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STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) (USD $) In Thousands, except Per Share data, unless otherwise specified | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013
Income Statement [Abstract] |  |  |  |
Net sales | $ 99,981 | $ 111,716 | $ 189,906 | $ 210,405
Cost of products sold | 68,784 | 74,167 | 131,261 | 141,557
GROSS PROFIT | 31,197 | 37,549 | 58,645 | 68,848
Costs and expenses |  |  |  |
Selling | 9,061 | 9,291 | 17,566 | 18,352
General and administrative | 10,836 | 12,127 | 21,994 | 23,607
Research and engineering | 4,183 | 3,571 | 7,958 | 7,341
Other operating (income) expense | (495) | 2,071 | (698) | 2,192
Total costs and expenses | 23,585 | 27,060 | 46,820 | 51,492
OPERATING INCOME | 7,612 | 10,489 | 11,825 | 17,356
Other income (expense) |  |  |  |
Interest income | 98 | 134 | 207 | 250
Interest expense | (202) | (105) | (363) | (208)
Other income (expense) | 98 | 162 | 74 | 199
Total other income (expense) | (6) | 191 | (82) | 241
INCOME BEFORE INCOME TAXES | 7,606 | 10,680 | 11,743 | 17,597
Income taxes | 2,526 | 4,294 | 3,925 | 6,246
NET INCOME | $ 5,080 | $ 6,386 | $ 7,818 | $ 11,351
BASIC EARNINGS PER SHARE |  |  |  |
Net income | $ 0.94 | $ 1.19 | $ 1.45 | $ 2.11
DILUTED EARNINGS PER SHARE |  |  |  |
Net income | $ 0.94 | $ 1.17 | $ 1.44 | $ 2.08
Cash dividends declared per share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.20
Weighted-average number of shares outstanding-basic | 5,389 | 5,368 | 5,390 | 5,372
Weighted-average number of shares outstanding-diluted | 5,393 | 5,450 | 5,430 | 5,450

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