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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited)
Quarterly Results (Unaudited)

The following is a summary of the quarterly results of operations for the years ending December 31, 2016 and 2015:
 
 
Quarter
 
First
 
Second
 
Third
 
Fourth
 
(in thousands, except per share data)
2016
 
 
 
 
 
 
 
Net sales
$
85,422

 
$
102,319

 
$
104,568

 
$
91,668

Gross profit
25,731

 
32,747

 
33,092

 
26,510

Net income
10,806

(1) 
14,341

(1) 
15,682

 
11,420

Earnings per share:
 

 
 

 
 

 
 

Basic
$
0.20

(1) 
$
0.27

(1) 
$
0.30

 
$
0.22

Diluted
$
0.20

(1) 
$
0.27

(1) 
$
0.29

 
$
0.21

2015
 

 
 

 
 

 
 

Net sales
$
76,768

 
$
90,275

 
$
94,360

 
$
97,229

Gross profit
21,798

 
27,117

 
30,185

 
29,581

Net income
8,399

 
11,130

 
13,251

 
12,948

Earnings per share:
 

 
 

 
 

 
 

Basic
$
0.16

 
$
0.21

 
$
0.24

 
$
0.24

Diluted
$
0.15

 
$
0.20

 
$
0.24

 
$
0.24


(1) As discussed in Notes 10 and 11, the Company early adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, effective July 1, 2016. As a result, excess tax benefits and deficiencies are reported as an income tax benefit or expense on the statement of income rather than as a component of additional paid-in capital on the statement of equity. The ASU required the application of the modified retrospective transition method as of the beginning of the annual period in which the guidance was adopted. As a result, 2016 net income as reported above will be recast when we file our first and second quarters in 2017. Net income will increase by $0.8 million and $0.4 million, for the first and second quarters of 2016, respectively. Additionally, earnings per basic and diluted share will increase approximately $.01 and $.01, respectively, for each of the three months ended March 31, 2016 and June 30, 2016, respectively, versus what was reported above.