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Acquisition (Tables)
 9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of identifiable assets acquired and liabilities assumed at the date of the acquisition:
In thousands
 

Cash
$
7,493

Accounts Receivable
26,779

Inventory
25,046

Other current assets
2,894

Property, plant and equipment
38,780

Deferred Taxes
2,501

Intangible assets (Note 4)
5,596

Goodwill (Note 4)
3,943

Total assets acquired
113,032

 
 
Other liabilities
(18,002
)
Deferred taxes
(8,130
)
Total liabilities assumed
(26,132
)
Net assets acquired
$
86,900
Business Acquisition, Pro Forma Information
The following table reflects the unaudited pro forma operating results of the Company for the three and nine months ended September 30, 2014 and the three and nine months ended September 30, 2013, which give effect to the acquisition of Industrial Filtration as if it had occurred on January 1, 2013. The pro forma information includes the historical financial results of the Company and Industrial Filtration. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition been effective January 1, 2013, nor are they intended to be indicative of results that may occur in the future. The pro forma information does not include the effects of any synergies related to the acquisition.
 
(Unaudited Pro Forma)
(Unaudited Pro Forma)
 
Quarter Ended 
 September 30,
Nine Months Ended September 30,
In thousands
2014
 
2013
2014
 
2013
Net Sales
$
134,227

 
$
129,362

$
425,762

 
$
393,217

Net Income
$
4,414

 
$
5,793

$
20,569

 
$
15,490

 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
Basic
$
0.26

 
$
0.35

$
1.24

 
$
0.93

Diluted
$
0.26

 
$
0.35

$
1.21

 
$
0.92