than one month but shorter than eleven months. The commercial paper securities have maturities from one month to less than eight months. The corporate bonds will mature in 47.5 months.

(5)

Patents and Licenses

Purchased patents and license fees paid for the use of other entities’ patents are amortized over the useful life of the patent or license. The following tables provide information regarding patents and licenses (dollars in thousands):

June 30, 2017			December 31, 2016
Weighted Average Original Life (years)	Gross Carrying Amount	Accumulated Amortization	Weighted Average Original Life (years)	Gross Carrying Amount	Accumulated Amortization
15.67	$13,840	$12,003	15.67	$13,840	$11,911

Aggregate amortization expense for patents and licenses was $30,000 and $63,000 for the three months ended June 30, 2017 and 2016, respectively, and $92,000 and $125,000 for the six months ended June 30, 2017 and 2016, respectively.

Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands):

2018

$119

2019

$119

2020

$119

2021

$119

2022

$117

ATRION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(6)

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Stock Compensation (Topic718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The objective of this update is to simplify several aspects of the accounting for employee share-based payments. Under this guidance all excess tax benefits (“windfalls”) and deficiencies (“shortfalls”) related to employee stock compensation are recognized within income tax expense. Under prior guidance windfalls were recognized in paid-in capital and shortfalls were only recognized to the extent they exceeded the pool of windfall tax benefits. The ASU also requires companies to classify cash flows resulting from employee share-based payments, including the additional tax benefits or expenses related to the vesting or settlement of share-based awards, as cash flows from operating activities. These items were previously included as cash flows from financing activities. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We elected to adopt ASU 2016-09 during the second quarter of 2016 and are therefore required to report the impacts as though the ASU had been adopted on January 1, 2016. As a result of the adoption, a tax benefit of $623,000 was recorded in the second quarter of 2016 reflecting the excess tax benefits. The adoption also impacted the computation of diluted shares outstanding for all 2016 reporting periods. First quarter of 2016 net income per diluted share was restated to $3.74 from $3.76. There was no restatement necessary for cash flows from operating activities or cash flows from financing activities in the previous 2016 period. The adoption was on a prospective basis and therefore had no impact on years prior to 2016. In the second quarter of 2017 we recorded a tax benefit of $3.0 million resulting in a $1.61 per share effect on net income per diluted share. In the first six months of 2017 we recorded a tax benefit of $5.3 million resulting in a $2.83 per share effect on the net income per diluted share.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The main objective of this update is to enhance the reporting model for financial instruments in order to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the new guidance to determine the full impact it may have on our consolidated financial statements. We anticipate any impact in accounting changes to be limited to our equity investment that is classified as an available for sale investment in our consolidated balance sheets. We also anticipate disclosure changes as a result of this standard when effective.

ATRION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We elected to adopt this ASU in the first quarter of 2017 on a retrospective basis. Amounts reclassified from “Deferred income taxes” to “Other non-current liabilities” were $651,000 as of December 31, 2016.The adoption did not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in United States Generally Accepted Accounting Principles when it becomes effective. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year, making it effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted as of the original effective date. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We plan on adopting the ASU in the first quarter of the year ending December 31, 2018. The Company has not yet selected a transition method and is currently evaluating the effect that our pending adoption of this guidance will have on our consolidated financial statements and related disclosures. We anticipate our assessment to be completed by December 31, 2017. Based on our existing evaluation process, we have not identified any revenue stream that would be materially impacted.

From time to time, new accounting standards updates applicable to us are issued by the FASB which we will adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards updates that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We develop and manufacture products primarily for medical applications. We market components to other equipment manufacturers for incorporation in their products and sell finished devices to physicians, hospitals, clinics and other treatment centers. Our medical products primarily serve the fluid delivery, cardiovascular, and ophthalmology markets. Our other medical and non-medical products include instrumentation and disposables used in dialysis and valves and inflation devices used in marine and aviation safety products.

Our products are used in a wide variety of applications by numerous customers. We encounter competition in all of our markets and compete primarily on the basis of product quality, price, engineering, customer service and delivery time.

Our strategy is to provide a broad selection of products in the areas of our expertise. Research and development efforts are focused on improving current products and developing highly-engineered products that meet customer needs and have the potential for broad market applications and significant sales. Proposed new products may be subject to regulatory clearance or approval prior to commercialization and the time period for introducing a new product to the marketplace can be unpredictable. We also focus on controlling costs by investing in modern manufacturing technologies and controlling purchasing processes. We have been successful in consistently generating cash from operations and have used that cash to reduce indebtedness, to fund capital expenditures, to repurchase stock and to pay dividends.

Our strategic objective is to further enhance our position in our served markets by:

● Focusing on customer needs;

● Expanding existing product lines and developing new products;

● Manufacturing products to exacting quality standards; and

● Preserving and fostering a collaborative and entrepreneurial culture.

For the three months ended June 30, 2017, we reported revenues of $36.2 million, operating income of $10.2 million and net income of $10.0 million, up less than 1 percent, up 1 percent and up 35 percent, respectively, from the three months ended June 30, 2016. For the six months ended June 30, 2017, we reported revenues of $74.7 million, operating income of $21.5 million and net income of $20.0 million, up 3 percent, up 5 percent and up 39 percent, respectively, from the six months ended June 30, 2016.

Results for the three months ended June 30, 2017

Consolidated net income totaled $10.0 million, or $5.44 per basic and $5.40 per diluted share, in the second quarter of 2017. This is compared with consolidated net income of $7.5 million, or $4.09 per basic and $4.02 per diluted share, in the second quarter of 2016. The income per basic share computations are based on weighted average basic shares outstanding of 1,844,000 in the 2017 period and 1,822,000 in the 2016 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 1,858,000 in the 2017 period and 1,853,000 in the 2016 period.

Consolidated revenues of $36.2 million for the second quarter of 2017 were less than 1 percent higher than revenues of $36.1 million for the second quarter of 2016.

Revenues by product line were as follows (in thousands):

	Three Months ended June 30,
	2017	2016

Fluid Delivery	$15,630	$14,921
Cardiovascular	12,222	12,546
Ophthalmology	3,762	4,560
Other	4,550	4,116
Total	$36,164	$36,143

Cost of goods sold of $18.5 million for the second quarter of 2017 was 2 percent lower than cost of goods sold of $18.9 million for the second quarter of 2016 primarily due to improved manufacturing efficiencies and the impact of continued cost improvement projects. Our cost of goods sold in the second quarter of 2017 was 51.1 percent of revenues compared with 52.4 percent of revenues in the second quarter of 2016.

Gross profit of $17.7 million in the second quarter of 2017 was $479,000, or 3 percent, higher than in the comparable 2016 period. Our gross profit percentage in the second quarter of 2017 was 48.9 percent of revenues compared with 47.6 percent of revenues in the second quarter of 2016. The increase in gross profit in the 2017 period compared to the 2016 period was primarily related to the reduced costs of goods sold mentioned above.

Our second quarter 2017 operating expenses of $7.5 million were $378,000 higher than the operating expenses for the second quarter of 2016. This increase was attributable to a $407,000 increase in General and Administrative, or G&A, expenses and a $200,000 increase in Selling expenses partially offset by a $229,000 decrease in Research and Development, or R&D, expenses. The increase in G&A expenses for the second quarter of 2017 was principally attributable to increased compensation and outside services. The increase in Selling expenses was principally attributable to increased commissions, compensation and travel costs. The decrease in R&D expenses was primarily related to decreased outside services.

Operating income in the second quarter of 2017 increased $101,000 to $10.2 million, a 1 percent increase compared to our operating income in the quarter ended June 30, 2016. Operating income was 28 percent of revenues in both the second quarter of 2017 and the second quarter of 2016.

Interest income in the second quarter of 2017 was $370,000, compared with $85,000 for the same period in the prior year. Increased levels of investment and increased interest rates were the primary reasons for the increase.

Income tax expense for the second quarter of 2017 was $519,000 compared to income tax expense of $2.7 million for the same period in the prior year. The effective tax rate for the second quarter of 2017 was 4.9 percent, compared with 26.9 percent for the second quarter of 2016. The effective tax rate for the second quarter of 2017 was favorably impacted by a tax benefit of $3.0 million related to excess tax benefits from stock compensation as a result of the adoption of ASU 2016-09. We expect the effective tax rate for the remainder of 2017 to be approximately 32.0 percent.

Results for the six months ended June 30, 2017

Consolidated net income totaled $20.0 million, or $10.86 per basic and $10.76 per diluted share, in the first six months of 2017. This is compared with consolidated net income of $14.4 million, or $7.90 per basic and $7.76 per diluted share, in the first six months of 2016. The income per basic share computations are based on weighted average basic shares outstanding of 1,839,000 in the 2017 period and 1,823,000 in the 2016 period. The income per diluted share computations are based on weighted average diluted shares outstanding of 1,856,000 in the 2017 period and 1,855,000 in the 2016 period.

Consolidated revenues of $74.7 million for the first six months of 2017 were 3 percent higher than revenues of $72.4 million for the first six months of 2016. This increase is primarily attributable to increased volumes of our fluid delivery products.

