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Unaudited Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018
Income Statement [Abstract] |  |  |  |  |
NET SALES |  | $ 477,761,417 | $ 460,253,433 | $ 1,415,061,768 | $ 1,380,654,978
COST OF GOODS SOLD |  | 297,440,131 | 287,263,147 | 888,558,373 | 862,231,819
Gross profit |  | 180,321,286 | 172,990,286 | 526,503,395 | 518,423,159
OPERATING EXPENSES: |  |  |  |  |
Engineering, research and development |  | 29,398,725 | 26,888,999 | 85,847,249 | 80,138,722
Selling, general & administrative |  | 22,786,881 | 18,673,376 | 63,019,167 | 55,658,189
Total operating expenses |  | 52,185,606 | 45,562,375 | 148,866,416 | 135,796,911
Income from operations |  | 128,135,680 | 127,427,911 | 377,636,979 | 382,626,248
OTHER INCOME (LOSS) |  |  |  |  |
Investment income |  | 3,353,510 | 3,180,683 | 8,756,638 | 8,062,421
Other income (loss), net |  | 90,323 | (73,979) | 376,983 | 578,655
Total other income |  | 3,443,833 | 3,106,704 | 9,133,621 | 8,641,076
INCOME BEFORE PROVISION FOR INCOME TAXES |  | 131,579,513 | 130,534,615 | 386,770,600 | 391,267,324
PROVISION FOR INCOME TAXES |  | 19,681,661 | 19,198,798 | 61,633,712 | 59,658,782
NET INCOME |  | $ 111,897,852 | $ 111,335,817 | $ 325,136,888 | $ 331,608,542
EARNINGS PER SHARE: |  |  |  |  |
Basic (in dollars per share) | [1] | $ 0.44 | $ 0.42 | $ 1.27 | $ 1.23
Diluted (in dollars per share) | [1] | 0.44 | 0.42 | 1.26 | 1.22
Cash Dividends Declared per Share (in dollars per share) |  | $ 0.115 | $ 0.110 | $ 0.345 | $ 0.330
[1] | (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

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