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Quarterly Results (Unaudited) (As Corrected) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) (As Corrected) The following is a summary of the quarterly results of operations for the years ended December 31, 2019 and 2018:
| Quarter |  |  |  |  |  |
| First |  | Second |  | Third |  | Fourth
| (in thousands, except per share data) |  |  |  |  |  |
2019 |  |  |  |  |  |  |
Net sales | $ | 113,822 |  |  | $ | 119,437 |  |  | $ | 113,500 |  |  | $ | 122,574 |
Gross profit | 25,430 |  |  | 30,204 |  |  | 27,410 |  |  | 36,381 |
Net income | 8,757 |  |  | 13,391 |  |  | 14,290 |  |  | 17,273 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 0.17 |  |  | $ | 0.26 |  |  | $ | 0.27 |  |  | $ | 0.33 |
Diluted | $ | 0.17 |  |  | $ | 0.26 |  |  | $ | 0.26 |  |  | $ | 0.33 |
2018 |  |  |  |  |  |  |
Net sales | $ | 99,082 |  |  | $ | 109,588 |  |  | $ | 112,937 |  |  | $ | 112,340 |
Gross profit | 15,196 |  |  | 27,661 |  |  | 32,830 |  |  | 27,846 |
Net income | 3,154 |  |  | 11,697 |  |  | 14,514 |  |  | 12,964 |
Earnings per share: |  |  |  |  |  |  |
Basic | $ | 0.06 |  |  | $ | 0.22 |  |  | $ | 0.28 |  |  | $ | 0.25 |
Diluted | $ | 0.06 |  |  | $ | 0.22 |  |  | $ | 0.27 |  |  | $ | 0.25 |
The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended March 31, 2019 and 2018.
| Three Months Ended March 31, 2019 |  |  |  |  |  | Three Months Ended March 31, 2018 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected |  | Previously Reported |  | Corrections |  | As Corrected
| (in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |
Net sales | $ | 113,822 |  |  | $ | — |  |  | $ | 113,822 |  |  | $ | 99,082 |  |  | $ | — |  |  |  | $ | 99,082 |
Cost of sales | 88,029 |  |  | 363 |  | (a) |  | 88,392 |  |  | 83,692 |  |  | 194 |  | (a) |  | 83,886 |
Gross profit | 25,793 |  |  | (363) |  |  | 25,430 |  |  | 15,390 |  |  | (194) |  |  |  | 15,196 |
Selling, general and administrative expenses | 11,001 |  |  | 2,676 |  | (b) |  | 13,677 |  |  | 10,219 |  |  | 1,432 |  | (b) |  | 11,651 |
Loss (gain) on disposal of assets | 284 |  |  | — |  |  | 284 |  |  | (7) |  |  | — |  |  |  | (7) |
Income from operations | 14,508 |  |  | (3,039) |  |  | 11,469 |  |  | 5,178 |  |  | (1,626) |  |  |  | 3,552 |
Interest income, net | 9 |  |  | — |  |  | 9 |  |  | 68 |  |  | — |  |  |  | 68 |
Other (expense) income, net | (26) |  |  | — |  |  | (26) |  |  | (6) |  |  | — |  |  |  | (6) |
Income before taxes | 14,491 |  |  | (3,039) |  |  | 11,452 |  |  | 5,240 |  |  | (1,626) |  |  |  | 3,614 |
Income tax provision | 3,589 |  |  | (894) |  | (c) |  | 2,695 |  |  | 980 |  |  | (520) |  | (c) |  | 460 |
Net income | $ | 10,902 |  |  | $ | (2,145) |  |  | $ | 8,757 |  |  | $ | 4,260 |  |  | $ | (1,106) |  |  |  | $ | 3,154 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.21 |  |  | $ | (0.04) |  |  | $ | 0.17 |  |  | $ | 0.08 |  |  | $ | (0.02) |  |  |  | $ | 0.06 |
Diluted | $ | 0.21 |  |  | $ | (0.04) |  |  | $ | 0.17 |  |  | $ | 0.08 |  |  | $ | (0.02) |  |  |  | $ | 0.06 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 51,992,150 |  |  | — |  |  | 51,992,150 |  |  | 52,433,902 |  |  | — |  |  |  | 52,433,902 |
