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Inventories (Tables) | 9 Months Ended
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Sep. 30, 2016
Inventory Disclosure [Abstract] |
Schedule Changes in Accounting Principles | The following table summarizes the effect of this accounting change on our condensed consolidated statements of operations for the quarter ended September 30, 2015:
| Quarter Ended September 30, 2015
(Dollars in thousands, except per share amounts) | As Originally Reported Under LIFO |  | As Adjusted under FIFO |  | Effect of Change
Cost of sales | $ | 100,836 |  |  | $ | 100,694 |  |  | $ | (142 | )
Net income | $ | 12,455 |  |  | $ | 12,546 |  |  | $ | 91 |
Basic earnings per share | $ | 0.68 |  |  | $ | 0.68 |  |  | $ | — |
Diluted earnings per share | $ | 0.67 |  |  | $ | 0.67 |  |  | $ | — |
The following table summarizes the effect of this accounting change on our condensed consolidated statements of operations for the nine months ended September 30, 2015:
| Nine Months Ended September 30, 2015
(Dollars in thousands, except per share amounts) | As Originally Reported Under LIFO |  | As Adjusted under FIFO |  | Effect of Change
Cost of sales | $ | 306,041 |  |  | $ | 305,757 |  |  | $ | (284 | )
Net income | $ | 39,621 |  |  | $ | 39,742 |  |  | $ | 121 |
Basic earnings per share | $ | 2.14 |  |  | $ | 2.15 |  |  | $ | 0.01 |
Diluted earnings per share | $ | 2.10 |  |  | $ | 2.10 |  |  | $ | — |
Inventories | Inventories were as follows at the end of the periods noted below:
(Dollars in thousands) | September 30, 2016 |  | December 31, 2015
Raw materials | $ | 31,814 |  |  | $ | 35,499 |
Work-in-process | 23,922 |  |  | 22,804 |
Finished goods | 30,538 |  |  | 33,521 |
Total inventories | $ | 86,274 |  |  | $ | 91,824 |

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