10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

Or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to ______________________

Commission File Number: 0-9068

WEYCO GROUP, INC.

(Exact name of registrant as specified in its charter)

WISCONSIN	39-0702200
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

333 W. Estabrook Boulevard

P. O. Box 1188

Milwaukee, Wisconsin 53201

(Address of principal executive offices)

(Zip Code)

(414) 908-1600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

¨ Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

As of April 30, 2014, there were 10,880,534 shares of common stock outstanding.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

The consolidated condensed financial statements included herein have been prepared by Weyco Group, Inc. (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K.

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

	March 31,			December 31,
	2014			2013
	(Dollars in thousands)
ASSETS:
Cash and cash equivalents	$	16,142		$	15,969
Marketable securities, at amortized cost		5,544			5,196
Accounts receivable, net		53,921			48,530
Accrued income tax receivable		-			1,055
Inventories		49,823			63,196
Prepaid expenses and other current assets		3,520			6,136
Total current assets		128,950			140,082
Marketable securities, at amortized cost		25,822			25,024
Property, plant and equipment, net		34,653			35,112
Goodwill		11,112			11,112
Trademarks		34,748			34,748
Other assets		21,309			21,455
Total assets	$	256,594		$	267,533
LIABILITIES AND EQUITY:
Short-term borrowings	$	8,991		$	12,000
Accounts payable		6,411			13,956
Dividend payable		-			1,949
Accrued liabilities		9,912			10,902
Accrued income tax payable		85			-
Deferred income tax liabilities		1,149			849
Total current liabilities		26,548			39,656
Deferred income tax liabilities		1,776			1,993
Long-term pension liability		22,295			21,901
Other long-term liabilities		7,052			6,991
Equity:
Common stock		10,881			10,876
Capital in excess of par value		32,238			31,729
Reinvested earnings		158,151			156,983
Accumulated other comprehensive loss		(9,380	)		(9,422	)
Total Weyco Group, Inc. equity		191,890			190,166
Noncontrolling interest		7,033			6,826
Total equity		198,923			196,992
Total liabilities and equity	$	256,594		$	267,533

The accompanying notes to consolidated condensed financial statements (unaudited) are an integral part of these financial statements.

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WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended March 31,
	2014			2013
	(In thousands, except per share amounts)
Net sales	$	74,929		$	73,590
Cost of sales		47,565			45,891
Gross earnings		27,364			27,699
Selling and administrative expenses		22,494			23,011
Earnings from operations		4,870			4,688
Interest income		289			412
Interest expense		(42	)		(127	)
Other expense, net		(115	)		(89	)
Earnings before provision for income taxes		5,002			4,884
Provision for income taxes		1,752			1,759
Net earnings		3,250			3,125
Net earnings (loss) attributable to noncontrolling interest		45			(75	)
Net earnings attributable to Weyco Group, Inc.	$	3,205		$	3,200
Weighted average shares outstanding
Basic		10,833			10,760
Diluted		10,930			10,835
Earnings per share
Basic	$	0.30		$	0.30
Diluted	$	0.29		$	0.30
Cash dividends declared (per share)	$	0.18		$	-
Comprehensive income	$	3,454		$	2,882
Comprehensive income (loss) attributable to noncontrolling interest		207			(147	)
Comprehensive income attributable to Weyco Group, Inc.	$	3,247		$	3,029

The accompanying notes to consolidated condensed financial statements (unaudited) are an integral part of these financial statements. 

2

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
	2014			2013
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	3,250		$	3,125
Adjustments to reconcile net earnings to net cash
provided by operating activities -
Depreciation		953			953
Amortization		54			85
Bad debt expense		112			36
Deferred income taxes		7			(428	)
Net foreign currency transaction losses		65			124
Stock-based compensation		338			316
Pension expense		678			825
Increase in cash surrender value of life insurance		(135	)		(135	)
Changes in operating assets and liabilities -
Accounts receivable		(5,528	)		(7,272	)
Inventories		13,422			11,750
Prepaids and other assets		2,799			1,716
Accounts payable		(7,551	)		(4,742	)
Accrued liabilities and other		(1,309	)		(4,338	)
Accrued income taxes		1,146			1,669
Net cash provided by operating activities		8,301			3,684
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities		(3,528	)		-
Proceeds from maturities of marketable securities		2,416			2,819
Purchase of property, plant and equipment		(300	)		(561	)
Net cash (used for) provided by investing activities		(1,412	)		2,258
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(3,899	)		-
Shares purchased and retired		(81	)		(4,099	)
Proceeds from stock options exercised		165			2,499
Payment of contingent consideration		-			(1,270	)
Proceeds from bank borrowings		4,815			2,000
Repayments of bank borrowings		(7,824	)		(9,000	)
Income tax benefits from stock-based compensation		14			411
Net cash used for financing activities		(6,810	)		(9,459	)
Effect of exchange rate changes on cash and cash equivalents		94			11
Net increase (decrease) in cash and cash equivalents	$	173		$	(3,506	)
CASH AND CASH EQUIVALENTS at beginning of period		15,969			17,288
CASH AND CASH EQUIVALENTS at end of period	$	16,142		$	13,782
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	$	490		$	560
Interest paid	$	30		$	123

The accompanying notes to consolidated condensed financial statements (unaudited) are an integral part of these financial statements. 

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NOTES:

1. Financial Statements

In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for the three month period ended March 31, 2014, are not necessarily indicative of the results for the full year.

2. Reclassifications

Certain immaterial line items on the prior year’s Consolidated Condensed Statements of Cash Flows (Unaudited) related to net losses (gains) on disposals and proceeds from the sale of property, plant and equipment were consolidated into other line items to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net income or equity.

3. Earnings Per Share

The following table sets forth the computation of earnings per share and diluted earnings per share:

	Three Months Ended March 31,
	2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	3,205	$	3,200
Denominator:
Basic weighted average shares outstanding		10,833		10,760
Effect of dilutive securities:
Employee stock-based awards		97		75
Diluted weighted average shares outstanding		10,930		10,835
Basic earnings per share	$	0.30	$	0.30
Diluted earnings per share	$	0.29	$	0.30

Diluted weighted average shares outstanding for the three months ended March 31, 2014, exclude anti-dilutive stock options totaling 331,800 shares of common stock at a weighted average price of $28.50. Diluted weighted average shares outstanding for the three months ended March 31, 2013, exclude anti-dilutive stock options totaling 853,780 shares of common stock at a weighted average price of $24.81.

4. Investments

As noted in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity.

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.

	March 31, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	5,544	$	5,608	$	5,196	$	5,264
Due from one through five years		15,498		16,372		17,636		18,527
Due from six through ten years		9,829		10,269		7,388		7,777
Due from eleven through twenty years		495		491		-		-
Total	$	31,366	$	32,740	$	30,220	$	31,568

4

The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:

	March 31, 2014				December 31, 2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,395	$	21	$	1,348	$	-

The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2014, and determined that no other-than-temporary market value impairment exists.

