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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)
 
The following table sets forth selected quarterly financial data for each of the quarters in 2015 and 2014:
 
(in thousands, except per share amounts) 
 
2015
 
2014
 
Fourth
Quarter
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
 
Fourth
Quarter
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
 
 
 
 
 
 
 
 
Net sales
$
184,764

 
$
216,139

 
$
216,665

 
$
176,491

 
$
166,630

 
$
209,320

 
$
207,893

 
$
168,305

Cost of sales
102,002

 
115,798

 
118,347

 
98,993

 
93,833

 
113,767

 
111,993

 
90,525

Gross profit
82,762

 
100,341

 
98,318

 
77,498

 
72,797

 
95,553

 
95,900

 
77,780

Research and development and other engineering
11,548

 
13,935

 
10,517

 
10,197

 
9,513

 
9,711

 
10,094

 
9,700

Selling
22,508

 
22,535

 
23,013

 
22,607

 
22,407

 
23,592

 
24,213

 
21,819

General and administrative
26,553

 
28,648

 
29,794

 
28,433

 
25,508

 
29,557

 
29,494

 
26,941

Impairment of goodwill
—

 
—

 
—

 


 
38

 
492

 
—

 
—

Loss (gain) on sale of assets
(332
)
 
(26
)
 
(15
)
 
(16
)
 
11

 
(17
)
 
(34
)
 
(285
)
Income from
  operations
22,485

 
35,249

 
35,009

 
16,277

 
15,320

 
32,218

 
32,133

 
19,605

Interest income (expense), net
(77
)
 
(175
)
 
(54
)
 
(35
)
 
2

 
(27
)
 
(15
)
 
86

Income before income
  taxes
22,408

 
35,074

 
34,955

 
16,242

 
15,322

 
32,191

 
32,118

 
19,691

Provision for
  income taxes
7,675

 
13,479

 
13,446

 
6,191

 
4,942

 
11,577

 
11,667

 
7,605

Net income
$
14,733

 
$
21,595

 
$
21,509

 
$
10,051

 
$
10,380

 
$
20,614

 
$
20,451

 
$
12,086

Earnings per common share:


 


 


 
0

 
 

 
 

 
 

 
 

Basic
$
0.30

 
$
0.44

 
$
0.44

 
$
0.20

 
$
0.21

 
$
0.42

 
$
0.42

 
$
0.25

Diluted
0.30

 
0.44

 
0.43

 
0.20

 
0.21

 
0.42

 
0.42

 
0.25

Cash dividends declared per
   common share
$
0.160

 
$
0.160

 
$
0.160

 
$
0.140

 
$
0.140

 
$
0.140

 
$
0.140

 
$
0.125


 
Basic and diluted income per common share for each of the quarters presented above is based on the respective weighted average numbers of common and dilutive potential common shares outstanding for each quarter, and the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per common share amounts.