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Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017
Income Statement [Abstract] |  |  |  |  |
Net sales |  | $ 95,031 | $ 86,333 | $ 271,239 | $ 259,255
Cost of sales | [1] | 75,432 | 67,708 | 213,248 | 202,764
Gross profit |  | 19,599 | 18,625 | 57,991 | 56,491
Selling, general and administrative expenses |  | 7,584 | 8,154 | 24,455 | 24,114
Operating income |  | 12,015 | 10,471 | 33,536 | 32,377
Gain on sale of equity method investment |  | 0 | 11,381 | 0 | 11,381
Equity method investment loss |  | 0 | 0 | 0 | (348)
Interest expense, net |  | (334) | (224) | (830) | (934)
Income before income taxes |  | 11,681 | 21,628 | 32,706 | 42,476
Income tax expense |  | 2,673 | 7,491 | 7,244 | 13,292
Net income |  | 9,008 | 14,137 | 25,462 | 29,184
Income attributable to participating securities |  | 174 | 414 | 491 | 806
Net income attributable to common shareholders and used in EPS calculation |  | $ 8,834 | $ 13,723 | $ 24,971 | $ 28,378
Share information: |  |  |  |  |
Basic and Diluted weighted average common shares (in shares) |  | 16,872,091 | 16,751,346 | 16,861,700 | 16,735,378
Basic and diluted earnings per common share (in dollars per share) |  | $ 0.52 | $ 0.82 | $ 1.48 | $ 1.70
Dividends and dividend equivalents per common share (in dollars per share) |  | $ 0.08 | $ 0.89 | $ 0.24 | $ 0.97
[1] | Includes related party purchases of $0 and $18,425 for year to date September 30, 2018 and 2017, respectively. There were no related party purchases for the quarters ended September 30, 2018 and 2017.

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