5. Intangible Assets

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of March 31, 2014:

		March 31, 2014
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization			Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-		$	11,112
Trademarks			34,748		-			34,748
Total indefinite-lived intangible assets		$	45,860	$	-		$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(123	)	$	77
Customer relationships	15		3,500		(719	)		2,781
Total amortizable intangible assets		$	3,700	$	(842	)	$	2,858

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2013:

		December 31, 2013
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization			Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-		$	11,112
Trademarks			34,748		-			34,748
Total indefinite-lived intangible assets		$	45,860	$	-		$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(113	)	$	87
Customer relationships	15		3,500		(661	)		2,839
Total amortizable intangible assets		$	3,700	$	(774	)	$	2,926

The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited).

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6. Segment Information

The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three months ended March 31, 2014 and 2013, was as follows:

Three Months Ended
March 31,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	56,061	$	5,206	$	13,013	$	74,280
Licensing revenues		649		-		-		649
Net sales	$	56,710	$	5,206	$	13,013	$	74,929
Earnings from operations	$	3,568	$	418	$	884	$	4,870
2013
Product sales	$	54,649	$	5,748	$	12,599	$	72,996
Licensing revenues		594		-		-		594
Net sales	$	55,243	$	5,748	$	12,599	$	73,590
Earnings from operations	$	3,732	$	442	$	514	$	4,688

7. Employee Retirement Plans

The components of the Company’s net pension expense were as follows:

	Three Months Ended March 31,
	2014			2013
	(Dollars in thousands)
Benefits earned during the period	$	391		$	385
Interest cost on projected benefit obligation		663			578
Expected return on plan assets		(573	)		(519	)
Net amortization and deferral		197			381
Net pension expense	$	678		$	825

8. Stock-Based Compensation Plans

During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013. During the three months ended March 31, 2013, the Company recognized approximately $316,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2009 through 2012.

The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term (Years)		Value*
Outstanding at December 31, 2013		1,260,866		$	24.41
Exercised		(7,550	)	$	21.83
Forfeited or expired		-		$	-
Outstanding at March 31, 2014		1,253,316		$	24.42		3.5	$	3,744,000
Exercisable at March 31, 2014		573,531		$	22.39		1.9	$	2,653,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.                 

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The following table summarizes the Company’s stock option activity for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	37	$	1,055
Cash received from stock option exercises	$	165	$	2,499
Income tax benefit from the exercise of stock options	$	14	$	411

The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:

					Weighted
			Weighted		Average
	Shares of		Average		Remaining		Aggregate
	Restricted		Grant Date		Contractual		Intrinsic
	Stock		Fair Value		Term (Years)		Value*
Non-vested at December 31, 2013		47,500	$	25.86
Issued		-		-
Vested		-		-
Forfeited		-		-
Non-vested at March 31, 2014		47,500	$	25.86		2.8	$	1,283,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.              

9. Short-Term Borrowings

At March 31, 2014, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. At March 31, 2014, outstanding borrowings were approximately $9 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was $12 million.

10. Contingent Consideration

Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. The first contingent payment was due in 2013 and was paid on March 28, 2013, in the amount of $1,270,000. The second payment is due in March 2016. In accordance with ASC 805, Business Combinations (“ASC 805”), the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings.

The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was approximately $5.1 million as of March 31, 2014, and December 31, 2013. The balance was recorded within other long-term liabilities in the Consolidated Condensed Balance Sheets (Unaudited).

The following table summarizes the activity during 2014 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):

	2014
Beginning balance	$	5,064
Interest expense		13
Ending balance	$	5,077

The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820.

11. Financial Instruments

At March 31, 2014, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.8 million U.S. dollars at a price of approximately $7.6 million Australian dollars. During the first quarter of 2014, the Company also entered into forward exchange contracts to buy $8.0 million Canadian dollars at a price of approximately $7.2 million U.S. dollars. Based on quarter-end exchange rates, there were no significant gains or losses on the outstanding contracts.

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12. Comprehensive Income

Comprehensive income for the three months ended March 31, 2014 and 2013, was as follows:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Net earnings	$	3,250	$	3,125
Foreign currency translation adjustments		84		(476	)
Pension liability, net of tax of $77 and $148, respectively		120		233
Total comprehensive income	$	3,454	$	2,882

The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:

	March 31,			December 31,
	2014			2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,012	)	$	(934	)
Pension liability, net of tax		(8,368	)		(8,488	)
Total accumulated other comprehensive loss	$	(9,380	)	$	(9,422	)

The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014:

	Foreign Currency Translation Adjustments			Defined Benefit Pension Items			Total
Beginning Balance, December 31, 2013	$	(934	)	$	(8,488	)	$	(9,422	)
Other comprehensive loss before reclassifications		(78	)		-			(78	)
Amounts reclassified from accumulated other comprehensive loss		-			120			120
Net current period other comprehensive (loss) income		(78	)		120			42
Ending Balance, March 31, 2014	$	(1,012	)	$	(8,368	)	$	(9,380	)

The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014:

	Amounts reclassified from other accumulated comprehensive loss for the three months ended March 31, 2014			Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(28	)	(1)
Actuarial losses		225		(1)
Total before tax		197
Tax benefit		(77	)
Net of tax	$	120

⁽¹⁾ These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.

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13. Equity

A reconciliation of the Company’s equity for the three months ended March 31, 2014, is as follows:

									Accumulated
				Capital in					Other
	Common			Excess of		Reinvested			Comprehensive			Noncontrolling
	Stock			Par Value		Earnings			Loss			Interest
	(Dollars in thousands)
Balance, December 31, 2013	$	10,876		$	31,729	$	156,983		$	(9,422	)	$	6,826
Net earnings		-			-		3,205			-			45
Foreign currency translation
adjustments		-			-		-			(78	)		162
Pension liability adjustment,
net of tax		-			-		-			120			-
Cash dividends declared		-			-		(1,959	)		-			-
Stock options exercised		8			157		-			-			-
Stock-based compensation
expense		-			338		-			-			-
Income tax benefit from
stock options exercised		-			14		-			-			-
Shares purchased and retired		(3	)		-		(78	)		-			-
Balance, March 31, 2014	$	10,881		$	32,238	$	158,151		$	(9,380	)	$	7,033

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements with respect to the Company’s outlook for the future. These statements represent the Company's reasonable judgment with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially. The reader is cautioned that these forward-looking statements are subject to a number of risks, uncertainties or other factors that may cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors described under Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013.

GENERAL

The Company designs and markets quality and innovative footwear for men, women and children under a portfolio of well-recognized brand names including: “Florsheim,” “Nunn Bush,” “Stacy Adams,” “BOGS,” “Rafters,” and “Umi.” Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars.

The Company has two reportable segments, North American wholesale operations (“wholesale”) and North American retail operations (“retail”). In the wholesale segment, the Company’s products are sold to leading footwear, department and specialty stores, primarily in the United States and Canada. The Company also has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. Licensing revenues are included in the Company’s wholesale segment. The Company’s retail segment consisted of 17 Company-owned retail stores and an internet business in the United States as of March 31, 2014. Sales in retail outlets are made directly to consumers by Company employees.

The Company’s “other” operations include the Company’s wholesale and retail businesses in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe (“Florsheim Europe”). The majority of the Company’s operations are in the United States, and its results are primarily affected by the economic conditions and the retail environment in the United States.

