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Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net sales:        
Total net sales $ 271,829 $ 257,572 $ 818,949 $ 752,784
Cost of sales 203,119 190,800 613,798 559,301
Gross profit 68,710 66,772 205,151 193,483
Selling, general and administrative expenses 44,255 38,523 128,741 117,087
Income from operations 24,455 28,249 76,410 76,396
Interest expense (1,837) (1,399) (5,222) (4,233)
Interest income 359 100 862 309
Other income (expense), net 242 (265) (442) (491)
Income before income taxes 23,219 26,685 71,608 71,981
Provision for income taxes 5,801 3,142 18,270 15,084
Net Income $ 17,418 $ 23,543 $ 53,338 $ 56,897
Net income per common share:        
Basic (in dollars per share) $ 1.48 $ 2.01 $ 4.55 $ 4.88
Diluted (in dollars per share) $ 1.47 $ 2.00 $ 4.52 $ 4.84
Average common shares:        
Basic (in shares) 11,748 11,689 11,724 11,649
Diluted (in shares) 11,813 11,777 11,796 11,758
Dividends declared (in dollars per share) $ 0.12 $ 0.11 $ 0.36 $ 0.33
Industrial        
Net sales:        
Total net sales $ 158,499 $ 156,721 $ 484,924 $ 438,919
Income from operations 14,350 18,351 50,994 46,316
Agricultural        
Net sales:        
Total net sales 59,797 61,464 168,129 179,182
Income from operations 6,140 6,608 12,546 18,047
European        
Net sales:        
Total net sales 53,533 39,387 165,896 134,683
Income from operations $ 3,965 $ 3,290 $ 12,870 $ 12,033