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Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2017 and 2016, respectively:

	Three Months Ended   September 30,								Nine Months Ended   September 30,
(in thousands, except per share amounts)	2017				2016				2017				2016
Net income available to common stockholders	$	28,197			$	29,797			$	79,532			$	72,341
Basic weighted-average shares outstanding	47,367				48,119				47,544				48,231
Dilutive effect of potential common stock equivalents — stock options and restricted stock units	319				233				299				198
Diluted weighted-average shares outstanding	47,686				48,352				47,843				48,429
Earnings per common share:
Basic	$	0.60			$	0.62			$	1.67			$	1.50
Diluted	$	0.59			$	0.62			$	1.66			$	1.49
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 and nine months ended September 30, 2017 and 2016, respectively:

	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)	2017				2016				2017				2016
Stock-based compensation expense recognized in operating expenses	$	370			$	3,141			$	10,942			$	8,995
Less: Tax benefit of stock-based compensation expense in provision for income taxes	58				1,112				3,962				3,262
Stock-based compensation expense, net of tax	$	312			$	2,029			$	6,980			$	5,733
Fair value of shares vested	$	428			$	3,088			$	10,764			$	9,039
Proceeds to the Company from the exercise of stock-based compensation	$	2,268			$	4,166			$	3,566			$	6,695
Tax effect from the exercise of stock-based compensation, including shortfall tax benefits (1)	$	—			$	121			$	—			$	140

⁽¹⁾ Zero balances in the three and nine months ended September 30, 2017 is the result of the Company's adoption of FASB issued

Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-

Based Payment Accounting ("ASU 2016-09") on January 1, 2017, refer to Recently Adopted Accounting Standards below.

Summary of financial instruments

As of September 30, 2017 and 2016 and December 31, 2016, the Company’s investments consisted of only 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 September 30,								At December 31,
(in thousands)	2017				2016				2016
Money market funds	$	5,409			$	13,334			$	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 and nine months ended September 30, 2017 and 2016, respectively:

	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)	2017				2016				2017				2016
Effective tax rate	37.0		%		34.8		%		34.0		%		35.9		%
Provision for income taxes	$	16,581			$	15,898			$	40,972			$	40,601

Schedule of business acquisitions

The following table represents the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed in the Gbo Fastening Systems acquisition:

(In thousands)
Assets *
	Cash and cash equivalents	$	3,956
	Accounts receivable	4,914
	Inventory	13,591
	Other current assets	760
	Property, plant, equipment and noncurrent assets	3,929
		27,150
Liabilities
	Accounts payable	4,500
	Other current liabilities	6,146
		10,646
Total net assets		16,504
	Gain (adjustment) on bargain purchase of a business	(6,336		)
	Total purchase price	$	10,168
*	Intangible assets acquired were determined to have little to no value, thus were not recognized.

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
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