Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | WEYCO GROUP INC | |
Entity Central Index Key | 106,532 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WEYS | |
Entity Common Stock, Shares Outstanding | 10,449,803 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and cash equivalents | $ 14,840 | $ 17,926 |
Marketable securities, at amortized cost | 2,778 | 4,522 |
Accounts receivable, net | 57,662 | 54,009 |
Accrued income tax receivable | 810 | 0 |
Inventories | 70,508 | 97,184 |
Prepaid expenses and other current assets | 3,586 | 5,835 |
Total current assets | 150,184 | 179,476 |
Marketable securities, at amortized cost | 21,783 | 20,685 |
Property, plant and equipment, net | 34,011 | 31,833 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 22,776 | 21,143 |
Total assets | 274,614 | 298,997 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 22,810 | 26,649 |
Accounts payable | 5,646 | 13,339 |
Dividend payable | 0 | 2,147 |
Accrued liabilities | 10,520 | 17,484 |
Accrued income tax payable | 0 | 31 |
Deferred income tax liabilities | 2,010 | 1,537 |
Total current liabilities | 40,986 | 61,187 |
Deferred income tax liabilities | 1,628 | 70 |
Long-term pension liability | 28,768 | 30,188 |
Other long-term liabilities | 2,500 | 2,823 |
Equity: | ||
Common stock | 10,467 | 10,767 |
Capital in excess of par value | 47,416 | 45,759 |
Reinvested earnings | 153,028 | 160,325 |
Accumulated other comprehensive loss | (16,730) | (18,467) |
Total Weyco Group, Inc. equity | 194,181 | 198,384 |
Noncontrolling interest | 6,551 | 6,345 |
Total equity | 200,732 | 204,729 |
Total liabilities and equity | $ 274,614 | $ 298,997 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 79,069 | $ 91,227 | $ 214,836 | $ 233,213 |
Cost of sales | 49,747 | 58,617 | 136,096 | 147,443 |
Gross earnings | 29,322 | 32,610 | 78,740 | 85,770 |
Selling and administrative expenses | 21,992 | 23,474 | 66,023 | 67,516 |
Earnings from operations | 7,330 | 9,136 | 12,717 | 18,254 |
Interest income | 190 | 221 | 584 | 717 |
Interest expense | (61) | (67) | (228) | (97) |
Other income (expense), net | 113 | (524) | 422 | (1,150) |
Earnings before provision for income taxes | 7,572 | 8,766 | 13,495 | 17,724 |
Provision for income taxes | 2,871 | 3,389 | 5,084 | 6,670 |
Net earnings | 4,701 | 5,377 | 8,411 | 11,054 |
Net earnings (losses) attributable to noncontrolling interest | 101 | (149) | 124 | (145) |
Net earnings attributable to Weyco Group, Inc. | $ 4,600 | $ 5,526 | $ 8,287 | $ 11,199 |
Weighted average shares outstanding | ||||
Basic (in shares) | 10,461 | 10,793 | 10,556 | 10,788 |
Diluted (in shares) | 10,516 | 10,884 | 10,605 | 10,881 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.44 | $ 0.51 | $ 0.79 | $ 1.04 |
Diluted (in dollars per share) | 0.44 | 0.51 | 0.78 | 1.03 |
Cash dividends declared (per share) | $ 0.21 | $ 0.2 | $ 0.62 | $ 0.59 |
Comprehensive income | $ 5,218 | $ 4,040 | $ 10,400 | $ 8,760 |
Comprehensive income (loss) attributable to noncontrolling interest | 235 | (562) | 376 | (846) |
Comprehensive income attributable to Weyco Group, Inc. | $ 4,983 | $ 4,602 | $ 10,024 | $ 9,606 |
CONSOLIDATED CONDENSED STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 8,411 | $ 11,054 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities - | ||
Depreciation | 2,708 | 2,700 |
Amortization | 288 | 334 |
Bad debt expense | 96 | 190 |
Deferred income taxes | 1,537 | 456 |
Net foreign currency transaction (gains) losses | (389) | 783 |
Stock-based compensation | 1,121 | 1,112 |
Pension contribution | (2,400) | (2,633) |
Pension expense | 2,500 | 2,811 |
Increase in cash surrender value of life insurance | (250) | (250) |
Changes in operating assets and liabilities - | ||
Accounts receivable | (3,714) | (12,223) |
Inventories | 26,641 | (23,844) |
Prepaid expenses and other assets | 800 | 4,122 |
Accounts payable | (7,699) | (7,584) |
Accrued liabilities and other | (1,023) | (4,807) |
Accrued income taxes | (839) | 553 |
Net cash provided by (used for) operating activities | 27,788 | (27,226) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (3,605) | (2,300) |
Proceeds from maturities of marketable securities | 4,190 | 6,305 |
Life insurance premiums paid | (155) | (155) |
