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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of selected quarterly financial data
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
 
 
 
 
 
 
 
 
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