Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2018						Six months ended June 30, 2018
	As Reported		Balances without adoption of ASC 606		Effect of Change		As Reported		Balances without adoption of ASC 606		Effect of Change

Revenue	$	117,324	$	119,606	$	(2,282)	$	215,920	$	216,860	$	(940)
Cost of sales		28,525		28,952		427		52,313		52,473		160
Gross profit		88,799		90,654		(1,855)		163,607		164,387		(780)

Selling, general, and administrative		71,689		72,554		865		131,814		132,077		263

Income from operations		17,110		18,100		(990)		31,793		32,310		(517)

Other income (expense)
Interest income, net		330		330		-		579		579		-
Other income (expense)		179		179		-		178		178		-
		509		509		-		757		757		-

Income from operations before income taxes		17,619		18,609		(990)		32,550		33,067		(517)

Provision for income taxes		3,486		3,696		210		6,195		6,304		109

Net income	$	14,133	$	14,913	$	(780)	$	26,355	$	26,763	$	(408)

Earnings per share - basic	$	1.17	$	1.24	$	(0.07)	$	2.19	$	2.22	$	(0.03)

Earnings per share - diluted	$	1.16	$	1.22	$	(0.06)	$	2.17	$	2.21	$	(0.04)

Weighted average shares outstanding -
Basic		12,037		12,037				12,032		12,032
Diluted		12,174		12,174				12,129		12,129


	June 30, 2018
	As Reported		Balances without adoption of ASC 606		Effect of Change

ASSETS
Accounts receivable, net	$	934	$	189	$	745
Inventory		26,900		25,865		1,035
Prepaid expenses and other current assets		3,936		3,805		131
Deferred tax assets		1,347		695		652

LIABILITIES
Accounts payable and accrued expenses		53,444		48,455		4,989

STOCKHOLDERS' EQUITY
Retained earnings		116,617		119,043		(2,426)

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