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Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 27, 2015 | Jun. 28, 2014 | Jun. 27, 2015 | Jun. 28, 2014
Net sales | $ 54,016 | $ 61,050 | $ 108,402 | $ 117,859
Cost of sales | 32,612 | 35,294 | 65,603 | 68,036
Gross profit | 21,404 | 25,756 | 42,799 | 49,823
Selling, engineering and administrative expenses | 7,329 | 7,379 | 14,615 | 14,720
Operating income | 14,075 | 18,377 | 28,184 | 35,103
Interest (income) expense, net | (344) | (284) | (661) | (596)
Foreign currency transaction (gain) loss, net | 260 | (37) | (699) | (30)
Miscellaneous (income) expense, net | 185 | 274 | 212 | 358
Income before income taxes | 13,974 | 18,424 | 29,332 | 35,371
Income tax provision | 4,726 | 6,238 | 9,707 | 11,800
Net income | $ 9,248 | $ 12,186 | $ 19,625 | $ 23,571
Basic net income per common share (in dollars per share) | $ 0.35 | $ 0.46 | $ 0.74 | $ 0.89
Weighted average basic shares outstanding | 26,684 | 26,444 | 26,645 | 26,409
Diluted net income per common share (in dollars per share) | $ 0.35 | $ 0.46 | $ 0.74 | $ 0.89
Weighted average diluted shares outstanding | 26,684 | 26,444 | 26,645 | 26,409
Dividends declared per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.27 | $ 0.27

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