Error Correction (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables represent our corrected consolidated statements of income, statements of stockholders' equity, and statements of cash flows for the years ended December 31, 2018 and December 31, 2017, as well as our corrected consolidated balance sheet at December 31, 2018. The values as previously reported for years ended 2018 and 2017 were derived from our Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 28, 2019.

	Consolidated Statements of Income
	Year Ended December 31, 2018							Year Ended December 31, 2017
	Previously Reported		Corrections			As Corrected		Previously Reported		Corrections			As Corrected
	(in thousands, except per share data)
Net sales	$	433,947	$	—		$	433,947	$	405,232	$	—		$	405,232
Cost of sales	330,414		—		(a)	330,414		281,835		(254)		(a)	281,581
Gross profit	103,533		—			103,533		123,397		254			123,651
Selling, general and administrative expenses	47,755		439		(b)	48,194		49,249		122		(b)	49,371
(Gain) loss on disposal of assets	(12)		—			(12)		45		—			45
Income from operations	55,790		(439)			55,351		74,103		132			74,235
Interest income, net	196		—			196		298		—			298
Other (expense) income, net	(47)		—			(47)		91		—			91
Income before taxes	55,939		(439)			55,500		74,492		132			74,624
Income tax provision	13,367		(196)		(c)	13,171		19,994		800		(c)	20,794
Net income	$	42,572	$	(243)		$	42,329	$	54,498	$	(668)		$	53,830
Earnings per share:
Basic	$	0.81	$	—		$	0.81	$	1.04	$	(0.02)		$	1.02
Diluted	$	0.81	$	(0.01)		$	0.80	$	1.03	$	(0.02)		$	1.01
Cash dividends declared per common share:	$	0.32	$	—		$	0.32	$	0.26	$	—		$	0.26
Weighted average shares outstanding:
Basic	52,284,616		—			52,284,616		52,572,496		—			52,572,496
Diluted	52,667,939		—			52,667,939		53,078,734		—			53,078,734

(a) The share-based compensation correction to cost of sales for the year ended December 31, 2017 was approximately$0.3 million. There was no correction required for the year ended December 31, 2018 for cost of sales.

(b) The share-based compensation correction to selling, general and administrative expenses for the years ended December 31, 2018 and 2017 was approximately $0.5 million and $0.1 million, respectively. Included in the correction to selling, general and administrative expenses is a correction to our employee profit sharing bonus plan (Note 17) of approximately $0.1 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively.

(c) The correction to income taxes is the tax affect of the share-based compensation correction discussed above.

	Consolidated Balance Sheets
	December 31, 2018
	Previously Reported		Corrections			As Corrected
Assets	(in thousands, except share and per share data)
Current assets:
Cash and cash equivalents	$	1,994	$	—		$	1,994
Accounts receivable, net	54,078		—			54,078
Income tax receivable	6,104		(203)		(a)	5,901
Note receivable	27		—			27
Inventories, net	77,612		—			77,612
Prepaid expenses and other	1,046		—			1,046
Total current assets	140,861		(203)			140,658
Property, plant and equipment:
Land	3,114		—			3,114
Buildings	97,393		—			97,393
Machinery and equipment	212,779		—			212,779
Furniture and fixtures	16,597		—			16,597
Total property, plant and equipment	329,883		—			329,883
Less:  Accumulated depreciation	166,880		—			166,880
Property, plant and equipment, net	163,003		—			163,003
Intangible assets, net	506		—			506
Goodwill	3,229		—			3,229
Note receivable, long-term	598		—			598
Total assets	$	308,197	$	(203)		$	307,994
Liabilities and Stockholders’ Equity
Current liabilities:
Revolving credit facility	$	—	$	—		$	—
Accounts payable	10,616		—			10,616
Accrued liabilities	37,455		(580)		(b)	36,875
Total current liabilities	48,071		(580)			47,491
Deferred tax liabilities	10,826		(1,567)		(a)	9,259
Other long-term liabilities	1,801		—			1,801
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued	—		—			—
Common stock, $.004 par value, 100,000,000 shares authorized, 51,991,242 and 52,422,801 issued and outstanding at December 31, 2018 and 2017, respectively	208		—			208
Additional paid-in capital	—		—			—
Retained earnings	247,291		1,944		(c)	249,235
Total stockholders’ equity	247,499		1,944			249,443
Total liabilities and stockholders’ equity	$	308,197	$	(203)		$	307,994

