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Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net sales:        
Total net sales $ 291,759 $ 271,829 $ 874,842 $ 818,949
Cost of sales 213,123 203,119 649,441 613,798
Gross profit 78,636 68,710 225,401 205,151
Selling, general and administrative expenses 44,069 43,143 136,868 125,660
Amortization expense 3,644 1,112 11,093 3,081
Income from operations 30,923 24,455 77,440 76,410
Interest expense (3,461) (1,837) (12,921) (5,222)
Interest income 306 359 968 862
Other income (expense), net (333) 242 720 (442)
Income before income taxes 27,435 23,219 66,207 71,608
Provision for income taxes 7,402 5,801 17,657 18,270
Net Income $ 20,033 $ 17,418 $ 48,550 $ 53,338
Net income per common share:        
Basic (in dollars per share) $ 1.70 $ 1.48 $ 4.12 $ 4.55
Diluted (in dollars per share) $ 1.69 $ 1.47 $ 4.10 $ 4.52
Average common shares:        
Basic (in shares) 11,788 11,748 11,776 11,724
Diluted (in shares) 11,851 11,813 11,840 11,796
Dividends declared (in dollars per share) $ 0.13 $ 0.12 $ 0.39 $ 0.36
Industrial        
Net sales:        
Total net sales $ 196,241 $ 178,180 $ 608,473 $ 546,014
Income from operations 19,238 14,583 51,453 53,068
Agricultural        
Net sales:        
Total net sales 95,518 93,649 266,369 272,935
Income from operations $ 11,685 $ 9,872 $ 25,987 $ 23,342