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SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED | 12 Months Ended
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Dec. 31, 2012
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED |
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED | NOTE 18: SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED As discussed in Note 2, during the year ended December 31, 2012, the Company changed its method of accounting to present shipping and handling costs related to the sale of the Company’s products together with the cost of sales in the consolidated statement of operations. These shipping and handling costs have previously been presented by the Company as part of selling, general and administrative expenses. This change has been made retrospectively to all periods presented in the Company’s financial statements. The impact of the change in accounting principle in the three months ended December 31, 2012 was to increase cost of sales and decrease selling, general and administrative expenses by $5,281. The total amount of shipping and handling costs reclassified by the Company from selling, general and administrative expense to cost of sales in its consolidated statements of operations for the three months ended September 30, 2012, June 30, 2012, and March 31, 2012 is $5,431, $5,524, and $5,369, respectively. The total amount of shipping and handling costs reclassified by the Company from selling, general and administrative expense to cost of sales in its consolidated statements of operations for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, and March 31, 2011 is $5,061, $5,078, $4,911 and $4,949, respectively. The following tables presents the Company’s unaudited summary of quarterly operations during 2012 and 2011 for each of three month periods ended March 31, June 30, September 30, and December 31.
|  | For the Quarter Ended |
|  | March 31, 2012 |  | June 30, 2012 |  | September 30, 2012 |  | December 31, 2012 |
Net sales revenue |  | $ | 92,868 |  | $ | 92,991 |  | $ | 91,232 |  | $ | 90,377 |
Cost of sales |  | (23,729 | ) | (22,610 | ) | (23,144 | ) | (23,841 | )
Gross profit |  | 69,139 |  | 70,381 |  | 68,088 |  | 66,536 |
Volume incentives |  | 33,581 |  | 33,540 |  | 33,155 |  | 32,991 |
Selling, general and administrative |  | 26,384 |  | 26,530 |  | 26,228 |  | 27,719 |
Operating income |  | 9,174 |  | 10,311 |  | 8,705 |  | 5,826 |
Other income (expense) |  | (110 | ) | 165 |  | (214 | ) | 1,639 |
Income before income taxes |  | 9,064 |  | 10,476 |  | 8,491 |  | 7,465 |
Tax provision |  | 1,836 |  | 3,190 |  | 2,121 |  | 2,969 |
Net income |  | $ | 7,228 |  | $ | 7,286 |  | $ | 6,370 |  | $ | 4,496 |
Basic and diluted net income per common share |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |
Net income per common share |  | $ | 0.46 |  | $ | 0.47 |  | $ | 0.41 |  | $ | 0.28 |
Diluted: |  |  |  |  |  |  |  |  |
Net income per common share |  | $ | 0.46 |  | $ | 0.46 |  | $ | 0.40 |  | $ | 0.28 |
Dividends declared per common share |  | $ | — |  | $ | 0.05 |  | $ | 0.05 |  | $ | 0.05 |
|  | For the Quarter Ended |
|  | March 31, 2011 |  | June 30, 2011 |  | September 30, 2011 |  | December 31, 2011 |
Net sales revenue |  | $ | 92,844 |  | $ | 91,811 |  | $ | 91,102 |  | $ | 92,056 |
Cost of sales |  | (23,501 | ) | (22,040 | ) | (21,957 | ) | (21,911 | )
Gross profit |  | 69,343 |  | 69,771 |  | 69,145 |  | 70,145 |
Volume incentives |  | 34,298 |  | 33,390 |  | 32,733 |  | 33,462 |
Selling, general and administrative |  | 27,424 |  | 28,329 |  | 26,767 |  | 27,086 |
Contract termination costs |  | — |  | — |  | 14,750 |  | — |
Operating income (loss) |  | 7,621 |  | 8,052 |  | (5,105 | ) | 9,597 |
Other income (expense) |  | 265 |  | (420 | ) | 1,204 |  | 798 |
Income (loss) before income taxes |  | 7,886 |  | 7,632 |  | (3,901 | ) | 10,395 |
Tax provision (benefit) |  | 1,264 |  | 2,018 |  | (1,645 | ) | 2,774 |
Net income (loss) |  | $ | 6,622 |  | $ | 5,614 |  | $ | (2,256 | ) | $ | 7,621 |
Basic and diluted net income (loss) per common share |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |
Net income per common share |  | $ | 0.43 |  | $ | 0.36 |  | $ | (0.14 | ) | $ | 0.49 |
Diluted: |  |  |  |  |  |  |  |  |
Net income per common share |  | $ | 0.43 |  | $ | 0.36 |  | $ | (0.14 | ) | $ | 0.48 |
Dividends declared per common share |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net loss per share may not equal the total computed for the year.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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