EXECUTIVE OVERVIEW

Sales and Earnings Highlights

Consolidated net sales for the first quarter of 2014 were $74.9 million, up 2% over last year’s first quarter net sales of $73.6 million. Earnings from operations increased 4% to $4.9 million this quarter, from $4.7 million in 2013. Consolidated net earnings attributable to Weyco Group, Inc. were flat at $3.2 million in the first quarters of 2014 and 2013. Diluted earnings per share were $0.29 for the three months ended March 31, 2014, compared to $0.30 per share in last year’s first quarter.

The majority of the increase in consolidated net sales came from the Company’s wholesale segment. Wholesale net sales increased $1.5 million this quarter, compared to the same period last year. This increase was primarily due to higher sales of the BOGS, Florsheim and Nunn Bush brands.

Consolidated earnings from operations increased $182,000 for the quarter. Earnings from operations in the Company’s wholesale and retail segments were down slightly for the quarter, however, Florsheim Australia’s earnings from operations increased due to improved performance of its retail businesses.

Financial Position Highlights

At March 31, 2014, cash and marketable securities totaled $47.5 million and outstanding debt totaled $9.0 million. At December 31, 2013, cash and marketable securities totaled $46.2 million and outstanding debt totaled $12.0 million. The Company’s main source of cash for the first three months of 2014 was from operations. The Company’s main uses of cash during the three month period were for the purchase of marketable securities, payment of dividends, and payments on the revolving line of credit. The Company also had $300,000 of capital expenditures.

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SEGMENT ANALYSIS

Net sales and earnings from operations for the Company’s segments in the three months ended March 31, 2014 and 2013, were as follows:

	Three Months Ended March 31,				%
	2014		2013		Change
	(Dollars in thousands)
Net Sales
North American Wholesale	$	56,710	$	55,243		3%
North American Retail		5,206		5,748		-9%
Other		13,013		12,599		3%
Total	$	74,929	$	73,590		2%
Earnings from Operations
North American Wholesale	$	3,568	$	3,732		-4%
North American Retail		418		442		-5%
Other		884		514		72%
Total	$	4,870	$	4,688		4%

North American Wholesale Segment

Net Sales

 
Net sales in the Company’s North American wholesale segment for the three months ended March 31, 2014 and 2013, were as follows:

North American Wholesale Segment Net Sales

	Three Months Ended March 31,				%
	2014		2013		Change
	(Dollars in thousands)
North American Net Sales
Stacy Adams	$	17,761	$	18,716		-5%
Nunn Bush		16,612		16,135		3%
Florsheim		12,998		12,487		4%
BOGS/Rafters		7,767		6,303		23%
Umi		923		1,008		-8%
Total North American Wholesale	$	56,061	$	54,649		3%
Licensing		649		594		9%
Total North American Wholesale Segment	$	56,710	$	55,243		3%

The decrease in Stacy Adams first quarter net sales was primarily due to lower sales with national shoe chains. Net sales of the Nunn Bush brand were up due to increased sales with national shoe chains. Florsheim’s net sales were up due to higher sales volumes with department stores, national shoe chains and internet retailers. The increase in BOGS/Rafters net sales was primarily due to higher sales volumes of BOGS winter boots as a result of the long, harsh winter. In the first quarter of 2014, BOGS net sales were up mainly with internet retailers.

Within the Company’s portfolio of brands, Stacy Adams and Umi are the brands most impacted by the timing of Easter. Easter was three weeks later in 2014 than in 2013, which caused Easter shipments to fall more in April this year versus March last year. As of the end of April 2014, Stacy Adams had already made up a significant portion of the year-to-date shortfall, and Umi had exceeded last year’s year-to-date shipments.

Licensing revenues consist of royalties earned on the sales of branded apparel, accessories and specialty footwear in the United States and on branded footwear in Mexico and certain overseas markets.

11

Earnings from Operations

Earnings from operations in the North American wholesale segment were $3.6 million in the first quarter of 2014, compared to $3.7 million in 2013. Wholesale gross earnings were $17.2 million, or 30.4% of net sales, in the first quarter of 2014, compared with $17.1 million, or 31.0% of net sales, in last year’s first quarter. The decrease in gross earnings as a percent of net sales was partially due to the weaker Canadian dollar relative to the U.S. dollar in 2014.

The Company’s cost of sales does not include distribution costs (e.g., receiving, inspection or warehousing costs). Distribution costs for the three-month periods ended March 31, 2014 and 2013, were $2.8 million and $2.9 million, respectively. These costs were included in selling and administrative expenses. The Company’s gross earnings may not be comparable to other companies, as some companies may include distribution costs in cost of sales.

North American wholesale segment selling and administrative expenses include, and are primarily related to, distribution costs, salaries and commissions, advertising costs, employee benefit costs and depreciation. As a percent of net sales, wholesale selling and administrative expenses were 24% in the first quarter of 2014 and 25% in the same period last year.

North American Retail Segment

Net Sales

Net sales in the Company’s North American retail segment decreased $542,000, or 9%, in the first quarter of 2014, compared to the same period last year. There were six fewer domestic retail stores during the first quarter of 2014 than there were in last year’s first quarter, as the Company has been closing unprofitable stores. Same store sales, which include retail store sales and U.S. internet sales, were down 1% for the quarter.

Earnings from Operations

Earnings from operations in the North American retail segment decreased 5% to $418,000 in the first quarter of 2014, compared to $442,000 in the first quarter of 2013. Retail gross earnings were 65.2% of net sales in the first quarter of 2014, up from 65.0% of net sales in 2013. Selling and administrative expenses were flat at 57% of net sales in the first quarters of 2014 and 2013. Selling and administrative expenses for the retail segment include, and are primarily related to, rent and occupancy costs, employee costs and depreciation. The decrease in retail earnings from operations was primarily due to lower sales volumes.

Other

The Company’s other businesses include its wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe. Net sales of the Company’s other businesses were $13.0 million in the first quarter of 2014, up 3% as compared to $12.6 million in 2013. The majority of the Company’s other net sales were generated by Florsheim Australia. For the quarter ended March 31, 2014, Florsheim Australia’s net sales were up 1% for the quarter; however, in local currency, its net sales were up 17%. This increase was due to higher sales volumes in both its retail businesses, where same store sales were up 19%, and its wholesale businesses, where sales were up 13%. The increase was only 1% in U.S. dollars due to the weaker Australian dollar relative to the U.S. dollar in 2014.

Collectively, the operating earnings of the Company’s other businesses were $884,000 this quarter, up 72% as compared to $514,000 in the first quarter of 2013. This increase was primarily due to improved performance of Florsheim Australia’s retail businesses.

Other income and expense and taxes

Interest income for the first quarter of 2014 was down approximately $123,000 compared to the first quarter of 2013, due to a lower average investment balance this year compared to last year. Interest expense was down $85,000 for the quarter, due to a lower average debt balance this year compared to last year.

The Company’s effective tax rate for the quarter ended March 31, 2014, was 35.0% as compared with 36.0% for the same period of 2013.

