Note 20 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Jun. 30, 2017

Quarterly Financial Information [Text Block]

20.

Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for the years ended

June 30, 2017

and

2016

are as follows (in thousands, except for per share data):

	2017
	First		Second		Third		Fourth
Net sales	$	179,600	$	173,854	$	184,715	$	217,089
Gross profit		61,776		56,894		61,348		72,736
Net income		14,344		10,442		7,660		14,131
EARNINGS PER SHARE (1)

Basic	$	1.13	$	0.82	$	0.60	$	1.12
Diluted	$	1.12	$	0.82	$	0.60	$	1.11

	2016
	First		Second		Third		Fourth
Net sales	$	198,398	$	181,948	$	177,465	$	193,775
Gross profit		68,552		58,235		58,638		66,828
Net income		15,981		12,371		11,516		12,188
EARNINGS PER SHARE (1)
Basic	$	1.26	$	0.97	$	0.91	$	0.96
Diluted	$	1.25	$	0.96	$	0.91	$	0.95

(

)

Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts

may

not

agree to the year-to-date amounts.

During the

fourth

quarter of fiscal

2017,

we adopted Accounting Standards Update (ASU)

2016

requiring the recognition of excess tax benefits as a component of income tax expense which were historically recognized in equity. As required, our

2017

results have been recast to allocate

$0.6

million of the benefit to the applicable periods. In addition, the ASU requires a prospective update to the treasury method of calculating weighted average diluted shares outstanding resulting in the inclusion of additional shares in our diluted EPS calculation.