(a) The correction to income tax receivable and deferred tax liability are the tax effect of the share-based compensation corrections.

(b) This is the cumulative reduction of our employee profit sharing bonus plan (Note 17) liability as a result of the share-based compensation correction. The prior period costs will be recovered through our estimated 2019 fourth quarter payment which will be paid in early 2020.

(c) See descriptions of the stockholders' equity in the consolidated statements of stockholders' equity for the year ended December 31, 2018 in sections below.

		Consolidated Statements of Stockholders’ Equity
		Common Stock			Paid-in		Retained
		Shares	Amount		Capital		Earnings		Total
As Previously Reported		(in thousands)
	Balance at December 31, 2017	52,422	$	210	$	—	$	237,016	$	237,226
	Net income	—	—		—		42,572		42,572
	Stock options exercised and restricted	353	1		4,986		—		4,987
	stock awards granted
	Share-based compensation	—	—		7,374		—		7,374
	Stock repurchased and retired	(784)	(3)		(12,360)		(15,580)		(27,943)
	Dividends	—	—		—		(16,717)		(16,717)
	Balance at December 31, 2018	51,991	208		—		247,291		247,499
Correction Impacts
	Balance at December 31, 2017	—	—		—		1,699		1,699
	Net income	—	—		—		(243)		(243)
	Stock options exercised and restricted	—	—		—		—		—
	stock awards granted
	Share-based compensation	—	—		488		—		488
	Stock repurchased and retired	—	—		(488)		488		—
	Dividends	—	—		—		—		—
	Balance at December 31, 2018	—	—		—		1,944		1,944
As Corrected									—
	Balance at December 31, 2017	52,422	210		—		238,715		238,925
	Net income	—	—		—		42,329		42,329
	Stock options exercised and restricted	353	1		4,986		—		4,987
	stock awards granted
	Share-based compensation	—	—		7,862		—		7,862
	Stock repurchased and retired	(784)	(3)		(12,848)		(15,092)		(27,943)
	Dividends	—	—		—		(16,717)		(16,717)
	Balance at December 31, 2018	51,991	$	208	$	—	$	249,235	$	249,443

See descriptions of net income in the consolidated statement of income for the year ended December 31, 2018 in the section above.

		Consolidated Statements of Stockholders’ Equity
		Common Stock			Paid-in		Retained
		Shares	Amount		Capital		Earnings		Total
As Previously Reported		(in thousands)
	Balance at December 31, 2016	52,651	$	211	$	—	$	205,687	$	205,898
	Net income	—	—		—		54,498		54,498
	Stock options exercised and restricted	293	1		2,258		—		2,259
	stock awards granted
	Share-based compensation	—	—		6,458		—		6,458
	Stock repurchased and retired	(522)	(2)		(8,716)		(9,516)		(18,234)
	Dividends	—	—		—		(13,653)		(13,653)
	Balance at December 31, 2017	52,422	210		—		237,016		237,226
Correction Impacts
	Balance at December 31, 2016	—	—		—		2,512		2,512
	Net income	—	—		—		(668)		(668)
	Stock options exercised and restricted	—	—		—		—		—
	stock awards granted
	Share-based compensation	—	—		(145)		—		(145)
	Stock repurchased and retired	—	—		145		(145)		—
	Dividends	—	—		—		—		—
	Balance at December 31, 2017	—	—		—		1,699		1,699
As Corrected
	Balance at December 31, 2016	52,651	211		—		208,199		208,410
	Net income	—	—		—		53,830		53,830
	Stock options exercised and restricted	293	1		2,258		—		2,259
	stock awards granted
	Share-based compensation	—	—		6,313		—		6,313
	Stock repurchased and retired	(522)	(2)		(8,571)		(9,661)		(18,234)
	Dividends	—	—		—		(13,653)		(13,653)
	Balance at December 31, 2017	52,422	$	210	$	—	$	238,715	$	238,925