Diluted | 52,369,660 |  |  | — |  |  | 52,369,660 |  |  | 52,910,223 |  |  | — |  |  |  | 52,910,223 |
Balance Sheet Data (at end of period): |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 146,798 |  |  | $ | (287) |  | (c) |  | $ | 146,511 |  |  | $ | 154,687 |  |  | $ | (237) |  | (c) |  | $ | 154,450 |
Total assets | 319,525 |  |  | (287) |  | (c) |  | 319,238 |  |  | 306,945 |  |  | (237) |  | (c) |  | 306,708 |
Current liabilities | 44,000 |  |  | (918) |  | (d) |  | 43,082 |  |  | 57,292 |  |  | (711) |  | (d) |  | 56,581 |
Deferred income taxes | 12,713 |  |  | (2,545) |  | (c) |  | 10,168 |  |  | 8,397 |  |  | (1,926) |  | (c) |  | 6,471 |
Other long-term liabilities | 3,442 |  |  | — |  |  | 3,442 |  |  | 1,645 |  |  | — |  |  | 1,645 |
Total stockholders' equity | $ | 259,370 |  |  | $ | 3,176 |  | (e) |  | $ | 262,546 |  |  | $ | 239,611 |  |  | $ | 2,400 |  | (e) |  | $ | 242,011 |
(a) The share-based compensation correction to cost of sales for the quarters ended March 31, 2019 and 2018 was approximately $0.4 million and $0.2 million, respectively. (b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended March 31, 2019 and 2018 was approximately $3.0 million and $1.6 million, respectively. Included in the correction to selling, general and administrative expenses is a correction to our employee profit sharing bonus plan (Note 17) of approximately $0.4 million and $0.2 million for the quarters ended March 31, 2019 and 2018, respectively. (c) The corrections to income tax receivable and deferred tax liability are the tax effect of the share-based compensation correction. (d) This is the cumulative reduction of our employee profit sharing bonus plan (Note 17) liability as a result of the share-based compensation correction. The prior period costs will be recovered through our estimated 2019 fourth quarter payment which will be paid in early 2020. (e) This is the cumulative effect on stockholders' equity as result of the share-based compensation correction. See Note 2, Error Correction, for a descriptions of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the years ended December 31, 2019 and 2018. The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended June 30, 2019 and 2018.
| Three Months Ended June 30, 2019 |  |  |  |  |  | Three Months Ended June 30, 2018 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected |  | Previously Reported |  | Corrections |  | As Corrected
| (in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |
Net sales | $ | 119,437 |  |  | $ | — |  |  |  | $ | 119,437 |  |  |  | $ | 109,588 |  |  | $ | — |  |  |  | $ | 109,588 |
Cost of sales | 89,262 |  |  | (29) |  | (a) |  | 89,233 |  |  |  | 82,003 |  |  | (76) |  | (a) |  | 81,927 |
Gross profit | 30,175 |  |  | 29 |  |  |  | 30,204 |  |  |  | 27,585 |  |  | 76 |  |  |  | 27,661 |
Selling, general and administrative expenses | 13,481 |  |  | (569) |  | (b) |  | 12,912 |  |  |  | 13,086 |  |  | 67 |  | (b) |  | 13,153 |
Loss (gain) on disposal of assets | 6 |  |  | — |  |  |  | 6 |  |  |  | (4) |  |  | — |  |  |  | (4) |
Income from operations | 16,688 |  |  | 598 |  |  |  | 17,286 |  |  |  | 14,503 |  |  | 9 |  |  |  | 14,512 |
Interest income, net | 31 |  |  | — |  |  |  | 31 |  |  |  | 67 |  |  | — |  |  |  | 67 |
