Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation of basic earnings per share ("EPS") to diluted EPS

The following is a reconciliation of basic earnings per common share to diluted earnings per share for the three months and six months ended June 30,2018 and 2017, respectively:

	Three Months Ended   June 30,				Six Months Ended   June 30,
(in thousands, except per share amounts)	2018		2017		2018		2017
Net income available to common stockholders	$	44,086	$	28,214	$	69,515	$	51,335
Basic weighted-average shares outstanding	46,323		47,634		46,468		47,634
Dilutive effect of potential common stock equivalents — stock options and restricted stock units	354		286		374		288
Diluted weighted-average shares outstanding	46,677		47,920		46,842		47,922
Earnings per common share:
Basic	$	0.95	$	0.59	$	1.50	$	1.08
Diluted	$	0.94	$	0.59	$	1.48	$	1.07

Summary of financial instruments

As of June 30,2018 and 2017 and December 31, 2017, the Company’s primary financial instrument classified as cash equivalents is money market funds, which are carried at cost, approximating fair value, based on Level 1 inputs. The balances of the Company's primary financial instruments at the dates indicated were as follows:

	At June 30,				At December 31,
(in thousands)	2018		2017		2017
Money market funds	$	6,958	$	3,438	$	5,293

Schedule of business acquisitions

The following table represents the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed in the Gbo Fastening Systems acquisition:

(In thousands)
Assets *
	Cash and cash equivalents	$	3,956
	Accounts receivable	4,914
	Inventory	13,591
	Other current assets	760
	Property, plant, equipment and noncurrent assets	3,929
		27,150
Liabilities
	Accounts payable	4,500
	Other current liabilities	6,146
		10,646
Total net assets		16,504
	Gain (adjustment) on bargain purchase of a business	(6,336		)
	Total purchase price	$	10,168
*	Intangible assets acquired were determined to have little to no value, thus were not recognized.