Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

In 2018, the Company recorded out-of-period adjustments, which increased cost of sales and decreased general and administrative expenses in equal amounts. Such adjustment only applied to the North America segment, which resulted from recording certain depreciation expense on company-owned real estate as general and administrative expense rather than cost of goods sold. Income from operations and net income for each of the quarters as presented below were not affected by the adjustment. In 2018, the Company also changed its presentation of its consolidated statement of operations to display foreign exchange gain (loss), net, as a separate item below income from operations. Foreign exchange gain (loss), net, was previously included in general and administrative expenses and in income from operations. Income before tax and net income for each of the quarters as presented below were not affected by the change in presentation.

The following table sets forth selected quarterly financial data for each of the quarters in 2019 and 2018, respectively:

(in thousands, except per share amounts)



	2019												2018
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Net sales	$	262,510		$	309,932		$	304,853		$	259,244		$	241,845		$	284,178		$	308,007		$	244,780
Cost of sales	152,457			172,288			170,674			148,990			143,641			150,282			167,442			137,157
Gross profit	110,053			137,644			134,179			110,254			98,204			133,896			140,565			107,623
Research and development and other engineering	11,771			11,972			11,055			12,260			10,216			10,441			11,249			11,150
Selling	28,097			27,672			28,687			28,112			26,278			26,879			29,201			27,573
General and administrative	39,333			37,047			41,345			39,549			45,004			37,358			38,807			37,399
Total operating expenses	79,201			76,691			81,087			79,921			81,498			74,678			79,257			76,122
Net gain on disposal of assets	(5,759		)	(14		)	(561		)	310			(8,810		)	(460		)	(125		)	(1,184		)
Impairment of goodwill	—			—			—			—			6,686			—			—			—
Income from operations	36,611			60,967			53,653			30,023			18,830			59,678			61,433			32,685
Interest income (expense), net and other	(594		)	(711		)	(260		)	(172		)	(250		)	(88		)	(182		)	(114		)
Foreign exchange gain (loss), net	91			(1,067		)	407			(591		)	(530		)	1,244			(689		)	112
Income before income taxes	36,108			59,189			53,800			29,260			18,050			60,834			60,562			32,683
Provision for income taxes	8,051			15,503			14,223			6,598			5,293			16,473			16,476			7,253
Net income	$	28,057		$	43,686		$	39,577		$	22,662		$	12,757		$	44,361		$	44,086		$	25,430
Earnings per share of common stock:										0
Basic	$	0.63		$	0.98		$	0.89		$	0.50		$	0.28		$	0.96		$	0.95		$	0.55
Diluted	0.63			0.97			0.88			0.50			0.28			0.95			0.94			0.54
Cash dividends declared per share of common stock	$	0.23		$	0.23		$	0.23		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21

Basic earnings per share of common stock (“EPS”) for each of the quarters presented above is computed based on the weighted average number of shares of common stock outstanding during the quarter. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock outstanding during the quarter using the treasury stock method. Dilutive potential shares of common stock include stock awards. The sum of the quarterly basic and diluted EPS amounts may not necessarily be equal to the full-year basic and diluted EPS amounts.