Other (expense) income, net | 17 |  |  | — |  |  |  | 17 |  |  |  | 12 |  |  | — |  |  |  | 12 |
Income before taxes | 16,736 |  |  | 598 |  |  |  | 17,334 |  |  |  | 14,582 |  |  | 9 |  |  |  | 14,591 |
Income tax provision | 3,775 |  |  | 168 |  | (c) |  | 3,943 |  |  |  | 2,891 |  |  | 3 |  | (c) |  | 2,894 |
Net income | $ | 12,961 |  |  | $ | 430 |  |  |  | $ | 13,391 |  |  |  | $ | 11,691 |  |  | $ | 6 |  |  |  | $ | 11,697 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.25 |  |  | $ | 0.01 |  |  |  | $ | 0.26 |  |  |  | $ | 0.22 |  |  | $ | — |  |  |  | $ | 0.22 |
Diluted | $ | 0.25 |  |  | $ | 0.01 |  |  |  | $ | 0.26 |  |  |  | $ | 0.22 |  |  | $ | — |  |  |  | $ | 0.22 |
Cash dividends declared per common share: | $ | 0.16 |  |  | $ | — |  |  |  | $ | 0.16 |  |  |  | $ | 0.16 |  |  | $ | — |  |  |  | $ | 0.16 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 52,120,272 |  |  | — |  |  |  | 52,120,272 |  |  |  | 52,383,842 |  |  | — |  |  |  | 52,383,842 |
Diluted | 52,474,199 |  |  | — |  |  |  | 52,474,199 |  |  |  | 52,717,787 |  |  | — |  |  |  | 52,717,787 |
Balance Sheet Data (at end of period): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 168,630 |  |  | $ | (270) |  | (c) |  | $ | 168,360 |  |  |  | $ | 154,665 |  |  | $ | (237) |  | (c) |  | $ | 154,428 |
Total assets | 342,251 |  |  | (270) |  | (c) |  | 341,981 |  |  |  | 320,271 |  |  | (237) |  | (c) |  | 320,034 |
Current liabilities | 58,953 |  |  | (851) |  | (d) |  | 58,102 |  |  |  | 71,673 |  |  | (711) |  | (d) |  | 70,962 |
Deferred income taxes | 14,938 |  |  | (2,361) |  | (c) |  | 12,577 |  |  |  | 8,415 |  |  | (1,922) |  | (c) |  | 6,493 |
Other long-term liabilities | 3,791 |  |  | — |  |  |  | 3,791 |  |  |  | 1,746 |  |  | — |  |  |  | 1,746 |
Total stockholders' equity | $ | 264,569 |  |  | $ | 2,942 |  | (e) |  | $ | 267,511 |  |  |  | $ | 238,437 |  |  | $ | 2,396 |  | (e) |  | $ | 240,833 |
(a) The share-based compensation correction to cost of sales for the quarters ended June 30, 2019 and 2018 was approximately $0.1 million and $0.1 million, respectively. (b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended June 30, 2019 and 2018 was approximately $0.6 million and $0.1 million, respectively. Included in the correction to selling, general and administrative expenses is a correction to our employee profit sharing bonus plan (Note 17) of approximately $0.1 million and $0.1 million for the quarters ended June 30, 2019 and 2018, respectively. (c) The corrections to income tax receivable and deferred tax liability are the tax effect of the share-based compensation correction. (d) This is the cumulative reduction of our employee profit sharing bonus plan (Note 17) liability as a result of the share-based compensation correction. The prior period costs will be recovered through our estimated 2019 fourth quarter payment which will be paid in early 2020. (e) This is the cumulative effect on stockholders' equity as result of the share-based compensation correction. See Note 2, Error Correction, for a descriptions of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the years ended December 31, 2019 and 2018. The following tables reconcile our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended September 30, 2019 and 2018.