Purchases of property, plant and equipment | (4,872) | (1,457) |
Net cash (used for) provided by investing activities | (4,442) | 2,393 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (8,678) | (8,414) |
Cash dividends paid to noncontrolling interest of subsidiary | (170) | 0 |
Shares purchased and retired | (9,368) | (4,760) |
Proceeds from stock options exercised | 585 | 2,696 |
Payment of contingent consideration | (5,217) | 0 |
Proceeds from bank borrowings | 91,729 | 127,253 |
Repayments of bank borrowings | (95,568) | (90,684) |
Income tax benefits from stock-based compensation | 3 | 463 |
Net cash (used for) provided by financing activities | (26,684) | 26,554 |
Effect of exchange rate changes on cash and cash equivalents | 252 | (320) |
Net (decrease) increase in cash and cash equivalents | (3,086) | 1,401 |
CASH AND CASH EQUIVALENTS at beginning of period | 17,926 | 12,499 |
CASH AND CASH EQUIVALENTS at end of period | 14,840 | 13,900 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 4,083 | 5,155 |
Interest paid | $ 228 | $ 97 |
Financial Statements
Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2016, may not necessarily be indicative of the results for the full year. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 2. Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 4,600 $ 5,526 $ 8,287 $ 11,199 Denominator: Basic weighted average shares outstanding 10,461 10,793 10,556 10,788 Effect of dilutive securities: Employee stock-based awards 55 91 49 93 Diluted weighted average shares outstanding 10,516 10,884 10,605 10,881 Basic earnings per share $ 0.44 $ 0.51 $ 0.79 $ 1.04 Diluted earnings per share $ 0.44 $ 0.51 $ 0.78 $ 1.03 Diluted weighted average shares outstanding for the three months ended September 30, 2016, exclude anti-dilutive stock options totaling 1,232,000 26.14 924,161 26.78 644,600 27.76 648,220 27.76 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | Investments As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification 320, Investments Debt and Equity Securities September 30, 2016 December 31, 2015 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 2,778 $ 2,797 $ 4,522 $ 4,546 Due from one through five years 13,808 14,412 12,395 13,057 Due from six through ten years 7,501 7,970 6,929 7,217 Due from eleven through twenty years 474 486 1,361 1,391 Total $ 24,561 $ 25,665 $ 25,207 $ 26,211 September 30, 2016 December 31, 2015 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 1,114 $ (10) $ 1,014 $ (10) The estimated market values provided are level 2 valuations as defined by Accounting Standards Codification 820, Fair Value Measurements and Disclosures |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Intangible Assets September 30, 2016 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (200) $ - Customer relationships 15 3,500 (1,303) 2,197 Total amortizable intangible assets $ 3,700 $ (1,503) $ 2,197 The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2015: December 31, 2015 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (193) $ 7 Customer relationships 15 3,500 (1,128) 2,372 Total amortizable intangible assets $ 3,700 $ (1,321) $ 2,379 The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited). |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of the Company’s segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the tables below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Three Months Ended September 30, Wholesale Retail Other Total (Dollars in thousands) 2016 Product sales $ 61,645 $ 4,702 $ 12,197 $ 78,544 Licensing revenues 525 - - 525 Net sales $ 62,170 $ 4,702 $ 12,197 $ 79,069 Earnings from operations $ 6,286 $ 313 $ 731 $ 7,330 2015 Product sales $ 73,695 $ 4,767 $ 11,858 $ 90,320 Licensing revenues 907 - - 907 Net sales $ 74,602 $ 4,767 $ 11,858 $ 91,227 Earnings from operations $ 8,156 $ 402 $ 578 $ 9,136 Nine Months Ended September 30, Wholesale Retail Other Total (Dollars in thousands) 2016 Product sales $ 164,146 $ 14,508 $ 34,452 $ 213,106 Licensing revenues 1,730 - - 1,730 Net sales $ 165,876 $ 14,508 $ 34,452 $ 214,836 Earnings from operations $ 10,638 $ 787 $ 1,292 $ 12,717 2015 Product sales $ 181,521 $ 14,707 $ 34,675 $ 230,903 Licensing revenues 2,310 - - 2,310 Net sales $ 183,831 $ 14,707 $ 34,675 $ 233,213 Earnings from operations $ 15,160 $ 1,163 $ 1,931 $ 18,254 |
