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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2018 | Apr. 01, 2017
Income Statement [Abstract] |  |
Product sales | $ 620,486 | $ 572,952
Services sales | 78,198 | 64,521
Net sales | 698,684 | 637,473
Product cost of sales | 476,264 | 426,847
Services cost of sales | 53,180 | 46,021
Total cost of sales | 529,444 | 472,868
Gross profit | 169,240 | 164,605
Selling, general and administrative expenses | 105,280 | 99,949
Operating income | 63,960 | 64,656
Other income (expenses): |  |
Interest expense | (11,074) | (11,304)
Interest income | 1,267 | 927
Other | (1,141) | 1,045
Total other income (expenses) | (10,948) | (9,332)
Earnings before income taxes | 53,012 | 55,324
Income tax expense: |  |
Current | 7,713 | 1,298
Deferred | 4,819 | 14,065
Total income tax expense (benefit) | 12,532 | 15,363
Earnings before equity in earnings of nonconsolidated subsidiaries | 40,480 | 39,961
Equity in earnings of nonconsolidated subsidiaries | 0 | 0
Net earnings | 40,480 | 39,961
Less: Earnings attributable to noncontrolling interests | (1,199) | (982)
Net earnings attributable to Valmont Industries, Inc. | $ 39,281 | $ 38,979
Earnings per share: |  |
Basic (in dollars per share) | $ 1.74 | $ 1.73
Diluted (in dollars per share) | 1.72 | 1.72
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) | 22,609 | 22,472
Weighted average number of shares of common stock outstanding - Diluted (in shares) | 22,796 | 22,660

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