Revenues by product line were as follows (in thousands):

	Six Months ended June 30,
	2017	2016

Fluid Delivery	$33,636	$30,610
Cardiovascular	23,686	24,259
Ophthalmology	7,435	8,031
Other	9,912	9,458
Total	$74,669	$72,358

Cost of goods sold of $38.3 million for the first six months of 2017 was $766,000 higher than in the comparable 2016 period. The primary contributors to the increase in our cost of goods sold were increased sales and manufacturing inefficiencies in the first quarter of 2017. Our cost of goods sold in the first six months of 2017 was 51.4 percent of revenues compared with 51.9 percent of revenues in the first six months of 2016.

Gross profit of $36.3 million in the first six months of 2017 was $1.5 million, or 4 percent, higher than in the comparable 2016 period. Our gross profit percentage in the first six months of 2017 was 48.6 percent of revenues compared with 48.1 percent of revenues in the first six months of 2016. The increase in gross profit percentage in the 2017 period compared to the 2016 period was primarily related to a favorable product sales mix partially offset by manufacturing inefficiencies in the first quarter of 2017.

Our first six months 2017 operating expenses of $14.8 million were $582,000 higher than the operating expenses for the first six months of 2016. This increase was comprised of a $475,000 increase in G&A and a $212,000 increase in Selling expenses expenses partially offset by a $105,000 decrease in R&D expenses. The increase in G&A expenses for the first six months of 2017 was principally attributable to increased compensation, and outside services partially offset by decreased travel and depreciation. The increase in Selling expenses is primarily related to increased travel, commissions, outside services and compensation partially offset by reduced promotion costs. The decrease in R&D costs was primarily related to decreased outside services and supplies.

Operating income in the first six months of 2017 increased $963,000 to $21.5 million, a 5 percent increase from our operating income in the six months ended June 30, 2016. Operating income was 29 percent of revenues in the first six months of 2017 and 28 percent of revenues in the first six months of 2016.

Interest income for the first six months of 2017 was $519,000, compared with $208,000 for the same period in the prior year. Increased levels of investment and increased interest rates were the primary reasons for the increase.

In 2016, our other income (expense) was primarily related to an additional impairment loss on one of our previously impaired long-term corporate bonds. In the first quarter of 2016, the market value of this corporate bond experienced further declines. Therefore, we recorded an additional impairment loss on this bond of $345,000 reducing the carrying value of the bond to its market value at March 31, 2016. This bond was sold in the second quarter of 2016.

Income tax expense for the first six months of 2017 was $2.0 million compared to income tax expense of $6.0 million for the same period in the prior year. The effective tax rate for the first six months of 2017 was 9.3 percent, compared with 29.6 percent for the first six months of 2016. The effective tax rate for the first six months of 2017 was favorably impacted by a tax benefit of $5.3 million related to excess tax benefits from stock compensation as a result of the adoption of ASU 2016-09.

Liquidity and Capital Resources

At December 31, 2016, we had a $40.0 million revolving credit facility with a money center bank that could be utilized for the funding of operations and for major capital projects or acquisitions, subject to certain limitations and restrictions. Interest under the credit facility was to be assessed at 30-day, 60-day or 90-day LIBOR, as selected by us, plus one percent and was to be payable monthly. We had no outstanding borrowings under our credit facility at December 31, 2016. The credit facility contained various restrictive covenants, none of which was expected to impact our liquidity or capital resources. At December 31, 2016, we were in compliance with all financial covenants.

On February 28, 2017, we replaced the revolving credit facility with a new $75.0 million revolving credit facility with the same bank. The new credit facility has similar operational, covenant and collateral characteristics as the prior facility. Interest under the new credit facility is to be assessed at one, two, three or six-month LIBOR, as selected by us, plus .875 percent. The new credit facility allows us to make advances until February 28, 2022. We had no outstanding borrowings under our new credit facility at June 30, 2017. The new credit facility contains various restrictive covenants, none of which is expected to impact our liquidity or capital resources. At June 30, 2017, we were in compliance with all financial covenants. We believe the bank providing the credit facility is highly-rated and that the entire $75.0 million under the credit facility is currently available to us.

At June 30, 2017, we had a total of $57.3 million in cash and cash equivalents, short-term investments and long-term investments, an increase of $3.3 million from December 31, 2016. The principal contributor to this increase was operating results.

Cash flows from operating activities of $20.1 million for the six months ended June 30, 2017 were primarily comprised of net income plus the net effect of non-cash expenses partially offset by increases to accounts receivable and prepaid expenses. During the first six months of 2017, we expended $5.4 million for the addition of property and equipment, $21.9 million for the purchase of investments, $7.7 million for shares tendered on stock-based compensation for tax withholding and $3.9 million for dividends. During the same period, maturities of investments generated $19.0 million.

At June 30, 2017, we had working capital of $93.6 million, including $20.2 million in cash and cash equivalents and $27.1 million in short-term investments. The $8.6 million increase in working capital during the first six months of 2017 was primarily related to increases in short-term investments, accounts receivable and prepaid expenses. This increase was partially offset by increases in accrued income and other taxes. The net increase in cash and short-term investments was primarily related to operating results. The increase in accounts receivable was primarily related to increased revenues for the second quarter of 2017 as compared to the fourth quarter of 2016. The increase in prepaid expenses is primarily related to overpayment of federal income taxes. The increase in accrued income and other taxes is primarily related to accrued state income taxes.

We believe that our $57.3 million in cash, cash equivalents, short-term investments and long-term investments, along with cash flows from operations and available borrowings of up to $75.0 million under our new credit facility, will be sufficient to fund our cash requirements for at least the foreseeable future, including the costs associated with the planned expansion of one of our manufacturing facilities. We believe that our strong financial position would allow us to access equity or debt financing should that be necessary. Additionally, we believe that our cash and cash equivalents, short-term investments and long-term investments, as a whole, will continue to increase during the remainder of 2017.

Forward-Looking Statements

Statements in this Management’s Discussion and Analysis and elsewhere in this Quarterly Report on Form 10-Q that are forward looking are based upon current expectations, and actual results or future events may differ materially. Therefore, the inclusion of such forward-looking information should not be regarded as a representation by us that our objectives or plans will be achieved. Such statements include, but are not limited to, our effective tax rate for the remainder of 2017, our ability to fund our cash requirements for the foreseeable future with our current assets, long-term investments, cash flow and borrowings under the credit facility, the impact that the inability of the bank providing the credit facility to provide funds thereunder would have on our ability to fund operations, the impact of the restrictive covenants in our credit facility on our liquidity and capital resources, our access to equity and debt financing, and the increase in cash, cash equivalents, and investments during the remainder of 2017. Words such as “expects,” “believes,” “anticipates,” “intends,” “should,” “plans,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained herein involve numerous risks and uncertainties, and there are a number of factors that could cause actual results or future events to differ materially, including, but not limited to, the following: changing economic, market and business conditions; acts of war or terrorism; the effects of governmental regulation; the impact of competition and new technologies; slower-than-anticipated introduction of new products or implementation of marketing strategies; implementation of new manufacturing processes or implementation of new information systems; our ability to protect our intellectual property; changes in the prices of raw materials; changes in product mix; intellectual property and product liability claims and product recalls; the ability to attract and retain qualified personnel; and the loss of, or any material reduction in sales to, any significant customers. In addition, assumptions relating to budgeting, marketing, product development and other management decisions are subjective in many respects and thus susceptible to interpretations and periodic review which may cause us to alter our marketing, capital expenditures or other budgets, which in turn may affect our results of operations and financial condition.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For the quarter ended June 30, 2017, we did not experience any material changes in market risk exposures that affect the quantitative and qualitative disclosures presented in our 2016 Form 10-K/A.

Item 4. Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2017. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting for the quarter ended June 30, 2017 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

From time to time, we may be involved in claims or litigation that arise in the normal course of business. We are not currently a party to any legal proceedings, which, if decided adversely, would have a material adverse effect on our business, financial condition, or results of operations.

Item 1A.

Risk Factors

There were no material changes to the risk factors disclosed in our 2016 Form 10-K/A.

Item 6.

Exhibits

Exhibit Number	Description

10.1	Form of Restricted Stock Award Agreement

10.2	Form of Common Stock Award Agreement

10.3	Form of Restricted Stock Unit Award Agreement

10.4	Form of Non-Qualified Stock Option Award Agreement

31.1	Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer

31.2	Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer

32.1	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002

32.2	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Atrion Corporation (Registrant)

Date: August 8, 2017	By:	/s/ David A. Battat
		David A. Battat
		President and Chief Executive Officer



	By:	/s/ Jeffery Strickland
		Jeffery Strickland
		Vice President and Chief Financial Officer (Principal Accounting and Financial Officer)

Exhibit Index

Exhibit Number	Description

10.1	Form of Restricted Stock Award Agreement

10.2	Form of Common Stock Award Agreement

10.3	Form of Restricted Stock Unit Award Agreement

10.4	Form of Non-Qualified Stock Option Award Agreement

31.1	Sarbanes-Oxley Act Section 302 Certification of Chief Executive Officer

31.2	Sarbanes-Oxley Act Section 302 Certification of Chief Financial Officer

32.1	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002

32.2	Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of The Sarbanes – Oxley Act Of 2002

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

EX-10.1 2 atri_ex101.htm FORM OF RESTRICTED STOCK AWARD AGREEMENT Blueprint

Exhibit 10.1

Form of Amended and Restated

Restricted Stock Award Agreement

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (the "Agreement') is made and entered into as of [DATE] by and between Atrion Corporation, a Delaware corporation (the "Company"), and [NAME OF PARTICIPANT] (the "Participant") pursuant to the Amended and Restated Atrion Corporation 2006 Equity Incentive Plan, as it may be further amended and restated from time to time (the "Plan"). Capitalized terms used but not defined herein shall have the same meanings set forth in the Plan.

