Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

As required by ASC 606, the impact of the adoption of the new revenue standard on our Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets was as follows (in thousands):


	Three months ended March 31, 2018
	As Reported		Balances without adoption of ASC 606		Effect of Change

Revenue	$	98,596	$	97,254	$	1,342
Cost of sales		23,788		23,521		(267)
Gross profit		74,808		73,733		1,075

Selling, general, and administrative		60,125		59,523		(602)

Income from operations		14,683		14,210		473

Other income (expense)
Interest income, net		249		249		-
Other income (expense)		(1)		(1)		-
		248		248		-

Income from operations before income taxes		14,931		14,458		473

Provision for income taxes		2,709		2,608		(101)

Net income	$	12,222	$	11,850	$	372

Earnings per share - basic	$	1.02	$	0.99	$	0.03

Earnings per share - diluted	$	1.01	$	0.98	$	0.03

Weighted average shares outstanding -
Basic		12,030		12,030
Diluted		12,139		12,139


	March 31, 2018
	As Reported		Balances without adoption of ASC 606		Effect of Change

ASSETS
Accounts receivable, net	$	1,025	$	92	$	933
Inventory		17,288		16,624		664
Prepaid expenses and other current assets		3,577		3,491		86
Deferred tax assets		426		-		426

LIABILITIES
Accounts payable and accrued expenses		38,187		34,416		3,771
Deferred tax liabilities		-		16		(16)

Stockholders' Equity
Retained earnings		108,243		109,889		(1,646)

The cumulative effect of the changes made to our January 1, 2018 Condensed Consolidated Balance Sheet from the modified retrospective adoption of ASC 606 was as follows (in thousands):


	Balance at December 31, 2017		Adjustments due to ASC 606		Balance at January 1, 2018

ASSETS
Accounts receivable, net	$	576	$	557	$	1,133
Inventory		19,328		902		20,230
Prepaid expenses and other current assets		4,188		116		4,304
Deferred tax assets		-		336		336

LIABILITIES
Accounts payable and accrued expenses		37,140		4,137		41,277
Deferred tax liabilities		208		(208)		-

Stockholders' Equity
Retained earnings		103,762		(2,018)		101,744