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Error Correction (Tables) | 6 Months Ended
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Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following tables represent our corrected consolidated statements of income and statements of stockholders' equity for the three and six months ended June 30, 2019 and statements of cash flows for the six months ended June 30, 2019, as well as our corrected consolidated balance sheet data at June 30, 2019. The values as previously reported for June 30, 2019 were derived from our Quarterly Report on Form 10-Q for the three and six month ended June 30, 2019 filed on August 1, 2019.
| Consolidated Statements of Income |  |  |  |  |  |  |  |  |  |
| Three Months Ended June 30, 2019 |  |  |  |  |  | Six Months Ended June 30, 2019 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected |  | Previously Reported |  | Corrections |  | As Corrected
| (in thousands, except share and per share data) |  |  |  |  |  |  |  |  |  |
Net sales | $ | 119,437 |  |  | $ | — |  |  | $ | 119,437 |  |  | $ | 233,259 |  |  | $ | — |  |  | $ | 233,259 |
Cost of sales | 89,262 |  |  | (29) |  | (a) | 89,233 |  |  | 177,291 |  |  | 334 |  | (a) | 177,625 |
Gross profit | 30,175 |  |  | 29 |  |  | 30,204 |  |  | 55,968 |  |  | (334) |  |  | 55,634 |
Selling, general and administrative expenses | 13,481 |  |  | (569) |  | (b) | 12,912 |  |  | 24,482 |  |  | 2,107 |  | (b) | 26,589 |
Loss (gain) on disposal of assets | 6 |  |  | — |  |  | 6 |  |  | 290 |  |  | — |  |  | 290 |
Income from operations | 16,688 |  |  | 598 |  |  | 17,286 |  |  | 31,196 |  |  | (2,441) |  |  | 28,755 |
Interest income, net | 31 |  |  | — |  |  | 31 |  |  | 40 |  |  | — |  |  | 40 |
Other (expense) income, net | 17 |  |  | — |  |  | 17 |  |  | (9) |  |  | — |  |  | (9) |
Income before taxes | 16,736 |  |  | 598 |  |  | 17,334 |  |  | 31,227 |  |  | (2,441) |  |  | 28,786 |
Income tax provision | 3,775 |  |  | 168 |  | (c) | 3,943 |  |  | 7,364 |  |  | (726) |  | (c) | 6,638 |
Net income | $ | 12,961 |  |  | $ | 430 |  |  | $ | 13,391 |  |  | $ | 23,863 |  |  | $ | (1,715) |  |  | $ | 22,148 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.25 |  |  | $ | 0.01 |  |  | $ | 0.26 |  |  | $ | 0.46 |  |  | $ | (0.03) |  |  | $ | 0.43 |
Diluted | $ | 0.25 |  |  | $ | — |  |  | $ | 0.25 |  |  | $ | 0.45 |  |  | $ | (0.03) |  |  | $ | 0.42 |
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 |  |  | 52,087,626 |  |  | — |  |  | 52,087,626 |
Diluted | 52,747,199 |  |  | — |  |  | 52,747,199 |  |  | 52,589,845 |  |  | — |  |  | 52,589,845 |
Balance Sheet Data (at end of period): |  |  |  |  |  |  |  |  |  |  |
Current assets | $ | 168,630 |  |  | $ | (270) |  | (c) | $ | 168,360 |  |  |  |  |  |  |
Total assets | 342,251 |  |  | (270) |  | (c) | 341,981 |  |  |  |  |  |  |
Current liabilities | 58,953 |  |  | (851) |  | (d) | 58,102 |  |  |  |  |  |  |
Deferred income taxes | 14,938 |  |  | (2,361) |  | (c) | 12,577 |  |  |  |  |  |  |
Total stockholders' equity | $ | 264,569 |  |  | $ | 2,942 |  | (e) | $ | 267,511 |  |  |  |  |  |  |
(a) The share-based compensation correction to cost of sales for the three and six months ended June 30, 2019 was approximately $0.1 million and $0.3 million, respectively. (b) The share-based compensation correction to selling, general and administrative expenses for the three and six months ended June 30, 2019 was approximately $0.6 million and $2.4 million, respectively. Included in the correction to selling, general and administrative expenses is a correction to reduce our employee profit sharing bonus plan (Note 13) of approximately $0.1 million and $0.3 million for the three and six months ended June 30, 2019, 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 13) liability as a result of the share-based compensation correction. The prior period costs were recovered through our estimated 2019 fourth quarter payment which was paid in early 2020. (e) This is the cumulative effect on stockholders' equity as a result of the share-based compensation correction. See table below for a description of the changes in stockholders' equity in the consolidated statements of stockholders' equity for the three and six months ended June 30, 2019, respectively.