W I T N E S S E T H:

WHEREAS, pursuant to the Plan and subject to the execution of this Agreement, the Committee has granted, and the Participant desires to receive, an Award.

NOW, THEREFORE, for and in consideration of the premises, the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

AWARD OF RESTRICTED STOCK. On the date specified on Exhibit A attached hereto (the "Date of Award") but subject to the execution of this Agreement, the Company awarded to the Participant an Award (the "Award") in the form of the number of shares of Restricted Common Stock (the "Shares") as is set forth on Exhibit A from the authorized and unissued or treasury Common Stock at and for the purchase price set forth on Exhibit A.

EFFECT OF PLAN. The Shares are in all respects subject to, and shall be governed and determined by, the provisions of the Plan (all of the terms of which are incorporated herein by reference) and to any rules which might be adopted by the Board or the Committee with respect to the Plan to the same extent and with the same effect as if set forth fully herein. The Participant hereby acknowledges that all decisions and determinations of the Committee shall be final and binding on the Participant, the Participant’s beneficiaries, and any other person having or claiming an interest in the Shares.

RESTRICTIONS. The Shares which are not vested shall be forfeited upon the Participant's Termination of Employment, except as otherwise provided in an agreement between the Company and the Participant or a Company plan covering the Participant. [The Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until [NUMBER] years after the date the Shares vest.]

RIGHTS PRIOR TO LAPSE OF RESTRICTIONS. During the period prior to lapse of the restrictions, the Participant (a) may exercise full voting rights with respect to the Shares, (b) shall be entitled to receive cash dividends paid with respect to the Shares and (c) shall be credited with and entitled to receive stock dividends paid with respect to the Shares; provided, however, that any such stock dividends shall be subject to the same restrictions as the Shares.

ISSUANCE AND CUSTODY OF SHARES. The Shares shall be issued in the Participant’s name in such manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of a stock certificate or certificates, which certificate or certificates shall be held by the Secretary of the Company for the Participant’s benefit until such time as such Shares are forfeited to the Company or the restrictions applicable to the Shares lapse. After the restrictions lapse and following payment of the applicable withholding taxes pursuant to Section 11 hereof, the Company shall promptly cause such Shares (less any Shares withheld to pay taxes), free of the restrictions and legends or notations to be delivered, either by book-entry or direct registration (including transaction advices) or in the form of a certificate or certificates evidencing ownership of such Shares, registered in the Participant’s name or in the names of the Participant’s beneficiary or estate, as the case may be.

SECURITIES LAW RESTRICTIONS. Acceptance of this Agreement shall be deemed to constitute the Participant's acknowledgement that the Shares shall be subject to such restrictions and conditions on any resale and on any other disposition as the Company shall deem necessary under any applicable laws or regulations or in light of any stock exchange requirements.

LEGEND. In order to enforce the restrictions imposed on the Shares, all certificates representing such Shares shall bear the following legend:

THESE SHARES ARE HELD SUBJECT TO THE TERMS OF THE AMENDED AND RESTATED ATRION CORPORATION 2006 EQUITY INCENTIVE PLAN (THE "PLAN") AND THE RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE COMPANY AND THE PARTICIPANT AND SUCH SHARES MAY ONLY BE TRANSFERRED IN ACCORDANCE WITH THE TERMS THEREOF. A COPY OF THE PLAN IS AVAILABLE AT THE OFFICE OF THE COMPANY.

To the extent that ownership of the Shares is evidenced by a book-entry registration or direct registration (including transaction advices), such registration shall be notated to evidence the restrictions imposed on such Shares. Such legend or notation shall be removed as the restrictions lapse with respect to such Shares.

AUTHORITY OF COMMITTEE. Notwithstanding any provision of the Plan or of this Award Agreement to the contrary, the Committee, in its sole and exclusive discretion, shall have the power at any time to (a) accelerate the vesting of the Shares and the lapse of the restrictions or (b) waive any restrictions on the Shares.

TAX ELECTION. In the event the Participant desires to make an election pursuant to Section 83(b) of the Code to be taxed currently on any difference between the purchase price, if any, of the Shares and their Fair Market Value on the date of the Award (the “Election”), the Participant will notify the Company in advance thereof and provide the Company with an executed copy of the Election. Such Election shall be irrevocable, made in writing, signed by the Participant, and subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. The Participant shall have full responsibility for ensuring that the Election is timely filed with the Internal Revenue Service.

NO RIGHT TO CONTINUED EMPLOYMENT. Neither the Plan nor this Agreement shall give the Participant the right to continued employment by the Company or by any Subsidiary or shall adversely affect the right of the Company or any Subsidiary to terminate the Participant's employment with or without cause at any time, subject to the provisions of any applicable employment agreement.

TAX WITHHOLDING.

Regardless of any action the Company or the Subsidiary employing the Participant takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other applicable taxes (“Tax Items”) in connection with the Award, the Participant hereby acknowledges and agrees that the ultimate liability for all Tax Items legally due by the Participant is and remains the responsibility of the Participant. Further, if the Participant has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Participant acknowledges that the Company or the Subsidiary employing the Participant may be required to withhold or account for Tax Items in more than one jurisdiction.

The Participant acknowledges and agrees that the Company and the Subsidiary employing the Participant: (i) make no representations or undertakings regarding the treatment of any Tax Items in connection with any aspect of the Award, including, but not limited to, the award or vesting of the Shares, the subsequent sale of Shares and the receipt of any dividends; and (ii) does not commit to structure the terms of the Award or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax Items.

Prior to the earlier of (i) the vesting of the Shares and (ii) an Election, the Participant must pay or make adequate arrangements satisfactory to the Company or the Subsidiary employing the Participant to satisfy all withholding obligations for Tax Items of the Company or the Subsidiary employing the Participant arising from vesting of the Shares or such Election. In this regard, in lieu of all or any part of a cash payment, the Participant may elect to satisfy all or part of the withholding obligations for Tax Items by (i) having the Company withhold a portion of the Shares to be delivered or (ii) delivering shares of Common Stock already owned by the Participant, duly endorsed for transfer, to the Company, in each case with a Fair Market Value equal to the amount of the withholding obligations to be satisfied in such manner. The Company or the Subsidiary employing the Participant will remit the total amount paid or withheld for Tax Items to the appropriate tax authorities.

SECTION 409A. This Agreement is intended to comply with Section 409A of the Code and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes and penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representation that the payments and benefits provided hereunder comply with Section 409A of the Code, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

COUNTERPART EXECUTION. This Agreement may be executed in any number of counterparts, each of which shall be considered an original, and such counterparts shall, together, constitute and be one and the same instrument.

MISCELLANEOUS.

The Participant's rights under this Agreement can be modified, suspended or canceled only in accordance with the terms of the Plan. This Agreement may not be changed orally, but may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.

The invalidity or unenforceability of any provision hereof shall in no way affect the validity of enforceability of any other provision of this Agreement.

This Agreement shall bind the parties, their respective heirs, executors, administrators, successors and assigns. Nothing contained herein shall be construed as an authorization or right of any party to assign their respective rights or obligations hereunder and the Participant shall have no right to assign this Agreement, and any such attempted assignment shall be ineffective. This Agreement shall be binding upon the Company and its successors and assigns.

This Agreement shall be subject to the applicable provisions, definitions, terms and conditions set forth in the Plan, all of which are incorporated by this reference in this Agreement and the terms of the Plan shall govern in the event of any inconsistency between the Plan and this Agreement.

Any notice required or permitted to be given to the Company hereunder shall be in writing and addressed to the Secretary of the Company at the Company’s principal office. Any notice required or permitted to be given to the Participant shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the Company. Either party may designate another address in writing from time to time. Notices hereunder shall be deemed to have been given when deposited in the United States mail, postage prepaid and sent by certified or registered mail to the above addresses.

This Agreement shall be interpreted and construed according to and governed by the laws of the State of Texas.

[Signatures appear on the following page.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

ATRION CORPORATION

By:

Name:

Title:

PARTICIPANT

EXHIBIT A

AWARD AGREEMENT

Participant:

Date of Award:

Number of Shares of Restricted Common Stock:

Purchase Price per Share: $

Vesting Schedule:

Number of Shares		Date Shares Vest

EX-10.2 3 atri_ex102.htm FORM OF COMMON STOCK AWARD AGREEMENT Blueprint

Exhibit 10.2

Form of Amended and Restated

Common Stock Award Agreement

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

COMMON STOCK AWARD AGREEMENT

THIS AWARD AGREEMENT (the "Agreement') is made and entered into as of [DATE] by and between Atrion Corporation, a Delaware corporation (the "Company"), and [NAME OF PARTICIPANT] (the "Participant") pursuant to the Amended and Restated Atrion Corporation 2006 Equity Incentive Plan, as it may be further amended and restated from time to time (the "Plan"). Capitalized terms used but not defined herein shall have the same meanings set forth in the Plan.

W I T N E S S E T H:

WHEREAS, pursuant to the Plan and subject to the execution of this Agreement, the Committee has granted, and the Participant desires to receive, an Award [pursuant to the Company’s Director Compensation Program].

