Note 18 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Jun. 30, 2018

Quarterly Financial Information [Text Block]

. Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for the years ended

June 30, 2018

and

2017

are as follows (in thousands, except for per share data):

	201 8
	First		Second			Third		Fourth
Net sales	$	214,379	$	209,751		$	216,743	$	227,508
Gross profit		74,181		71,526			73,772		82,320
Net income		13,998		(2,807	)		12,800		12,610
EARNINGS PER SHARE (1)
Basic	$	1.10	$	(0.22	)	$	1.01	$	0.99
Diluted	$	1.10	$	(0.22	)	$	1.00	$	0.99

	201 7
	First		Second		Third		Fourth
Net sales	$	179,600	$	173,854	$	184,715	$	217,089
Gross profit		61,776		56,894		61,348		72,736
Net income		14,344		10,442		7,660		14,131
EARNINGS PER SHARE (1)
Basic	$	1.13	$	0.82	$	0.60	$	1.12
Diluted	$	1.12	$	0.82	$	0.60	$	1.11

(

)

Basic and diluted earnings per share are computed independently for each reporting period. Accordingly, the sum of the quarterly earnings per share amounts

may

not

agree to the year-to-date amounts.

During the

fourth

quarter of fiscal

2017,

we adopted Accounting Standards Update (ASU)

2016

requiring the recognition of excess tax benefits as a component of income tax expense which were historically recognized in equity. As required, our

2017

results have been recast to allocate

$0.6

million of the benefit to the applicable periods. In addition, the ASU requires a prospective update to the treasury method of calculating weighted average diluted shares outstanding resulting in the inclusion of additional shares in our diluted EPS calculation.