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Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net sales:        
Total net sales $ 268,635 $ 285,186 $ 583,083 $ 547,120
Cost of sales 200,810 212,053 436,318 410,679
Gross profit 67,825 73,133 146,765 136,441
Selling, general and administrative expenses 41,551 42,670 92,799 82,517
Amortization expense 3,613 1,114 7,449 1,969
Income from operations 22,661 29,349 46,517 51,955
Interest expense (3,941) (1,935) (9,460) (3,385)
Interest income 306 330 662 503
Other income (expense), net (1,288) (295) 1,053 (684)
Income before income taxes 17,738 27,449 38,772 48,389
Provision for income taxes 4,749 6,782 10,255 12,469
Net Income $ 12,989 $ 20,667 $ 28,517 $ 35,920
Net income per common share:        
Basic (in dollars per share) $ 1.10 $ 1.76 $ 2.42 $ 3.07
Diluted (in dollars per share) $ 1.10 $ 1.75 $ 2.41 $ 3.05
Average common shares:        
Basic (in shares) 11,778 11,726 11,769 11,712
Diluted (in shares) 11,842 11,798 11,835 11,787
Dividends declared (in dollars per share) $ 0.13 $ 0.12 $ 0.26 $ 0.24
Industrial        
Net sales:        
Total net sales $ 182,257 $ 194,304 $ 412,232 $ 367,834
Income from operations 13,898 21,538 32,215 38,485
Agricultural        
Net sales:        
Total net sales 86,378 90,882 170,851 179,286
Income from operations $ 8,763 $ 7,811 $ 14,302 $ 13,470