Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30, 2018						Nine months ended September 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	$	139,239	$	139,582	$	(343)	$	355,159	$	356,442	$	(1,283)
Cost of sales		32,038		32,071		33		84,351		84,544		193
Gross profit		107,201		107,511		(310)		270,808		271,898		(1,090)

Selling, general, and administrative		89,734		89,831		97		221,548		221,908		360

Income from operations		17,467		17,680		(213)		49,260		49,990		(730)

Other income (expense)
Interest income, net		361		361		-		940		940		-
Other income (expense)		-		-		-		178		178		-
		361		361		-		1,118		1,118		-

Income from operations before income taxes		17,828		18,041		(213)		50,378		51,108		(730)

Provision for income taxes		4,047		4,092		45		10,242		10,396		154

Net income	$	13,781	$	13,949	$	(168)	$	40,136	$	40,712	$	(576)

Earnings per share - basic	$	1.15	$	1.17	$	(0.02)	$	3.34	$	3.39	$	(0.05)

Earnings per share - diluted	$	1.14	$	1.15	$	(0.01)	$	3.31	$	3.36	$	(0.05)

Weighted average shares outstanding -
Basic		11,954		11,954				12,006		12,006
Diluted		12,097		12,097				12,112		12,112


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

ASSETS
Accounts receivable, net	$	1,017	$	118	$	899
Inventory		43,845		42,793		1,052
Prepaid expenses and other current assets		3,851		3,711		140
Deferred tax assets		2,355		1,656		699

LIABILITIES
Accounts payable and accrued expenses		62,806		57,422		5,384

STOCKHOLDERS' EQUITY
Retained earnings		124,601		127,195		(2,594)

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