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 September 30, 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 the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨ Accelerated filer x 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 October 31, 2014, there were 10,778,001 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)

	September 30,			December 31,
	2014			2013
	(Dollars in thousands)
ASSETS:
Cash and cash equivalents	$	11,728		$	15,969
Marketable securities, at amortized cost		4,119			5,196
Accounts receivable, net		63,016			48,530
Accrued income tax receivable		22			1,055
Inventories		64,154			63,196
Prepaid expenses and other current assets		4,834			6,136
Total current assets		147,873			140,082
Marketable securities, at amortized cost		26,523			25,024
Property, plant and equipment, net		34,062			35,112
Goodwill		11,112			11,112
Trademarks		34,748			34,748
Other assets		21,340			21,455
Total assets	$	275,658		$	267,533
LIABILITIES AND EQUITY:
Short-term borrowings	$	24,287		$	12,000
Accounts payable		8,359			13,956
Dividend payable		-			1,949
Accrued liabilities		11,152			10,902
Deferred income tax liabilities		1,171			849
Total current liabilities		44,969			39,656
Deferred income tax liabilities		1,834			1,993
Long-term pension liability		21,468			21,901
Other long-term liabilities		7,488			6,991
Equity:
Common stock		10,806			10,876
Capital in excess of par value		34,003			31,729
Reinvested earnings		157,989			156,983
Accumulated other comprehensive loss		(9,764	)		(9,422	)
Total Weyco Group, Inc. equity		193,034			190,166
Noncontrolling interest		6,865			6,826
Total equity		199,899			196,992
Total liabilities and equity	$	275,658		$	267,533

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

1

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(In thousands, except per share amounts)
Net sales	$	87,425		$	83,108		$	225,217		$	221,739
Cost of sales		55,004			51,529			141,215			137,763
Gross earnings		32,421			31,579			84,002			83,976
Selling and administrative expenses		23,402			22,993			66,726			67,022
Earnings from operations		9,019			8,586			17,276			16,954
Interest income		297			346			892			1,144
Interest expense		(52	)		(75	)		(123	)		(314	)
Other expense, net		(221	)		(123	)		(261	)		(750	)
Earnings before provision for income taxes		9,043			8,734			17,784			17,034
Provision for income taxes		3,498			3,133			6,488			6,043
Net earnings		5,545			5,601			11,296			10,991
Net earnings attributable to noncontrolling interest		27			209			366			194
Net earnings attributable to Weyco Group, Inc.	$	5,518		$	5,392		$	10,930		$	10,797
Weighted average shares outstanding
Basic		10,775			10,786			10,810			10,770
Diluted		10,870			10,873			10,902			10,840
Earnings per share
Basic	$	0.51		$	0.50		$	1.01		$	1.00
Diluted	$	0.51		$	0.50		$	1.00		$	1.00
Cash dividends declared (per share)	$	0.19		$	0.18		$	0.56		$	0.36
Comprehensive income	$	4,226		$	6,340		$	10,823		$	10,204
Comprehensive (loss) income attributable to noncontrolling interest		(342	)		268			235			(412	)
Comprehensive income attributable to Weyco Group, Inc.	$	4,568		$	6,072		$	10,588		$	10,616

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)

	Nine Months Ended September 30,
	2014			2013
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	11,296		$	10,991
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities -
Depreciation		2,775			2,967
Amortization		263			280
Bad debt expense		195			121
Deferred income taxes		(47	)		(945	)
Net foreign currency transaction losses		174			425
Stock-based compensation		1,046			948
Pension contribution		(1,300	)		(1,282	)
Pension expense		1,659			2,766
Other-than-temporary investment impairment		-			200
Increase in cash surrender value of life insurance		(250	)		(250	)
Changes in operating assets and liabilities -
Accounts receivable		(14,702	)		(13,267	)
Inventories		(1,039	)		12,648
Prepaid expenses and other assets		1,556			3,303
Accounts payable		(5,594	)		(4,451	)
Accrued liabilities and other		(418	)		(2,144	)
Accrued income taxes		1,010			1,563
Net cash (used for) provided by operating activities		(3,376	)		13,873
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities		(7,427	)		(22	)
Proceeds from maturities of marketable securities		7,001			9,833
Life insurance premiums paid		(155	)		(155	)
Investment in real estate		-			(3,206	)
Purchase of property, plant and equipment		(1,908	)		(1,912	)
Net cash (used for) provided by investing activities		(2,489	)		4,538
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid		(7,999	)		(3,881	)
Shares purchased and retired		(3,996	)		(4,623	)
Proceeds from stock options exercised		1,226			3,558
Payment of contingent consideration		-			(1,270	)
Proceeds from bank borrowings		70,757			11,000
Repayments of bank borrowings		(58,470	)		(31,000	)
Income tax benefits from stock-based compensation		85			514
Net cash provided by (used for) financing activities		1,603			(25,702	)
Effect of exchange rate changes on cash and cash equivalents		21			(247	)
Net decrease in cash and cash equivalents	$	(4,241	)	$	(7,538	)
CASH AND CASH EQUIVALENTS at beginning of period		15,969			17,288
CASH AND CASH EQUIVALENTS at end of period	$	11,728		$	9,750
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	$	5,501		$	4,784
Interest paid	$	84		$	266

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

3

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 and nine months ended September 30, 2014, are not necessarily indicative of the results for the full year.

2. New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as codified in Accounting Standards Codification 606. The amendments in this update affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The amendments in this update require an entity to recognize revenue related to the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU will be effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently assessing the impact of this update on its consolidated financial statements.

3. Earnings Per Share

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	5,518	$	5,392	$	10,930	$	10,797
Denominator:
Basic weighted average shares outstanding		10,775		10,786		10,810		10,770
Effect of dilutive securities:
Employee stock-based awards		95		87		92		70
Diluted weighted average shares outstanding		10,870		10,873		10,902		10,840
Basic earnings per share	$	0.51	$	0.50	$	1.01	$	1.00
Diluted earnings per share	$	0.51	$	0.50	$	1.00	$	1.00

Diluted weighted average shares outstanding for the three and nine months ended September 30, 2014, exclude anti-dilutive unvested restricted stock and outstanding stock options totaling 681,600 shares of common stock at a weighted average price of $27.74. Diluted weighted average shares outstanding for the three and nine months ended September 30, 2013, exclude anti-dilutive stock options totaling 218,075 shares of common stock at a weighted average price of $27.50.

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 security investments to maturity.

4

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of as of September 30, 2014, and December 31, 2013.

	September 30, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	4,119	$	4,192	$	5,196	$	5,264
Due from one through five years		15,413		16,315		17,636		18,527
Due from six through ten years		10,367		10,773		7,388		7,777
Due from eleven through twenty years		743		749		-		-
Total	$	30,642	$	32,029	$	30,220	$	31,568

The unrealized gains and losses on investment securities at September 30, 2014, and at December 31, 2013, were as follows:

	September 30, 2014					December 31, 2013
	Unrealized		Unrealized			Unrealized		Unrealized
	Gains		Losses			Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,388	$	(1	)	$	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 September 30, 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 September 30, 2014:

			September 30, 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	$	(143	)	$	57
Customer relationships		15		3,500		(836	)		2,664
Total amortizable intangible assets			$	3,700	$	(979	)	$	2,721

5

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).