NOW, THEREFORE, for and in consideration of the premises, the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

AWARD OF COMMON STOCK. On the date specified in Exhibit A attached hereto (the "Date of Grant"), but subject to the execution of this Agreement, the Company granted to the Participant an Award in the form of the number of shares of Common Stock (the "Shares") as set forth in Exhibit A from the authorized and unissued or treasury Common Stock.

EFFECT OF PLAN. The Award is in all respects subject to, and shall be governed and determined by, the provisions of the Plan (all of the terms of which are incorporated herein by reference) and to any rules which may be adopted by the Board or the Committee with respect to the Plan to the same extent and with the same effect as if set forth fully herein. The Participant hereby acknowledges that all decisions and determinations of the Committee shall be final and binding on the Participant, the Participant’s beneficiaries and any other person having or claiming an interest in the Award.

RESTRICTIONS. The Shares shall be fully-vested and without restriction as of the Date of Grant.

DELIVERY OF SHARES OF COMMON STOCK. Shares shall be delivered to the Participant in the manner set forth in Exhibit A.

SECURITIES LAW RESTRICTIONS. Acceptance of this Agreement shall be deemed to constitute the Participant's acknowledgment that the Participant's sale or other disposition of the Shares shall be subject to compliance with all federal and state laws, rules and regulations (including but not limited to state and federal securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable.

TAXES AND WITHHOLDING.

Regardless of any action the Company [or the Subsidiary employing the Participant] takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other applicable taxes (“Tax Items”) in connection with the Award, the Participant hereby acknowledges and agrees that the ultimate liability for all Tax Items legally due by the Participant is and remains the responsibility of the Participant. Further, if the Participant has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Participant acknowledges that the Company [or the Subsidiary employing the Participant] may be required to withhold or account for Tax Items in more than one jurisdiction.

The Participant acknowledges and agrees that the Company [and the Subsidiary employing the Participant] make[s]no representations or undertakings regarding the treatment of any Tax Items in connection with any aspect of the Award.

[Prior to issuance of the Shares, the Participant must pay or make adequate arrangements satisfactory to the Company or the Subsidiary employing the Participant to satisfy all withholding obligations for Tax Items of the Company or the Subsidiary employing the Participant arising from the issuance of the Shares. In this regard, in lieu of all or any part of a cash payment, the Participant may elect to satisfy all or part of the withholding obligations for Tax Items by (i) having the Company withhold a portion of the Shares issuable or (ii) delivering shares of Common Stock owned by the Participant, duly endorsed for transfer, to the Company, in each case with a Fair Market Value equal to the amount of the withholding obligations to be satisfied in such manner. The Company or the Subsidiary employing the Participant will remit the total amount paid or withheld for Tax Items to the appropriate tax authorities.]

[NO RIGHT TO CONTINUED EMPLOYMENT. This Agreement shall not be deemed to confer upon the Participant any right to continue the Participant's employment by the Company or any Subsidiary employing the Participant, and the Company or any Subsidiary employing the Participant may terminate such employment at any time for any reason, subject to the provisions of any applicable employment agreement.]

MISCELLANEOUS.

The invalidity or unenforceability of any provision hereof shall in no way affect the validity of enforceability of any other provision of this Agreement.

This Agreement shall be interpreted and construed according to and governed by the laws of the State of Texas.

[Signatures appear on the following page.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

ATRION CORPORATION

By:

Name:

Title:

PARTICIPANT

EXHIBIT A

AWARD AGREEMENT

Date of Award:

Number of Shares of Common Stock:

Purchase Price per Share [Tax Basis per Share]:

Delivery Instructions (check the appropriate box and complete):

□ Electronic Delivery

Please deliver all Shares to:

Account Number:

Broker Name:

Broker Contact (Phone Number):

Broker Contact (E-mail):

□ Delivery of Certificate

Please deliver a certificate for all Shares to the following address:

___________________________________

EX-10.3 4 atri_ex103.htm FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT Blueprint

Exhibit 10.3

Form of Amended and Restated

Restricted Stock Unit Award Agreement

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AWARD AGREEMENT (the "Agreement") is made and entered into effective as of [DATE] by and between Atrion Corporation, a Delaware corporation (the "Company"), and [NAME OF PARTICIPANT] (the "Participant"), pursuant to the Amended and Restated Atrion Corporation 2006 Equity Incentive Plan, as it may be amended and restated from time to time (the "Plan"). Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

W I T N E S S E T H:

WHEREAS, pursuant to the Plan and subject to the execution of this Agreement, the Committee has granted, and the Participant desires to receive, an Award.

NOW, THEREFORE, for and in consideration of the premises, the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

AWARD OF RESTRICTED STOCK UNITS. On the date specified on Exhibit A attached hereto (the "Date of Grant") but subject to the execution of this Agreement, the Company granted to the Participant an Award in the form of Restricted Stock Units ("RSUs") entitling the Participant to receive from the Company, without payment, one share of Common Stock (a "Share") for each RSU set forth on said Exhibit A.

EFFECT OF PLAN. The RSUs are in all respects subject to, and shall be governed and determined by, the provisions of the Plan (all of the terms of which are incorporated herein by reference) and to any rules which might be adopted by the Board or the Committee with respect to the Plan to the same extent and with the same effect as if set forth fully herein. The Participant hereby acknowledges that all decisions and determinations of the Committee shall be final and binding on the Participant, his beneficiaries and any other person having or claiming an interest in the RSUs.

RESTRICTIONS. The RSUs as to which the restrictions shall not have lapsed and which are not vested shall be forfeited upon the Participant's Termination of Employment. The RSUs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until such restrictions lapse and the RSUs vest.

RIGHTS PRIOR TO VESTING. During the period prior to lapse of the restrictions and the vesting, in the event that any dividend is paid by the Company with respect to the Common Stock (whether in the form of cash, Common Stock or other property), then the Committee shall, in the manner it deems equitable or appropriate, adjust the number of RSUs allocated to each Participant's Stock Award Account to reflect such dividend.

SETTLEMENT OF RSUS. Each RSU will be settled by delivery to the Participant, or in the event of the Participant's death to the Participant's legal representative, promptly following the date or dates set forth on Exhibit A hereto (any such date, the "Settlement Date") of one Share.

SECURITIES LAW RESTRICTIONS. Acceptance of this Agreement shall be deemed to constitute the Participant's acknowledgement that the RSUs shall be subject to such restrictions and conditions on any resale and on any other disposition as the Company shall deem necessary under any applicable laws or regulations or in light of any stock exchange requirements.

NO ASSIGNMENT. The RSUs are personal to the Participant and may not in any manner or respect be assigned or transferred otherwise than by will or the laws of descent and distribution.

NO RIGHT TO CONTINUED EMPLOYMENT. Neither the Plan nor this Agreement shall give the Participant the right to continued employment by the Company or shall adversely affect the right of the Company to terminate the Participant's employment with or without cause at any time, subject to the provisions of any applicable employment agreement.

TAX WITHHOLDING.

The Participant acknowledges and agrees that the Company and the Subsidiary employing the Participant: (i) make no representations or undertakings regarding the treatment of any Tax Items in connection with any aspect of the Award, including, but not limited to, the award or vesting of the RSUs, the delivery of the Shares upon vesting and conversion or the subsequent sale of Shares acquired upon vesting and conversion; and (ii) does not commit to structure the terms of the Award or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax Items.

Prior to vesting and conversion of the RSUs, the Participant must pay or make adequate arrangements satisfactory to the Company or the Subsidiary employing the Participant to satisfy all withholding obligations for Tax Items of the Company or the Subsidiary employing the Participant arising from vesting and conversion of the RSUs. In this regard, in lieu of all or any part of a cash payment, the Participant may elect to satisfy all or part of the withholding obligations for Tax Items by (i) having the Company withhold a portion of the Shares issuable upon vesting and conversion of the RSUs or (ii) delivering shares of Common Stock owned by the Participant, duly endorsed for transfer, to the Company, in each case with a Fair Market Value equal to the amount of the withholding obligations to be satisfied in such manner. The Company or the Subsidiary employing the Participant will remit the total amount paid or withheld for Tax Items to the appropriate tax authorities.

MISCELLANEOUS.

The invalidity or unenforceability of any provision hereof shall in no way affect the validity of enforceability of any other provision of this Agreement.

This Agreement shall be interpreted and construed according to and governed by the laws of the State of Texas.

IN WITNESS WHEREOF, the Company and the Participant have executed and delivered this Agreement as of the day and year first written above.

ATRION CORPORATION

By:

Name:

Title:

PARTICIPANT

EXHIBIT A

AWARD AGREEMENT

Date of Grant:

Number of Restricted Stock Units:

Settlement Schedule:

Number of Shares to be Delivered*		Settlement Date

* Subject to adjustment as provided in Paragraph 4 of the Award Agreement.

EX-10.4 5 atri_ex104.htm FORM OF NON-QUALIFIED STOCK OPTION AWARD AGREEMENT Blueprint

Exhibit 10.4

Form of Amended and Restated

Non-Qualified Stock Option Award Agreement

AMENDED AND RESTATED

ATRION CORPORATION

2006 EQUITY INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (the "Agreement") is made and entered into effective as of [DATE], by and between Atrion Corporation, a Delaware corporation (the "Company"), and [NAME OF PARTICIPANT] (the "Participant"), pursuant to the Amended and Restated Atrion Corporation 2006 Equity Incentive Plan, as amended and restated from time to time (the "Plan"). Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

W I T N E S S E T H:

WHEREAS, pursuant to the Plan and subject to the execution of this Agreement, the Committee has granted, and the Participant desires to receive, an Award.

