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Consolidated Statements of Operations - USD ($) $ in Thousands |  |  |  |  |  | 3 Months Ended | 12 Months Ended
--- | --- | --- | --- | --- | --- | --- | ---
Oct. 31, 2016 | Aug. 01, 2016 | Mar. 07, 2016 | Mar. 10, 2015 | Feb. 28, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
Income Statement [Abstract] |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  |  |  |  |  | $ 85,005 | $ 83,711 | $ 82,174 | $ 77,191 | $ 85,072 | $ 83,880 | $ 92,071 | $ 84,864 | $ 328,081 |  | $ 345,887 |  | $ 338,352 |
Less: excise taxes |  |  |  |  |  | 3,860 | 3,820 | 1,782 | 356 | 3,563 | 3,552 | 6,717 | 4,451 | 9,818 |  | 18,283 |  | 24,949 |
Net sales |  |  |  |  |  | 81,145 | 79,891 | 80,392 | 76,835 | 81,509 | 80,328 | 85,354 | 80,413 | 318,263 |  | 327,604 |  | 313,403 |
Cost of sales |  |  |  |  |  | 63,560 | 64,770 | 64,861 | 59,789 | 65,754 | 68,466 | 67,826 | 67,025 | 252,980 | [1] | 269,071 | [1] | 284,972 | [1]
Gross profit |  |  |  |  |  | 17,585 | 15,121 | 15,531 | 17,046 | 15,755 | 11,862 | 17,528 | 13,388 | 65,283 |  | 58,533 |  | 28,431 |
Selling, general and administrative expenses |  |  |  |  |  | 6,987 | 6,981 | 6,404 | 6,321 | 5,681 | 5,497 | 8,025 | 6,480 | 26,693 |  | 25,683 |  | 20,101 |
Insurance recoveries (Note 16) |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |  | 0 |  | (8,290) |
Other operating (income) costs, net |  |  |  |  |  | 0 | (3,385) | 0 | 0 |  |  |  |  | (3,385) |  | 0 |  | 1 |
Operating income |  |  |  |  |  | 10,598 | 11,525 | 9,127 | 10,725 | 10,074 | 6,365 | 9,503 | 6,908 | 41,975 |  | 32,850 |  | 16,619 |
Equity method investment earnings (Note 3) |  |  |  |  |  | 1,776 | 664 | 1,079 | 517 | 92 | 1,562 | 3,096 | 1,352 | 4,036 |  | 6,102 |  | 10,137 |
Interest expense, net |  |  |  |  |  | (314) | (341) | (328) | (311) | (160) | (114) | (129) | (131) | (1,294) |  | (534) |  | (816) |
Income before income taxes |  |  |  |  |  | 12,060 | 11,848 | 9,878 | 10,931 | 10,006 | 7,813 | 12,470 | 8,129 | 44,717 |  | 38,418 |  | 25,940 |
Income tax expense (Note 6) |  |  |  |  |  | 3,775 | 2,316 | 3,570 | 3,872 | 3,527 | 1,042 | 4,599 | 3,059 | 13,533 |  | 12,227 |  | 2,265 |
Net income |  |  |  |  |  | $ 8,285 | $ 9,532 | $ 6,308 | $ 7,059 | $ 6,479 | $ 6,771 | $ 7,871 | $ 5,070 | 31,184 |  | 26,191 |  | 23,675 |
Income attributable to participating securities |  |  |  |  |  |  |  |  |  |  |  |  |  | 954 |  | 873 |  | 832 |
Net income attributable to common shareholders and used in earnings per share calculation (Note 6) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 30,230 |  | $ 25,318 |  | $ 22,843 |
Share information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted weighted average common shares |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,643,811 |  | 17,123,556 |  | 17,305,866 |
Basic and diluted earnings per share (in dollars per share) |  |  |  |  |  | $ 0.48 | $ 0.55 | $ 0.37 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.44 | $ 0.28 | $ 1.82 |  | $ 1.48 |  | $ 1.32 |
Dividends per common share (in dollars per share) | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.05 |  |  |  |  |  |  |  |  | $ 0.12 |  | $ 0.06 |  | $ 0.05 |
[1] | Includes related party purchases of $29,596, and $40,206, $37,007 for the years ended December 31, 2016, 2015, and 2014, respectively.

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