Employee Retirement Plans
Employee Retirement Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6. Employee Retirement Plans Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Benefits earned during the period $ 409 $ 411 $ 1,228 $ 1,232 Interest cost on projected benefit obligation 612 674 1,837 2,021 Expected return on plan assets (607) (593) (1,822) (1,777) Net amortization and deferral 419 445 1,257 1,335 Net pension expense $ 833 $ 937 $ 2,500 $ 2,811 On September 15, 2016, the Weyco Group, Inc. Pension Plan was amended to offer an immediate pension payout either as a one-time lump sum or annuity payment to certain former employees who have not yet commenced benefits under the plan. Benefits would be calculated as of December 1, 2016, with lump sum payments being paid in December 2016 and annuity payments beginning January 1, 2017. This amendment will not have a material impact on the consolidated financial statements. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. Stock-Based Compensation Plans During the three and nine months ended September 30, 2016, the Company recognized approximately $ 393 1,121,000 391 1,112 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2015 1,351,826 $ 26.09 Granted 277,800 $ 25.51 Exercised (24,450) $ 23.92 Forfeited or expired (9,200) $ 26.67 Outstanding at September 30, 2016 1,595,976 $ 26.02 3.8 $ 1,918,000 Exercisable at September 30, 2016 725,269 $ 25.78 2.8 $ 1,452,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $ 26.87 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Total intrinsic value of stock options exercised $ 14 $ 30 $ 87 $ 1,188 Cash received from stock option exercises $ 132 $ 184 $ 585 $ 2,696 Income tax benefit from the exercise of stock options $ 5 $ 12 $ 34 $ 463 Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2015 55,250 $ 26.45 Issued 26,900 25.51 Vested (12,275) 26.41 Forfeited - - Non-vested at September 30, 2016 69,875 $ 26.09 2.7 $ 1,878,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $ 26.87 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 8. Short-Term Borrowings At September 30, 2016, the Company had a $ 60 November 4, 2016 22.8 1.3 23.5 |
Contingent Consideration
Contingent Consideration | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 9. Contingent Consideration Contingent consideration was comprised of two contingent payments that the Company was obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration was formula-driven and was based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. The first earn-out payment was due in 2013 and was paid on March 28, 2013, in the amount of $ 1,270,000 5,217,000 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 10. Financial Instruments At September 30, 2016, the Company had foreign exchange contracts outstanding to sell $ 1.5 1.2 5.2 6.8 The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Net earnings $ 4,701 $ 5,377 $ 8,411 $ 11,054 Foreign currency translation adjustments 261 (1,609) 1,222 (3,109) Pension liability, net of tax of $163, $174, $490 and $520, respectively 256 272 767 815 Total comprehensive income $ 5,218 $ 4,040 $ 10,400 $ 8,760 September 30, December 31, 2016 2015 (Dollars in thousands) Foreign currency translation adjustments $ (4,721) $ (5,691) Pension liability, net of tax (12,009) (12,776) Total accumulated other comprehensive loss $ (16,730) $ (18,467) Foreign Defined Total Beginning balance, December 31, 2015 $ (5,691) $ (12,776) $ (18,467) Other comprehensive income before reclassifications 970 - 970 Amounts reclassified from accumulated other comprehensive loss - 767 767 Net current period other comprehensive income 970 767 1,737 Ending balance, September 30, 2016 $ (4,721) $ (12,009) $ (16,730) Amounts reclassified Affected line item in the Amortization of defined benefit pension items Prior service cost $ (84) (1) Actuarial losses 1,341 (1) Total before tax 1,257 Tax benefit (490) Net of tax $ 767 (1) These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Equity Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2015 $ 10,767 $ 45,759 $ 160,325 $ (18,467) $ 6,345 Net earnings - - 8,287 - 124 Foreign currency translation adjustments - - - 970 252 Pension liability adjustment, net of tax - - - 767 - Cash dividends declared - - (6,568) - - Cash dividends paid to noncontrolling interest - - - - (170) Stock options exercised 25 560 - - - Issuance of restricted stock 27 (27) - - - Stock-based compensation expense - 1,121 - - - Income tax benefit from stock options exercised - 3 - - - Shares purchased and retired (352) - (9,016) - - Balance, September 30, 2016 $ 10,467 $ 47,416 $ 153,028 $ (16,730) $ 6,551 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 13. Subsequent Events On November 7, 2016, the Board of Directors of the Company authorized the freezing of the Weyco Group, Inc. Pension Plan, whereby all benefit accruals, for all employees, would be frozen effective December 31, 2016. Management of the Company has not yet determined the impact of this freeze on the consolidated financial statements, although it is not expected to have a material adverse impact. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of earnings per share and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 4,600 $ 5,526 $ 8,287 $ 11,199 Denominator: Basic weighted average shares outstanding 10,461 10,793 10,556 10,788 Effect of dilutive securities: Employee stock-based awards 55 91 49 93 Diluted weighted average shares outstanding 10,516 10,884 10,605 10,881 Basic earnings per share $ 0.44 $ 0.51 $ 0.79 $ 1.04 Diluted earnings per share $ 0.44 $ 0.51 $ 0.78 $ 1.03 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Held-to-maturity Securities [Table Text Block] | Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of September 30, 2016, and December 31, 2015. September 30, 2016 December 31, 2015 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 2,778 $ 2,797 $ 4,522 $ 4,546 Due from one through five years 13,808 14,412 12,395 13,057 Due from six through ten years 7,501 7,970 6,929 7,217 Due from eleven through twenty years 474 486 1,361 1,391 Total $ 24,561 $ 25,665 $ 25,207 $ 26,211 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on investment securities at September 30, 2016, and at December 31, 2015, were as follows: September 30, 2016 December 31, 2015 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 1,114 $ (10) $ 1,014 $ (10) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of September 30, 2016: September 30, 2016 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (200) $ - Customer relationships 15 3,500 (1,303) 2,197 Total amortizable intangible assets $ 3,700 $ (1,503) $ 2,197 The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2015: December 31, 2015 Weighted Gross Average Carrying Accumulated Life (Years) Amount Amortization Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ - $ 11,112 Trademarks 34,748 - 34,748 Total indefinite-lived intangible assets $ 45,860 $ - $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (193) $ 7 Customer relationships 15 3,500 (1,128) 2,372 Total amortizable intangible assets $ 3,700 $ (1,321) $ 2,379 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized segment data for the three and nine months ended September 30, 2016 and 2015, was as follows: Three Months Ended September 30, Wholesale Retail Other Total (Dollars in thousands) 2016 Product sales $ 61,645 $ 4,702 $ 12,197 $ 78,544 Licensing revenues 525 - - 525 Net sales $ 62,170 $ 4,702 $ 12,197 $ 79,069 Earnings from operations $ 6,286 $ 313 $ 731 $ 7,330 2015 Product sales $ 73,695 $ 4,767 $ 11,858 $ 90,320 Licensing revenues 907 - - 907 Net sales $ 74,602 $ 4,767 $ 11,858 $ 91,227 Earnings from operations $ 8,156 $ 402 $ 578 $ 9,136 Nine Months Ended September 30, Wholesale Retail Other Total (Dollars in thousands) 2016 Product sales $ 164,146 $ 14,508 $ 34,452 $ 213,106 Licensing revenues 1,730 - - 1,730 Net sales $ 165,876 $ 14,508 $ 34,452 $ 214,836 Earnings from operations $ 10,638 $ 787 $ 1,292 $ 12,717 2015 Product sales $ 181,521 $ 14,707 $ 34,675 $ 230,903 Licensing revenues 2,310 - - 2,310 Net sales $ 183,831 $ 14,707 $ 34,675 $ 233,213 Earnings from operations $ 15,160 $ 1,163 $ 1,931 $ 18,254 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the Company’s net pension expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Benefits