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 tables 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 and nine months ended September 30, 2014 and 2013, was as follows:

Three Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	67,354	$	5,357	$	14,001	$	86,712
Licensing revenues		713		-		-		713
Net sales	$	68,067	$	5,357	$	14,001	$	87,425
Earnings from operations	$	7,445	$	638	$	936	$	9,019
2013
Product sales	$	63,914	$	5,232	$	13,124	$	82,270
Licensing revenues		838		-		-		838
Net sales	$	64,752	$	5,232	$	13,124	$	83,108
Earnings from operations	$	7,073	$	512	$	1,001	$	8,586

Nine Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	167,521	$	15,839	$	39,848	$	223,208
Licensing revenues		2,009		-		-		2,009
Net sales	$	169,530	$	15,839	$	39,848	$	225,217
Earnings from operations	$	12,752	$	1,619	$	2,905	$	17,276
2013
Product sales	$	165,421	$	16,363	$	37,897	$	219,681
Licensing revenues		2,058		-		-		2,058
Net sales	$	167,479	$	16,363	$	37,897	$	221,739
Earnings from operations	$	12,984	$	1,538	$	2,432	$	16,954

6

7. Employee Retirement Plans

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(Dollars in thousands)
Benefits earned during the period	$	316		$	447		$	947		$	1,279
Interest cost on projected benefit obligation		647			608			1,939			1,794
Expected return on plan assets		(586	)		(525	)		(1,757	)		(1,569	)
Net amortization and deferral		176			440			530			1,262
Net pension expense	$	553		$	970		$	1,659		$	2,766

The Company made $1.3 million in pension contributions during the nine months ended September 30, 2014. No additional cash contributions are expected for the remainder of 2014.

8. Stock-Based Compensation Plans

During the three and nine months ended September 30, 2014, the Company recognized approximately $370,000 and $1,046,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2010 through 2014. During the three and nine months ended September 30, 2013, the Company recognized approximately $315,000 and $948,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012.

The following table summarizes the stock option activity under the Company’s plans for the nine-month period ended September 30, 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
Granted		331,600		$	27.04
Exercised		(59,100	)	$	20.74
Forfeited or expired		(11,800	)	$	25.49
Outstanding at September 30, 2014		1,521,566		$	25.11	3.7	$	1,742,000
Exercisable at September 30, 2014		519,981		$	22.57	1.5	$	1,321,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	146	$	151	$	242	$	1,317
Cash received from stock option exercises	$	618	$	730	$	1,226	$	3,558
Income tax benefit from the exercise of stock options	$	48	$	59	$	85	$	514

7

The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 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		24,400		27.04
Vested		-		-
Forfeited		-		-
Non-vested at September 30, 2014		71,900	$	26.26	2.8	$	1,805,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 multiplied by the number of non-vested restricted shares outstanding.

9. Short-Term Borrowings

At September 30, 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 September 30, 2014, outstanding borrowings were approximately $24.3 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was approximately $24.3 million. The line of credit agreement was set to expire on November 5, 2014, but was renewed for another term that expires on November 5, 2015, on the same terms as the prior agreement.

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 was approximately $5.1 million as of September 30, 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 Condensed Statements of Earnings and Comprehensive Income (Unaudited) (dollars in thousands):

	2014
Beginning balance, December 31, 2013	$	5,064
Interest expense		38
Ending balance, September 30, 2014	$	5,102

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 September 30, 2014, the Company had forward exchange contracts outstanding to sell $13.0 million Canadian dollars at a price of approximately $11.8 million U.S. dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $4.4 million U.S. dollars at a price of approximately $4.9 million Australian dollars. Based on quarter-end exchange rates, the Company recorded gains of approximately $200,000 related to the Australian contracts and there were no significant gains or losses on the Canadian contracts.

The Company determines the fair value of forward exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable inputs in markets that are not active and thus represent a level 2 valuation as defined by ASC 820.

8

12. Comprehensive Income

Comprehensive income for the three and nine months ended September 30, 2014 and 2013, was as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(Dollars in thousands)
Net earnings	$	5,545		$	5,601	$	11,296		$	10,991
Foreign currency translation adjustments		(1,426	)		470		(796	)		(1,557	)
Pension liability, net of tax of $69, $172, $207, and $492, respectively		107			269		323			770
Total comprehensive income	$	4,226		$	6,340	$	10,823		$	10,204

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

	September 30,			December 31,
	2014			2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,599	)	$	(934	)
Pension liability, net of tax		(8,165	)		(8,488	)
Total accumulated other comprehensive loss	$	(9,764	)	$	(9,422	)

The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the nine months ended September 30, 2014:

	Foreign Currency Translation Adjustments			Defined Benefit Pension  Items			Total
Beginning balance, December 31, 2013	$	(934	)	$	(8,488	)	$	(9,422	)
Other comprehensive income before reclassifications		(665	)		-			(665	)
Amounts reclassified from accumulated other comprehensive loss		-			323			323
Net current period other comprehensive income		(665	)		323			(342	)
Ending balance, September 30, 2014	$	(1,599	)	$	(8,165	)	$	(9,764	)

The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the nine months ended September 30, 2014:

	Amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2014			Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(84	)		(1)
Actuarial losses		614			(1)
Total before tax		530
Tax benefit		(207	)
Net of tax	$	323

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

9

13. Equity

A reconciliation of the Company’s equity for the nine months ended September 30, 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		-			-			10,930			-			366
Foreign currency translation adjustments		-			-			-			(665	)		(131	)
Pension liability adjustment, net of tax		-			-			-			323			-
Cash dividends declared		-			-			(6,081	)		-			-
Cash dividends declared to noncontrolling interest		-			-			-			-			(196	)
Stock options exercised		59			1,167			-			-			-
Issuance of restricted stock		24			(24	)
Stock-based compensation expense		-			1,046			-			-			-
Income tax benefit from stock options exercised		-			85			-			-			-
Shares purchased and retired		(153	)		-			(3,843	)		-			-
Balance, September 30, 2014	$	10,806		$	34,003		$	157,989		$	(9,764	)	$	6,865

10

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 September 30, 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

Third Quarter Highlights

Consolidated net sales for the third quarter of 2014 were $87.4 million, up 5% over last year’s third quarter net sales of $83.1 million. Earnings from operations increased 5% to $9.0 million this quarter, from $8.6 million in 2013. Consolidated net earnings attributable to Weyco Group, Inc. were $5.5 million in 2014, up 2% as compared to $5.4 million in 2013. Diluted earnings per share increased to $0.51 per share in the third quarter of 2014, from $0.50 per share in the third quarter of 2013.

The majority of the increase in consolidated net sales came from the Company’s wholesale segment. Wholesale net sales increased approximately $3.3 million this quarter, compared to the same period last year. This increase was primarily due to higher sales of the BOGS and Stacy Adams brands, partially offset by decreased sales of the Company’s other brands.

Consolidated earnings from operations were up approximately $400,000 for the quarter, compared to the same period last year, primarily due to the increase in wholesale net sales.

Year-to-Date Highlights

Consolidated net sales for the first nine months of 2014 were $225.2 million, up 2% over last year’s year-to-date net sales of $221.7 million. Earnings from operations increased 2% to $17.3 million in the first nine months of 2014, from $17.0 million in 2013. Consolidated net earnings attributable to Weyco Group, Inc. for the nine months ended September 30, 2014, were $10.9 million, up 1% as compared to $10.8 million last year. Diluted earnings per share were flat at $1.00 per share for each of the nine month periods ended September 30, 2014 and 2013.

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Approximately half of the increase in consolidated net sales for the nine months ended September 30, 2014, came from the Company’s wholesale segment. Wholesale net sales increased $2.1 million in the first nine months of 2014, compared to the same period last year. This increase was primarily due to higher sales of the BOGS brand, partially offset by lower sales of the Nunn Bush and Florsheim brands. Florsheim Australia’s net sales were also up for the first nine months of this year, due to higher net sales in both its wholesale and retail businesses.

Consolidated earnings from operations were up approximately $300,000 for the nine months ended September 30, 2014, compared to the same period last year. Earnings from operations in the Company’s wholesale segment were down slightly for the year-to-date period. This decrease was primarily due to lower gross margins in the Company’s Canadian business, caused by the weakening of the Canadian dollar relative to the U.S. dollar in 2014. Florsheim Australia’s earnings from operations were up for the year-to-date period, mainly due to improved performance of its wholesale businesses.

Financial Position Highlights

At September 30, 2014, cash and marketable securities totaled $42.4 million and outstanding debt totaled $24.3 million. At December 31, 2013, cash and marketable securities totaled $46.2 million and outstanding debt totaled $12.0 million. During the first nine months of 2014, the Company drew down $12.3 million on its revolving line of credit and received $1.2 million from stock option exercises. The Company paid dividends of $8.0 million, spent $4.0 million on purchases of Company stock, and its operations resulted in a net $3.4 million use of cash. The Company also had $1.9 million of capital expenditures.

