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Discontinued Operations
12 Months Ended
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued operations

On February 14, 2014, the Company completed the sale of substantially all of the assets of Automatic Screw Machine Products Company, Inc. ("ASMP"), a wholly-owned subsidiary, to Nelson Stud Welding, Inc. (“Buyer”), an indirect subsidiary of Doncasters Group Limited, for a purchase price of $12.5 million plus the assumption of certain liabilities. In addition, the Buyer agreed to lease the real property located in Decatur, Alabama, where ASMP was located. The Company has classified ASMP's operating results as discontinued operations for all periods presented.

The following table details the components of income from discontinued operations:
 
 
(Dollars in thousands)
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Net sales of ASMP
 
$

 
$
2,462

 
$
18,534

 
 
 
 
 
 
 
Pre-tax operating income from discontinued operations
 
 
 
 
 
 
ASMP
 
$

 
$
346

 
$
2,801

Other discontinued operations
 

 

 
40

Total pre-tax income
 

 
346

 
2,841

Income tax expense
 

 
133

 
980

Net income from discontinued operations
 
$

 
$
213

 
$
1,861

 
 
 
 
 
 
 
Sale of discontinued operations
 
 
 
 
 
 
Pre-tax gain on sale of ASMP
 
$

 
$
1,877

 
$

Income tax expense
 

 
398

 

Net gain on sale of ASMP
 
$

 
$
1,479

 
$

 
 
 
 
 
 
 
Income and gain from discontinued operations, net of tax
 
$

 
$
1,692

 
$
1,861

 
 
 
 
 
 
 
Basic and diluted income per share
 
 
 
 
 
 
ASMP
 
$

 
$
0.20

 
$
0.21

Other discontinued operations
 

 

 
0.01

Total
 
$

 
$
0.20

 
$
0.22