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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 24, 2016 | Sep. 26, 2015
Income Statement [Abstract] |  |  |  |
Product sales | $ 544,828 | $ 560,518 | $ 1,648,530 | $ 1,776,194
Services sales | 65,419 | 72,057 | 198,571 | 208,902
Net sales | 610,247 | 632,575 | 1,847,101 | 1,985,096
Product cost of sales | 409,003 | 427,688 | 1,220,567 | 1,348,402
Services cost of sales | 46,221 | 48,136 | 135,425 | 144,941
Total cost of sales | 455,224 | 475,824 | 1,355,992 | 1,493,343
Gross profit | 155,023 | 156,751 | 491,109 | 491,753
Selling, general and administrative expenses | 101,783 | 104,539 | 303,698 | 327,858
Impairment of goodwill and intangible assets | 0 | 15,200 | 0 | 15,200
Operating income | 53,240 | 37,012 | 187,411 | 148,695
Other income (expenses): |  |  |  |
Interest expense | (11,100) | (11,120) | (33,276) | (33,480)
Interest income | 771 | 905 | 2,289 | 2,395
Other | 878 | (1,230) | 452 | (242)
Total other income (expenses) | (9,451) | (11,445) | (30,535) | (31,327)
Earnings before income taxes | 43,789 | 25,567 | 156,876 | 117,368
Income tax expense (benefit): |  |  |  |
Current | 18,017 | 6,746 | 51,276 | 37,656
Deferred | (3,749) | 5,272 | (1,534) | 5,217
Total income tax expense (benefit) | 14,268 | 12,018 | 49,742 | 42,873
Earnings before equity in earnings of nonconsolidated subsidiaries | 29,521 | 13,549 | 107,134 | 74,495
Equity in earnings of nonconsolidated subsidiaries | 0 | 0 | 0 | 0
Net earnings | 29,521 | 13,549 | 107,134 | 74,495
Less: Earnings attributable to noncontrolling interests | (1,348) | (1,483) | (3,966) | (3,817)
Net earnings attributable to Valmont Industries, Inc. | $ 28,173 | $ 12,066 | $ 103,168 | $ 70,678
Earnings per share: |  |  |  |
Basic (in dollars per share) | $ 1.25 | $ 0.52 | $ 4.56 | $ 3.02
Diluted (in dollars per share) | 1.24 | 0.52 | 4.54 | 3.00
Cash dividends declared per share (in dollars per share) | $ 0.375 | $ 0.375 | $ 1.125 | $ 1.125
Weighted average number of shares of common stock outstanding - Basic (in shares) | 22,505 | 23,057 | 22,602 | 23,420
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 22,659 | 23,170 | 22,741 | 23,534

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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1505-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1448-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Weighted-Average Number of Common Shares Outstanding -URI http://asc.fasb.org/extlink&oid=6528421 + Details
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- Definition Sum of operating profit and nonoperating income (expense) after income taxes and before income (loss) from equity method investments and noncontrolling interest. + References No definition available. + Details
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