SEGMENT ANALYSIS

Net sales and earnings from operations for the Company’s segments in the three and nine months ended September 30, 2014 and 2013, were as follows:

	Three Months Ended September 30,				%		Nine Months Ended September 30,				%
	2014		2013		Change		2014		2013		Change
	(Dollars in thousands)
Net Sales
North American Wholesale	$	68,067	$	64,752		5%	$	169,530	$	167,479		1%
North American Retail		5,357		5,232		2%		15,839		16,363		-3%
Other		14,001		13,124		7%		39,848		37,897		5%
Total	$	87,425	$	83,108		5%	$	225,217	$	221,739		2%
Earnings from Operations
North American Wholesale	$	7,445	$	7,073		5%	$	12,752	$	12,984		-2%
North American Retail		638		512		25%		1,619		1,538		5%
Other		936		1,001		-6%		2,905		2,432		19%
Total	$	9,019	$	8,586		5%	$	17,276	$	16,954		2%

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North American Wholesale Segment

Net Sales

Net sales in the Company’s North American wholesale segment for the three and nine months ended September 30, 2014 and 2013, were as follows:

North American Wholesale Segment Net Sales

	Three Months Ended September 30,				%		Nine Months Ended September 30,				%
	2014		2013		Change		2014		2013		Change
	(Dollars in thousands)
North American Net Sales
Stacy Adams	$	14,352	$	13,095		10%	$	45,611	$	45,295		1%
Nunn Bush		16,929		19,235		-12%		47,652		52,501		-9%
Florsheim		12,787		14,049		-9%		37,221		38,942		-4%
BOGS/Rafters		22,123		16,175		37%		34,295		25,724		33%
Umi		1,163		1,360		-14%		2,742		2,959		-7%
Total North American Wholesale	$	67,354	$	63,914		5%	$	167,521	$	165,421		1%
Licensing		713		838		-15%		2,009		2,058		-2%
Total North American Wholesale Segment	$	68,067	$	64,752		5%	$	169,530	$	167,479		1%

The increase in Stacy Adams third quarter net sales was primarily due to higher sales volumes in the modern dress shoe category. The decrease in Nunn Bush third quarter and year-to-date net sales was mainly due to lower sales volumes with department stores. Florsheim’s third quarter net sales were down due to lower sales with department stores and independent retailers. The decrease in Florsheim’s year-to-date net sales was due to lower sales with department stores, independent retailers and off-price retailers, partially offset by higher sales to national shoe chains and internet retailers. BOGS net sales for the quarter and year-to-date periods were up across all major distribution categories.

Based on increased backlogs as of September 30, 2014, compared to the same date last year, management is anticipating continued sales growth of BOGS products during the final quarter of 2014. Management also expects fourth quarter 2014 sales for the Stacy Adams, Nunn Bush, and Florsheim brands to be comparative or up slightly from last year’s fourth quarter.

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.

Earnings from Operations

Earnings from operations in the North American wholesale segment were $7.4 million in the third quarter of 2014, up 5% from $7.1 million in 2013. Wholesale gross earnings were 31.7% of net sales in the third quarter of 2014, compared to 32.6% of net sales in last year’s third quarter. The decrease in wholesale gross earnings as a percent of net sales was driven by the weaker Canadian dollar relative to the U.S. dollar in the third quarter of 2014, as compared to last year’s third quarter. The increase in wholesale earnings from operations for the quarter ended September 30, 2014, was primarily due to higher net sales.

For the nine months ended September 30, 2014, earnings from operations for the wholesale segment were $12.8 million, down 2% from $13.0 million in the same period last year. Wholesale gross earnings were 31.0% of net sales for the nine months ended September 30, 2014, compared to 31.3% of net sales in the same period last year. The decrease in wholesale gross earnings as a percent of net sales was due to the weakening of the Canadian dollar relative to the U.S. dollar in 2014. The decrease in wholesale earnings from operations for the year-to-date period was mainly due to lower gross margins. Overall, the Company expects wholesale gross margins in the fourth quarter of 2014 to remain relatively flat with the third quarter of 2014.

The Company’s cost of sales does not include distribution costs (e.g., receiving, inspection or warehousing costs). Distribution costs were $2.7 million for each of the three month periods ended September 30, 2014 and 2013, and $8.1 million for each of the nine month periods ended September 30, 2014 and 2013. 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.

13

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 21% this quarter, as compared to 22% in the same quarter last year. For the nine months ended September 30, wholesale selling and administrative expenses were flat at 24% of net sales in 2014 and 2013.

North American Retail Segment

Net Sales

Net sales in the Company’s North American retail segment increased $125,000, or 2%, in the third quarter of 2014, compared to the same period last year and decreased $524,000, or 3%, for the nine months ended September 30, 2014, compared to the same period last year. There were two fewer domestic retail stores during the third quarter of 2014 than there were in last year’s third quarter, as the Company has been closing unprofitable stores. Same store sales (which include U.S. internet sales) were up 6% for the quarter and up 3% for the first nine months of 2014, compared to the same periods last year, primarily due to increased sales volumes in the Company’s U.S. internet business. U.S. internet sales were up 12% and 7%, respectively, for the quarter and year-to-date periods.

Earnings from Operations

Retail earnings from operations increased $126,000, or 25%, for the three months ended September 30, 2014, compared to the same period last year. This increase was due to the benefit of closing of underperforming stores and improved performance at both brick and mortar stores and the Company’s U.S. internet business. For the nine months ended September 30, 2014, retail earnings from operations increased $81,000, or 5%, compared to the same period last year, mainly due to the benefit of closing underperforming stores. On November 1, 2014, the Company closed one retail store and plans to close another store at the end of its lease term on January 31, 2015.

Gross earnings as a percent of net sales increased to 66.2% this quarter, from 65.7% in last year’s third quarter. For the nine months ended September 30, retail gross earnings as a percent of net sales were 65.6% in 2014, compared to 65.4% in 2013.

Selling and administrative expenses for the retail segment include, and are primarily related to, rent and occupancy costs, employee costs and depreciation. Selling and administrative expenses were 54% of net sales in the third quarter of 2014 and 56% in last year’s third quarter. To date in 2014, selling and administrative expenses were 55% of net sales, compared to 56% of net sales for the first nine months of 2013.

Other

The Company’s other net sales were $14.0 million in the third quarter of 2014, up 7% as compared to $13.1 million in 2013. The majority of the Company’s other net sales were generated by Florsheim Australia. Florsheim Australia’s net sales were up 9% for the quarter. This increase was due to higher sales volumes in both its retail businesses, where sales were up 4% (same store sales, including Florsheim Australia’s internet sales, were up 1%), and its wholesale businesses, where sales were up 18%. The higher net sales in Florsheim Australia’s wholesale businesses were driven by a significant increase in the Asian market and a smaller increase in the Australian market.

For the nine months ended September 30, 2014, other net sales increased 5% to $39.8 million, from $37.9 million in the same period last year. This increase was primarily due to higher net sales at Florsheim Australia, where sales were up 4%. In local currency, Florsheim Australia’s net sales were up 11% for the first nine months of 2014, due to higher sales volumes in both its retail businesses, where same stores sales (including Florsheim Australia’s internet sales) were up 12%, and its wholesale businesses, where sales were up 10%. The increase in Florsheim Australia’s net sales was only 4% in U.S. dollars due to the weakening of the Australian dollar relative to the U.S. dollar in 2014. Florsheim Europe’s net sales increased approximately $568,000, or 9%, for the first nine months of 2014, compared to the same period last year, primarily due to higher sales volumes in its wholesale business.