NOW, THEREFORE, for and in consideration of the premises, the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

AWARD OF OPTION. On the date specified on Exhibit A attached hereto (the "Date of Grant") but subject to the execution of this Agreement, the Company granted to the Participant an Award in the form of a Non-Qualified Stock Option (the "Option") to purchase from the Company the number of shares of Common Stock (the "Shares") set forth on said Exhibit A for the price per Share (the "Option Price") set forth on said Exhibit A.

EFFECT OF PLAN. The Option is in all respects subject to, and shall be governed and determined by, the provisions of the Plan (all of the terms of which are incorporated herein by reference) and to any rules which might be adopted by the Board or the Committee with respect to the Plan to the same extent and with the same effect as if set forth fully herein. The Participant hereby acknowledges that all decisions and determinations of the Committee shall be final and binding on the Participant, his beneficiaries and any other person having or claiming an interest in the Option.

VESTING AND EXERCISABILITY OF OPTION. The Option may be exercised and Shares may be purchased by the Participant as the result of such exercise only during the term or terms set forth on Exhibit A attached hereto; provided, however, that in no event shall the total number of Shares purchased hereunder pursuant to the exercise of the Option exceed the number set forth on Exhibit A attached hereto, as the same may be adjusted in accordance with the Plan.

Limitations on Exercise of Option. The Option may not be exercised after its expiration date.

No Vesting After Termination. Notwithstanding any other provision hereof, in no event may the Option be exercised at any time after Termination of Employment with respect to any number of Shares in excess of the number of Shares as to which the Option was exercisable at the time of Termination of Employment.

METHOD OF EXERCISE. The Option shall be exercised by delivery to the Company at its principal office of written notice of the Participant's intent to exercise the Option with respect to the number of Shares then being purchased, accompanied by payment in full to the Company of the amount of the Option Price for the number of Shares then being purchased. The Option Price may be paid as follows, as elected by the Participant:

in the manner set forth in Sections 5.2.4.1-5.2.4.4 of the Plan; or

through any combination of the consideration provided for in this Section 4 or such other method approved by the Committee consistent with applicable law.

SURRENDER OF AGREEMENT ON EXERCISE. In case of any exercise of the Option, this Agreement shall be surrendered to the Company. The Company shall thereupon cause to be issued and delivered to the Participant (or, in the event of a cashless exercise pursuant to Section 5.2.4.4, to the Participant's broker-dealer), as soon as reasonably may be done in accordance with the terms of the Plan, a certificate or certificates, representing the Shares so purchased and fully paid for. In the event of a partial exercise of the Option, the Company shall endorse on Exhibit B attached hereto the fact that the Option has been partially exercised on such date, setting forth the number of Shares as to which the Option has been exercised on such date and the number of Shares then remaining subject to the Option, and return this Agreement to the Participant.

NO ASSIGNMENT. The Option is personal to the Participant and may not in any manner or respect be assigned or transferred otherwise than by will or the laws of descent and distribution, and is exercisable during the Participant's lifetime only by the Participant; provided, however, that the Participant may transfer the Option at any time or from time to time to any one or more of the Participant’s “family members” as that term is defined in the General Instructions to Form S-8 under the Securities Act of 1933. Any transferee shall remain subject to all of the terms and conditions applicable to the Option prior to such transfer.

AUTHORITY OF COMMITTEE. Notwithstanding any provision of the Plan or of this Award Agreement to the contrary, the Committee, in its sole and exclusive discretion, shall have the power at any time to (a) accelerate the vesting and exercisability of the Option including, without limitation, acceleration to such a date that would result in the Option becoming fully and immediately vested and exercisable or (b) waive any restrictions of the Option.

TERMINATION. This Agreement shall terminate on the earliest of:

the date on which the Option is exercised with respect to all of the Shares then subject to the Option;

the date on which the Option is forfeited; and

[NUMBER] years from the Date of Grant.

TAX WITHHOLDING.

The Participant acknowledges and agrees that the Company and the Subsidiary employing the Participant: (i) make no representations or undertakings regarding the treatment of any Tax Items in connection with any aspect of the Award, including, but not limited to, the award or vesting of the Option, the exercise of the Option, the delivery of the Shares upon exercise or the subsequent sale of Shares acquired upon exercise; and (ii) does not commit to structure the terms of the Award or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax Items.

Prior to exercise of the Option, the Participant must pay or make adequate arrangements satisfactory to the Company or the Subsidiary employing the Participant to satisfy all withholding obligations for Tax Items of the Company or the Subsidiary employing the Participant arising from exercise of the Option. In this regard, in lieu of all or any part of a cash payment, the Participant may elect to satisfy all or part of the withholding obligations for Tax Items by (i) having the Company withhold a portion of the Shares issuable upon exercise of the Option or (ii) delivering shares of Common Stock owned by the Participant, duly endorsed for transfer, to the Company, in each case with a Fair Market Value equal to the amount of the withholding obligations to be satisfied in such manner. The Company or the Subsidiary employing the Participant will remit the total amount paid or withheld for Tax Items to the appropriate tax authorities.

NO RIGHT TO CONTINUED EMPLOYMENT. This Agreement shall not be deemed to confer upon the Participant any right to continue the Participant's employment by the Company or any Subsidiary employing the Participant, and the Company or any Subsidiary employing the Participant may terminate such employment at any time for any reason, subject to the provisions of any applicable employment agreement.

MISCELLANEOUS.

The invalidity or unenforceability of any provision hereof shall in no way affect the validity of enforceability of any other provision of this Agreement.

This Agreement shall be interpreted and construed according to and governed by the laws of the State of Texas.

[Signatures appear on the following page.]

IN WITNESS WHEREOF, the Company and the Participant have executed and delivered this Agreement as of the day and year first written above.

ATRION CORPORATION

By:

Name:

Title:

PARTICIPANT

EXHIBIT A

AWARD AGREEMENT

Participant:

Grant Date:

Option Price: $

Shares Subject to Option	Can Only Be Exercised After	Must Be Exercised By

EXHIBIT B

AWARD AGREEMENT

PARTIAL EXERCISE


Date of	No. of Shares	No. of Shares	Signature of
Exercise	Purchased Officer	Remaining	Endorsing

EX-31.1 6 atri_ex311.htm SARBANES-OXLEY ACT SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER Blueprint

Exhibit 31.1

Chief Executive Officer Certification

I, David A. Battat, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Atrion Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and we have

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over the financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 8, 2017		/s/ David A. Battat
		David A. Battat
		President and Chief Executive Officer

EX-31.2 7 atri_ex312.htm SARBANES-OXLEY ACT SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER Blueprint

Exhibit 31.2

Chief Financial Officer Certification

I, Jeffery Strickland, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Atrion Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: August 8, 2017		/s/ Jeffery Strickland
		Jeffery Strickland
		Vice President and Chief Financial Officer

EX-32.1 8 atri_ex321.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES - OXLEY ACT OF 2002 Blueprint

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES – OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Atrion Corporation (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 8, 2017		/s/ David A. Battat
		David A. Battat
		President and Chief Executive Officer

The foregoing certification is made solely for purpose of 18 U.S.C. § 1350 and not for any other purpose.

EX-32.2 9 atri_ex322.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES - OXLEY ACT OF 2002 Blueprint

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES – OXLEY ACT OF 2002


Date: August 8, 2017		/s/ Jeffery Strickland
		Jeffery Strickland
		Vice President and Chief Financial Officer

The foregoing certification is made solely for purpose of 18 U.S.C. § 1350 and not for any other purpose.

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The accompanying unaudited consolidated financial statements of Atrion Corporation and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these statements include all normal and recurring adjustments necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2016 ("2016 Form 10-K/A"). References herein to "Atrion," the "Company," "we," "our," and "us" refer to Atrion Corporation and its subsidiaries.

Inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out method. The following table details the major components of inventories (in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">June 30,</td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font-size: 8pt; text-align: left">Raw materials</td><td style="width: 8%; font-size: 8pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-size: 8pt; font-weight: bold; text-align: right">12,991</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 12%; font-size: 8pt; text-align: right">12,984</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; text-align: left">Work in process</td><td style="font-size: 8pt; font-weight: bold"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt; font-weight: bold; text-align: right">6,927</td><td style="font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">6,230</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Finished goods</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">10,047</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">9,801</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">29,965</td><td style="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">29,015</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

The following is the computation for basic and diluted income per share:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">June 30,</td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">(in thousands, except per share amounts)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net income</td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10,026</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7,450</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">19,976</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">14,396</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt">Weighted average basic shares outstanding</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,844</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,822</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,839</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,823</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Add: Effect of dilutive securities</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">14</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">31</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">17</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">32</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Weighted average diluted shares outstanding</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,858</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,853</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,856</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,855</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; font-weight: bold">Earnings per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Basic</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5.44</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">4.09</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10.86</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Diluted</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5.40</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">4.02</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>   Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Dilutive securities representing 2,342 and 41 shares of common stock for the quarters ended June 30, 2017 and 2016, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.

