Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 42,931	$ 37,053
Cost of sales	32,746	27,537
Gross profit	10,185	9,516
Selling, general & administrative expenses	6,592	6,316
Acquisition related costs	1,069
Gain on sale of fixed assets	(40)	(5)
Operating income	2,564	3,205
Interest income	(25)	(42)
Interest expense	273	14
Other income	(50)
Income before income tax expense	2,366	3,233
Income tax expense	589	1,062
Net income	$ 1,777	$ 2,171
Net income per share:
Basic (in dollars per share)	$ 0.24	$ 0.30
Diluted (in dollars per share)	$ 0.24	$ 0.30
Weighted average common shares outstanding:
Basic (in shares)	7,300	7,216
Diluted (in shares)	7,378	7,297

This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 25
-Paragraph 23
-URI http://asc.fasb.org/extlink&oid=84229725&loc=d3e1043-128460