Collectively, the earnings from operations of the Company’s other businesses were $936,000 this quarter, down 6% as compared to $1.0 million in the third quarter of 2013. This decrease was primarily due to lower wholesale gross margins and higher retail selling and administrative expenses relative to sales at Florsheim Australia. For the nine months ended September 30, 2014, earnings from operations of the Company’s other businesses were $2.9 million, up 19% as compared to $2.4 million in the same period last year. This increase was primarily due to improved performance in Florsheim Australia’s wholesale businesses.

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Other income and expense and taxes

Interest income for the quarter and nine months ended September 30, 2014, was down approximately $49,000 and $252,000, respectively, compared to the same periods last year, due to lower average investment balances this year compared to last year. Interest expense for the three and nine months ended September 30, 2014, was down approximately $23,000 and $191,000, respectively, compared to the same periods last year, due to lower average debt balances this year compared to last year.

Other expense for the three months ended September 30, 2014, increased by approximately $98,000. This increase was primarily due to foreign exchange losses resulting from the revaluation of intercompany loans between the Company’s North American wholesale segment and Florsheim Australia. Last year’s other expense for the third quarter included a $200,000 other-than-temporary investment impairment loss, partially offset by foreign exchange gains resulting from the revaluation of intercompany loans with Florsheim Australia.

Other expense for the nine months ended September 30, 2014, decreased by approximately $489,000. Last year’s other expense for the year-to-date period included a $200,000 other-than-temporary investment impairment loss as well as foreign exchange losses resulting from the revaluation of intercompany loans with Florsheim Australia.

The Company’s effective tax rate for the quarter ended September 30, 2014, was 38.7% as compared to 35.9% for the same period in 2013. The effective tax rate for the nine months ended September 30 was 36.5% in 2014 and 35.5% in 2013. The higher effective tax rates for the quarter and year-to-date periods were primarily due to lower percentages of tax free municipal bond income relative to pretax earnings in the United States, and higher effective tax rates at the Company’s foreign locations.

15

LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary sources of liquidity are its cash, short-term marketable securities and revolving line of credit. During the first nine months of 2014, the Company’s operations resulted in a net $3.4 million use of cash; the Company generated $13.9 million of cash from operating activities during the same period one year ago. The decrease between years was primarily due to changes in operating assets and liabilities, principally inventory. The Company increased its BOGS inventory levels in order to accommodate expected sales growth in 2014. The third and fourth quarters constitute the main selling season for BOGS products.

The Company paid cash dividends of $8.0 million and $3.9 million during the nine months ended September 30, 2014 and 2013, respectively. No dividends were paid in the first half of 2013, as the Company accelerated the timing of two quarterly dividend payments into 2012.

The Company continues to repurchase its common stock under its share repurchase program when the Company believes market conditions are favorable. During the first nine months of 2014, the Company repurchased 152,660 shares at a total cost of $4.0 million. As of September 30, 2014, the Company had 475,815 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 totaled $1.9 million in the first nine months of 2014. Management estimates that annual capital expenditures for 2014 will be approximately $2.5 million.

At September 30, 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 used net proceeds of $12.3 million from the line of credit during the first nine months of 2014, mainly to fund BOGS inventory purchases. At September 30, 2014, outstanding borrowings were $24.3 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was approximately $24.3 million. The line of credit agreement was set to expire on November 5, 2014, but was renewed for another term that expires on November 5, 2015, on the same terms as the prior agreement.

The Company made a contingent consideration payment of $1,270,000 in the first quarter of 2013. A second contingent consideration payment is due to the former shareholders of Bogs in March 2016. See Note 10 of the accompanying consolidated condensed financial statements.

At September 30, 2014, approximately $2.7 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 nine months ended September 30, 2014, from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

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.

16

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.

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 September 30, 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)
7/1/2014 - 7/31/2014		35,917	$	26.18		35,917		544,334
8/1/2014 - 8/31/2014		33,709	$	26.74		33,709		510,625
9/1/2014 - 9/30/2014		34,810	$	26.01		34,810		475,815
Total		104,436	$	26.31		104,436

⁽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 5. Other Information

On November 4, 2014, the Company renewed its line of credit agreement with PNC Bank, N.A. for another term that expires on November 5, 2015, on the same terms as the prior agreement. The forgoing description does not purport to be complete and is qualified in its entirety by reference to the Line of Credit Renewal Letter with PNC Bank, N.A., a copy of which is filed as Exhibit 10.1 to this Form 10-Q.

Item 6. Exhibits.

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

17

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.

		WEYCO GROUP, INC.
Dated:	November 6, 2014	/s/ John F. Wittkowske
		John F. Wittkowske
		Senior Vice President and Chief Financial Officer

18

WEYCO GROUP, INC.

(THE “REGISTRANT”)

(COMMISSION FILE NO. 0-9068)

EXHIBIT INDEX

TO

CURRENT REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2014

Exhibit	Description	Incorporation Herein By Reference To	Filed Herewith
10.1	Line of Credit Renewal Letter with PNC Bank, N.A., dated November 4, 2014		X
10.19a	Form of incentive stock option agreement for the Weyco Group, Inc. 2014 Incentive Plan		X
10.19b	Form of non-qualified stock option agreement for the Weyco Group, Inc. 2014 Incentive Plan		X
10.19c	Form of restricted stock agreement for the Weyco Group, Inc. 2014 Incentive Plan		X
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 September 30, 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 (iv) Notes to Consolidated Condensed Financial Statements, furnished herewith		X

19

EX-10.1

Exhibit 10.1

November 4, 2014

Weyco Group, Inc.

333 West Estabrook Boulevard

Glendale, WI 53212

Re:          Renewal of Expiration Date for that certain $60,000,000.00 Working Cash® Line of Credit (“Line of Credit”) extended by PNC Bank, National Association (the “Bank”) to Weyco Group, Inc. (the “Borrower:”)

Ladies/Gentlemen:

We are pleased to inform you that the Line of Credit has been renewed. The Expiration Date of the Line of Credit, as set forth in that certain promissory note executed and delivered by the Borrower to the Bank dated November 5, 2013 (the “Note”) and/or that certain loan agreement governing the Line of Credit (the “Loan Agreement”), has been extended from November 4, 2014 to November 5, 2015, or such later date as may, in the Bank’s sole discretion, be designated by the Bank by written notice from the Bank to the Borrower, effective on November 6, 2014. All sums due under the Note, the Loan Agreement or any related documents, instruments and agreements (collectively as amended from time to time, the “Loan Documents”) shall be due and payable on the Expiration Date, as extended hereby. All other terms and conditions of the Loan Documents governing the Line of Credit remain in full force and effect.

It has been a pleasure working with you and I look forward to a continued successful relationship.

Thank you again for your business.

Very truly yours,

PNC BANK, NATIONAL ASSOCIATION

By:   /s/ James McMullen

James McMullen

Senior Vice President

EX-10.19A

Exhibit 10.19a

Pursuant to the terms and conditions of the Company’s 2014 Incentive Plan (the “Plan”), you have been granted an Incentive Stock Option to purchase ________ shares of stock as outlined below.

Granted To:  Employee Name
Grant Date:  mm/dd/yyyy
Granted:  ##
Grant Price:  $##	Total Cost to Exercise:  $##
Expiration Date:  mm/dd/yyy
Vesting Schedule:

By my signature below, I hereby acknowledge receipt of this Grant on the date shown above, which has been issued to me under the terms and conditions of the Plan. I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Grant and the Plan.

Signature: Date:

EX-10.19B

Exhibit 10.19b

Pursuant to the terms and conditions of the Company’s 2014 Incentive Plan (the “Plan”), you have been granted a Non-Qualified Stock Option to purchase ________ shares of stock as outlined below.

Granted To:  Employee Name
Grant Date:  mm/dd/yyyy
Granted:  ##
Grant Price:  $##	Total Cost to Exercise:  $##
Expiration Date:  mm/dd/yyy
Vesting Schedule:

By my signature below, I hereby acknowledge receipt of this Grant on the date shown above, which has been issued to me under the terms and conditions of the Plan. I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Grant and the Plan.

