Quarterly Results (Unaudited) (As Corrected) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018:


	Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2019
Net sales	$	113,822	$	119,437	$	113,500	$	122,574
Gross profit	25,430		30,204		27,410		36,381
Net income	8,757		13,391		14,290		17,273
Earnings per share:
Basic	$	0.17	$	0.26	$	0.27	$	0.33
Diluted	$	0.17	$	0.26	$	0.26	$	0.33

2018
Net sales	$	99,082	$	109,588	$	112,937	$	112,340
Gross profit	15,196		27,661		32,830		27,846
Net income	3,154		11,697		14,514		12,964
Earnings per share:
Basic	$	0.06	$	0.22	$	0.28	$	0.25
Diluted	$	0.06	$	0.22	$	0.27	$	0.25

The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended March 31, 2019 and 2018.


	Three Months Ended March 31, 2019												Three Months Ended March 31, 2018
	Previously Reported		Corrections			As Corrected		Previously Reported		Corrections			As Corrected
	(in thousands, except share and per share data)
Net sales	$	113,822	$	—		$	113,822	$	99,082	$	—		$	99,082
Cost of sales	88,029		363		(a)	88,392		83,692		194		(a)	83,886
Gross profit	25,793		(363)			25,430		15,390		(194)			15,196
Selling, general and administrative expenses	11,001		2,676		(b)	13,677		10,219		1,432		(b)	11,651
Loss (gain) on disposal of assets	284		—			284		(7)		—			(7)
Income from operations	14,508		(3,039)			11,469		5,178		(1,626)			3,552
Interest income, net	9		—			9		68		—			68
Other (expense) income, net	(26)		—			(26)		(6)		—			(6)
Income before taxes	14,491		(3,039)			11,452		5,240		(1,626)			3,614
Income tax provision	3,589		(894)		(c)	2,695		980		(520)		(c)	460
Net income	$	10,902	$	(2,145)		$	8,757	$	4,260	$	(1,106)		$	3,154
Earnings per share:
Basic	$	0.21	$	(0.04)		$	0.17	$	0.08	$	(0.02)		$	0.06
Diluted	$	0.21	$	(0.04)		$	0.17	$	0.08	$	(0.02)		$	0.06

Weighted average shares outstanding:
Basic	51,992,150		—			51,992,150		52,433,902		—			52,433,902
Diluted	52,369,660		—			52,369,660		52,910,223		—			52,910,223

Balance Sheet Data (at end of period):
Current assets	$	146,798	$	(287)	(c)	$	146,511	$	154,687	$	(237)	(c)	$	154,450
Total assets	319,525		(287)		(c)	319,238		306,945		(237)		(c)	306,708
Current liabilities	44,000		(918)		(d)	43,082		57,292		(711)		(d)	56,581
Deferred income taxes	12,713		(2,545)		(c)	10,168		8,397		(1,926)		(c)	6,471
Other long-term liabilities	3,442		—			3,442		1,645		—			1,645
Total stockholders' equity	$	259,370	$	3,176	(e)	$	262,546	$	239,611	$	2,400	(e)	$	242,011

(a) The share-based compensation correction to cost of sales for the quarters ended March 31, 2019 and 2018 was approximately $0.4 million and $0.2 million, respectively.

(b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended March 31, 2019 and 2018 was approximately $3.0 million and $1.6 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 $0.4 million and $0.2 million for the quarters ended March 31, 2019 and 2018, respectively.

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

(d) 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.

(e) This is the cumulative effect on stockholders' equity as result of the share-based compensation correction. See Note 2, Error Correction, for a descriptions of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the years ended December 31, 2019 and 2018.

The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended June 30, 2019 and 2018.


	Three Months Ended June 30, 2019												Three Months Ended June 30, 2018
	Previously Reported		Corrections			As Corrected		Previously Reported		Corrections			As Corrected
	(in thousands, except share and per share data)
Net sales	$	119,437	$	—		$	119,437	$	109,588	$	—		$	109,588
Cost of sales	89,262		(29)		(a)	89,233		82,003		(76)		(a)	81,927
Gross profit	30,175		29			30,204		27,585		76			27,661
Selling, general and administrative expenses	13,481		(569)		(b)	12,912		13,086		67		(b)	13,153
Loss (gain) on disposal of assets	6		—			6		(4)		—			(4)
Income from operations	16,688		598			17,286		14,503		9			14,512
Interest income, net	31		—			31		67		—			67
Other (expense) income, net	17		—			17		12		—			12
Income before taxes	16,736		598			17,334		14,582		9			14,591
Income tax provision	3,775		168		(c)	3,943		2,891		3		(c)	2,894
Net income	$	12,961	$	430		$	13,391	$	11,691	$	6		$	11,697
Earnings per share:
Basic	$	0.25	$	0.01		$	0.26	$	0.22	$	—		$	0.22
Diluted	$	0.25	$	0.01		$	0.26	$	0.22	$	—		$	0.22
Cash dividends declared per common share:	$	0.16	$	—		$	0.16	$	0.16	$	—		$	0.16
Weighted average shares outstanding:
Basic	52,120,272		—			52,120,272		52,383,842		—			52,383,842
Diluted	52,474,199		—			52,474,199		52,717,787		—			52,717,787

