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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) In Thousands, except Per Share data, unless otherwise specified | 3 Months Ended
--- | ---
Mar. 30, 2013 | Mar. 31, 2012
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |  |
Product sales | $ 740,447 | $ 641,987
Services sales | 79,183 | 75,363
Net sales | 819,630 | 717,350
Product cost of sales | 529,161 | 482,708
Services cost of sales | 55,100 | 48,328
Total cost of sales | 584,261 | 531,036
Gross profit | 235,369 | 186,314
Selling, general and administrative expenses | 117,179 | 103,496
Operating income | 118,190 | 82,818
Other income (expenses): |  |
Interest expense | (8,190) | (7,807)
Interest income | 1,353 | 2,078
Other | 1,556 | 1,577
Total other income (expenses) | (5,281) | (4,152)
Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries | 112,909 | 78,666
Income tax expense (benefit): |  |
Current | 38,660 | 27,029
Deferred | (3,687) | 737
Total income tax expense (benefit) | 34,973 | 27,766
Earnings before equity in earnings of nonconsolidated subsidiaries | 77,936 | 50,900
Equity in earnings of nonconsolidated subsidiaries | 204 | 1,688
Net earnings | 78,140 | 52,588
Less: Earnings attributable to noncontrolling interests | (571) | (263)
Net earnings attributable to Valmont Industries, Inc. | $ 77,569 | $ 52,325
Earnings per share: |  |
Basic (in dollars per share) | $ 2.92 | $ 1.98
Diluted (in dollars per share) | $ 2.89 | $ 1.96
Cash dividends declared per share (in dollars per share) | $ 0.225 | $ 0.180
Weighted average number of shares of common stock outstanding-Basic (000 omitted) (in shares) | 26,583 | 26,396
Weighted average number of shares of common stock outstanding-Diluted (000 omitted) (in shares) | 26,859 | 26,678

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