Signature: Date:

EX-10.19C

Exhibit 10.19c

Pursuant to the terms and conditions of the Company’s 2014 Incentive Plan (the “Plan”), you have been granted a Restricted Stock Award for ________ shares of stock as outlined below.

Granted To:  Employee Name

Grant Date:  mm/dd/yy

Granted:  ##

Grant Price:  $##

Vesting Schedule:

By my signature below, I hereby acknowledge receipt of this Grant on the date shown above, which has been issued to me under the terms and conditions of the Plan. I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Grant and the Plan.

Signature: Date:

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.

Dated:	November 6, 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.

Dated:	November 6, 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 September 30, 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:	November 6, 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.

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Short-Term Borrowings (Details Textual) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 24.3
Debt Instrument, Interest Rate at Period End	0.90%
Long-term Line of Credit	24.3
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Expiration Date	Nov. 05, 2014
Line of Credit Facility, Maximum Borrowing Capacity	$ 60
Line of Credit Facility, Interest Rate Description	LIBOR plus 0.75%

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Equity (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Stockholders Equity Note [Line Items]
Beginning Balance			$ 196,992
Net earnings	5,545	5,601	11,296	10,991
Foreign currency translation adjustments	(1,426)	470	(796)	(1,557)
Pension liability adjustment, net of tax	107	269	323	770
Ending Balance	199,899		199,899
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
Cash dividends declared to noncontrolling interest			0
Stock options exercised			59
Issuance of restricted stock			24
Stock-based compensation expense			0
Income tax benefit from stock options exercised			0
Shares purchased and retired			(153)
Ending Balance	10,806		10,806
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
Cash dividends declared to noncontrolling interest			0
Stock options exercised			1,167
Issuance of restricted stock			(24)
Stock-based compensation expense			1,046
Income tax benefit from stock options exercised			85
Shares purchased and retired			0
Ending Balance	34,003		34,003
Reinvested Earnings [Member]
Stockholders Equity Note [Line Items]
Beginning Balance			156,983
Net earnings			10,930
Foreign currency translation adjustments			0
Pension liability adjustment, net of tax			0
Cash dividends declared			(6,081)
Cash dividends declared to noncontrolling interest			0
Stock options exercised			0
Stock-based compensation expense			0
Income tax benefit from stock options exercised			0
Shares purchased and retired			(3,843)
Ending Balance	157,989		157,989
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders Equity Note [Line Items]
Beginning Balance			(9,422)
Net earnings			0
Foreign currency translation adjustments			(665)
Pension liability adjustment, net of tax			323
Cash dividends declared			0
Cash dividends declared to noncontrolling interest			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	(9,764)		(9,764)
Noncontrolling Interest [Member]
Stockholders Equity Note [Line Items]
Beginning Balance			6,826
Net earnings			366
Foreign currency translation adjustments			(131)
Pension liability adjustment, net of tax			0
Cash dividends declared			0
Cash dividends declared to noncontrolling interest			(196)
Stock options exercised			0
Stock-based compensation expense			0
Income tax benefit from stock options exercised			0
Shares purchased and retired			0
Ending Balance	$ 6,865		$ 6,865

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Comprehensive Income (Details 3) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Amortization of defined benefit pension items
Amortization of defined benefit pension items, Prior service cost	$ (84)	[1]
Amortization of defined benefit pension items, Actuarial losses	614	[1]
Amortization of defined benefit pension items, Total before tax	530
Amortization of defined benefit pension items, Tax benefit	(207)
Amortization of defined benefit pension items, Net of tax	$ 323

[1] These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details.

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Employee Retirement Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Defined Benefit Plan Disclosure [Line Items]
Benefits earned during the period	$ 316	$ 447	$ 947	$ 1,279
Interest cost on projected benefit obligation	647	608	1,939	1,794
Expected return on plan assets	(586)	(525)	(1,757)	(1,569)
Net amortization and deferral	176	440	530	1,262
Net pension expense	$ 553	$ 970	$ 1,659	$ 2,766

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Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Comprehensive Income (Loss) [Table Text Block]

Comprehensive income for the three and nine months ended September 30, 2014 and 2013, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Net earnings	$	5,545	$	5,601	$	11,296	$	10,991
Foreign currency translation adjustments		(1,426)		470		(796)		(1,557)
Pension liability, net of tax of $69, $172, $207, and $492, respectively		107		269		323		770
Total comprehensive income	$	4,226	$	6,340	$	10,823	$	10,204

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

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

	September 30,		December 31,
	2014		2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,599)	$	(934)
Pension liability, net of tax		(8,165)		(8,488)
Total accumulated other comprehensive loss	$	(9,764)	$	(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 nine months ended September 30, 2014:

	Foreign Currency Translation Adjustments		Defined Benefit Pension Items		Total
Beginning balance, December 31, 2013	$	(934)	$	(8,488)	$	(9,422)
Other comprehensive income before reclassifications		(665)		-		(665)
Amounts reclassified from accumulated other comprehensive loss		-		323		323
Net current period other comprehensive income		(665)		323		(342)
Ending balance, September 30, 2014	$	(1,599)	$	(8,165)	$	(9,764)

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 nine months ended September 30, 2014:

	Amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2014		Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(84)		(1)
Actuarial losses		614		(1)
Total before tax		530
Tax benefit		(207)
Net of tax	$	323

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

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Financial Instruments (Details Textual)	9 Months Ended
	Sep. 30, 2014 Forward Exchange Contracts, Australian [Member] USD ($)	Sep. 30, 2014 Forward Exchange Contracts, Australian [Member] AUD	Sep. 30, 2014 Forward Exchange Contracts, Canadian [Member] USD ($)	Sep. 30, 2014 Forward Exchange Contracts, Canadian [Member] CAD
Foreign Exchange Contracts At Current Value [Line Items]
Investment Owned, Foreign Currency Contract, Current Value	$ 4,400,000	4,900,000	$ 11,800,000	13,000,000
Foreign Currency Transaction Gain (Loss), Realized	$ 200,000

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Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)	9 Months Ended
	Sep. 30, 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	24,400
Shares of Restricted Stock, Vested	0
Shares of Restricted Stock, Forfeited	0
Shares of Restricted Stock, Non-vested at September 30, 2014	71,900
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2013	$ 25.86
Weighted Average Grant Date Fair Value, Issued	$ 27.04
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 September 30, 2014	$ 26.26
Weighted Average Remaining Contractual Term (Years), Non-vested at September 30, 2014	2 years 9 months 18 days
Aggregate Intrinsic Value (in dollars), Non-vested at September 30, 2014	$ 1,805,000	[1]

[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 multiplied by the number of non-vested restricted shares outstanding.

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Comprehensive Income (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	$ 69	$ 172	$ 207	$ 492

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Intangible Assets

9 Months Ended

Sep. 30, 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 September 30, 2014:

			September 30, 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	$	(143)	$	57
Customer relationships		15		3,500		(836)		2,664
Total amortizable intangible assets			$	3,700	$	(979)	$	2,721

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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Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net earnings	$ 5,545	$ 5,601	$ 11,296	$ 10,991
Foreign currency translation adjustments	(1,426)	470	(796)	(1,557)
Pension liability, net of tax of $69, $172, $207, and $492, respectively	107	269	323	770
Total comprehensive income	$ 4,226	$ 6,340	$ 10,823	$ 10,204

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Investments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 4,119	$ 5,196
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	4,119	5,196
Amortized Cost, Due from one through five years	15,413	17,636
Amortized Cost, Due from six through ten years	10,367	7,388
Amortized Cost, Due from eleven through twenty years	743	0
Amortized Cost, Total	30,642	30,220
Market Value, Current	4,192	5,264
Market Value, Due from one through five years	16,315	18,527
Market Value, Due from six through ten years	10,773	7,777
Market Value, Due from eleven through twenty years	749	0
Market Value, Total	$ 32,029	$ 31,568

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Earnings Per Share (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	681,600	218,075	681,600	218,075
Antidilutive Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 27.74	$ 27.50	$ 27.74	$ 27.50

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Comprehensive Income (Details 1) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ (1,599)	$ (934)
Pension liability, net of tax	(8,165)	(8,488)
Total accumulated other comprehensive loss	$ (9,764)	$ (9,422)

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Investments (Details 1) (Municipal Bonds [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Municipal Bonds [Member]
Net Investment Income [Line Items]
Unrealized Gains	$ 1,388	$ 1,348
Unrealized Losses	$ (1)	$ 0

XML

Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 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	(979)	(774)
Net	2,721	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	(143)	(113)
Net	57	87
Customer Relationships [Member]
Amortizable intangible assets:
Weighted Average Life (Years)	15 years	15 years
Gross Carrying Amount	3,500	3,500
Accumulated Amortization	(836)	(661)
Net	$ 2,664	$ 2,839

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Investments

9 Months Ended

Sep. 30, 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 security investments to maturity.

Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of as of September 30, 2014, and December 31, 2013.

	September 30, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	4,119	$	4,192	$	5,196	$	5,264
Due from one through five years		15,413		16,315		17,636		18,527
Due from six through ten years		10,367		10,773		7,388		7,777
Due from eleven through twenty years		743		749		-		-
Total	$	30,642	$	32,029	$	30,220	$	31,568

The unrealized gains and losses on investment securities at September 30, 2014, and at December 31, 2013, were as follows:

	September 30, 2014				December 31, 2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,388	$	(1)	$	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 September 30, 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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Product sales	$ 86,712	$ 82,270	$ 223,208	$ 219,681
Licensing revenues	713	838	2,009	2,058
Net sales	87,425	83,108	225,217	221,739
Earnings from operations	9,019	8,586	17,276	16,954
Wholesale [Member]
Segment Reporting Information [Line Items]
Product sales	67,354	63,914	167,521	165,421
Licensing revenues	713	838	2,009	2,058
Net sales	68,067	64,752	169,530	167,479
Earnings from operations	7,445	7,073	12,752	12,984
Retail [Member]
Segment Reporting Information [Line Items]
Product sales	5,357	5,232	15,839	16,363
Licensing revenues	0	0	0	0
Net sales	5,357	5,232	15,839	16,363
Earnings from operations	638	512	1,619	1,538
Other Segment [Member]
Segment Reporting Information [Line Items]
Product sales	14,001	13,124	39,848	37,897
Licensing revenues	0	0	0	0
Net sales	14,001	13,124	39,848	37,897
Earnings from operations	$ 936	$ 1,001	$ 2,905	$ 2,432

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Contingent Consideration (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Business Acquisition, Contingent Consideration [Line Items]
Beginning balance, December 31, 2013	$ 5,064
Interest expense	38
Ending balance, September 30, 2014	$ 5,102

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CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS:
Cash and cash equivalents	$ 11,728	$ 15,969
Marketable securities, at amortized cost	4,119	5,196
Accounts receivable, net	63,016	48,530
Accrued income tax receivable	22	1,055
Inventories	64,154	63,196
Prepaid expenses and other current assets	4,834	6,136
Total current assets	147,873	140,082
Marketable securities, at amortized cost	26,523	25,024
Property, plant and equipment, net	34,062	35,112
Goodwill	11,112	11,112
Trademarks	34,748	34,748
Other assets	21,340	21,455
Total assets	275,658	267,533
LIABILITIES AND EQUITY:
Short-term borrowings	24,287	12,000
Accounts payable	8,359	13,956
Dividend payable	0	1,949
Accrued liabilities	11,152	10,902
Deferred income tax liabilities	1,171	849
Total current liabilities	44,969	39,656
Deferred income tax liabilities	1,834	1,993
Long-term pension liability	21,468	21,901
Other long-term liabilities	7,488	6,991
Equity:
Common stock	10,806	10,876
Capital in excess of par value	34,003	31,729
Reinvested earnings	157,989	156,983
Accumulated other comprehensive loss	(9,764)	(9,422)
Total Weyco Group, Inc. equity	193,034	190,166
Noncontrolling interest	6,865	6,826
Total equity	199,899	196,992
Total liabilities and equity	$ 275,658	$ 267,533

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Comprehensive Income (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign Currency Translation Adjustments, Beginning balance, December 31, 2013			$ (934)
Foreign Currency Translation Adjustments, Other comprehensive income before reclassifications			(665)
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss			0
Foreign Currency Translation Adjustments, Net current period other comprehensive income			(665)
Foreign Currency Translation Adjustments, Ending balance, September 30, 2014	(1,599)		(1,599)
Defined Benefit Pension Items, Beginning balance, December 31, 2013			(8,488)
Defined Benefit Pension Items, Other comprehensive income before reclassifications			0
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss			323
Defined Benefit Pension Items, Net current period other comprehensive income	107	269	323	770
Defined Benefit Pension Items, Ending balance, September 30, 2014	(8,165)		(8,165)
Beginning balance, December 31, 2013			(9,422)
Other comprehensive income before reclassifications			(665)
Amounts reclassified from accumulated other comprehensive loss			323
Net current period other comprehensive income			(342)
Ending balance, September 30, 2014	$ (9,764)		$ (9,764)

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New Accounting Pronouncements

9 Months Ended

Sep. 30, 2014

Disclosure Text Block [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

2. New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, as codified in Accounting Standards Codification 606. The amendments in this update affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The amendments in this update require an entity to recognize revenue related to the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU will be effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently assessing the impact of this update on its consolidated financial statements.

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Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $)	9 Months Ended
	Sep. 30, 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, Granted	331,600
Shares, Exercised	(59,100)
Shares, Forfeited or expired	(11,800)
Shares, Outstanding at September 30, 2014	1,521,566
Shares, Exercisable at September 30, 2014	519,981
Weighted Average Exercise Price, Outstanding at December 31, 2013	$ 24.41
Weighted Average Exercise Price, Granted	$ 27.04
Weighted Average Exercise Price, Exercised	$ 20.74
Weighted Average Exercise Price, Forfeited or expired	$ 25.49
Weighted Average Exercise Price, Outstanding at September 30, 2014	$ 25.11
Weighted Average Exercise Price, Exercisable at September 30, 2014	$ 22.57
Weighted Average Remaining Contractual Term (Years), Outstanding at September 30, 2014	3 years 8 months 12 days
Weighted Average Remaining Contractual Term (Years), Exercisable at September 30, 2014	1 year 6 months
Aggregate Intrinsic Value, Outstanding at September 30, 2014	$ 1,742,000	[1]
Aggregate Intrinsic Value, Exercisable at September 30, 2014	$ 1,321,000	[1]

[1] The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.

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Employee Retirement Plans (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Benefits earned during the period	$	316	$	447	$	947	$	1,279
Interest cost on projected benefit obligation		647		608		1,939		1,794
Expected return on plan assets		(586)		(525)		(1,757)		(1,569)
Net amortization and deferral		176		440		530		1,262
Net pension expense	$	553	$	970	$	1,659	$	2,766

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Stock-Based Compensation Plans (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of stock options exercised	$ 146	$ 151	$ 242	$ 1,317
Cash received from stock option exercises	618	730	1,226	3,558
Income tax benefit from the exercise of stock options	$ 48	$ 59	$ 85	$ 514

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Contingent Consideration (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

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

	2014
Beginning balance, December 31, 2013	$	5,064
Interest expense		38
Ending balance, September 30, 2014	$	5,102

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Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	5,518	$	5,392	$	10,930	$	10,797
Denominator:
Basic weighted average shares outstanding		10,775		10,786		10,810		10,770
Effect of dilutive securities:
Employee stock-based awards		95		87		92		70
Diluted weighted average shares outstanding		10,870		10,873		10,902		10,840
Basic earnings per share	$	0.51	$	0.50	$	1.01	$	1.00
Diluted earnings per share	$	0.51	$	0.50	$	1.00	$	1.00

Diluted weighted average shares outstanding for the three and nine months ended September 30, 2014, exclude anti-dilutive unvested restricted stock and outstanding stock options totaling 681,600 shares of common stock at a weighted average price of $27.74. Diluted weighted average shares outstanding for the three and nine months ended September 30, 2013, exclude anti-dilutive stock options totaling 218,075 shares of common stock at a weighted average price of $27.50.

