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Quarterly Data (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2012
Quarterly Data (Unaudited) [Abstract] |
Summary of Quarterly Financial Data (Unaudited) |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 58,431 |  |  | $ | 59,050 |  |  | $ | 63,487 |  |  | $ | 88,235 |  |  | $ | 269,203 |
Tubular products |  |  | 83,744 |  |  |  | 71,991 |  |  |  | 51,612 |  |  |  | 47,953 |  |  |  | 255,300 |
Total |  | $ | 142,175 |  |  | $ | 131,041 |  |  | $ | 115,099 |  |  | $ | 136,188 |  |  | $ | 524,503 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 9,699 |  |  | $ | 8,149 |  |  | $ | 9,681 |  |  | $ | 17,522 |  |  | $ | 45,051 |
Tubular products |  |  | 6,801 |  |  |  | 5,428 |  |  |  | 1,919 |  |  |  | (3,001 | ) |  |  | 11,147 |
Total |  | $ | 16,500 |  |  | $ | 13,577 |  |  | $ | 11,600 |  |  | $ | 14,521 |  |  | $ | 56,198 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 8,024 |  |  | $ | 6,130 |  |  | $ | 6,969 |  |  | $ | 15,155 |  |  | $ | 36,278 |
Tubular products |  |  | 6,196 |  |  |  | 4,651 |  |  |  | 1,134 |  |  |  | (3,646 | ) |  |  | 8,335 |
Corporate |  |  | (5,041 | ) |  |  | (3,811 | ) |  |  | (4,074 | ) |  |  | (4,127 | ) |  |  | (17,053 | )
Total |  | $ | 9,179 |  |  | $ | 6,970 |  |  | $ | 4,029 |  |  | $ | 7,382 |  |  | $ | 27,560 |
Net income |  | $ | 4,734 |  |  | $ | 3,604 |  |  | $ | 3,396 |  |  | $ | 4,510 |  |  | $ | 16,244 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.51 |  |  | $ | 0.38 |  |  | $ | 0.36 |  |  | $ | 0.48 |  |  | $ | 1.73 |
Diluted |  | $ | 0.50 |  |  | $ | 0.38 |  |  | $ | 0.36 |  |  | $ | 0.48 |  |  | $ | 1.72 |
|  | First Quarter |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |  |  | Total |
For the year ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 58,645 |  |  | $ | 74,459 |  |  | $ | 76,953 |  |  | $ | 61,828 |  |  | $ | 271,885 |
Tubular products |  |  | 52,813 |  |  |  | 69,342 |  |  |  | 62,312 |  |  |  | 55,316 |  |  |  | 239,783 |
Total |  | $ | 111,458 |  |  | $ | 143,801 |  |  | $ | 139,265 |  |  | $ | 117,144 |  |  | $ | 511,668 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 9,894 |  |  | $ | 11,531 |  |  | $ | 13,345 |  |  | $ | 8,412 |  |  | $ | 43,182 |
Tubular products |  |  | 4,874 |  |  |  | 5,140 |  |  |  | 3,169 |  |  |  | 2,773 |  |  |  | 15,956 |
Total |  | $ | 14,768 |  |  | $ | 16,671 |  |  | $ | 16,514 |  |  | $ | 11,185 |  |  | $ | 59,138 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Water transmission |  | $ | 8,261 |  |  | $ | 9,142 |  |  | $ | 10,747 |  |  | $ | 5,963 |  |  | $ | 34,113 |
Tubular products |  |  | 3,849 |  |  |  | 4,304 |  |  |  | 2,349 |  |  |  | 2,158 |  |  |  | 12,660 |
Corporate |  |  | (4,631 | ) |  |  | (2,378 | ) |  |  | (3,049 | ) |  |  | (3,892 | ) |  |  | (13,950 | )
Total |  | $ | 7,479 |  |  | $ | 11,068 |  |  | $ | 10,047 |  |  | $ | 4,229 |  |  | $ | 32,823 |
Net income |  | $ | 2,932 |  |  | $ | 4,977 |  |  | $ | 3,284 |  |  | $ | 1,467 |  |  | $ | 12,660 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.32 |  |  | $ | 0.53 |  |  | $ | 0.35 |  |  | $ | 0.16 |  |  | $ | 1.36 |
Diluted |  | $ | 0.31 |  |  | $ | 0.53 |  |  | $ | 0.35 |  |  | $ | 0.15 |  |  | $ | 1.35 |
Out-of-Period Adjustment In the first quarter of 2012, net sales was increased by $0.8 million for revised estimates used in the computation of revenue recognized on the percentage of completion method that should have been recorded in the year ended December 31, 2011. In the third quarter of 2012, cost of sales was decreased by $0.4 million to correct an overstatement of expenses that had originally been recorded in the year ended December 31, 2011 ($0.1 million), first quarter of 2012 ($0.1 million) and the second quarter of 2012 ($0.2 million). When reviewing these errors in conjunction with other immaterial uncorrected adjustments impacting prior periods, the Company concluded that the adjustments did not, individually or in the aggregate, result in a material misstatement of the Company’s consolidated financial statements for any prior period, and are not material to the Company’s 2012 annual and quarterly financial statements.

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