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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net sales:      
Net sales $ 1,163,466 $ 1,119,138 $ 1,008,822
Cost of sales 871,356 845,911 752,707
Gross profit 292,110 273,227 256,115
Selling, general and administrative expenses 184,199 172,921 151,522
Amortization expense 14,746 5,658 3,505
Income from operations 93,165 94,648 101,088
Interest expense (15,837) (10,747) (5,493)
Interest income 1,366 1,229 410
Other income (557) (795) (1,474)
Income before income taxes 78,137 84,335 94,531
Provision for income taxes 21,507 21,429 21,045
Net income $ 56,630 $ 62,906 $ 73,486
Net income per common share:      
Basic (in dollars per share) $ 4.81 $ 5.36 $ 6.30
Diluted (in dollars per share) $ 4.78 $ 5.33 $ 6.25
Average common shares:      
Basic (in shares) 11,782 11,729 11,660
Diluted (in shares) 11,845 11,800 11,761
Industrial      
Net sales:      
Net sales $ 811,161 $ 768,454 $ 638,198
Income from operations 59,881 65,262 65,077
Agricultural      
Net sales:      
Net sales 352,305 350,684 370,624
Income from operations $ 33,284 $ 29,386 $ 36,011