12

LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary sources of liquidity are its cash, short-term marketable securities and its revolving line of credit. The Company generated $8.3 million of cash from operating activities during the first three months of 2014, compared to $3.7 million in the same period one year ago. The increase between years was primarily due to changes in operating assets and liabilities, and most significantly, in the accounts receivable, accrued liabilities and inventory balances.

The Company paid $3.9 million of cash dividends in the first quarter of 2014. No dividends were paid in the first quarter of 2013, as the Company accelerated the timing of those dividends into 2012 in anticipation of tax law changes effective January 1, 2013. The Company resumed its regular quarterly dividend payment schedule in the second quarter of 2013.

The Company continues to repurchase its common stock under its share repurchase program when the Company believes market conditions are favorable. During the first quarter of 2014, the Company repurchased 3,282 shares at a total cost of $81,000. As of March 31, 2014, the Company had 625,193 shares available under its previously announced stock repurchase program. See Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” below for more information.

Capital expenditures were $300,000 in the first three months of 2014. Management estimates that annual capital expenditures for 2014 will be between $2 million and $3 million.

At March 31, 2014, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. The Company repaid a net of $3 million on the line of credit during the first three months of 2014. At March 31, 2014, outstanding borrowings were approximately $9 million at an interest rate of approximately 0.90%. The highest balance on the line of credit during the quarter was $12 million.

The Company made a contingent consideration payment of $1,270,000 in the first quarter of 2013. The second contingent consideration payment is due in March 2016. See Note 10.

As of March 31, 2014, $3.6 million of cash and cash equivalents was held by the Company’s foreign subsidiaries.

The Company will continue to evaluate the best uses for its available liquidity, including, among other uses, capital expenditures, continued stock repurchases and additional acquisitions.

The Company believes that available cash and marketable securities, cash provided by operations, and available borrowing facilities will provide adequate support for the cash needs of the business for at least one year, although there can be no assurances.

COMMITMENTS

There were no material changes to the Company’s contractual obligations during the quarter ended March 31, 2014, from those disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013.

13

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes from those reported in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013.

Item 4. Controls and Procedures.

The Company maintains disclosure controls and procedures designed to ensure that the information the Company must disclose in its filings with the Securities and Exchange Commission is recorded, processed, summarized and reported on a timely basis. The Company’s Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report (the “Evaluation Date”). Based on such evaluation, such officers have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective in bringing to their attention on a timely basis material information relating to the Company required to be included in the Company’s periodic filings under the Exchange Act. Such officers have also concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective in accumulating and communicating information in a timely manner, allowing timely decisions regarding required disclosures.

There have been no significant changes in the Company’s internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

14

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

There have been no material changes to the risk factors affecting the Company from those disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The table below presents information pursuant to Item 703(a) of Regulation S-K regarding the purchase of the Company’s common stock by the Company in the three month period ended March 31, 2014.

					Total Number of		Maximum Number
	Total		Average		Shares Purchased as		of Shares
	Number		Price		Part of the Publicly		that May Yet Be
	of Shares		Paid		Announced		Purchased Under
Period	Purchased		Per Share		Program		the Program (1)
1/1/2014 - 1/31/2014		-	$	-		-		628,475
2/1/2014 - 2/28/2014		3,282	$	24.93		3,282		625,193
3/1/2014 - 3/31/2014		-	$	-		-		625,193
Total		3,282	$	24.93		3,282

⁽¹⁾ In April 1998, the Company's Board of Directors first authorized a stock repurchase program to repurchase 1,500,000 shares of its common stock in open market transactions at prevailing prices. In April 2000 and again in May 2001, the Company's Board of Directors extended the stock repurchase program to cover the repurchase of 1,500,000 additional shares. In February 2009, the Board of Directors extended the stock repurchase program to cover the repurchase of 1,000,000 additional shares, bringing the total authorized since inception to 5,500,000 shares.

Item 6. Exhibits.

See the Exhibit Index included herewith for a listing of exhibits.

15

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 8, 2014

 WEYCO GROUP, INC.

/s/ John  F. Wittkowske

John  F. Wittkowske

Senior Vice President and

Chief Financial Officer

16

WEYCO GROUP, INC.

(THE “REGISTRANT”)

(COMMISSION FILE NO. 0-9068)

EXHIBIT INDEX

TO

CURRENT REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED March 31, 2014

Exhibit	Description	Incorporation Herein By Reference To	Filed Herewith
31.1	Certification of Chief Executive Officer		x
31.2	Certification of Chief Financial Officer		x
32	Section 906 Certification of Chief Executive Officer and Chief Financial Officer		x
101	The following financial information from Weyco Group, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Condensed Balance Sheets; (ii) Consolidated Condensed Statements of Earnings and Comprehensive Income; (iii) Consolidated Condensed Statements of Cash Flows; and (v) Notes to Consolidated Condensed Financial Statements, furnished herewith

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Thomas W. Florsheim, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Weyco Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2014

/s/ Thomas W. Florsheim, Jr.
Thomas W. Florsheim, Jr.
Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, John F. Wittkowske, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Weyco Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2014

/s/ John F. Wittkowske
John F. Wittkowske

Chief Financial Officer

EX-32

EXHIBIT 32

CERTIFICATION OF PERIODIC FINANCIAL REPORTS

We, Thomas W. Florsheim, Jr., Chief Executive Officer, and, John F. Wittkowske, Chief Financial Officer, of Weyco Group, Inc. each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1) The Periodic Report on Form 10-Q for the quarter ended March 31, 2014, (the “Periodic Report”) to which this statement is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of Weyco Group, Inc.

Dated: May 8, 2014

/s/ Thomas W. Florsheim, Jr.

Thomas W. Florsheim, Jr.

Chief Executive Officer

/s/ John F. Wittkowske

John F. Wittkowske

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in type form within the electronic version of this written statement required by Section 906, has been provided to Weyco Group, Inc. and will be retained by Weyco Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Contingent Consideration (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Business Acquisition, Contingent Consideration [Line Items]
Beginning balance	$ 5,064
Interest expense	13
Ending balance	$ 5,077

XML

Comprehensive Income (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	$ 77	$ 148

XML

Employee Retirement Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Benefits earned during the period	$ 391	$ 385
Interest cost on projected benefit obligation	663	578
Expected return on plan assets	(573)	(519)
Net amortization and deferral	197	381
Net pension expense	$ 678	$ 825

XML

Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Comprehensive Income (Loss) [Table Text Block]

Comprehensive income for the three months ended March 31, 2014 and 2013, was as follows:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Net earnings	$	3,250	$	3,125
Foreign currency translation adjustments		84		(476)
Pension liability, net of tax of $77 and $148, respectively		120		233
Total comprehensive income	$	3,454	$	2,882

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:

	March 31,		December 31,
	2014		2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,012)	$	(934)
Pension liability, net of tax		(8,368)		(8,488)
Total accumulated other comprehensive loss	$	(9,380)	$	(9,422)

Changes In Accumulated Other Comprehensive Loss [Table Text Block]

The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014:

	Foreign Currency Translation  Adjustments		Defined Benefit Pension Items		Total
Beginning Balance, December 31, 2013	$	(934)	$	(8,488)	$	(9,422)
Other comprehensive loss before reclassifications		(78)		-		(78)
Amounts reclassified from accumulated other comprehensive loss		-		120		120
Net current period other comprehensive (loss) income		(78)		120		42
Ending Balance, March 31, 2014	$	(1,012)	$	(8,368)	$	(9,380)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014:

	Amounts reclassified from other accumulated comprehensive loss for the three months ended March 31, 2014		Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(28)	(1)
Actuarial losses		225	(1)
Total before tax		197
Tax benefit		(77)
Net of tax	$	120

⁽¹⁾ These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.

