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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]      
Net sales [1] $ 1,358,272 $ 1,371,815 $ 1,298,816
Cost of sales 969,446 989,276 921,885
Gross profit 388,826 382,539 376,931
Selling, general and administrative expenses 293,583 276,626 247,547
Restructuring and integration expenses 2,642 [2],[3] 1,891 [2] 392
Other income, net 76 113 7
Operating income 92,677 104,135 128,999
Other non-operating income, net 2,326 4,814 3,494
Interest expense 13,287 10,617 2,028
Earnings from continuing operations before taxes 81,716 98,332 130,465
Provision for income taxes 18,368 25,206 31,044
Earnings from continuing operations 63,348 73,126 99,421
Loss from discontinued operations, net of income tax benefit of $10,188, $6,216 and $2,975 (28,996) (17,691) (8,467)
Net earnings 34,352 55,435 90,954
Net earnings attributable to noncontrolling interest 204 84 68
Net earnings attributable to SMP [4] 34,148 55,351 90,886
Net earnings attributable to SMP      
Earnings from continuing operations 63,144 73,042 99,353
Discontinued operations (28,996) (17,691) (8,467)
Net earnings attributable to SMP [4] $ 34,148 $ 55,351 $ 90,886
Net earnings per common share - Basic:      
Earnings from continuing operations (in dollars per share) $ 2.91 $ 3.37 $ 4.49
Discontinued operations (in dollars per share) (1.34) (0.82) (0.39)
Net earnings per common share - Basic (in dollars per share) 1.57 2.55 4.1
Net earnings per common share - Diluted:      
Earnings from continuing operations (in dollars per share) 2.85 3.3 4.39
Discontinued operations (in dollars per share) (1.31) (0.8) (0.37)
Net earnings per common share - Diluted (in dollars per share) 1.54 2.5 4.02
Dividend declared per share (in dollars per share) $ 1.16 $ 1.08 $ 1
Average number of common shares (in shares) 21,716,177 21,683,719 22,147,479
Average number of common shares and dilutive common shares (in shares) 22,161,341 22,139,981 22,616,456
[1] There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.
[2] Included in restructuring and integration costs in 2023 and 2022 is a $0.1 million and $0.2 million increase, respectively, in environmental cleanup costs related to ongoing monitoring and remediation in connection with the prior closure of our manufacturing operations at our Long Island City, New York location.  The environmental liability has been reclassed to accrued liabilities as of December 31, 2023 and 2022, respectively.
[3] Restructuring and integration expenses incurred during the year ended December 31, 2023 consist of $1.3 million in our Vehicle Control segment, $1.1 million in our Temperature Control segment and $0.2 million in our Engineered Solutions segment.
[4] Throughout this Form 10-K, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.