Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

In 2018, the Company recorded out-of-period adjustments, which increased cost of sales and decreased general and administrative expenses in equal amounts. Such adjustment only applied to the North America segment, which resulted from recording certain depreciation expense on company-owned real estate as general and administrative expense rather than cost of goods sold. Income from operations and net income for each of the quarters as presented below were not affected by the adjustment. In 2018, the Company changed its presentation of its consolidated statement of operations to display foreign exchange gain (loss), net, as a separate item below income from operations. Foreign exchange gain (loss), net, was previously included in general and administrative expenses and in income from operations. Income before tax and net income for each of the quarters as presented below were not affected by the change in presentation.

The following table sets forth selected quarterly financial data for each of the quarters in 2018 and 2017, respectively:

(in thousands, except per share amounts) 

	2018												2017
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Net sales	$	241,845		$	284,178		$	308,007		$	244,779		$	231,681		$	262,476		$	263,002		$	219,867
Cost of sales	143,409			150,282			167,442			137,157			129,777			143,338			140,139			120,390
Gross profit	98,436			133,896			140,565			107,622			101,904			119,138			122,863			99,477
Research and development and other engineering	10,216			10,441			11,249			11,150			12,565			11,265			11,967			11,819
Selling	26,278			26,879			29,201			27,573			28,753			27,867			28,646			29,637
General and administrative	45,195			37,356			39,354			37,188			36,236			33,441			37,586			35,845
Total operating expenses	81,689			74,676			79,804			75,911			77,554			72,573			78,199			77,301
Net gain on disposal of assets	(8,810		)	(460		)	(125		)	(1,184		)	(13		)	(147		)	50			(50		)
Impairment of goodwill	6,686			—			—			—			—			—			—			—
Income from operations	18,871			59,680			60,886			32,895			24,363			46,712			44,614			22,226
Loss in equity investment, before tax	(11		)	(30		)	2			(24		)	(33		)	(13		)	(12		)	(28		)
Foreign exchange gain (loss)	(571		)	1,242			(142		)	(99		)	342			(16		)	523			403
Interest (expense) income, net	(239		)	(58		)	(184		)	(90		)	(104		)	(296		)	(199		)	(189		)
Gain (adjustment) on bargain purchase of a business	—			—			—			—			—			(2,052		)	—			8,388
Gain (loss) on disposal of a business	—			—			—			—			(654		)	443			—			—
Income before income taxes	18,050			60,834			60,562			32,682			23,914			44,778			44,926			30,800
Provision for   income taxes	5,293			16,473			16,476			7,253			10,829			16,581			16,712			7,679
Net income	$	12,757		$	44,361		$	44,086		$	25,429		$	13,085		$	28,197		$	28,214		$	23,121
Earnings per share of common stock:										0
Basic	$	0.28		$	0.96		$	0.95		$	0.55		$	0.28		$	0.60		$	0.59		$	0.49
Diluted	0.28			0.95			0.94			0.54			0.27			0.59			0.59			0.48
Cash dividends declared per share of common stock	$	0.22		$	0.22		$	0.22		$	0.21		$	—		$	0.42		$	0.21		$	0.18

Basic earnings per share of common stock (“EPS”) for each of the quarters presented above is computed based on the weighted average number of shares of common stock outstanding during the quarter. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock outstanding during the quarter using the treasury stock method. Dilutive potential shares of common stock include outstanding stock options and stock awards.

The sum of the quarterly basic and diluted EPS amounts may not necessarily be equal to the full-year basic and diluted EPS amounts.