| Three Months Ended September 30, 2019 |  |  |  |  |  | Three Months Ended September 30, 2018 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected |  | Previously Reported |  | Corrections |  | As Corrected
| (in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |
Net sales | $ | 113,500 |  |  | $ | — |  |  |  | $ | 113,500 |  |  |  | $ | 112,937 |  |  | $ | — |  |  |  | $ | 112,937 |
Cost of sales | 86,115 |  |  | (25) |  | (a) |  | 86,090 |  |  |  | 80,174 |  |  | (67) |  | (a) |  | 80,107 |
Gross profit | 27,385 |  |  | 25 |  |  |  | 27,410 |  |  |  | 32,763 |  |  | 67 |  |  |  | 32,830 |
Selling, general and administrative expenses | 12,994 |  |  | (620) |  | (b) |  | 12,374 |  |  |  | 13,190 |  |  | (523) |  | (b) |  | 12,667 |
Loss (gain) on disposal of assets | 6 |  |  | — |  |  |  | 6 |  |  |  | 2 |  |  | — |  |  |  | 2 |
Income from operations | 14,385 |  |  | 645 |  |  |  | 15,030 |  |  |  | 19,571 |  |  | 590 |  |  |  | 20,161 |
Interest income, net | 9 |  |  | — |  |  |  | 9 |  |  |  | 36 |  |  | — |  |  |  | 36 |
Other (expense) income, net | (7) |  |  | — |  |  |  | (7) |  |  |  | 5 |  |  | — |  |  |  | 5 |
Income before taxes | 14,387 |  |  | 645 |  |  |  | 15,032 |  |  |  | 19,612 |  |  | 590 |  |  |  | 20,202 |
Income tax provision | 560 |  |  | 182 |  | (c) |  | 742 |  |  |  | 5,527 |  |  | 161 |  | (c) |  | 5,688 |
Net income | $ | 13,827 |  |  | $ | 463 |  |  |  | $ | 14,290 |  |  |  | $ | 14,085 |  |  | $ | 429 |  |  |  | $ | 14,514 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.27 |  |  | $ | — |  |  |  | $ | 0.27 |  |  |  | $ | 0.27 |  |  | $ | 0.01 |  |  |  | $ | 0.28 |
Diluted | $ | 0.26 |  |  | $ | — |  |  |  | $ | 0.26 |  |  |  | $ | 0.27 |  |  | $ | — |  |  |  | $ | 0.27 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |
Basic | 52,111,444 |  |  | — |  |  |  | 52,111,444 |  |  |  | 52,238,796 |  |  | — |  |  |  | 52,238,796 |
Diluted | 52,722,127 |  |  | — |  |  |  | 52,722,127 |  |  |  | 52,627,541 |  |  | — |  |  |  | 52,627,541 |
Balance Sheet Data (at end of period): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 170,536 |  |  | $ | (252) |  | (c) |  | $ | 170,284 |  |  |  | $ | 144,696 |  |  | $ | (220) |  | (c) |  | $ | 144,476 |
Total Assets | 352,152 |  |  | (252) |  | (c) |  | 351,900 |  |  |  | 314,024 |  |  | (220) |  | (c) |  | 313,804 |
Current liabilities | 53,882 |  |  | (779) |  | (d) |  | 53,103 |  |  |  | 53,716 |  |  | (645) |  | (d) |  | 53,071 |
Deferred income taxes | 15,034 |  |  | (2,161) |  | (c) |  | 12,873 |  |  |  | 8,841 |  |  | (1,744) |  | (c) |  | 7,097 |
Other long-term liabilities | 3,669 |  |  | — |  |  |  | 3,669 |  |  |  | 1,838 |  |  | — |  |  |  | 1,838 |
Total stockholders' equity | $ | 279,567 |  |  | $ | 2,688 |  | (e) |  | $ | 282,255 |  |  |  | $ | 249,629 |  |  | $ | 2,169 |  | (e) |  | $ | 251,798 |
(a) The share-based compensation correction to cost of sales for the quarters ended September 30, 2019 and 2018 was approximately $0.1 million and $0.1 million, respectively. (b) The share-based compensation correction to selling, general and administrative expenses for the quarters ended September 30, 2019 and 2018 was approximately $0.7 million and $0.6 million, respectively. Included in the correction to selling, general and administrative expenses is a correction to our employee profit sharing bonus plan (Note 17) of approximately $0.1 million and $0.1 million for the quarters ended September 30, 2019 and 2018, respectively. (c) The corrections to income tax receivable and deferred tax liability are the tax effect of the share-based compensation corrections. (d) This is the cumulative reduction of our employee profit sharing bonus plan (Note 17) liability as a result of the share-based compensation correction. The prior period costs will be recovered through our estimated 2019 fourth quarter payment which will be paid in early 2020. (e) This is the cumulative effect on stockholders' equity as result of the share-based compensation correction. See Note 2, Error Correction, for a descriptions of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the years ended December 31, 2019 and 2018. The following table reconciles our previously reported quarterly financial information with the corrected quarterly financial information as of and for the three months ended December 31, 2018.