XML

Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net earnings	$ 3,250	$ 3,125
Foreign currency translation adjustments	84	(476)
Pension liability, net of tax of $77 and $148, respectively	120	233
Total comprehensive income	$ 3,454	$ 2,882

XML

Stock-Based Compensation Plans (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 338,000	$ 316,000
Share Price	$ 27.02

XML

Equity (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stockholders Equity Note [Line Items]
Beginning Balance	$ 196,992
Net earnings	3,250	3,125
Foreign currency translation adjustments	84	(476)
Pension liability adjustment, net of tax	120	233
Ending Balance	198,923
Common Stock [Member]
Stockholders Equity Note [Line Items]
Beginning Balance	10,876
Net earnings	0
Foreign currency translation adjustments	0
Pension liability adjustment, net of tax	0
Cash dividends declared	0
Stock options exercised	8
Stock-based compensation expense	0
Income tax benefit from stock options exercised	0
Shares purchased and retired	(3)
Ending Balance	10,881
Capital in Excess of Par Value [Member]
Stockholders Equity Note [Line Items]
Beginning Balance	31,729
Net earnings	0
Foreign currency translation adjustments	0
Pension liability adjustment, net of tax	0
Cash dividends declared	0
Stock options exercised	157
Stock-based compensation expense	338
Income tax benefit from stock options exercised	14
Shares purchased and retired	0
Ending Balance	32,238
Reinvested Earnings [Member]
Stockholders Equity Note [Line Items]
Beginning Balance	156,983
Net earnings	3,205
Foreign currency translation adjustments	0
Pension liability adjustment, net of tax	0
Cash dividends declared	(1,959)
Stock options exercised	0
Stock-based compensation expense	0
Income tax benefit from stock options exercised	0
Shares purchased and retired	(78)
Ending Balance	158,151
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders Equity Note [Line Items]
Beginning Balance	(9,422)
Net earnings	0
Foreign currency translation adjustments	(78)
Pension liability adjustment, net of tax	120
Stock options exercised	0
Stock-based compensation expense	0
Income tax benefit from stock options exercised	0
Shares purchased and retired	0
Ending Balance	(9,380)
Noncontrolling Interest [Member]
Stockholders Equity Note [Line Items]
Beginning Balance	6,826
Net earnings	45
Foreign currency translation adjustments	162
Pension liability adjustment, net of tax	0
Stock options exercised	0
Stock-based compensation expense	0
Income tax benefit from stock options exercised	0
Shares purchased and retired	0
Ending Balance	$ 7,033

XML

Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

5. Intangible Assets

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of March 31, 2014:

		March 31, 2014
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization		Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-	$	11,112
Trademarks			34,748		-		34,748
Total indefinite-lived intangible assets		$	45,860	$	-	$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(123)	$	77
Customer relationships	15		3,500		(719)		2,781
Total amortizable intangible assets		$	3,700	$	(842)	$	2,858

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2013:

		December 31, 2013
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization		Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-	$	11,112
Trademarks			34,748		-		34,748
Total indefinite-lived intangible assets		$	45,860	$	-	$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(113)	$	87
Customer relationships	15		3,500		(661)		2,839
Total amortizable intangible assets		$	3,700	$	(774)	$	2,926

The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited).

XML

Comprehensive Income (Details 1) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ (1,012)	$ (934)
Pension liability, net of tax	(8,368)	(8,488)
Total accumulated other comprehensive loss	$ (9,380)	$ (9,422)

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Investments (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 31,366	$ 30,220
Market Value	32,740	31,568
Municipal Bonds, Current [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	5,544	5,196
Market Value	5,608	5,264
Municipal Bonds, Due from One Through Five Years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	15,498	17,636
Market Value	16,372	18,527
Municipal Bonds, Due from Six Through Ten Years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	9,829	7,388
Market Value	10,269	7,777
Municipal Bonds, Due from Eleven through Twenty years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	495	0
Market Value	$ 491	$ 0

XML

Earnings Per Share (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	331,800	853,780
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 28.50	$ 24.81

XML

Comprehensive Income (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign Currency Translation Adjustments, Beginning Balance, December 31, 2013	$ (934)
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications	(78)
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss	0
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income	(78)
Foreign Currency Translation Adjustments, Ending Balance, March 31, 2014	(1,012)
Defined Benefit Pension Items, Beginning Balance, December 31, 2013	(8,488)
Defined Benefit Pension Items, Other comprehensive loss before reclassifications	0
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	120
Defined Benefit Pension Items, Net current period other comprehensive (loss) income	120	233
Defined Benefit Pension Items, Ending Balance, March 31, 2014	(8,368)
Beginning Balance, December 31, 2013	(9,422)
Other comprehensive loss before reclassifications	(78)
Amounts reclassified from accumulated other comprehensive loss	120
Net current period other comprehensive (loss) income	42
Ending Balance, March 31, 2014	$ (9,380)

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Investments (Details 1) (Municipal Bonds [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Municipal Bonds [Member]
Net Investment Income [Line Items]
Unrealized Gains	$ 1,395	$ 1,348
Unrealized Losses	$ 21	$ 0

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Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Indefinite-lived intangible assets:
Gross Carrying Amount	$ 45,860	$ 45,860
Accumulated Amortization	0	0
Net	45,860	45,860
Amortizable intangible assets:
Gross Carrying Amount	3,700	3,700
Accumulated Amortization	(842)	(774)
Net	2,858	2,926
Goodwill [Member]
Indefinite-lived intangible assets:
Gross Carrying Amount	11,112	11,112
Accumulated Amortization	0	0
Net	11,112	11,112
Trademarks [Member]
Indefinite-lived intangible assets:
Gross Carrying Amount	34,748	34,748
Accumulated Amortization	0	0
Net	34,748	34,748
Noncompete Agreements [Member]
Amortizable intangible assets:
Weighted Average Life (Years)	5 years	5 years
Gross Carrying Amount	200	200
Accumulated Amortization	(123)	(113)
Net	77	87
Customer Relationships [Member]
Amortizable intangible assets:
Weighted Average Life (Years)	15 years	15 years
Gross Carrying Amount	3,500	3,500
Accumulated Amortization	(719)	(661)
Net	$ 2,781	$ 2,839

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Investments

3 Months Ended

Mar. 31, 2014

Investments [Abstract]

Cost and Equity Method Investments Disclosure [Text Block]

4. Investments

As noted in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity.

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.