earned during the period $ 409 $ 411 $ 1,228 $ 1,232 Interest cost on projected benefit obligation 612 674 1,837 2,021 Expected return on plan assets (607) (593) (1,822) (1,777) Net amortization and deferral 419 445 1,257 1,335 Net pension expense $ 833 $ 937 $ 2,500 $ 2,811 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2016: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2015 1,351,826 $ 26.09 Granted 277,800 $ 25.51 Exercised (24,450) $ 23.92 Forfeited or expired (9,200) $ 26.67 Outstanding at September 30, 2016 1,595,976 $ 26.02 3.8 $ 1,918,000 Exercisable at September 30, 2016 725,269 $ 25.78 2.8 $ 1,452,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $ 26.87 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | The following table summarizes the Company’s stock option exercise activity for the three and nine months ended September 30, 2016 and 2015: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Total intrinsic value of stock options exercised $ 14 $ 30 $ 87 $ 1,188 Cash received from stock option exercises $ 132 $ 184 $ 585 $ 2,696 Income tax benefit from the exercise of stock options $ 5 $ 12 $ 34 $ 463 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock award activity for the nine-month period ended September 30, 2016: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2015 55,250 $ 26.45 Issued 26,900 25.51 Vested (12,275) 26.41 Forfeited - - Non-vested at September 30, 2016 69,875 $ 26.09 2.7 $ 1,878,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $ 26.87 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Comprehensive income for the three and nine months ended September 30, 2016 and 2015, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Net earnings $ 4,701 $ 5,377 $ 8,411 $ 11,054 Foreign currency translation adjustments 261 (1,609) 1,222 (3,109) Pension liability, net of tax of $163, $174, $490 and $520, respectively 256 272 767 815 Total comprehensive income $ 5,218 $ 4,040 $ 10,400 $ 8,760 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2016 2015 (Dollars in thousands) Foreign currency translation adjustments $ (4,721) $ (5,691) Pension liability, net of tax (12,009) (12,776) Total accumulated other comprehensive loss $ (16,730) $ (18,467) |
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the nine months ended September 30, 2016: Foreign Defined Total Beginning balance, December 31, 2015 $ (5,691) $ (12,776) $ (18,467) Other comprehensive income before reclassifications 970 - 970 Amounts reclassified from accumulated other comprehensive loss - 767 767 Net current period other comprehensive income 970 767 1,737 Ending balance, September 30, 2016 $ (4,721) $ (12,009) $ (16,730) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the nine months ended September 30, 2016: Amounts reclassified Affected line item in the Amortization of defined benefit pension items Prior service cost $ (84) (1) Actuarial losses 1,341 (1) Total before tax 1,257 Tax benefit (490) Net of tax $ 767 (1) These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | A reconciliation of the Company’s equity for the nine months ended September 30, 2016, is as follows: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2015 $ 10,767 $ 45,759 $ 160,325 $ (18,467) $ 6,345 Net earnings - - 8,287 - 124 Foreign currency translation adjustments - - - 970 252 Pension liability adjustment, net of tax - - - 767 - Cash dividends declared - - (6,568) - - Cash dividends paid to noncontrolling interest - - - - (170) Stock options exercised 25 560 - - - Issuance of restricted stock 27 (27) - - - Stock-based compensation expense - 1,121 - - - Income tax benefit from stock options exercised - 3 - - - Shares purchased and retired (352) - (9,016) - - Balance, September 30, 2016 $ 10,467 $ 47,416 $ 153,028 $ (16,730) $ 6,551 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net earnings attributable to Weyco Group, Inc. | $ 4,600 | $ 5,526 | $ 8,287 | $ 11,199 |
Denominator: | ||||
Basic weighted average shares outstanding | 10,461 | 10,793 | 10,556 | 10,788 |
Effect of dilutive securities: | ||||
Employee stock-based awards | 55 | 91 | 49 | 93 |
Diluted weighted average shares outstanding | 10,516 | 10,884 | 10,605 | 10,881 |
Basic earnings per share | $ 0.44 | $ 0.51 | $ 0.79 | $ 1.04 |