|  | Consolidated Statements of Stockholders’ Equity |  |  |  |  |  |  |  |
|  | Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |
|  | Common Stock |  |  |  | Paid-in |  | Retained |  |
|  | Shares |  | Amount |  | Capital |  | Earnings |  | Total
As Previously Reported |  | (in thousands) |  |  |  |  |  |  |  |
| Balances at December 31, 2018 | 51,991 |  |  | $ | 208 |  |  | $ | — |  |  | $ | 247,291 |  |  | $ | 247,499 |
| Net income | — |  |  | — |  |  | — |  |  | 23,863 |  |  | 23,863 |
| Stock options exercised and restricted | 384 |  |  | 2 |  |  | 7,683 |  |  | — |  |  | 7,685 |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | 5,073 |  |  | — |  |  | 5,073 |
| Stock repurchased and retired | (257) |  |  | (1) |  |  | (11,170) |  |  | — |  |  | (11,171) |
| Dividends | — |  |  | — |  |  | — |  |  | (8,380) |  |  | (8,380) |
| Balances at June 30, 2019 | 52,118 |  |  | 209 |  |  | 1,586 |  |  | 262,774 |  |  | 264,569 |
Correction Impacts |  |  |  |  |  |  |  |  |  |
| Balances at December 31, 2018 | — |  |  | — |  |  | — |  |  | 1,944 |  |  | 1,944 |
| Net income | — |  |  | — |  |  | — |  |  | (1,715) |  |  | (1,715) |
| Stock options exercised and restricted | — |  |  | — |  |  | — |  |  | — |  |  | — |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | 2,713 |  |  | — |  |  | 2,713 |
| Stock repurchased and retired | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Balances at June 30, 2019 | — |  |  | — |  |  | 2,713 |  |  | 229 |  |  | 2,942 |
As Corrected |  |  |  |  |  |  |  |  |  |
| Balances at December 31, 2018 | 51,991 |  |  | $ | 208 |  |  | $ | — |  |  | $ | 249,235 |  |  | $ | 249,443 |
| Net income | — |  |  | — |  |  | — |  |  | 22,148 |  |  | 22,148 |
| Stock options exercised and restricted | 384 |  |  | 2 |  |  | 7,683 |  |  | — |  |  | 7,685 |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | 7,786 |  |  | — |  |  | 7,786 |
| Stock repurchased and retired | (257) |  |  | (1) |  |  | (11,170) |  |  | — |  |  | (11,171) |
| Dividends | — |  |  | — |  |  | — |  |  | (8,380) |  |  | (8,380) |
| Balances at June 30, 2019 | 52,118 |  |  | $ | 209 |  |  | $ | 4,299 |  |  | $ | 263,003 |  |  | $ | 267,511 |
See descriptions of changes to net income in the consolidated statement of income for the six months ended June 30, 2019 in the table above.
|  | Consolidated Statements of Stockholders’ Equity |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |
|  | Common Stock |  |  |  | Paid-in |  | Retained |  |
|  | Shares |  | Amount |  | Capital |  | Earnings |  | Total
As Previously Reported |  | (in thousands) |  |  |  |  |  |  |  |
| Balances at March 31, 2019 | 52,099 |  |  | $ | 208 |  |  | $ | 969 |  |  | $ | 258,193 |  |  | $ | 259,370 |
| Net income | — |  |  | — |  |  | — |  |  | 12,961 |  |  | 12,961 |
| Stock options exercised and restricted | 147 |  |  | 1 |  |  | 3,674 |  |  | — |  |  | 3,675 |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | 3,043 |  |  | — |  |  | 3,043 |
| Stock repurchased and retired | (128) |  |  | — |  |  | (6,100) |  |  | — |  |  | (6,100) |
| Dividends | — |  |  | — |  |  | — |  |  | (8,380) |  |  | (8,380) |
| Balances at June 30, 2019 | 52,118 |  |  | 209 |  |  | 1,586 |  |  | 262,774 |  |  | 264,569 |
Correction Impacts |  |  |  |  |  |  |  |  |  |
| Balances at March 31, 2019 | — |  |  | — |  |  | 3,377 |  |  | (201) |  |  | 3,176 |
| Net income | — |  |  | — |  |  | — |  |  | 430 |  |  | 430 |
| Stock options exercised and restricted | — |  |  | — |  |  | — |  |  | — |  |  | — |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | (664) |  |  | — |  |  | (664) |
