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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]    
Net sales [1] $ 328,028 $ 322,831
Cost of sales 236,761 232,991
Gross profit 91,267 89,840
Selling, general and administrative expenses 69,633 62,884
Restructuring and integration expenses 912 [2] 41
Other income, net 24 0
Operating income 20,746 26,915
Other non-operating income, net 225 1,449
Interest expense 3,862 805
Earnings from continuing operations before income taxes 17,109 27,559
Provision for income taxes 4,372 7,005
Earnings from continuing operations 12,737 20,554
Loss from discontinued operations, net of income taxes (780) (1,116)
Net earnings 11,957 19,438
Net earnings (loss) attributable to noncontrolling interest 39 (8)
Net earnings attributable to SMP [3] 11,918 19,446
Net earnings attributable to SMP    
Earnings from continuing operations 12,698 20,562
Discontinued operations (780) (1,116)
Net earnings attributable to SMP [3] $ 11,918 $ 19,446
Net earnings per common share - Basic:    
Earnings from continuing operations (in dollars per share) $ 0.59 $ 0.94
Discontinued operations (in dollars per share) (0.04) (0.06)
Net earnings per common share - Basic (in dollars per share) 0.55 0.88
Net earnings per common share - Diluted:    
Earnings from continuing operations (in dollars per share) 0.57 0.91
Discontinued operations (in dollars per share) (0.03) (0.04)
Net earnings per common share - Diluted (in dollars per share) 0.54 0.87
Dividend declared per share (in dollars per share) $ 0.29 $ 0.27
Average number of common shares (in shares) 21,609,618 21,978,507
Average number of common shares and dilutive common shares (in shares) 22,097,750 22,477,819
[1] There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.
[2] Restructuring and integration expenses incurred during the three months ended March 31, 2023 consist of $0.3 million in our Vehicle Control segment, $0.5 million in our Temperature Control segment and $0.1 million in our Engineered Solutions segment.
[3] Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.