| Three Months Ended December 31, 2018 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected
| (in thousands, except share and per share data) |  |  |  |
Net sales | $ | 112,340 |  |  | $ | — |  |  |  | $ | 112,340 |
Cost of sales | 84,545 |  |  | (51) |  | (a) |  | 84,494 |
Gross profit | 27,795 |  |  | 51 |  |  |  | 27,846 |
Selling, general and administrative expenses | 11,260 |  |  | (537) |  | (b) |  | 10,723 |
Loss (gain) on disposal of assets | (3) |  |  | — |  |  |  | (3) |
Income from operations | 16,538 |  |  | 588 |  |  |  | 17,126 |
Interest income, net | 25 |  |  | — |  |  |  | 25 |
Other (expense) income, net | (58) |  |  | — |  |  |  | (58) |
Income before taxes | 16,505 |  |  | 588 |  |  |  | 17,093 |
Income tax provision | 3,969 |  |  | 160 |  | (c) |  | 4,129 |
Net income | $ | 12,536 |  |  | $ | 428 |  |  |  | $ | 12,964 |
Earnings per share: |  |  |  |  |
Basic | $ | 0.24 |  |  | $ | 0.01 |  |  |  | $ | 0.25 |
Diluted | $ | 0.24 |  |  | $ | 0.01 |  |  |  | $ | 0.25 |
Cash dividends declared per common share: | $ | 0.16 |  |  | $ | — |  |  |  | $ | 0.16 |
Weighted average shares outstanding: |  |  |  |  |
Basic | 52,086,247 |  |  | — |  |  |  | 52,086,247 |
Diluted | 52,420,529 |  |  | — |  |  |  | 52,420,529 |
Balance Sheet Data (at end of period): |  |  |  |  |  |  |  |
Current assets | $ | 140,861 |  |  | $ | (203) |  | (c) |  | $ | 140,658 |
Total Assets | 308,197 |  |  | (203) |  | (c) |  | 307,994 |
Current liabilities | 48,071 |  |  | (580) |  | (d) |  | 47,491 |
Deferred income taxes | 10,826 |  |  | (1,567) |  | (c) |  | 9,259 |
Other long-term liabilities | 1,801 |  |  | — |  |  |  | 1,801 |
Total stockholders' equity | $ | 247,499 |  |  | $ | 1,944 |  | (e) |  | $ | 249,443 |
(a) The share-based compensation correction for cost of sales for the quarter ended December 31, 2018 was approximately $0.1 million. (b) The share-based compensation correction to selling, general and administrative expenses for the quarter ended December 31, 2018 was approximately $0.6 million. Included in the correction to selling, general and administrative expenses is a correction to our employee profit sharing bonus plan (Note 17) of approximately $0.1 million for the quarter ended December 31, 2018. (c) The corrections to income tax receivable and deferred tax liability are the tax effect of the share-based compensation corrections. (d) This is the cumulative reduction of our employee profit sharing bonus plan (Note 17) liability as a result of the share-based compensation correction. The prior period costs will be recovered through our estimated 2019 fourth quarter payment which will be paid in early 2020. (e) This is the cumulative effect on stockholders' equity as result of the share-based compensation correction. See Note 2, Error Correction, for a descriptions of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the years ended December 31, 2018.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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