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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net sales $ 279,317 $ 172,149 $ 132,780
Cost of sales 232,133 160,053 126,965
Gross profit 47,184 [1] 12,096 5,815
Selling, general, and administrative expense 18,495 16,663 14,143
Gain on sale of facilities (2,960)
Restructuring expense 1,364 881
Operating income (loss) 28,689 (2,971) [2] (9,209)
Bargain purchase gain 20,080
Other income 4,383 267 201
Interest income 40 267 6
Interest expense (472) (583) (490)
Income (loss) from continuing operations before income taxes 32,640 17,060 (9,492)
Income tax expense (benefit) 4,738 (3,252) (1,100)
Income (loss) from continuing operations 27,902 20,312 (8,392)
Discontinued operations:      
Loss from operations of discontinued operations (1,779)
Gain on sale of facility 6
Income tax benefit (2)
Loss on discontinued operations (1,771)
Net income (loss) $ 27,902 [3] $ 20,312 [4] $ (10,163)
Basic income (loss) per share:      
Continuing operations, basic (in dollars per share) $ 2.86 $ 2.09 $ (0.88)
Discontinued operations, basic (in dollars per share) (0.18)
Net income (loss) per share, basic (in dollars per share) 2.86 2.09 (1.06)
Diluted income (loss) per share:      
Continuing operations, diluted (in dollars per share) 2.85 2.09 (0.88)
Discontinued operations, diluted (in dollars per share) (0.18)
Net income (loss) per share, diluted (in dollars per share) $ 2.85 $ 2.09 $ (1.06)
Shares used in per share calculations:      
Basic (in shares) 9,741 9,726 9,613
Diluted (in shares) 9,779 9,733 9,613
[1] Gross profit includes $3.2 million, $0.7 million, and $2.7 million in incremental production costs resulting from the fire at the Company's Saginaw, Texas facility in the second, third, and fourth quarters of 2019, respectively. These costs were offset by $1.0 million and $4.0 million of business interruption insurance proceeds in the third and fourth quarters of 2019, respectively.
[2] Operating income for the third quarter of 2018 includes a gain on sale of facility of $2.8 million for the sale of property in Houston, Texas. Operating income for the fourth quarter of 2018 includes a gain on sale of facility of $0.2 million for the sale of the Monterrey, Mexico facility.
[3] Net income for the third quarter of 2019 includes $2.3 million of proceeds related to a legal settlement involving certain pipe produced at the Company's former Houston, Texas and Bossier City, Louisiana facilities and gain on insurance proceeds of $0.4 million resulting from the fire at the Company's Saginaw, Texas facility. Net income for the fourth quarter of 2019 includes gain on insurance proceeds of $1.2 million resulting from the fire at the Company's Saginaw, Texas facility.
[4] Net income for the third quarter of 2018 includes a preliminary bargain purchase gain of $21.9 million. Net income for the fourth quarter of 2018 includes a measurement period adjustment of $1.8 million to decrease the bargain purchase gain.