Diluted earnings per share | $ 0.44 | $ 0.51 | $ 0.78 | $ 1.03 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,232,000 | 644,600 | 924,161 | 648,220 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 26.14 | $ 27.76 | $ 26.78 | $ 27.76 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 2,778 | $ 4,522 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 2,778 | 4,522 |
Amortized Cost, Due from one through five years | 13,808 | 12,395 |
Amortized Cost, Due from six through ten years | 7,501 | 6,929 |
Amortized Cost, Due from eleven through twenty years | 474 | 1,361 |
Amortized Cost, Total | 24,561 | 25,207 |
Market Value, Current | 2,797 | 4,546 |
Market Value, Due from one through five years | 14,412 | 13,057 |
Market Value, Due from six through ten years | 7,970 | 7,217 |
Market Value, Due from eleven through twenty years | 486 | 1,391 |
Market Value, Total | $ 25,665 | $ 26,211 |
Investments (Details 1)
Investments (Details 1) - Municipal Bonds [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 1,114 | $ 1,014 |
Unrealized Losses | $ (10) | $ (10) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | $ 45,860 | $ 45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ||
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | (1,503) | (1,321) |
Net | 2,197 | 2,379 |
Goodwill [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Amortization | 0 | 0 |
Net | 11,112 | 11,112 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Amortization | 0 | 0 |
Net | $ 34,748 | $ 34,748 |
Non compete Agreements [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 200 | $ 200 |
Accumulated Amortization | (200) | (193) |
Net | $ 0 | $ 7 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | 15 years |
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (1,303) | (1,128) |
Net | $ 2,197 | $ 2,372 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Product sales | $ 78,544 | $ 90,320 | $ 213,106 | $ 230,903 |
Licensing revenues | 525 | 907 | 1,730 | 2,310 |
Net sales | 79,069 | 91,227 | 214,836 | 233,213 |
Earnings from operations | 7,330 | 9,136 | 12,717 | 18,254 |
Wholesale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 61,645 | 73,695 | 164,146 | 181,521 |
Licensing revenues | 525 | 907 | 1,730 | 2,310 |
Net sales | 62,170 | 74,602 | 165,876 | 183,831 |
Earnings from operations | 6,286 | 8,156 | 10,638 | 15,160 |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 4,702 | 4,767 | 14,508 | 14,707 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 4,702 | 4,767 | 14,508 | 14,707 |
Earnings from operations | 313 | 402 | 787 | 1,163 |
Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Product sales | 12,197 | 11,858 | 34,452 | 34,675 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 12,197 | 11,858 | 34,452 | 34,675 |
Earnings from operations | $ 731 | $ 578 | $ 1,292 | $ 1,931 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits earned during the period | $ 409 | $ 411 | $ 1,228 | $ 1,232 |
Interest cost on projected benefit obligation | 612 | 674 | 1,837 | 2,021 |
Expected return on plan assets | (607) | (593) | (1,822) | (1,777) |
Net amortization and deferral | 419 | 445 | 1,257 | 1,335 |
Net pension expense | $ 833 | $ 937 | $ 2,500 | $ 2,811 |
Stock-Based Compensation Plan33
Stock-Based Compensation Plans (Details) - Employee Stock Option [Member] | 9 Months Ended | |
Sep. 30, 2016USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | shares | 1,351,826 | |
Shares, Granted | shares | 277,800 | |
Shares, Exercised | shares | (24,450) | |
Shares, Forfeited or expired | shares | (9,200) | |
Shares, Outstanding at end of year | shares | 1,595,976 | |
Shares, Exercisable at end of year | shares | 725,269 | |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ / shares | $ 26.09 | |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 25.51 | |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 23.92 | |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $ / shares | 26.67 | |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | $ / shares | 26.02 | |
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share) | $ / shares | $ 25.78 | |
