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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Consolidated Statements Of Income [Abstract]                      
Net revenues $ 172,420 $ 167,627 $ 156,985 $ 145,372 $ 144,900 $ 140,545 $ 130,649 $ 116,039 $ 642,404 [1] $ 532,133 [1] $ 419,006 [1]
Cost of revenues 99,802 100,893 100,200 94,560 89,278 84,881 79,083 66,800 395,455 320,042 215,154
Gross profit 72,618 66,734 56,785 50,812 55,622 55,664 51,566 49,239 246,949 212,091 203,852
Selling, general and administrative expenses 19,638 36,679 27,781 24,623 25,270 24,924 19,114 22,248 108,721 91,556 78,463
Income from operations 52,980 30,055 29,004 26,189 30,352 30,740 32,452 26,991 138,228 120,535 125,389
Other income, principally interest, net 2,534 1,632 5,923 6,119 4,008 4,876 1,959 2,283 16,208 13,126 10,059
Income before provision for income taxes 55,514 31,687 34,927 32,308 34,360 35,616 34,411 29,274 154,436 133,661 135,448
Income tax expense 11,554 [2] 5,480 [2] 7,287 [2] 7,259 [2] 4,597 [3] 5,177 [3] 6,151 [3] 4,143 [3] 31,580 [2] 20,068 [3] 16,953
Net income $ 43,960 $ 26,207 $ 27,640 $ 25,049 $ 29,763 $ 30,439 $ 28,260 $ 25,131 $ 122,856 $ 113,593 $ 118,495
Dividend per share                 $ 0.24 $ 0.74 $ 0.24
EARNINGS PER SHARE:                      
Basic                 $ 2.95 $ 2.74 $ 2.86
Diluted $ 1.05 [4] $ 0.63 [4] $ 0.66 [4] $ 0.60 [4] $ 0.71 [4] $ 0.73 [4] $ 0.68 [4] $ 0.60 [4] $ 2.94 [4] $ 2.73 [4] $ 2.86
Weighted average common shares outstanding:                      
Basic                 41,619 41,524 41,407
Diluted 41,736 41,724 41,696 41,711 41,679 41,618 41,580 41,566 41,717 41,611 41,491
[1] Net revenues are attributed to regions based upon customer location.
[2] The tax rate for the year ended December 31, 2011 was impacted by a favorable adjustment of $3.5 million as a result of the Company's review of its global uncertain tax liabilities provided on the "more likely than not" concept and other tax positions, which are based on the expiration of the statute of limitations related to certain global tax contingencies and the completion of certain tax audits. Out of the above, $3.2 million was reversed during the quarter and $0.9 million was reversed during the second quarter, offset by the charge of $0.6 million during the year; amounting to $0.3 million, $0.0 million and $0.3 million, for the first, second and third quarter respectively. The Company also reversed during the third quarter, $1.2 million based on the reconciliation of actual tax liability as per the tax returns and the tax provision as per the books. Further, a $0.6 million reversal of tax reserve was recorded during the third quarter, which had arisen on account of the reversal of a valuation allowance, created in the past, against deferred tax assets recognized on the allowance of doubtful accounts. During the fourth quarter ended December 31, 2011, the Company reviewed the filing requirements for certain USA State Income Tax returns. The Company updated the profit apportion method in those certain States. Accordingly, the Company provided $1.3 million, out of which $0.8 million relates to the prior years.
[3] The income tax provisions for the first quarter, third quarter and fourth quarter of 2010 were impacted by reversal of; provisions established for uncertain income tax positions liabilities and other tax positions of $0.33 million, $0.5 million as a result of the expiration of the statute of limitations related to certain global tax contingencies and completion of certain tax audits and provisions established for uncertain income tax positions liabilities and other tax positions of $0.45 million, respectively.
[4] Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.