Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Results of Operations [Abstract]

Quarterly Results of Operations (Unaudited)

16) Quarterly Results of Operations (Unaudited)

The following summarizes the unaudited quarterly results of operations for the years ended December 31, 2011 and 2010.

	Year ended December 31, 2011
	March 31		June 30		Sept. 30		Dec. 31
Net sales	$	111,307	$	115,922	$	101,143	$	96,319
Income from operations		9,217		9,251		5,795		5,169
Net income		5,507		5,827		4,702		4,901
Basic net income per share		0.33		0.35		0.28		0.29
Diluted net income per share		0.33		0.34		0.28		0.29
Weighted average shares outstanding:
Basic number of shares		16,664		16,864		16,949		16,949
Effect of dilutive stock options		246		255		112		108
Diluted number of shares		16,910		17,119		17,061		17,057

	Year ended December 31, 2010
	March 31		June 30		Sept. 30			Dec. 31
Net sales	$	85,340	$	92,693	$	90,996		$	96,340
Income from operations		1,844		6,609		2,926			4,869
Net income (loss)		225		5,123		(1,008	)		2,076
Basic net income (loss) per share		0.01		0.31		(0.06	)		0.12
Diluted net income (loss) per share		0.01		0.31		(0.06	)		0.12
Weighted average shares outstanding:
Basic number of shares		16,309		16,522		16,526			16,618
Effect of dilutive stock options		96		111		—			150
Diluted number of shares		16,405		16,633		16,526			16,768

The first quarter of 2011 was negatively impacted by $2,500 ($2,500 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the first quarter of 2011 was favorably impacted by gains from deconsolidating Eltmann $209 ($840 after tax). Finally, the first quarter of 2011 was unfavorably impacted by $851 ($851 after tax) of foreign exchange losses on intercompany loans.

The second quarter of 2011 was negatively impacted by $2,000 ($2,000 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the second quarter of 2011 was unfavorably impacted by $304 ($304 after tax) of foreign exchange losses on intercompany loans.

The third quarter of 2011 was negatively impacted by $1,000 ($1,000 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the third quarter of 2011 was favorably impacted by $1,357 ($1,357 after tax) of foreign exchange gains on intercompany loans.

The fourth quarter of 2011 was negatively impacted by $500 ($500 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the fourth quarter of 2011 was favorably impacted by the elimination of valuation allowances of certain deferred tax assets in Europe ($770 after-tax). Finally, the fourth quarter of 2011 was favorably impacted by $854 ($854 after tax) of foreign exchange gains on intercompany loans.

The first quarter of 2010 was impacted by the immediate vesting of stock awards totaling $1,101 ($1,101 after tax). Additionally, the first quarter was unfavorably impacted by $1,000 ($1,000 after tax) in accelerated depreciation and $533 ($533 after tax) of restructuring costs both related to ceasing operations at the Tempe Plant. Finally, the first quarter of 2010 was favorably impacted by $1,140 ($910 after tax) of foreign exchange gains on intercompany loans.

The second quarter of 2010 was favorably impacted by $1,703 ($1,379 after tax) in foreign exchange gains on intercompany loans. This gain was partially offset by $667 ($667 after tax) in restructuring costs related to ceasing operations at the Tempe Plant.

The third quarter of 2010 was impacted by $2,171 ($2,171 after tax) of costs related to ceasing operations at the Tempe Plant. Additionally the third quarter was impacted by $1,634 ($1,326 after tax) of foreign exchange losses on intercompany loans. Finally, the third quarter was impacted by $1,023 ($1,023 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants.

The fourth quarter of 2010 was impacted by $2,000 ($2,000 after tax) of start-up costs related to new large multi-year sales programs at our Wellington Plants. Additionally, the fourth quarter of 2010 was impacted by $865 ($687 after tax) in severance cost related to eliminating certain senior management positions.