As of June 30, 2017, we held investments in certificates of deposit, commercial paper, corporate bonds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The certificates of deposit, commercial paper and corporate bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The equity security is considered available for sale and recorded at fair value in the accompanying consolidated balance sheet with the unrealized gains and losses recorded as a component of other comprehensive income. These investments are considered Level 2 investments. We consider as current assets those investments which will mature in the next 12 months including interest receivable on the long-term corporate bonds. The remaining investments are considered non-current assets including our investment in equity securities we intend to hold longer than 12 months. The fair values of these Level 2 investments were estimated using recently executed transactions and market price quotations. The amortized cost and fair value of our investments, and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands):    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Gross Unrealized</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of June 30, 2017:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Short-term Investments:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Certificates of Deposit</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">18,107</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">1</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">(2</td> <td>)</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">18,106</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Commercial Paper</td> <td> </td> <td>$</td> <td style="text-align: right">8,960</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(4</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">8,956</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">6</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">6</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Long-term Investments</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(63</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,937</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Equity investments</td> <td> </td> <td>$</td> <td style="text-align: right">5,675</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(629</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">5,046</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Gross Unrealized</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">As of December 31, 2016:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Short-term Investments:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Certificates of Deposit</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">24,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">9</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">--</td> <td> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">24,009</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">80</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Long-term Investments</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(287</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,713</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Equity investments</td> <td> </td> <td>$</td> <td style="text-align: right">5,675</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(730</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,945</td> <td> </td></tr> </table>   The above long-term corporate bonds represent an investment in one issuer at June 30, 2017. The unrealized loss for this investment relates to a rise in interest rates which resulted in a lower market price for that security. This investment has not been in a loss position for more than 12 months.   The certificates of deposit have maturities greater than one month but shorter than eleven months. The commercial paper securities have maturities from one month to less than eight months. The corporate bonds will mature in 47.5 months.

Purchased patents and license fees paid for the use of other entities’ patents are amortized over the useful life of the patent or license. The following tables provide information regarding patents and licenses (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Original Life (years)</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Original Life (years)</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">15.67</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">13,840</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">12,003</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 13%; font-size: 8pt; text-align: right">15.67</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">13,840</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">11,911</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> </table>   Aggregate amortization expense for patents and licenses was $30,000 and $63,000 for the three months ended June 30, 2017 and 2016, respectively, and $92,000 and $125,000 for the six months ended June 30, 2017 and 2016, respectively.   Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 77%; text-align: left">2018</td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">2019</td> <td style="text-align: left">$</td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">2020</td> <td style="text-align: left">$</td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">2021</td> <td style="text-align: left">$</td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">2022</td> <td style="text-align: left">$</td><td style="text-align: right">117</td><td style="text-align: left"> </td></tr> </table>

In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Stock Compensation (Topic718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The objective of this update is to simplify several aspects of the accounting for employee share-based payments. Under this guidance all excess tax benefits (“windfalls”) and deficiencies (“shortfalls”) related to employee stock compensation are recognized within income tax expense. Under prior guidance windfalls were recognized in paid-in capital and shortfalls were only recognized to the extent they exceeded the pool of windfall tax benefits. The ASU also requires companies to classify cash flows resulting from employee share-based payments, including the additional tax benefits or expenses related to the vesting or settlement of share-based awards, as cash flows from operating activities. These items were previously included as cash flows from financing activities. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We elected to adopt ASU 2016-09 during the second quarter of 2016 and are therefore required to report the impacts as though the ASU had been adopted on January 1, 2016. As a result of the adoption, a tax benefit of $623,000 was recorded in the second quarter of 2016 reflecting the excess tax benefits. The adoption also impacted the computation of diluted shares outstanding for all 2016 reporting periods. First quarter of 2016 net income per diluted share was restated to $3.74 from $3.76. There was no restatement necessary for cash flows from operating activities or cash flows from financing activities in the previous 2016 period. The adoption was on a prospective basis and therefore had no impact on years prior to 2016. In the second quarter of 2017 we recorded a tax benefit of $3.0 million resulting in a $1.61 per share effect on net income per diluted share. In the first six months of 2017 we recorded a tax benefit of $5.3 million resulting in a $2.83 per share effect on the net income per diluted share.   In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The main objective of this update is to enhance the reporting model for financial instruments in order to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the new guidance to determine the full impact it may have on our consolidated financial statements. We anticipate any impact in accounting changes to be limited to our equity investment that is classified as an available for sale investment in our consolidated balance sheets. We also anticipate disclosure changes as a result of this standard when effective.   In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet.  The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance.  ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented.  We elected to adopt this ASU in the first quarter of 2017 on a retrospective basis. Amounts reclassified from “Deferred income taxes” to “Other non-current liabilities” were $651,000 as of December 31, 2016. The adoption did not have a material impact on our consolidated financial statements.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in United States Generally Accepted Accounting Principles when it becomes effective. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year, making it effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted as of the original effective date. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We plan on adopting the ASU in the first quarter of the year ending December 31, 2018. The Company has not yet selected a transition method and is currently evaluating the effect that our pending adoption of this guidance will have on our consolidated financial statements and related disclosures. We anticipate our assessment to be completed by December 31, 2017. Based on our existing evaluation process, we have not identified any revenue stream that would be materially impacted.   From time to time, new accounting standards updates applicable to us are issued by the FASB which we will adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently issued standards updates that are not yet effective will not have a material impact on our consolidated financial statements upon adoption.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended</td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">Six Months Ended</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">June 30,</td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 8pt; font-weight: bold; text-align: center">June 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">(in thousands, except per share amounts)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net income</td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10,026</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7,450</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">19,976</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="width: 3%; font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">14,396</td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt">Weighted average basic shares outstanding</td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,844</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,822</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,839</td><td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt"> </td> <td style="font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; text-align: right">1,823</td><td style="font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Add: Effect of dilutive securities</td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">14</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">31</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">17</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">32</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Weighted average diluted shares outstanding</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,858</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,853</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,856</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">1,855</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; font-weight: bold">Earnings per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Basic</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5.44</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">4.09</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10.86</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7.90</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 8pt; padding-bottom: 2.5pt">Diluted</td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">5.40</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">4.02</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">10.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td><td style="font-size: 8pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">7.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Gross Unrealized</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>As of June 30, 2017:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Short-term Investments:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Certificates of Deposit</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">18,107</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">1</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">(2</td> <td>)</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">18,106</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Commercial Paper</td> <td> </td> <td>$</td> <td style="text-align: right">8,960</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(4</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">8,956</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">6</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">6</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Long-term Investments</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(63</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,937</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Equity investments</td> <td> </td> <td>$</td> <td style="text-align: right">5,675</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(629</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">5,046</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Gross Unrealized</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Gains</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Losses</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">As of December 31, 2016:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Short-term Investments:</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Certificates of Deposit</td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">24,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">9</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">--</td> <td> </td> <td style="width: 1%"> </td> <td style="width: 0%">$</td> <td style="width: 9%; text-align: right">24,009</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">80</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Long-term Investments</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Corporate bonds</td> <td> </td> <td>$</td> <td style="text-align: right">5,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(287</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,713</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Equity investments</td> <td> </td> <td>$</td> <td style="text-align: right">5,675</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">--</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">(730</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">4,945</td> <td> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2017</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Original Life (years)</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Original Life (years)</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross Carrying Amount</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">15.67</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">13,840</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt; font-weight: bold"> </td> <td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">$</td><td style="width: 13%; font-size: 8pt; font-weight: bold; text-align: right">12,003</td><td style="width: 1%; font-size: 8pt; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 13%; font-size: 8pt; text-align: right">15.67</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">13,840</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td><td style="width: 2%; font-size: 8pt"> </td> <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 13%; font-size: 8pt; text-align: right">11,911</td><td style="width: 1%; font-size: 8pt; text-align: left"> </td></tr> </table>