See descriptions of net income in the consolidated statement of income for the year ended December 31, 2017 in the section above.

	Consolidated Statements of Cash Flows
	Year Ended December 31, 2018						Year Ended December 31, 2017
	Previously Reported		Corrections		As Corrected		Previously Reported		Corrections		As Corrected
Operating Activities	(in thousands)
Net income	$	42,572	$	(243)	$	42,329	$	54,498	$	(668)	$	53,830
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,655		—		17,655		15,007		—		15,007
Amortization of bond premiums	13		—		13		47		—		47
Provision for losses on accounts receivable, net of adjustments	174		—		174		179		—		179
Provision for excess and obsolete inventories	152		—		152		264		—		264
Share-based compensation	7,374		488		7,862		6,458		(145)		6,313
(Gain) loss on disposition of assets	(12)		—		(12)		45		—		45
Foreign currency transaction loss (gain)	55		—		55		(59)		—		(59)
Interest income on note receivable	(27)		—		(27)		(25)		—		(25)
Deferred income taxes	2,849		(208)		2,641		(1,554)		805		(749)
Changes in assets and liabilities:
Accounts receivable	(2,832)		—		(2,832)		(7,516)		—		(7,516)
Income tax receivable	(4,461)		13		(4,448)		4,596		(5)		4,591
Inventories	(5,598)		—		(5,598)		(23,698)		—		(23,698)
Prepaid expenses and other	(528)		—		(528)		98		—		98
Accounts payable	(1,176)		—		(1,176)		3,043		—		3,043
Deferred revenue	412		—		412		258		—		258
Accrued liabilities and donations	(1,766)		(50)		(1,816)		6,353		13		6,366
Net cash provided by operating activities	54,856		—		54,856		57,994		—		57,994
Investing Activities
Capital expenditures	(37,268)		—		(37,268)		(41,713)		—		(41,713)
Cash paid in business combination	(6,377)		—		(6,377)		—		—		—
Proceeds from sale of property, plant and equipment	13		—		13		10		—		10
Investment in certificates of deposits	(7,200)		—		(7,200)		(5,280)		—		(5,280)
Maturities of certificates of deposits	10,080		—		10,080		7,912		—		7,912
Purchases of investments held to maturity	(9,001)		—		(9,001)		(13,241)		—		(13,241)
Maturities of investments held to maturity	14,570		—		14,570		19,700		—		19,700
Proceeds from called investments	495		—		495		1,500		—		1,500
Principal payments from note receivable	53		—		53		60		—		60
Net cash used in investing activities	(34,635)		—		(34,635)		(31,052)		—		(31,052)
Financing Activities
Stock options exercised	4,987		—		4,987		2,259		—		2,259
Repurchase of stock	(26,846)		—		(26,846)		(16,620)		—		(16,620)
Employee taxes paid by withholding shares	(1,097)		—		(1,097)		(1,614)		—		(1,614)
Cash dividends paid to stockholders	(16,728)		—		(16,728)		(13,663)		—		(13,663)
Net cash used in financing activities	(39,684)		—		(39,684)		(29,638)		—		(29,638)
Net decrease in cash and cash equivalents	(19,463)		—		(19,463)		(2,696)		—		(2,696)
Cash and cash equivalents, beginning of year	21,457		—		21,457		24,153		—		24,153
Cash and cash equivalents, end of year	$	1,994	$	—	$	1,994	$	21,457	$	—	$	21,457