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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended
--- | ---
Mar. 26, 2016 | Mar. 28, 2015
Income Statement [Abstract] |  |
Product sales | $ 532,940 | $ 603,894
Services sales | 63,665 | 66,504
Net sales | 596,605 | 670,398
Product cost of sales | 393,492 | 459,541
Services cost of sales | 42,144 | 45,403
Total cost of sales | 435,636 | 504,944
Gross profit | 160,969 | 165,454
Selling, general and administrative expenses | 98,604 | 107,771
Operating income | 62,365 | 57,683
Other income (expenses): |  |
Interest expense | (11,054) | (11,128)
Interest income | 811 | 874
Other | (1,678) | 1,016
Total other income (expenses) | (11,921) | (9,238)
Earnings before income taxes | 50,444 | 48,445
Income tax expense (benefit): |  |
Current | 10,514 | 11,774
Deferred | 5,759 | 5,164
Total income tax expense (benefit) | 16,273 | 16,938
Earnings before equity in earnings of nonconsolidated subsidiaries | 34,171 | 31,507
Equity in earnings of nonconsolidated subsidiaries | 0 | 0
Net earnings | 34,171 | 31,507
Less: Earnings attributable to noncontrolling interests | (1,202) | (768)
Net earnings attributable to Valmont Industries, Inc. | $ 32,969 | $ 30,739
Earnings per share: |  |
Basic (in dollars per share) | $ 1.45 | $ 1.29
Diluted (in dollars per share) | 1.45 | 1.28
Cash dividends declared per share (in dollars per share) | $ 0.375 | $ 0.375
Weighted average number of shares of common stock outstanding - Basic (in shares) | 22,700 | 23,868
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 22,816 | 23,982

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