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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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net sales	$ 87,425	$ 83,108	$ 225,217	$ 221,739
Cost of sales	55,004	51,529	141,215	137,763
Gross earnings	32,421	31,579	84,002	83,976
Selling and administrative expenses	23,402	22,993	66,726	67,022
Earnings from operations	9,019	8,586	17,276	16,954
Interest income	297	346	892	1,144
Interest expense	(52)	(75)	(123)	(314)
Other expense, net	(221)	(123)	(261)	(750)
Earnings before provision for income taxes	9,043	8,734	17,784	17,034
Provision for income taxes	3,498	3,133	6,488	6,043
Net earnings	5,545	5,601	11,296	10,991
Net earnings attributable to noncontrolling interest	27	209	366	194
Net earnings attributable to Weyco Group, Inc.	5,518	5,392	10,930	10,797
Weighted average shares outstanding
Basic (in shares)	10,775	10,786	10,810	10,770
Diluted (in shares)	10,870	10,873	10,902	10,840
Earnings per share
Basic (in dollars per share)	$ 0.51	$ 0.50	$ 1.01	$ 1.00
Diluted (in dollars per share)	$ 0.51	$ 0.50	$ 1.00	$ 1.00
Cash dividends declared (per share) (in dollars per share)	$ 0.19	$ 0.18	$ 0.56	$ 0.36
Comprehensive income	4,226	6,340	10,823	10,204
Comprehensive (loss) income attributable to noncontrolling interest	(342)	268	235	(412)
Comprehensive income attributable to Weyco Group, Inc.	$ 4,568	$ 6,072	$ 10,588	$ 10,616

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Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

13. Equity

A reconciliation of the Company’s equity for the nine months ended September 30, 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		-		-		10,930		-		366
Foreign currency translation adjustments		-		-		-		(665)		(131)
Pension liability adjustment, net of tax		-		-		-		323		-
Cash dividends declared		-		-		(6,081)		-		-
Cash dividends declared to noncontrolling interest		-		-		-		-		(196)
Stock options exercised		59		1,167		-		-		-
Issuance of restricted stock		24		(24)
Stock-based compensation expense		-		1,046		-		-		-
Income tax benefit from stock options exercised		-		85		-		-		-
Shares purchased and retired		(153)		-		(3,843)		-		-
Balance, September 30, 2014	$	10,806	$	34,003	$	157,989	$	(9,764)	$	6,865

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Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 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		10,778,001
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2014

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(In thousands, except per share amounts)
Numerator:
Net earnings attributable to Weyco Group, Inc.	$	5,518	$	5,392	$	10,930	$	10,797
Denominator:
Basic weighted average shares outstanding		10,775		10,786		10,810		10,770
Effect of dilutive securities:
Employee stock-based awards		95		87		92		70
Diluted weighted average shares outstanding		10,870		10,873		10,902		10,840
Basic earnings per share	$	0.51	$	0.50	$	1.01	$	1.00
Diluted earnings per share	$	0.51	$	0.50	$	1.00	$	1.00

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 11,296	$ 10,991
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities -
Depreciation	2,775	2,967
Amortization	263	280
Bad debt expense	195	121
Deferred income taxes	(47)	(945)
Net foreign currency transaction losses	174	425
Stock-based compensation	1,046	948
Pension contribution	(1,300)	(1,282)
Pension expense	1,659	2,766
Other-than-temporary investment impairment	0	200
Increase in cash surrender value of life insurance	(250)	(250)
Changes in operating assets and liabilities -
Accounts receivable	(14,702)	(13,267)
Inventories	(1,039)	12,648
Prepaid expenses and other assets	1,556	3,303
Accounts payable	(5,594)	(4,451)
Accrued liabilities and other	(418)	(2,144)
Accrued income taxes	1,010	1,563
Net cash (used for) provided by operating activities	(3,376)	13,873
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities	(7,427)	(22)
Proceeds from maturities of marketable securities	7,001	9,833
Life insurance premiums paid	(155)	(155)
Investment in real estate	0	(3,206)
Purchase of property, plant and equipment	(1,908)	(1,912)
Net cash (used for) provided by investing activities	(2,489)	4,538
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(7,999)	(3,881)
Shares purchased and retired	(3,996)	(4,623)
Proceeds from stock options exercised	1,226	3,558
Payment of contingent consideration	0	(1,270)
Proceeds from bank borrowings	70,757	11,000
Repayments of bank borrowings	(58,470)	(31,000)
Income tax benefits from stock-based compensation	85	514
Net cash provided by (used for) financing activities	1,603	(25,702)
Effect of exchange rate changes on cash and cash equivalents	21	(247)
Net decrease in cash and cash equivalents	(4,241)	(7,538)
CASH AND CASH EQUIVALENTS at beginning of period	15,969	17,288
CASH AND CASH EQUIVALENTS at end of period	11,728	9,750
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	5,501	4,784
Interest paid	$ 84	$ 266

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Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014, the Company recognized approximately $370,000 and $1,046,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2010 through 2014. During the three and nine months ended September 30, 2013, the Company recognized approximately $315,000 and $948,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012.

The following table summarizes the stock option activity under the Company’s plans for the nine-month period ended September 30, 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
Granted		331,600	$	27.04
Exercised		(59,100)	$	20.74
Forfeited or expired		(11,800)	$	25.49
Outstanding at September 30, 2014		1,521,566	$	25.11		3.7	$	1,742,000
Exercisable at September 30, 2014		519,981	$	22.57		1.5	$	1,321,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	146	$	151	$	242	$	1,317
Cash received from stock option exercises	$	618	$	730	$	1,226	$	3,558
Income tax benefit from the exercise of stock options	$	48	$	59	$	85	$	514

 
The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 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		24,400		27.04
Vested		-		-
Forfeited		-		-
Non-vested at September 30, 2014		71,900	$	26.26		2.8	$	1,805,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 multiplied by the number of non-vested restricted shares outstanding.

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Employee Retirement Plans

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Benefits earned during the period	$	316	$	447	$	947	$	1,279
Interest cost on projected benefit obligation		647		608		1,939		1,794
Expected return on plan assets		(586)		(525)		(1,757)		(1,569)
Net amortization and deferral		176		440		530		1,262
Net pension expense	$	553	$	970	$	1,659	$	2,766

The Company made $1.3 million in pension contributions during the nine months ended September 30, 2014. No additional cash contributions are expected for the remainder of 2014.

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Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 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 stock option activity under the Company’s plans for the nine-month period ended September 30, 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
Granted		331,600	$	27.04
Exercised		(59,100)	$	20.74
Forfeited or expired		(11,800)	$	25.49
Outstanding at September 30, 2014		1,521,566	$	25.11		3.7	$	1,742,000
Exercisable at September 30, 2014		519,981	$	22.57		1.5	$	1,321,000

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Total intrinsic value of stock options exercised	$	146	$	151	$	242	$	1,317
Cash received from stock option exercises	$	618	$	730	$	1,226	$	3,558
Income tax benefit from the exercise of stock options	$	48	$	59	$	85	$	514

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

The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 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		24,400		27.04
Vested		-		-
Forfeited		-		-
Non-vested at September 30, 2014		71,900	$	26.26		2.8	$	1,805,000

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2014, the last trading day of the quarter, of $25.11 multiplied by the number of non-vested restricted shares outstanding.

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Investments (Tables)

9 Months Ended

Sep. 30, 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 as of September 30, 2014, and December 31, 2013.

