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Consolidated Statements of Net Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Net sales [1] $ 215,510 $ 217,608 $ 647,844 $ 645,375
Cost of sales 129,328 130,228 400,051 396,506
Gross profit 86,182 87,380 247,793 248,869
Selling, general and administrative expenses 37,002 36,647 112,119 109,146
Research and development expenses 7,479 $ 7,449 22,224 $ 22,833
Pension settlement expense 30,194 30,194
Amortization of intangibles 2,923 $ 3,154 8,952 $ 9,451
77,598 47,250 173,490 141,430
Operating income 8,584 40,130 74,303 107,439
Interest expense 922 1,292 3,021 3,736
Foreign exchange (gain) loss (3,549) (101) (1,724) 2,022
Other (income) expense, net (1,430) (2,261) (3,758) (4,893)
Income before income taxes 12,641 41,200 76,764 106,574
Income taxes 1,317 11,260 16,761 26,667
Net income $ 11,324 $ 29,940 $ 60,003 $ 79,907
Net income per share (see Note 7):        
Basic (in dollars per share) $ 0.50 $ 1.33 $ 2.65 $ 3.55
Diluted (in dollars per share) $ 0.50 $ 1.32 $ 2.64 $ 3.52
Weighted average shares and equivalent shares outstanding:        
Basic (in shares) 22,581 22,536 22,623 22,536
Diluted (in shares) 22,693 22,689 22,771 22,722
Cash dividends paid per common share (in dollars per share) $ 0.29 $ 0.25 $ 0.79 $ 0.69
[1] Sales by country represent sale to customer or distributor locations.