	March 31, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	5,544	$	5,608	$	5,196	$	5,264
Due from one through five years		15,498		16,372		17,636		18,527
Due from six through ten years		9,829		10,269		7,388		7,777
Due from eleven through twenty years		495		491		-		-
Total	$	31,366	$	32,740	$	30,220	$	31,568

The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:

	March 31, 2014				December 31, 2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,395	$	21	$	1,348	$	-

The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2014, and determined that no other-than-temporary market value impairment exists.

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]
Product sales	$ 74,280	$ 72,996
Licensing revenues	649	594
Net sales	74,929	73,590
Earnings from operations	4,870	4,688
Wholesale [Member]
Segment Reporting Information [Line Items]
Product sales	56,061	54,649
Licensing revenues	649	594
Net sales	56,710	55,243
Earnings from operations	3,568	3,732
Retail [Member]
Segment Reporting Information [Line Items]
Product sales	5,206	5,748
Licensing revenues	0	0
Net sales	5,206	5,748
Earnings from operations	418	442
Other Segment [Member]
Segment Reporting Information [Line Items]
Product sales	13,013	12,599
Licensing revenues	0	0
Net sales	13,013	12,599
Earnings from operations	$ 884	$ 514

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Contingent Consideration (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements, Description	Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (Bogs) related to the Companys acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015.
Payment of Contingent Consideration	$ 0	$ 1,270
Business Combination, Contingent Consideration, Liability	$ 5,077		$ 5,064

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CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
ASSETS:
Cash and cash equivalents	$ 16,142	$ 15,969
Marketable securities, at amortized cost	5,544	5,196
Accounts receivable, net	53,921	48,530
Accrued income tax receivable	0	1,055
Inventories	49,823	63,196
Prepaid expenses and other current assets	3,520	6,136
Total current assets	128,950	140,082
Marketable securities, at amortized cost	25,822	25,024
Property, plant and equipment, net	34,653	35,112
Goodwill	11,112	11,112
Trademarks	34,748	34,748
Other assets	21,309	21,455
Total assets	256,594	267,533
LIABILITIES AND EQUITY:
Short-term borrowings	8,991	12,000
Accounts payable	6,411	13,956
Dividend payable	0	1,949
Accrued liabilities	9,912	10,902
Accrued income tax payable	85	0
Deferred income tax liabilities	1,149	849
Total current liabilities	26,548	39,656
Deferred income tax liabilities	1,776	1,993
Long-term pension liability	22,295	21,901
Other long-term liabilities	7,052	6,991
Equity:
Common stock	10,881	10,876
Capital in excess of par value	32,238	31,729
Reinvested earnings	158,151	156,983
Accumulated other comprehensive loss	(9,380)	(9,422)
Total Weyco Group, Inc. equity	191,890	190,166
Noncontrolling interest	7,033	6,826
Total equity	198,923	196,992
Total liabilities and equity	$ 256,594	$ 267,533

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Comprehensive Income (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Amortization of defined benefit pension items
Amortization of defined benefit pension items, Prior service cost	$ (28)	[1]
Amortization of defined benefit pension items, Actuarial losses	225	[1]
Amortization of defined benefit pension items, Total before tax	197
Amortization of defined benefit pension items, Tax benefit	(77)
Amortization of defined benefit pension items, Net of tax	$ 120

[1] These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.

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Reclassifications

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reclassifications [Text Block]

2. Reclassifications

Certain immaterial line items on the prior year’s Consolidated Condensed Statements of Cash Flows (Unaudited) related to net losses (gains) on disposals and proceeds from the sale of property, plant and equipment were consolidated into other line items to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net income or equity.

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Stock-Based Compensation Plans (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised	$ 37	$ 1,055
Cash received from stock option exercises	165	2,499
Income tax benefit from the exercise of stock options	$ 14	$ 411

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Employee Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The components of the Company’s net pension expense were as follows:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Benefits earned during the period	$	391	$	385
Interest cost on projected benefit obligation		663		578
Expected return on plan assets		(573)		(519)
Net amortization and deferral		197		381
Net pension expense	$	678	$	825

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Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of Restricted Stock, Non-vested at December 31, 2013	47,500
Shares of Restricted Stock, Issued	0
Shares of Restricted Stock, Vested	0
Shares of Restricted Stock, Forfeited	0
Shares of Restricted Stock, Non-vested at March 31, 2014	47,500
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2013	$ 25.86
Weighted Average Grant Date Fair Value, Issued	$ 0
Weighted Average Grant Date Fair Value, Vested	$ 0
Weighted Average Grant Date Fair Value, Forfeited	$ 0
Weighted Average Grant Date Fair Value, Non-vested at March 31, 2014	$ 25.86
Weighted Average Remaining Contractual Term (Years), Non-vested at March 31, 2014	2 years 9 months 18 days
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at March 31, 2014	$ 1,283,000	[1]

[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.

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Contingent Consideration (Tables)

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Schedule Of Business Acquisitions By Acquisition Contingent Payments [Table Text Block]

The following table summarizes the activity during 2014 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):

	2014
Beginning balance	$	5,064
Interest expense		13
Ending balance	$	5,077

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Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

3. Earnings Per Share

The following table sets forth the computation of earnings per share and diluted earnings per share:

	Three Months Ended March 31,
	2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	3,205	$	3,200
Denominator:
Basic weighted average shares outstanding		10,833		10,760
Effect of dilutive securities:
Employee stock-based awards		97		75
Diluted weighted average shares outstanding		10,930		10,835
Basic earnings per share	$	0.30	$	0.30
Diluted earnings per share	$	0.29	$	0.30

Diluted weighted average shares outstanding for the three months ended March 31, 2014, exclude anti-dilutive stock options totaling 331,800 shares of common stock at a weighted average price of $28.50. Diluted weighted average shares outstanding for the three months ended March 31, 2013, exclude anti-dilutive stock options totaling 853,780 shares of common stock at a weighted average price of $24.81.

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CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net sales	$ 74,929	$ 73,590
Cost of sales	47,565	45,891
Gross earnings	27,364	27,699
Selling and administrative expenses	22,494	23,011
Earnings from operations	4,870	4,688
Interest income	289	412
Interest expense	(42)	(127)
Other expense, net	(115)	(89)
Earnings before provision for income taxes	5,002	4,884
Provision for income taxes	1,752	1,759
Net earnings	3,250	3,125
Net earnings (loss) attributable to noncontrolling interest	45	(75)
Net earnings attributable to Weyco Group, Inc.	3,205	3,200
Weighted average shares outstanding
Basic (in shares)	10,833	10,760
Diluted (in shares)	10,930	10,835
Earnings per share
Basic (in dollars per share)	$ 0.30	$ 0.30
Diluted (in dollars per share)	$ 0.29	$ 0.30
Cash dividends declared (per share) (in dollars per share)	$ 0.18	$ 0
Comprehensive income	3,454	2,882
Comprehensive income (loss) attributable to noncontrolling interest	207	(147)
Comprehensive income attributable to Weyco Group, Inc.	$ 3,247	$ 3,029

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Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

13. Equity

A reconciliation of the Company’s equity for the three months ended March 31, 2014, is as follows:

							Accumulated
			Capital in				Other
	Common		Excess of		Reinvested		Comprehensive		Noncontrolling
	Stock		Par Value		Earnings		Loss		Interest
	(Dollars in thousands)
Balance, December 31, 2013	$	10,876	$	31,729	$	156,983	$	(9,422)	$	6,826
Net earnings		-		-		3,205		-		45
Foreign currency translation
adjustments		-		-		-		(78)		162
Pension liability adjustment,
net of tax		-		-		-		120		-
Cash dividends declared		-		-		(1,959)		-		-
Stock options exercised		8		157		-		-		-
Stock-based compensation
expense		-		338		-		-		-
Income tax benefit from
stock options exercised		-		14		-		-		-
Shares purchased and retired		(3)		-		(78)		-		-
Balance, March 31, 2014	$	10,881	$	32,238	$	158,151	$	(9,380)	$	7,033

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Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Information [Line Items]
Entity Registrant Name	WEYCO GROUP INC
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	WEYS
Entity Common Stock, Shares Outstanding		10,880,534
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2014

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the computation of earnings per share and diluted earnings per share:

	Three Months Ended March 31,
	2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	3,205	$	3,200
Denominator:
Basic weighted average shares outstanding		10,833		10,760
Effect of dilutive securities:
Employee stock-based awards		97		75
Diluted weighted average shares outstanding		10,930		10,835
Basic earnings per share	$	0.30	$	0.30
Diluted earnings per share	$	0.29	$	0.30

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 3,250	$ 3,125
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation	953	953
Amortization	54	85
Bad debt expense	112	36
Deferred income taxes	7	(428)
Net foreign currency transaction losses	65	124
Stock-based compensation	338	316
Pension expense	678	825
Increase in cash surrender value of life insurance	(135)	(135)
Changes in operating assets and liabilities -
Accounts receivable	(5,528)	(7,272)
Inventories	13,422	11,750
Prepaids and other assets	2,799	1,716
Accounts payable	(7,551)	(4,742)
Accrued liabilities and other	(1,309)	(4,338)
Accrued income taxes	1,146	1,669
Net cash provided by operating activities	8,301	3,684
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities	(3,528)	0
Proceeds from maturities of marketable securities	2,416	2,819
Purchase of property, plant and equipment	(300)	(561)
Net cash (used for) provided by investing activities	(1,412)	2,258
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(3,899)	0
Shares purchased and retired	(81)	(4,099)
Proceeds from stock options exercised	165	2,499
Payment of contingent consideration	0	(1,270)
Proceeds from bank borrowings	4,815	2,000
Repayments of bank borrowings	(7,824)	(9,000)
Income tax benefits from stock-based compensation	14	411
Net cash used for financing activities	(6,810)	(9,459)
Effect of exchange rate changes on cash and cash equivalents	94	11
Net increase (decrease) in cash and cash equivalents	173	(3,506)
CASH AND CASH EQUIVALENTS at beginning of period	15,969	17,288
CASH AND CASH EQUIVALENTS at end of period	16,142	13,782
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	490	560
Interest paid	$ 30	$ 123

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Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

8. Stock-Based Compensation Plans

During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013. During the three months ended March 31, 2013, the Company recognized approximately $316,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2009 through 2012.

The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2013	1,260,866	$	24.41
Exercised	(7,550)	$	21.83
Forfeited or expired	-	$	-
Outstanding at March 31, 2014	1,253,316	$	24.42	3.5	$	3,744,000
Exercisable at March 31, 2014	573,531	$	22.39	1.9	$	2,653,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	37	$	1,055
Cash received from stock option exercises	$	165	$	2,499
Income tax benefit from the exercise of stock options	$	14	$	411

The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:

				Weighted
		Weighted		Average
	Shares of	Average		Remaining		Aggregate
	Restricted	Grant Date		Contractual		Intrinsic
	Stock	Fair Value		Term (Years)		Value*
Non-vested at December 31, 2013	47,500	$	25.86
Issued	-		-
Vested	-		-
Forfeited	-		-
Non-vested at March 31, 2014	47,500	$	25.86		2.8	$	1,283,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.

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Employee Retirement Plans

3 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

7. Employee Retirement Plans

The components of the Company’s net pension expense were as follows:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Benefits earned during the period	$	391	$	385
Interest cost on projected benefit obligation		663		578
Expected return on plan assets		(573)		(519)
Net amortization and deferral		197		381
Net pension expense	$	678	$	825

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Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:

				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Shares	Price		Term (Years)	Value*
Outstanding at December 31, 2013	1,260,866	$	24.41
Exercised	(7,550)	$	21.83
Forfeited or expired	-	$	-
Outstanding at March 31, 2014	1,253,316	$	24.42	3.5	$	3,744,000
Exercisable at March 31, 2014	573,531	$	22.39	1.9	$	2,653,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	37	$	1,055
Cash received from stock option exercises	$	165	$	2,499
Income tax benefit from the exercise of stock options	$	14	$	411

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:

				Weighted
		Weighted		Average
	Shares of	Average		Remaining		Aggregate
	Restricted	Grant Date		Contractual		Intrinsic
	Stock	Fair Value		Term (Years)		Value*
Non-vested at December 31, 2013	47,500	$	25.86
Issued	-		-
Vested	-		-
Forfeited	-		-
Non-vested at March 31, 2014	47,500	$	25.86		2.8	$	1,283,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.

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Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments [Abstract]

Held-to-maturity Securities [Table Text Block]

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.

	March 31, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	5,544	$	5,608	$	5,196	$	5,264
Due from one through five years		15,498		16,372		17,636		18,527
Due from six through ten years		9,829		10,269		7,388		7,777
Due from eleven through twenty years		495		491		-		-
Total	$	31,366	$	32,740	$	30,220	$	31,568

Unrealized Gain (Loss) on Investments [Table Text Block]

The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:

	March 31, 2014				December 31, 2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,395	$	21	$	1,348	$	-

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Financial Instruments

3 Months Ended

Mar. 31, 2014

Investments, All Other Investments [Abstract]

Financial Instruments Disclosure [Text Block]

11. Financial Instruments

At March 31, 2014, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.8 million U.S. dollars at a price of approximately $7.6 million Australian dollars. During the first quarter of 2014, the Company also entered into forward exchange contracts to buy $8.0 million Canadian dollars at a price of approximately $7.2 million U.S. dollars. Based on quarter-end exchange rates, there were no significant gains or losses on the outstanding contracts.

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Short-Term Borrowings

3 Months Ended

Mar. 31, 2014

Short-term Debt [Abstract]

Short-term Debt [Text Block]

9. Short-Term Borrowings

At March 31, 2014, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. At March 31, 2014, outstanding borrowings were approximately $9 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was $12 million.

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Contingent Consideration

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Contingencies Disclosures [Text Block]

10. Contingent Consideration

Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. The first contingent payment was due in 2013 and was paid on March 28, 2013, in the amount of $1,270,000. The second payment is due in March 2016. In accordance with ASC 805, Business Combinations (“ASC 805”), the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings.

The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was approximately $5.1 million as of March 31, 2014, and December 31, 2013. The balance was recorded within other long-term liabilities in the Consolidated Condensed Balance Sheets (Unaudited).

The following table summarizes the activity during 2014 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):

	2014
Beginning balance	$	5,064
Interest expense		13
Ending balance	$	5,077

The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. 

