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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]        
Net sales [1] $ 381,373 $ 370,310 $ 1,063,616 $ 988,939
Cost of sales 274,589 265,105 770,641 700,678
Gross profit 106,784 105,205 292,975 288,261
Selling, general and administrative expenses 73,199 66,509 204,551 183,316
Restructuring and integration expenses 0 166 44 166
Other income, net 30 8 43 8
Operating income 33,615 38,538 88,423 104,787
Other non-operating income, net 1,513 780 4,889 2,247
Interest expense 3,656 652 6,282 1,356
Earnings from continuing operations before taxes 31,472 38,666 87,030 105,678
Provision for income taxes 8,280 9,481 22,407 26,315
Earnings from continuing operations 23,192 29,185 64,623 79,363
Loss from discontinued operations, net of income taxes (14,294) (5,122) (17,076) (7,139)
Net earnings 8,898 24,063 47,547 72,224
Net earnings attributable to noncontrolling interest 52 13 129 32
Net earnings attributable to SMP [2] 8,846 24,050 47,418 72,192
Net earnings attributable to SMP        
Earnings from continuing operations 23,140 29,172 64,494 79,331
Discontinued operations (14,294) (5,122) (17,076) (7,139)
Net earnings attributable to SMP [2] $ 8,846 $ 24,050 $ 47,418 $ 72,192
Net earnings per common share - Basic:        
Earnings from continuing operations (in dollars per share) $ 1.08 $ 1.32 $ 2.97 $ 3.57
Discontinued operations (in dollars per share) (0.67) (0.23) (0.79) (0.32)
Net earnings per common share - Basic (in dollars per share) 0.41 1.09 2.18 3.25
Net earnings per common share - Diluted:        
Earnings from continuing operations (in dollars per share) 1.06 1.29 2.91 3.5
Discontinued operations (in dollars per share) (0.66) (0.22) (0.77) (0.32)
Net earnings per common share - Diluted (in dollars per share) 0.4 1.07 2.14 3.18
Dividend declared per share (in dollars per share) $ 0.27 $ 0.25 $ 0.81 $ 0.75
Average number of common shares (in shares) 21,427,393 22,090,195 21,719,281 22,201,398
Average number of common shares and dilutive common shares (in shares) 21,847,602 22,543,781 22,153,348 22,678,114
[1] Segment net sales include intersegment sales in our Engine Management and Temperature Control segments.
[2] Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.