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Inventories | 6 Months Ended
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Jun. 30, 2016
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories are valued at the lower of cost or market. Effective October 1, 2015, the Company changed its method for inventory costing from the last in, first out (LIFO) cost method to the first in, first out (FIFO) cost method for all operations that were using the LIFO cost method. This change in accounting method was deemed preferable because this change causes inventory to be valued on a consistent basis throughout the entire Company and on a more comparable basis with industry peer companies. This change in accounting method was completed in accordance with Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections, and all periods presented have been retrospectively adjusted to reflect the period-specific effects of applying the new accounting principle. The following table summarizes the effect of this accounting change on our condensed consolidated statements of operations for the quarter ended June 30, 2015:
| Quarter Ended June 30, 2015
(Dollars in thousands, except per share amounts) | As Originally Reported Under LIFO |  | As Adjusted under FIFO |  | Effect of Change
Cost of sales | $ | 102,509 |  |  | $ | 102,437 |  |  | $ | (72 | )
Net income | $ | 13,540 |  |  | $ | 13,554 |  |  | $ | 14 |
Basic earnings per share | $ | 0.73 |  |  | $ | 0.73 |  |  | $ | — |
Diluted earnings per share | $ | 0.71 |  |  | $ | 0.71 |  |  | $ | — |
The following table summarizes the effect of this accounting change on our condensed consolidated statements of operations for the six months ended June 30, 2015:
| Six Months Ended June 30, 2015
(Dollars in thousands, except per share amounts) | As Originally Reported Under LIFO |  | As Adjusted under FIFO |  | Effect of Change
2015 |  |  |  |  |
Cost of sales | $ | 205,205 |  |  | $ | 205,063 |  |  | $ | (142 | )
Net income | $ | 27,167 |  |  | $ | 27,197 |  |  | $ | 30 |
Basic earnings per share | $ | 1.46 |  |  | $ | 1.47 |  |  | $ | — |
Diluted earnings per share | $ | 1.43 |  |  | $ | 1.43 |  |  | $ | — |
There was no impact on cash provided by operating activities as a result of the above changes. Inventories were as follows at the end of the periods noted below:
(Dollars in thousands) | June 30, 2016 |  | December 31, 2015
Raw materials | $ | 32,070 |  |  | $ | 35,499 |
Work-in-process | 22,284 |  |  | 22,804 |
Finished goods | 33,903 |  |  | 33,521 |
Total Inventories | $ | 88,257 |  |  | $ | 91,824 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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