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Comprehensive Income

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Comprehensive Income (Loss) Note [Text Block]

12. Comprehensive Income

Comprehensive income for the three months ended March 31, 2014 and 2013, was as follows:

	Three Months Ended March 31,
	2014		2013
	(Dollars in thousands)
Net earnings	$	3,250	$	3,125
Foreign currency translation adjustments		84		(476)
Pension liability, net of tax of $77 and $148, respectively		120		233
Total comprehensive income	$	3,454	$	2,882

The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:

	March 31,		December 31,
	2014		2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,012)	$	(934)
Pension liability, net of tax		(8,368)		(8,488)
Total accumulated other comprehensive loss	$	(9,380)	$	(9,422)

The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014:

	Foreign Currency Translation  Adjustments		Defined Benefit Pension Items		Total
Beginning Balance, December 31, 2013	$	(934)	$	(8,488)	$	(9,422)
Other comprehensive loss before reclassifications		(78)		-		(78)
Amounts reclassified from accumulated other comprehensive loss		-		120		120
Net current period other comprehensive (loss) income		(78)		120		42
Ending Balance, March 31, 2014	$	(1,012)	$	(8,368)	$	(9,380)

The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014:

	Amounts reclassified from other accumulated comprehensive loss for the three months ended March 31, 2014		Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(28)	(1)
Actuarial losses		225	(1)
Total before tax		197
Tax benefit		(77)
Net of tax	$	120

⁽¹⁾ These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.

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Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at December 31, 2013	1,260,866
Shares, Exercised	(7,550)
Shares, Forfeited or expired	0
Shares, Outstanding at March 31, 2014	1,253,316
Shares, Exercisable at March 31, 2014	573,531
Weighted Average Exercise Price, Outstanding at December 31, 2013	$ 24.41
Weighted Average Exercise Price, Exercised	$ 21.83
Weighted Average Exercise Price, Forfeited or expired	$ 0
Weighted Average Exercise Price, Outstanding at March 31, 2014	$ 24.42
Weighted Average Exercise Price, Exercisable at March 31, 2014	$ 22.39
Weighted Average Remaining Contractual Term (Years), Outstanding at March 31, 2014	3 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable at March 31, 2014	1 year 10 months 24 days
Aggregate Intrinsic Value, Outstanding at March 31, 2014	$ 3,744,000	[1]
Aggregate Intrinsic Value, Exercisable at March 31, 2014	$ 2,653,000	[1]

[1] The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Summarized segment data for the three months ended March 31, 2014 and 2013, was as follows:

Three Months Ended
March 31,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	56,061	$	5,206	$	13,013	$	74,280
Licensing revenues		649		-		-		649
Net sales	$	56,710	$	5,206	$	13,013	$	74,929
Earnings from operations	$	3,568	$	418	$	884	$	4,870
2013
Product sales	$	54,649	$	5,748	$	12,599	$	72,996
Licensing revenues		594		-		-		594
Net sales	$	55,243	$	5,748	$	12,599	$	73,590
Earnings from operations	$	3,732	$	442	$	514	$	4,688

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Equity (Tables)

3 Months Ended

Mar. 31, 2014

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity [Table Text Block]

A reconciliation of the Company’s equity for the three months ended March 31, 2014, is as follows:

							Accumulated
			Capital in				Other
	Common		Excess of		Reinvested		Comprehensive		Noncontrolling
	Stock		Par Value		Earnings		Loss		Interest
	(Dollars in thousands)
Balance, December 31, 2013	$	10,876	$	31,729	$	156,983	$	(9,422)	$	6,826
Net earnings		-		-		3,205		-		45
Foreign currency translation
adjustments		-		-		-		(78)		162
Pension liability adjustment,
net of tax		-		-		-		120		-
Cash dividends declared		-		-		(1,959)		-		-
Stock options exercised		8		157		-		-		-
Stock-based compensation
expense		-		338		-		-		-
Income tax benefit from
stock options exercised		-		14		-		-		-
Shares purchased and retired		(3)		-		(78)		-		-
Balance, March 31, 2014	$	10,881	$	32,238	$	158,151	$	(9,380)	$	7,033

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Financial Instruments (Details Textual) In Millions, unless otherwise specified	Mar. 31, 2014 Forward Exchange Contracts, Australian [Member] USD ($)	Mar. 31, 2014 Forward Exchange Contracts, Australian [Member] AUD	Mar. 31, 2014 Forward Exchange Contracts, Canadian [Member] USD ($)	Mar. 31, 2014 Forward Exchange Contracts, Canadian [Member] CAD
Financial Instruments [Line Items]
Forward Exchange Contracts Outstanding	$ 6.8	7.6	$ 7.2	8.0

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Financial Statements

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting [Text Block]

1. Financial Statements

In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for the three month period ended March 31, 2014, are not necessarily indicative of the results for the full year.

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Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

6. Segment Information

The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three months ended March 31, 2014 and 2013, was as follows:

Three Months Ended
March 31,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	56,061	$	5,206	$	13,013	$	74,280
Licensing revenues		649		-		-		649
Net sales	$	56,710	$	5,206	$	13,013	$	74,929
Earnings from operations	$	3,568	$	418	$	884	$	4,870
2013
Product sales	$	54,649	$	5,748	$	12,599	$	72,996
Licensing revenues		594		-		-		594
Net sales	$	55,243	$	5,748	$	12,599	$	73,590
Earnings from operations	$	3,732	$	442	$	514	$	4,688

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Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Numerator:
Net earnings attributable to Weyco Group, Inc.	$ 3,205	$ 3,200
Denominator:
Basic weighted average shares outstanding (in shares)	10,833	10,760
Effect of dilutive securities:
Employee stock-based awards (in shares)	97	75
Diluted weighted average shares outstanding (in shares)	10,930	10,835
Basic earnings per share (in dollars per share)	$ 0.30	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.29	$ 0.30

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Short-Term Borrowings (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 12
Debt Instrument, Interest Rate at Period End	0.90%
Line of Credit Facility, Amount Outstanding	9
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Amount, Total	$ 60
Line of Credit Facility, Expiration Date	Nov. 05, 2014
Line of Credit Facility, Interest Rate Description	LIBOR plus 0.75%

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Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of March 31, 2014:

		March 31, 2014
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization		Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-	$	11,112
Trademarks			34,748		-		34,748
Total indefinite-lived intangible assets		$	45,860	$	-	$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(123)	$	77
Customer relationships	15		3,500		(719)		2,781
Total amortizable intangible assets		$	3,700	$	(842)	$	2,858

The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2013:

		December 31, 2013
	Weighted	Gross
	Average	Carrying		Accumulated
	Life (Yrs)	Amount		Amortization		Net
		(Dollars in thousands)
Indefinite-lived intangible assets:
Goodwill		$	11,112	$	-	$	11,112
Trademarks			34,748		-		34,748
Total indefinite-lived intangible assets		$	45,860	$	-	$	45,860
Amortizable intangible assets:
Non-compete agreement	5	$	200	$	(113)	$	87
Customer relationships	15		3,500		(661)		2,839
Total amortizable intangible assets		$	3,700	$	(774)	$	2,926