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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net sales $ 457,253 $ 373,121 $ 1,184,443 $ 1,027,032
Costs of goods sold 299,784 235,349 782,028 667,053
Gross profit 157,469 137,772 402,415 359,979
Operating expenses:        
Selling and service 44,402 44,429 127,702 124,064
Research and development 10,864 9,426 31,732 27,512
General and administrative 22,102 18,066 64,436 55,492
Amortization of intangibles 7,242 9,511 21,554 25,525
Total operating expenses 84,610 81,432 245,424 232,593
Income from operations 72,859 56,340 156,991 127,386
Other (expense) income:        
Interest expense (10,672) (11,299) (32,353) (33,714)
Investment income 14 57 36
Loss on change in contractual interest rate [1] (2,957) (2,957)
Costs related to acquisition (51) (577) (372) (994)
Other, net (1,519) 19 (2,733) 564
Total other expense, net (12,228) (14,814) (35,401) (37,065)
Income before provision for income taxes 60,631 41,526 121,590 90,321
Provision for income taxes 20,581 15,514 42,946 33,154
Net income 40,050 26,012 78,644 57,167
Net income (loss) attributable to noncontrolling interests 341 (171) 433 (112)
Net income attributable to Generac Holdings Inc. $ 39,709 $ 26,183 $ 78,211 $ 57,279
Net income attributable to common shareholders per common share - basic: (in dollars per share) $ 0.64 $ 0.41 $ 1.27 $ 0.87
Weighted average common shares outstanding - basic: (in shares) 61,758,190 64,615,935 62,094,807 65,506,469
Net income attributable to common shareholders per common share - diluted: (in dollars per share) $ 0.64 $ 0.40 $ 1.26 $ 0.87
Weighted average common shares outstanding - diluted: (in shares) 62,316,788 65,126,117 62,703,269 65,992,127
Comprehensive income attributable to Generac Holdings Inc. $ 43,213 $ 26,647 $ 92,177 $ 45,723
[1] For the three and nine month periods ended September 30, 2016, represents a non-cash loss relating to the continued 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio remaining above 3.0 times based on projections at that time.