2342

47.5 months

119000

117000

92000000

125000000

30000000

63000000

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Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] Revenues Cost of goods sold Gross profit Operating expenses: Selling General and administrative Research and development Operating Expenses, Total Operating income Interest income Other income (expense), net Nonoperating Income Income before provision for income taxes Provision for income taxes Net income Net income per basic share Weighted average basic shares outstanding Net income per diluted share Weighted average diluted shares outstanding Dividends per common share Consolidated Statements Of Comprehensive Income Net Income Other Comprehensive Income (Loss): Unrealized income (loss) on investments, net of tax expense (benefit) of $204, ($136), $36 and ($172) Comprehensive Income Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable Inventories Prepaid expenses and other current assets Total Current Assets Long-term investments Property, plant and equipment Less accumulated depreciation and amortization Property plant and equipment net Other assets and deferred charges: Patents Goodwill Other Prepaid Expense and Other Assets, Noncurrent, Total Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities Accrued income and other taxes Total Current Liabilities Line of credit Other non-current liabilities Stockholders' equity: Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares Paid-in capital Accumulated other comprehensive income (loss) Retained earnings Treasury shares, 1,584 at June 30, 2017 and 1,596 at December 31, 2016, at cost Total stockholders' equity Total liabilities and stockholders' equity Common stock, par value Common stock, authorized Common stock, issued Treasury shares, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Stock-based compensation Bond impairment Net change in accrued interest, premiums, and discounts on investments Other Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses Other non-current assets Accounts payable and accrued liabilities Accrued income and other taxes Other non-current liabilities Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total Cash flows from investing activities: Property, plant and equipment additions Purchase of investments Proceeds from sale of investments Proceeds from maturities of investments Net Cash Provided by (Used in) Investing Activities, Continuing Operations, Total Cash flows from financing activities: Shares tendered for employees’ withholding taxes on stock-based compensation Purchase of treasury stock Dividends paid Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Cash paid for: Income taxes Non-cash financing activities: Non-cash effect of stock option exercises Statement [Table] Statement [Line Items] Beginning Balance, shares Beginning Balance, amount Other comprehensive income (loss) Tax benefit from stock-based compensation Stock-based compensation transactions, shares Stock-based compensation transactions, amount Shares surrendered in stock transactions Shares surrendered in stock transactions, amount Dividends Ending Balance, Shares Ending Balance, Amount Accounting Policies [Abstract] Basis of Presentation Inventory Disclosure [Abstract] Inventories Earnings Per Share [Abstract] Income per share Investments Schedule [Abstract] Investments Patents And Licenses Patents and Licenses Accounting Changes and Error Corrections [Abstract] 6. Recent Accounting Pronouncements Inventories Computation for Basic and Diluted Income Per Share Investments, Held-to-Maturity Securities Patents And Licenses Tables Patents and Licenses Future Amortization Expense Raw materials Work in process Finished goods Total inventories Add: Effect of dilutive securities Weighted average diluted shares outstanding Earnings per share: Basic Diluted Shares Excluded from Computation of Weighted average diluted Shares outstanding Schedule of Held-to-maturity Securities [Table] Schedule of Held-to-maturity Securities [Line Items] Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments, Debt and Equity Securities [Abstract] Securities maturity length Patents And Licenses Details Weighted Average Original Life (years) Gross Carrying Amount Accumulated Amortization Patents And Licenses Details 1 2018 2019 2020 2021 2022 Patents And Licenses Details Narrative Amortization expense for patents and licenses Document And Entity Information [Abstract] Long Term Investments [Member] Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Table] Gross Profit Operating Expenses Operating Income (Loss) Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Income Tax Expense (Benefit) Comprehensive Income (Loss), Net of Tax, Attributable to Parent EX-101.PRE 15 atri-20170630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 16 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 20, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ATRION CORP
Entity Central Index Key	0000701288
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		1,851,842
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017

XML 17 R2.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 36,164	$ 36,143	$ 74,669	$ 72,358
Cost of goods sold	18,470	18,928	38,344	37,578
Gross profit	17,694	17,215	36,325	34,780
Operating expenses:
Selling	1,864	1,664	3,612	3,400
General and administrative	4,287	3,880	8,304	7,829
Research and development	1,368	1,597	2,907	3,012
Operating Expenses, Total	7,519	7,141	14,823	14,241
Operating income	10,175	10,074	21,502	20,539
Interest income	370	85	519	208
Other income (expense), net	0	36	1	(309)
Nonoperating Income	370	121	520	(101)
Income before provision for income taxes	10,545	10,195	22,022	20,438
Provision for income taxes	(519)	(2,745)	(2,046)	(6,042)
Net income	$ 10,026	$ 7,450	$ 19,976	$ 14,396
Net income per basic share	$ 5.44	$ 4.09	$ 10.86	$ 7.9
Weighted average basic shares outstanding	1,844	1,822	1,839	1,823
Net income per diluted share	$ 5.4	$ 4.02	$ 10.76	$ 7.76
Weighted average diluted shares outstanding	1,858	1,853	1,856	1,855
Dividends per common share	$ 1.05	$ 0.9	$ 2.1	$ 1.8

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements Of Comprehensive Income
Net Income	$ 10,026	$ 7,450	$ 19,976	$ 14,396
Other Comprehensive Income (Loss): Unrealized income (loss) on investments, net of tax expense (benefit) of $204, ($136), $36 and ($172)	379	(252)	66	(321)
Comprehensive Income	$ 10,405	$ 7,198	$ 20,042	$ 14,075

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 20,223	$ 20,022
Short-term investments	27,073	24,080
Accounts receivable	19,690	17,166
Inventories	29,965	29,015
Prepaid expenses and other current assets	6,022	3,181
Total Current Assets	102,973	93,464
Long-term investments	10,046	9,945
Property, plant and equipment	165,571	160,413
Less accumulated depreciation and amortization	99,015	95,148
Property plant and equipment net	66,556	65,265
Other assets and deferred charges:
Patents	1,837	1,929
Goodwill	9,730	9,730
Other	1,529	1,609
Prepaid Expense and Other Assets, Noncurrent, Total	13,096	13,268
Total assets	192,671	181,942
Current liabilities:
Accounts payable and accrued liabilities	8,111	8,663
Accrued income and other taxes	1,272	410
Total Current Liabilities	9,383	9,073
Line of credit	0	0
Other non-current liabilities	10,965	9,881
Stockholders' equity:
Common stock, par value $0.10 per share; authorized 10,000 shares, issued 3,420 shares	342	342
Paid-in capital	48,017	37,448
Accumulated other comprehensive income (loss)	(408)	(474)
Retained earnings	256,035	239,946
Treasury shares, 1,584 at June 30, 2017 and 1,596 at December 31, 2016, at cost	(131,663)	(114,274)
Total stockholders' equity	172,323	162,988
Total liabilities and stockholders' equity	$ 192,671	$ 181,942

XML 20 R5.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, authorized	10,000	10,000
Common stock, issued	3,420	3,420
Treasury shares, shares	1,584	1,596

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 19,976	$ 14,396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,223	4,442
Deferred income taxes	1,009	225
Stock-based compensation	903	1,081
Bond impairment	0	345
Net change in accrued interest, premiums, and discounts on investments	(82)	38
Other	(2)	0
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	26,027	20,527
Changes in operating assets and liabilities:
Accounts receivable	(2,524)	(2,213)
Inventories	(950)	(1,396)
Prepaid expenses	(2,841)	(881)
Other non-current assets	81	(130)
Accounts payable and accrued liabilities	(552)	(1,411)
Accrued income and other taxes	862	331
Other non-current liabilities	39	193
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total	20,142	15,020
Cash flows from investing activities:
Property, plant and equipment additions	(5,422)	(5,292)
Purchase of investments	(21,911)	(6,799)
Proceeds from sale of investments	0	210
Proceeds from maturities of investments	19,000	5,000
Net Cash Provided by (Used in) Investing Activities, Continuing Operations, Total	(8,333)	(6,881)
Cash flows from financing activities:
Shares tendered for employees’ withholding taxes on stock-based compensation	(7,735)	(1,112)
Purchase of treasury stock	0	(1,276)
Dividends paid	(3,873)	(3,280)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total	(11,608)	(5,668)
Net change in cash and cash equivalents	201	2,471
Cash and cash equivalents at beginning of period	20,022	28,346
Cash and cash equivalents at end of period	20,223	30,817
Cash paid for:
Income taxes	2,295	5,860
Non-cash financing activities:
Non-cash effect of stock option exercises	$ 10,237	$ 0

XML 22 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Common Stock	Treasury Stock	Additional Paid-In Capital	Other Comprehensive Income (Loss)	Retained Earnings	Total
Beginning Balance, shares at Dec. 31, 2016	1,824	1,596
Beginning Balance, amount at Dec. 31, 2016	$ 342	$ (114,274)	$ 37,448	$ (474)	$ 239,946	$ 162,988
Net Income					19,976	19,976
Other comprehensive income (loss)				66		66
Stock-based compensation transactions, shares	46	(46)
Stock-based compensation transactions, amount		$ 583	10,569			11,152
Shares surrendered in stock transactions	$ (34)	34
Shares surrendered in stock transactions, amount		$ (17,972)				(17,972)
Dividends					(3,887)	(3,887)
Ending Balance, Shares at Jun. 30, 2017	1,836	1,584
Ending Balance, Amount at Jun. 30, 2017	$ 342	$ (131,663)	$ 48,017	$ (408)	$ 256,035	$ 172,323

XML 23 R8.htm IDEA: XBRL DOCUMENT

1. Basis of Presentation	6 Months Ended
1. Basis of Presentation	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of Atrion Corporation and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, these statements include all normal and recurring adjustments necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes included in its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2016 ("2016 Form 10-K/A"). References herein to "Atrion," the "Company," "we," "our," and "us" refer to Atrion Corporation and its subsidiaries.