Weighted Average Remaining Contractual Term (Years), Outstanding - September 30, 2016 | 3 years 9 months 18 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable - September 30, 2016 | 2 years 9 months 18 days | |
Aggregate Intrinsic Value,Outstanding at September 30, 2016 | $ | $ 1,918,000 | [1] |
Aggregate Intrinsic Value, Exercisable at September 30, 2016 | $ | $ 1,452,000 | [1] |
[1] | The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $26.87 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Stock-Based Compensation Plan34
Stock-Based Compensation Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options exercised | $ 14 | $ 30 | $ 87 | $ 1,188 |
Cash received from stock option exercises | 132 | 184 | 585 | 2,696 |
Income tax benefit from the exercise of stock options | $ 5 | $ 12 | $ 34 | $ 463 |
Stock-Based Compensation Plan35
Stock-Based Compensation Plans (Details 2) - Restricted Stock [Member] | 9 Months Ended | |
Sep. 30, 2016USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of Restricted Stock, Non-vested beginning of year | shares | 55,250 | |
Shares of Restricted Stock, Issued | shares | 26,900 | |
Shares of Restricted Stock, Vested | shares | (12,275) | |
Shares of Restricted Stock, Forfeited | shares | 0 | |
Shares of Restricted Stock, Non-vested end of year | shares | 69,875 | |
Weighted Average Grant Date Fair Value, Non-vested beginning of year (in dollars per share) | $ / shares | $ 26.45 | |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | $ / shares | 25.51 | |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 26.41 | |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 0 | |
Weighted Average Grant Date Fair Value, Non-vested end of year (in dollars per share) | $ / shares | $ 26.09 | |
Weighted Average Remaining Contractual Term (Years), Non-vested at September 30, 2016 | 2 years 8 months 12 days | |
Aggregate Intrinsic Value (in dollars), Non-vested at September 30, 2016 | $ | $ 1,878,000 | [1] |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on September 30, 2016, the last trading day of the quarter, of $26.87 multiplied by the number of non-vested restricted shares outstanding. |
Stock-Based Compensation Plan36
Stock-Based Compensation Plans (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 393,000 | $ 391,000 | $ 1,121,000 | $ 1,112,000 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 26.87 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Price | $ 26.87 | $ 26.87 |
Short-Term Borrowings (Details
Short-Term Borrowings (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 23.5 |
Long-term Line of Credit | $ 22.8 |
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.75 |
Line of Credit [Member] | |
Short-term Debt [Line Items] | |
Debt Instrument, Interest Rate at Period End | 1.30% |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $ 60 |
Line of Credit Facility, Expiration Date | Nov. 4, 2016 |
Contingent Consideration (Detai
Contingent Consideration (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition, Contingent Consideration [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration was comprised of two contingent payments that the Company was obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration was formula-driven and was based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. | |||
Payment Of Contingent Consideration | $ 5,217 | $ 1,270 | $ 5,217 | $ 0 |
Financial Instruments (Details
Financial Instruments (Details Textual) - Sep. 30, 2016 CAD in Millions, AUD in Millions, $ in Millions | USD ($) | CAD | AUD |
Forward Exchange Contracts, Australian [Member] | |||
Financial Instruments [Line Items] | |||
Forward Exchange Contracts Outstanding | $ 5.2 | AUD 6.8 | |
Forward Exchange Contracts, Canadian [Member] | |||
Financial Instruments [Line Items] | |||
Forward Exchange Contracts Outstanding | $ 1.2 | CAD 1.5 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net earnings | $ 4,701 | $ 5,377 | $ 8,411 | $ 11,054 |
Foreign currency translation adjustments | 261 | (1,609) | 1,222 | (3,109) |
Pension liability, net of tax of $163, $174, $490 and $520, respectively | 256 | 272 | 767 | 815 |
Total comprehensive income | $ 5,218 | $ 4,040 | $ 10,400 | $ 8,760 |
Comprehensive Income (Details 1
Comprehensive Income (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Foreign currency translation adjustments | $ (4,721) | $ (5,691) |
