Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited)

16.          Selected Quarterly Financial Data (Unaudited)

The following table sets forth selected quarterly financial data for each of the quarters in 2013 and 2012:

(in thousands, except per share amounts)

	2013										2012
	Fourth		Third			Second		First			Fourth			Third		Second			First
	Quarter		Quarter			Quarter		Quarter			Quarter			Quarter		Quarter			Quarter
Net sales	$	160,322	$	195,877		$	195,596	$	154,535		$	144,686		$	172,113	$	181,703		$	158,734
Cost of sales	90,331		105,724			106,176		89,561			89,482			96,390		98,557			89,329
Gross profit	69,991		90,153			89,420		64,974			55,204			75,723		83,146			69,405
Research and development and other engineering	9,825		9,226			9,484		8,308			8,763			8,916		9,043			9,198
Selling	21,448		20,630			21,652		21,371			21,109			20,941		19,881			20,432
General and administrative	25,411		28,781			28,595		26,290			23,799			23,843		27,087			26,244
Impairment of goodwill	—		—			—		—			2,346			—		—			—
Loss (gain) on sale of assets	1,404		631			11		(8		)	124			33		(13		)	23
Income (loss) from operations	11,903		30,885			29,678		9,013			(937		)	21,990		27,148			13,508
Interest income, net	54		(9		)	1		38			35			55		58			65
Income (loss) before income taxes	11,957		30,876			29,679		9,051			(902		)	22,045		27,206			13,573
Provision for (benefit from) income taxes	4,289		10,870			11,177		4,256			(6,785		)	9,069		11,347			6,372
Net income	$	7,668	$	20,006		$	18,502	$	4,795		$	5,883		$	12,976	$	15,859		$	7,201
Earnings per common share:
Basic	$	0.16	$	0.41		$	0.38	$	0.10		$	0.12		$	0.27	$	0.33		$	0.15
Diluted	0.16		0.41			0.38		0.10			0.12			0.27		0.33			0.15
Cash dividends declared per common share	$	0.125	$	0.125		$	0.125	$	—		$	0.25		$	0.125	$	0.125		$	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.