| Stock repurchased and retired | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Balances at June 30, 2019 | — |  |  | — |  |  | 2,713 |  |  | 229 |  |  | 2,942 |
As Corrected |  |  |  |  |  |  |  |  |  |
| Balances at March 31, 2019 | 52,099 |  |  | $ | 208 |  |  | $ | 4,346 |  |  | $ | 257,992 |  |  | $ | 262,546 |
| Net income | — |  |  | — |  |  | — |  |  | 13,391 |  |  | 13,391 |
| Stock options exercised and restricted | 147 |  |  | 1 |  |  | 3,674 |  |  | — |  |  | 3,675 |
| stock awards granted |  |  |  |  |  |  |  |  |
| Share-based compensation | — |  |  | — |  |  | 2,379 |  |  | — |  |  | 2,379 |
| Stock repurchased and retired | (128) |  |  | — |  |  | (6,100) |  |  | — |  |  | (6,100) |
| Dividends | — |  |  | — |  |  | — |  |  | (8,380) |  |  | (8,380) |
| Balances at June 30, 2019 | 52,118 |  |  | $ | 209 |  |  | $ | 4,299 |  |  | $ | 263,003 |  |  | $ | 267,511 |
See descriptions of changes to net income in the consolidated statement of income for the three months ended June 30, 2019 in the table above.
| Consolidated Statements of Cash Flows |  |  |  |
| Six Months Ended June 30, 2019 |  |  |  |
| Previously Reported |  | Corrections |  | As Corrected
Operating Activities | (in thousands) |  |  |  |
Net income | $ | 23,863 |  |  | $ | (1,715) |  |  | $ | 22,148 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 11,760 |  |  | — |  |  | 11,760 |
Provision for losses on accounts receivable, net of adjustments | 128 |  |  | — |  |  | 128 |
Provision for excess and obsolete inventories | 1,153 |  |  | — |  |  | 1,153 |
Share-based compensation | 5,073 |  |  | 2,713 |  |  | 7,786 |
Loss (gain) on disposition of assets | 290 |  |  | — |  |  | 290 |
Foreign currency transaction (gain) loss | (13) |  |  | — |  |  | (13) |
Interest income on note receivable | (26) |  |  | — |  |  | (26) |
Deferred income taxes | 4,112 |  |  | (794) |  |  | 3,318 |
Changes in assets and liabilities: |  |  |  |  |
Accounts receivable | (14,983) |  |  | — |  |  | (14,983) |
Income taxes | 2,858 |  |  | 67 |  |  | 2,925 |
Inventories | (585) |  |  | — |  |  | (585) |
Prepaid expenses and other | (650) |  |  | — |  |  | (650) |
Accounts payable | (2,592) |  |  | — |  |  | (2,592) |
Deferred revenue | 172 |  |  | — |  |  | 172 |
Accrued liabilities and donations | 5,312 |  |  | (271) |  |  | 5,041 |
Net cash provided by operating activities | 35,872 |  |  | — |  |  | 35,872 |
Investing Activities |  |  |  |  |
Capital expenditures | (16,784) |  |  | — |  |  | (16,784) |
Proceeds from sale of property, plant and equipment | 59 |  |  | — |  |  | 59 |
Investment in certificates of deposits | (6,000) |  |  | — |  |  | (6,000) |
Maturities of certificates of deposits | 2,000 |  |  | — |  |  | 2,000 |
Principal payments from note receivable | 28 |  |  | — |  |  | 28 |
Net cash used in investing activities | (20,697) |  |  | — |  |  | (20,697) |
Financing Activities |  |  |  |  |
Stock options exercised | 7,685 |  |  | — |  |  | 7,685 |
Repurchase of stock | (10,191) |  |  | — |  |  | (10,191) |
Employee taxes paid by withholding shares | (980) |  |  | — |  |  | (980) |
Net cash used in financing activities | (3,486) |  |  | — |  |  | (3,486) |
Net decrease in cash and cash equivalents | 11,689 |  |  | — |  |  | 11,689 |
Cash and cash equivalents, beginning of year | 1,994 |  |  | — |  |  | 1,994 |
Cash and cash equivalents, end of year | $ | 13,683 |  |  | $ | — |  |  | $ | 13,683 |

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