XML 24 R9.htm IDEA: XBRL DOCUMENT

2. Inventories

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out method. The following table details the major components of inventories (in thousands):

	June 30,		December 31,
	2017		2016
Raw materials	$	12,991	$	12,984
Work in process		6,927		6,230
Finished goods		10,047		9,801
Total inventories	$	29,965	$	29,015

XML 25 R10.htm IDEA: XBRL DOCUMENT

3. Income per share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Income per share

The following is the computation for basic and diluted income per share:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in thousands, except per share amounts)
Net income	$	10,026	$	7,450	$	19,976	$	14,396
Weighted average basic shares outstanding		1,844		1,822		1,839		1,823
Add: Effect of dilutive securities		14		31		17		32
Weighted average diluted shares outstanding		1,858		1,853		1,856		1,855
Earnings per share:
Basic	$	5.44	$	4.09	$	10.86	$	7.90
Diluted	$	5.40	$	4.02	$	10.76	$	7.76

XML 26 R11.htm IDEA: XBRL DOCUMENT

4. Investments

6 Months Ended

Jun. 30, 2017

Investments Schedule [Abstract]

Investments

			Gross Unrealized
	Cost		Gains		Losses			Fair Value
As of June 30, 2017:
Short-term Investments:
Certificates of Deposit	$	18,107	$	1	$	(2	)	$	18,106
Commercial Paper	$	8,960	$	--	$	(4	)	$	8,956
Corporate bonds	$	6	$	--	$	--		$	6

Long-term Investments
Corporate bonds	$	5,000	$	--	$	(63	)	$	4,937
Equity investments	$	5,675	$	--	$	(629	)	$	5,046

			Gross Unrealized
	Cost		Gains		Losses			Fair Value
As of December 31, 2016:
Short-term Investments:
Certificates of Deposit	$	24,000	$	9	$	--		$	24,009
Corporate bonds	$	80	$	--	$	--		$	80

Long-term Investments
Corporate bonds	$	5,000	$	--	$	(287	)	$	4,713
Equity investments	$	5,675	$	--	$	(730	)	$	4,945

XML 27 R12.htm IDEA: XBRL DOCUMENT

5. Patents and Licenses

6 Months Ended

Jun. 30, 2017

Patents And Licenses

Patents and Licenses

June 30, 2017						December 31, 2016
Weighted Average Original Life (years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Original Life (years)		Gross Carrying Amount		Accumulated Amortization
	15.67	$	13,840	$	12,003		15.67	$	13,840	$	11,911

Estimated future amortization expense for each of the years set forth below ending December 31 is as follows (in thousands):

2018	$	119
2019	$	119
2020	$	119
2021	$	119
2022	$	117

XML 28 R13.htm IDEA: XBRL DOCUMENT

6. Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2017

Accounting Changes and Error Corrections [Abstract]

6. Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Stock Compensation (Topic718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The objective of this update is to simplify several aspects of the accounting for employee share-based payments. Under this guidance all excess tax benefits (“windfalls”) and deficiencies (“shortfalls”) related to employee stock compensation are recognized within income tax expense. Under prior guidance windfalls were recognized in paid-in capital and shortfalls were only recognized to the extent they exceeded the pool of windfall tax benefits. The ASU also requires companies to classify cash flows resulting from employee share-based payments, including the additional tax benefits or expenses related to the vesting or settlement of share-based awards, as cash flows from operating activities. These items were previously included as cash flows from financing activities. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We elected to adopt ASU 2016-09 during the second quarter of 2016 and are therefore required to report the impacts as though the ASU had been adopted on January 1, 2016. As a result of the adoption, a tax benefit of $623,000 was recorded in the second quarter of 2016 reflecting the excess tax benefits. The adoption also impacted the computation of diluted shares outstanding for all 2016 reporting periods. First quarter of 2016 net income per diluted share was restated to $3.74 from $3.76. There was no restatement necessary for cash flows from operating activities or cash flows from financing activities in the previous 2016 period. The adoption was on a prospective basis and therefore had no impact on years prior to 2016. In the second quarter of 2017 we recorded a tax benefit of $3.0 million resulting in a $1.61 per share effect on net income per diluted share. In the first six months of 2017 we recorded a tax benefit of $5.3 million resulting in a $2.83 per share effect on the net income per diluted share.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The main objective of this update is to enhance the reporting model for financial instruments in order to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently evaluating the new guidance to determine the full impact it may have on our consolidated financial statements. We anticipate any impact in accounting changes to be limited to our equity investment that is classified as an available for sale investment in our consolidated balance sheets. We also anticipate disclosure changes as a result of this standard when effective.

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We elected to adopt this ASU in the first quarter of 2017 on a retrospective basis. Amounts reclassified from “Deferred income taxes” to “Other non-current liabilities” were $651,000 as of December 31, 2016. The adoption did not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in United States Generally Accepted Accounting Principles when it becomes effective. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year, making it effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted as of the original effective date. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We plan on adopting the ASU in the first quarter of the year ending December 31, 2018. The Company has not yet selected a transition method and is currently evaluating the effect that our pending adoption of this guidance will have on our consolidated financial statements and related disclosures. We anticipate our assessment to be completed by December 31, 2017. Based on our existing evaluation process, we have not identified any revenue stream that would be materially impacted.

XML 29 R14.htm IDEA: XBRL DOCUMENT

2. Inventories (Tables)

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventories

	June 30,		December 31,
	2017		2016
Raw materials	$	12,991	$	12,984
Work in process		6,927		6,230
Finished goods		10,047		9,801
Total inventories	$	29,965	$	29,015

XML 30 R15.htm IDEA: XBRL DOCUMENT

3. Income per share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Computation for Basic and Diluted Income Per Share

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in thousands, except per share amounts)
Net income	$	10,026	$	7,450	$	19,976	$	14,396
Weighted average basic shares outstanding		1,844		1,822		1,839		1,823
Add: Effect of dilutive securities		14		31		17		32
Weighted average diluted shares outstanding		1,858		1,853		1,856		1,855
Earnings per share:
Basic	$	5.44	$	4.09	$	10.86	$	7.90
Diluted	$	5.40	$	4.02	$	10.76	$	7.76

XML 31 R16.htm IDEA: XBRL DOCUMENT

4. Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments Schedule [Abstract]

Investments, Held-to-Maturity Securities

			Gross Unrealized
	Cost		Gains		Losses			Fair Value
As of June 30, 2017:
Short-term Investments:
Certificates of Deposit	$	18,107	$	1	$	(2	)	$	18,106
Commercial Paper	$	8,960	$	--	$	(4	)	$	8,956
Corporate bonds	$	6	$	--	$	--		$	6

Long-term Investments
Corporate bonds	$	5,000	$	--	$	(63	)	$	4,937
Equity investments	$	5,675	$	--	$	(629	)	$	5,046

			Gross Unrealized
	Cost		Gains		Losses			Fair Value
As of December 31, 2016:
Short-term Investments:
Certificates of Deposit	$	24,000	$	9	$	--		$	24,009
Corporate bonds	$	80	$	--	$	--		$	80

Long-term Investments
Corporate bonds	$	5,000	$	--	$	(287	)	$	4,713
Equity investments	$	5,675	$	--	$	(730	)	$	4,945

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

XML 32 R17.htm IDEA: XBRL DOCUMENT

5. Patents and Licenses (Tables)

6 Months Ended

Jun. 30, 2017

Patents And Licenses Tables

Patents and Licenses

June 30, 2017						December 31, 2016
Weighted Average Original Life (years)		Gross Carrying Amount		Accumulated Amortization		Weighted Average Original Life (years)		Gross Carrying Amount		Accumulated Amortization
	15.67	$	13,840	$	12,003		15.67	$	13,840	$	11,911

Future Amortization Expense

2018	$	119
2019	$	119
2020	$	119
2021	$	119
2022	$	117

XML 33 R18.htm IDEA: XBRL DOCUMENT

2. Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 12,991	$ 12,984
Work in process	6,927	6,230
Finished goods	10,047	9,801
Total inventories	$ 29,965	$ 29,015

XML 34 R19.htm IDEA: XBRL DOCUMENT

3. Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 10,026	$ 7,450	$ 19,976	$ 14,396
Weighted average basic shares outstanding	1,844	1,822	1,839	1,823
Add: Effect of dilutive securities	14	31	17	32
Weighted average diluted shares outstanding	1,858	1,853	1,856	1,855
Earnings per share:
Basic	$ 5.44	$ 4.09	$ 10.86	$ 7.9
Diluted	$ 5.4	$ 4.02	$ 10.76	$ 7.76

XML 35 R20.htm IDEA: XBRL DOCUMENT

3. Income per share (Details Narrative) - shares	3 Months Ended
3. Income per share (Details Narrative) - shares	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Shares Excluded from Computation of Weighted average diluted Shares outstanding	2,342	41

XML 36 R21.htm IDEA: XBRL DOCUMENT

4. Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Certificates of Deposits [Member] \| Short Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	$ 18,107	$ 24,000
Gross Unrealized Gains	1	9
Gross Unrealized Losses	(2)	0
Fair Value	18,106	24,009
Commercial Paper [Member] \| Short Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	8,960
Gross Unrealized Gains	0
Gross Unrealized Losses	(4)
Fair Value	8,956
Corporate Bond Securities [Member] \| Short Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	6	80
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	6	80
Corporate Bond Securities [Member] \| Long Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	5,000	5,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(63)	(287)
Fair Value	4,937	4,713
Equity Investments [Member] \| Long Term Investments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Cost	5,675	5,675
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(629)	(730)
Fair Value	$ 5,046	$ 4,945

XML 37 R22.htm IDEA: XBRL DOCUMENT

4. Investments (Details Narrative)	6 Months Ended
4. Investments (Details Narrative)	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Securities maturity length	47.5 months

XML 38 R23.htm IDEA: XBRL DOCUMENT

5. Patents and Licenses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
5. Patents and Licenses (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Patents And Licenses Details
Weighted Average Original Life (years)	15 years 8 months 1 day	15 years 8 months 1 day
Gross Carrying Amount	$ 13,840	$ 13,840
Accumulated Amortization	$ 12,003	$ 11,911

XML 39 R24.htm IDEA: XBRL DOCUMENT

5. Patents and Licenses (Details 1) $ in Thousands	Jun. 30, 2017 USD ($)
Patents And Licenses Details 1
2018	$ 119
2019	119
2020	119
2021	119
2022	$ 117

XML 40 R25.htm IDEA: XBRL DOCUMENT

5. Patents and Licenses (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Patents And Licenses Details Narrative
Amortization expense for patents and licenses	$ 30,000	$ 63,000	$ 92,000	$ 125,000

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