Pension liability, net of tax | (12,009) | (12,776) |
Total accumulated other comprehensive loss | $ (16,730) | $ (18,467) |
Comprehensive Income (Details 2
Comprehensive Income (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustments, Beginning balance | $ (5,691) | |||
Foreign Currency Translation Adjustments, Other comprehensive income before reclassifications | 970 | |||
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Foreign Currency Translation Adjustments, Net current period other comprehensive income | 970 | |||
Foreign Currency Translation Adjustments, Ending balance | $ (4,721) | (4,721) | ||
Defined Benefit Pension Items, Beginning balance | (12,776) | |||
Defined Benefit Pension Items, Other comprehensive income before reclassifications | 0 | |||
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 256 | $ 272 | 767 | $ 815 |
Defined Benefit Pension Items, Net current period other comprehensive income | 767 | |||
Defined Benefit Pension Items, Ending balance | (12,009) | (12,009) | ||
Beginning balance | (18,467) | |||
Other comprehensive income before reclassifications | 970 | |||
Amounts reclassified from accumulated other comprehensive loss | 767 | |||
Net current period other comprehensive income | 1,737 | |||
Ending balance | $ (16,730) | $ (16,730) |
Comprehensive Income (Details 3
Comprehensive Income (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Amortization of defined benefit pension items | |||||
Prior service cost | [1] | $ (84) | |||
Actuarial losses | [1] | 1,341 | |||
Total before tax | 1,257 | ||||
Tax benefit | (490) | ||||
Net of tax | $ 256 | $ 272 | $ 767 | $ 815 | |
[1] | These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Comprehensive Income (Details T
Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 163 | $ 174 | $ 490 | $ 520 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | $ 204,729 | |||
Net earnings | $ 4,701 | $ 5,377 | 8,411 | $ 11,054 |
Foreign currency translation adjustments | 261 | $ (1,609) | 1,222 | $ (3,109) |
Pension liability adjustment, net of tax | 767 | |||
Balance, September 30, 2016 | 200,732 | 200,732 | ||
Common Stock [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | 10,767 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Stock options exercised | 25 | |||
Issuance of restricted stock | 27 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | (352) | |||
Balance, September 30, 2016 | 10,467 | 10,467 | ||
Capital in Excess of Par Value [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | 45,759 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Stock options exercised | 560 | |||
Issuance of restricted stock | (27) | |||
Stock-based compensation expense | 1,121 | |||
Income tax benefit from stock options exercised | 3 | |||
Shares purchased and retired | 0 | |||
Balance, September 30, 2016 | 47,416 | 47,416 | ||
Reinvested Earnings [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | 160,325 | |||
Net earnings | 8,287 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | (6,568) | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Stock options exercised | 0 | |||
Issuance of restricted stock | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | (9,016) | |||
Balance, September 30, 2016 | 153,028 | 153,028 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | (18,467) | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 970 | |||
Pension liability adjustment, net of tax | 767 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Stock options exercised | 0 | |||
Issuance of restricted stock | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | 0 | |||
Balance, September 30, 2016 | (16,730) | (16,730) | ||
Noncontrolling Interest [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2015 | 6,345 | |||
Net earnings | 124 | |||
Foreign currency translation adjustments | 252 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | (170) | |||
Stock options exercised | 0 | |||
Issuance of restricted stock | 0 | |||
Stock-based compensation expense | 0 | |||
Income tax benefit from stock options exercised | 0 | |||
Shares purchased and retired | 0 | |||
Balance, September 30, 2016 | $ 6,551 | $ 6,551 |