Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued operations

On February 14, 2014, the Company completed the sale of substantially all of the assets of Automatic Screw Machine Products Company, Inc. ("ASMP"), a wholly-owned subsidiary, to Nelson Stud Welding, Inc. (“Buyer”), an indirect subsidiary of Doncasters Group Limited, for a purchase price of $12.5 million plus the assumption of certain liabilities. In addition, the Buyer agreed to lease the real property located in Decatur, Alabama, where ASMP was located. The Company classified ASMP's operating results as discontinued operations for all periods presented.

The following table details the components of income from discontinued operations:

	(Dollars in thousands)
	Year Ended December 31,
	2016		2015		2014
Net sales	$	—	$	—	$	2,462
Total pre-tax income	—		—		346
Income tax expense	—		—		133
Net income	$	—	$	—	$	213
Sale of discontinued operations
Pre-tax gain on sale	$	—	$	—	$	1,877
Income tax expense	—		—		398
Net gain on sale	$	—	$	—	$	1,479
Income and gain from discontinued operations, net of tax	$	—	$	—	$	1,692
Basic and diluted income per share	$	—	$	—	$	0.20