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Basis of Presentation (Tables) | 3 Months Ended
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Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Reconciliation of basic earnings per share ("EPS") to diluted EPS | The following is a reconciliation of basic earnings per common share to diluted earnings per share for the three months ended March 31, 2017 and 2016, respectively:
| Three Months Ended March 31,
(in thousands, except per share amounts) | 2017 |  | 2016
Net income available to common stockholders | $ | 23,121 |  |  | $ | 16,343 |
Basic weighted-average shares outstanding | 47,616 |  |  | 48,297 |
Dilutive effect of potential common stock equivalents — stock options and restricted stock units | 290 |  |  | 153 |
Diluted weighted-average shares outstanding | 47,906 |  |  | 48,450 |
Earnings per common share: |  |  |  |  |
Basic | $ | 0.49 |  |  | $ | 0.34 |
Diluted | $ | 0.48 |  |  | $ | 0.34 |
Potentially dilutive securities excluded from earnings per diluted share because their effect is anti-dilutive | — |  |  | — |
Stock option and restricted stock unit activity of the entity | The following table represents the Company’s stock-based compensation activity for the three months ended March 31, 2017 and 2016, respectively:
| Three Months Ended March 31,
(in thousands) | 2017 |  | 2016
Stock-based compensation expense recognized in operating expenses | $ | 7,586 |  |  | $ | 2,480 |
Less: Tax benefit of stock-based compensation expense in provision for income taxes | 2,791 |  |  | 895 |
Stock-based compensation expense, net of tax | $ | 4,795 |  |  | $ | 1,585 |
Fair value of shares vested | $ | 7,650 |  |  | $ | 2,350 |
Proceeds to the Company from the exercise of stock-based compensation | $ | 314 |  |  | $ | 1,012 |
Tax effect from the exercise of stock-based compensation, including shortfall tax benefits | $ | 1,104 |  |  | $ | 24 |
The Company allocates stock-based compensation expenses among cost of sales, research and development and other engineering expense, selling expense, or general and administrative expense based on the job functions performed by the employees to whom the stock-based compensation is awarded. The assumptions used to calculate the fair value of stock-based compensation are evaluated and revised, as necessary, to reflect market conditions and the Company’s experience. The following table shows the expense related to the Company's stock-based compensation capitalized in inventory for the three months ended March 31, 2017 and 2016, respectively:
| At March 31,
(in thousands) | 2017 |  | 2016
Stock-based compensation cost capitalized in inventory | $ | 521 |  |  | $ | 253 |
Summary of financial instruments | As of December 31, 2016 and March 31, 2017, the Company’s investments consisted of only money market funds, and as of March 31, 2016, its investments consisted of only United States Treasury securities and money market funds, which are the Company’s primary financial instruments, maintained in cash equivalents and carried at cost, approximating fair value, based on Level 1 inputs. The balances of the Company's primary financial instruments at the dates indicated were as follows:
| At March 31, |  | At December 31,
(in thousands) | 2017 |  | 2016 |  | 2016
United States Treasury securities and money market funds | $ | 3,545 |  |  | $ | 71,442 |  |  | $ | 2,832 |
Schedule of effective tax rates and income tax expense | The following table presents the Company’s effective tax rates and income tax expense for the three months ended March 31, 2017 and 2016, respectively:
| Three Months Ended March 31,
(in thousands, except percentages) | 2017 |  | 2016
Effective tax rate | 24.9 | % |  | 38.1 | %
Provision for income taxes | $ | 7,680 |  |  | $ | 10,063 |
Schedule of business acquisitions | The following table represents the preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date of the Gbo Fastening Systems acquisition:
(In thousands) |
Assets * |
| Cash and cash equivalents | $ | 3,956 |
| Accounts receivable | 4,914 |
| Inventory | 13,063 |
| Other current assets | 760 |
| Property, plant, equipment and noncurrent assets | 5,744 |
|  | 28,437 |
Liabilities |
| Accounts payable | 4,500 |
| Other current liabilities | 5,381 |
|  | 9,881 |
Total net assets | 18,556 |
| Gain on bargain purchase of a business, net of tax | (8,388 | )
| Total purchase price | $ | 10,168 |
* | Intangible assets acquired were determined to have little to no value, thus were not recognized.

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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