	September 30, 2014				December 31, 2013
	Amortized		Market		Amortized		Market
	Cost		Value		Cost		Value
	(Dollars in thousands)
Municipal bonds:
Current	$	4,119	$	4,192	$	5,196	$	5,264
Due from one through five years		15,413		16,315		17,636		18,527
Due from six through ten years		10,367		10,773		7,388		7,777
Due from eleven through twenty years		743		749		-		-
Total	$	30,642	$	32,029	$	30,220	$	31,568

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

The unrealized gains and losses on investment securities at September 30, 2014, and at December 31, 2013, were as follows:

	September 30, 2014				December 31, 2013
	Unrealized		Unrealized		Unrealized		Unrealized
	Gains		Losses		Gains		Losses
	(Dollars in thousands)
Municipal bonds	$	1,388	$	(1)	$	1,348	$	-

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Financial Instruments

9 Months Ended

Sep. 30, 2014

Investments, All Other Investments [Abstract]

Financial Instruments Disclosure [Text Block]

11. Financial Instruments

At September 30, 2014, the Company had forward exchange contracts outstanding to sell $13.0 million Canadian dollars at a price of approximately $11.8 million U.S. dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $4.4 million U.S. dollars at a price of approximately $4.9 million Australian dollars. Based on quarter-end exchange rates, the Company recorded gains of approximately $200,000 related to the Australian contracts and there were no significant gains or losses on the Canadian contracts.

The Company determines the fair value of forward exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable inputs in markets that are not active and thus represent a level 2 valuation as defined by ASC 820.

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Short-Term Borrowings

9 Months Ended

Sep. 30, 2014

Short-term Debt [Abstract]

Short-term Debt [Text Block]

9. Short-Term Borrowings

At September 30, 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 September 30, 2014, outstanding borrowings were approximately $24.3 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was approximately $24.3 million. The line of credit agreement was set to expire on November 5, 2014, but was renewed for another term that expires on November 5, 2015, on the same terms as the prior agreement.

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Contingent Consideration

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Business Combination Disclosure [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 was approximately $5.1 million as of September 30, 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 Condensed Statements of Earnings and Comprehensive Income (Unaudited) (dollars in thousands):

	2014
Beginning balance, December 31, 2013	$	5,064
Interest expense		38
Ending balance, September 30, 2014	$	5,102

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

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Comprehensive Income (Loss) Note [Text Block]

12. Comprehensive Income

Comprehensive income for the three and nine months ended September 30, 2014 and 2013, was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(Dollars in thousands)
Net earnings	$	5,545	$	5,601	$	11,296	$	10,991
Foreign currency translation adjustments		(1,426)		470		(796)		(1,557)
Pension liability, net of tax of $69, $172, $207, and $492, respectively		107		269		323		770
Total comprehensive income	$	4,226	$	6,340	$	10,823	$	10,204

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

	September 30,		December 31,
	2014		2013
	(Dollars in thousands)
Foreign currency translation adjustments	$	(1,599)	$	(934)
Pension liability, net of tax		(8,165)		(8,488)
Total accumulated other comprehensive loss	$	(9,764)	$	(9,422)

The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the nine months ended September 30, 2014:

	Foreign Currency Translation Adjustments		Defined Benefit Pension Items		Total
Beginning balance, December 31, 2013	$	(934)	$	(8,488)	$	(9,422)
Other comprehensive income before reclassifications		(665)		-		(665)
Amounts reclassified from accumulated other comprehensive loss		-		323		323
Net current period other comprehensive income		(665)		323		(342)
Ending balance, September 30, 2014	$	(1,599)	$	(8,165)	$	(9,764)

The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the nine months ended September 30, 2014:

	Amounts reclassified from accumulated other comprehensive loss for the nine months ended September 30, 2014		Affected line item in the statement where net income is presented
Amortization of defined benefit pension items
Prior service cost	$	(84)		(1)
Actuarial losses		614		(1)
Total before tax		530
Tax benefit		(207)
Net of tax	$	323

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

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Employee Retirement Plans (Details Textual) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Contributions in Current Fiscal Year	$ 1.3

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

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

Summarized segment data for the three and nine months ended September 30, 2014 and 2013, was as follows:

Three Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	67,354	$	5,357	$	14,001	$	86,712
Licensing revenues		713		-		-		713
Net sales	$	68,067	$	5,357	$	14,001	$	87,425
Earnings from operations	$	7,445	$	638	$	936	$	9,019
2013
Product sales	$	63,914	$	5,232	$	13,124	$	82,270
Licensing revenues		838		-		-		838
Net sales	$	64,752	$	5,232	$	13,124	$	83,108
Earnings from operations	$	7,073	$	512	$	1,001	$	8,586

Nine Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	167,521	$	15,839	$	39,848	$	223,208
Licensing revenues		2,009		-		-		2,009
Net sales	$	169,530	$	15,839	$	39,848	$	225,217
Earnings from operations	$	12,752	$	1,619	$	2,905	$	17,276
2013
Product sales	$	165,421	$	16,363	$	37,897	$	219,681
Licensing revenues		2,058		-		-		2,058
Net sales	$	167,479	$	16,363	$	37,897	$	221,739
Earnings from operations	$	12,984	$	1,538	$	2,432	$	16,954

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Equity (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity [Table Text Block]

A reconciliation of the Company’s equity for the nine months ended September 30, 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		-		-		10,930		-		366
Foreign currency translation adjustments		-		-		-		(665)		(131)
Pension liability adjustment, net of tax		-		-		-		323		-
Cash dividends declared		-		-		(6,081)		-		-
Cash dividends declared to noncontrolling interest		-		-		-		-		(196)
Stock options exercised		59		1,167		-		-		-
Issuance of restricted stock		24		(24)
Stock-based compensation expense		-		1,046		-		-		-
Income tax benefit from stock options exercised		-		85		-		-		-
Shares purchased and retired		(153)		-		(3,843)		-		-
Balance, September 30, 2014	$	10,806	$	34,003	$	157,989	$	(9,764)	$	6,865

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Contingent Consideration (Details Textual) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Business Acquisition, Contingent Consideration [Line Items]
Payment of Contingent Consideration	$ 0	$ 1,270
Business Combination, Contingent Consideration, Liability	$ 5,102		$ 5,064

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Financial Statements

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014, are not necessarily indicative of the results for the full year.

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Segment Information

9 Months Ended

Sep. 30, 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 tables 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 and nine months ended September 30, 2014 and 2013, was as follows:

Three Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	67,354	$	5,357	$	14,001	$	86,712
Licensing revenues		713		-		-		713
Net sales	$	68,067	$	5,357	$	14,001	$	87,425
Earnings from operations	$	7,445	$	638	$	936	$	9,019
2013
Product sales	$	63,914	$	5,232	$	13,124	$	82,270
Licensing revenues		838		-		-		838
Net sales	$	64,752	$	5,232	$	13,124	$	83,108
Earnings from operations	$	7,073	$	512	$	1,001	$	8,586

Nine Months Ended
September 30,	Wholesale		Retail		Other		Total
	(Dollars in thousands)
2014
Product sales	$	167,521	$	15,839	$	39,848	$	223,208
Licensing revenues		2,009		-		-		2,009
Net sales	$	169,530	$	15,839	$	39,848	$	225,217
Earnings from operations	$	12,752	$	1,619	$	2,905	$	17,276
2013
Product sales	$	165,421	$	16,363	$	37,897	$	219,681
Licensing revenues		2,058		-		-		2,058
Net sales	$	167,479	$	16,363	$	37,897	$	221,739
Earnings from operations	$	12,984	$	1,538	$	2,432	$	16,954

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Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:
Net earnings attributable to Weyco Group, Inc.	$ 5,518	$ 5,392	$ 10,930	$ 10,797
Denominator:
Basic weighted average shares outstanding (in shares)	10,775	10,786	10,810	10,770
Effect of dilutive securities:
Employee stock-based awards (in shares)	95	87	92	70
Diluted weighted average shares outstanding (in shares)	10,870	10,873	10,902	10,840
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.50	$ 1.01	$ 1.00
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.50	$ 1.00	$ 1.00

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Stock-Based Compensation Plans (Details Textual) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 370	$ 315	$ 1,046	$ 948
Share Price	$ 25.11		$ 25.11

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014:

			September 30, 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	$	(143)	$	57
Customer relationships		15		3,500		(836)		2,664
Total amortizable intangible assets			$	3,700	$	(979)	$	2,721

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