Balance Sheet Data (at end of period):
Current assets	$	168,630	$	(270)	(c)	$	168,360	$	154,665	$	(237)	(c)	$	154,428
Total assets	342,251		(270)		(c)	341,981		320,271		(237)		(c)	320,034
Current liabilities	58,953		(851)		(d)	58,102		71,673		(711)		(d)	70,962
Deferred income taxes	14,938		(2,361)		(c)	12,577		8,415		(1,922)		(c)	6,493
Other long-term liabilities	3,791		—			3,791		1,746		—			1,746
Total stockholders' equity	$	264,569	$	2,942	(e)	$	267,511	$	238,437	$	2,396	(e)	$	240,833

(a) The share-based compensation correction to cost of sales for the quarters ended June 30, 2019 and 2018 was approximately $0.1 million and $0.1 million, respectively.

(b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended June 30, 2019 and 2018 was approximately $0.6 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 quarters ended June 30, 2019 and 2018, respectively.

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

The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended September 30, 2019 and 2018.


	Three Months Ended September 30, 2019												Three Months Ended September 30, 2018
	Previously Reported		Corrections			As Corrected		Previously Reported		Corrections			As Corrected
	(in thousands, except share and per share data)
Net sales	$	113,500	$	—		$	113,500	$	112,937	$	—		$	112,937
Cost of sales	86,115		(25)		(a)	86,090		80,174		(67)		(a)	80,107
Gross profit	27,385		25			27,410		32,763		67			32,830
Selling, general and administrative expenses	12,994		(620)		(b)	12,374		13,190		(523)		(b)	12,667
Loss (gain) on disposal of assets	6		—			6		2		—			2
Income from operations	14,385		645			15,030		19,571		590			20,161
Interest income, net	9		—			9		36		—			36
Other (expense) income, net	(7)		—			(7)		5		—			5
Income before taxes	14,387		645			15,032		19,612		590			20,202
Income tax provision	560		182		(c)	742		5,527		161		(c)	5,688
Net income	$	13,827	$	463		$	14,290	$	14,085	$	429		$	14,514
Earnings per share:
Basic	$	0.27	$	—		$	0.27	$	0.27	$	0.01		$	0.28
Diluted	$	0.26	$	—		$	0.26	$	0.27	$	—		$	0.27

Weighted average shares outstanding:
Basic	52,111,444		—			52,111,444		52,238,796		—			52,238,796
Diluted	52,722,127		—			52,722,127		52,627,541		—			52,627,541

Balance Sheet Data (at end of period):
Current assets	$	170,536	$	(252)	(c)	$	170,284	$	144,696	$	(220)	(c)	$	144,476
Total Assets	352,152		(252)		(c)	351,900		314,024		(220)		(c)	313,804
Current liabilities	53,882		(779)		(d)	53,103		53,716		(645)		(d)	53,071
Deferred income taxes	15,034		(2,161)		(c)	12,873		8,841		(1,744)		(c)	7,097
Other long-term liabilities	3,669		—			3,669		1,838		—			1,838
Total stockholders' equity	$	279,567	$	2,688	(e)	$	282,255	$	249,629	$	2,169	(e)	$	251,798

(a) The share-based compensation correction to cost of sales for the quarters ended September 30, 2019 and 2018 was approximately $0.1 million and $0.1 million, respectively.

(b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended September 30, 2019 and 2018 was approximately $0.7 million and $0.6 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 quarters ended September 30, 2019 and 2018, respectively.

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

The following table reconciles our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended December 31, 2018.


	Three Months Ended December 31, 2018
	Previously Reported		Corrections			As Corrected
	(in thousands, except share and per share data)
Net sales	$	112,340	$	—		$	112,340
Cost of sales	84,545		(51)		(a)	84,494
Gross profit	27,795		51			27,846
Selling, general and administrative expenses	11,260		(537)		(b)	10,723
Loss (gain) on disposal of assets	(3)		—			(3)
Income from operations	16,538		588			17,126
Interest income, net	25		—			25
Other (expense) income, net	(58)		—			(58)
Income before taxes	16,505		588			17,093
Income tax provision	3,969		160		(c)	4,129
Net income	$	12,536	$	428		$	12,964
Earnings per share:
Basic	$	0.24	$	0.01		$	0.25
Diluted	$	0.24	$	0.01		$	0.25
Cash dividends declared per common share:	$	0.16	$	—		$	0.16
Weighted average shares outstanding:
Basic	52,086,247		—			52,086,247
Diluted	52,420,529		—			52,420,529

Balance Sheet Data (at end of period):
Current assets	$	140,861	$	(203)	(c)	$	140,658
Total Assets	308,197		(203)		(c)	307,994
Current liabilities	48,071		(580)		(d)	47,491
Deferred income taxes	10,826		(1,567)		(c)	9,259
Other long-term liabilities	1,801		—			1,801
Total stockholders' equity	$	247,499	$	1,944	(e)	$	249,443

(a) The share-based compensation correction for cost of sales for the quarter ended December 31, 2018 was approximately $0.1 million.

(b) The share-based compensation correction to selling, general and administrative expenses for the quarter ended December 31, 2018 was approximately $0.6 million. 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 for the quarter ended December 31, 2018.

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