Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 24, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-09068 | |
Entity Registrant Name | WEYCO GROUP, INC. | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-0702200 | |
Entity Address, Address Line One | 333 W. Estabrook Boulevard | |
Entity Address, Address Line Two | P. O. Box 1188 | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53201 | |
City Area Code | 414 | |
Local Phone Number | 908-1600 | |
Title of 12(b) Security | Common Stock - $1.00 par value per share | |
Trading Symbol | WEYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,509,356 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000106532 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 22,565 | $ 16,876 |
Investments, at fair value | 108 | 107 |
Marketable securities, at amortized cost | 1,098 | 1,385 |
Accounts receivable, net | 52,791 | 53,298 |
Income tax receivable | 945 | |
Inventories | 106,677 | 127,976 |
Prepaid expenses and other current assets | 3,833 | 5,870 |
Total current assets | 187,072 | 206,457 |
Marketable securities, at amortized cost | 6,903 | 7,123 |
Deferred income tax benefits | 1,021 | 1,038 |
Property, plant and equipment, net | 28,794 | 28,812 |
Operating lease right-of-use assets | 14,032 | 13,428 |
Goodwill | 12,317 | 12,317 |
Trademarks | 33,618 | 33,618 |
Other assets | 23,952 | 23,827 |
Total assets | 307,709 | 326,620 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 20,640 | 31,136 |
Accounts payable | 6,540 | 14,946 |
Dividend payable | 2,290 | |
Operating lease liabilities | 4,270 | 4,026 |
Accrued liabilities | 11,751 | 15,137 |
Accrued income tax payable | 1,245 | |
Total current liabilities | 44,446 | 67,535 |
Deferred income tax liabilities | 8,524 | 8,530 |
Long-term pension liability | 15,651 | 15,523 |
Operating lease liabilities | 10,897 | 10,661 |
Other long-term liabilities | 523 | 466 |
Total liabilities | 80,041 | 102,715 |
Common stock | 9,523 | 9,584 |
Capital in excess of par value | 70,828 | 70,475 |
Reinvested earnings | 167,717 | 164,039 |
Accumulated other comprehensive loss | (20,400) | (20,193) |
Total equity | 227,668 | 223,905 |
Total liabilities and equity | $ 307,709 | $ 326,620 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME | ||
Net sales | $ 86,294 | $ 81,360 |
Cost of sales | 49,132 | 52,232 |
Gross earnings | 37,162 | 29,128 |
Selling and administrative expenses | 26,776 | 23,697 |
Earnings from operations | 10,386 | 5,431 |
Interest income | 139 | 91 |
Interest expense | (385) | (1) |
Other expense, net | (130) | (6) |
Earnings before provision for income taxes | 10,010 | 5,515 |
Provision for income taxes | 2,565 | 1,462 |
Net earnings | $ 7,445 | $ 4,053 |
Basic weighted average shares outstanding | 9,483 | 9,596 |
Diluted weighted average shares outstanding | 9,545 | 9,647 |
Basic earnings per share | $ 0.79 | $ 0.42 |
Diluted earnings per share | 0.78 | 0.42 |
Cash dividends declared (per share) | $ 0.24 | $ 0.24 |
Comprehensive income | $ 7,238 | $ 4,728 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 7,445 | $ 4,053 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 643 | 604 |
Amortization | 69 | 71 |
Bad debt (recovery) expense | (13) | 15 |
Deferred income taxes | (23) | (111) |
Net foreign currency transaction (gains) losses | (48) | 32 |
Share-based compensation expense | 338 | 350 |
Pension expense | 347 | |
Increase in cash surrender value of life insurance | (105) | (150) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 520 | 1,395 |
Inventories | 21,297 | 8,980 |
Prepaid expenses and other assets | 1,943 | 89 |
Accounts payable | (8,411) | (12,966) |
Accrued liabilities and other | (3,208) | (3,578) |
Accrued income taxes | 2,192 | 1,447 |
Net cash provided by operating activities | 22,986 | 231 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of marketable securities | 510 | 475 |
Proceeds from sale of investment securities | 8,050 | |
Purchases of property, plant and equipment | (659) | (352) |
Net cash (used for) provided by investing activities | (149) | 8,173 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (4,561) | (2,297) |
Shares purchased and retired | (1,540) | (1,797) |
Net proceeds from stock options exercised | 16 | 11 |
Payment of contingent consideration | (500) | |
Proceeds from bank borrowings | 29,018 | |
Repayments of bank borrowings | (39,514) | |
Net cash used for financing activities | (17,081) | (4,083) |
Effect of exchange rate changes on cash and cash equivalents | (67) | 118 |
Net increase in cash and cash equivalents | 5,689 | 4,439 |
CASH AND CASH EQUIVALENTS at beginning of period | 16,876 | 19,711 |
CASH AND CASH EQUIVALENTS at end of period | 22,565 | 24,150 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 205 | 75 |
Interest paid | $ 423 | $ 1 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2023 | |
Financial Statements | |
Financial Statements | 1. 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-month period ended March 31, 2023, may not necessarily be indicative of the results for the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
New Accounting Pronouncement
New Accounting Pronouncement | 3 Months Ended |
Mar. 31, 2023 | |
New Accounting Pronouncement | |
New Accounting Pronouncement | 2. New Accounting Pronouncement Recently Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share | |
Earnings Per Share | 3. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 7,445 $ 4,053 Denominator: Basic weighted average shares outstanding 9,483 9,596 Effect of dilutive securities: Employee share-based awards 62 51 Diluted weighted average shares outstanding 9,545 9,647 Basic earnings per share $ 0.79 $ 0.42 Diluted earnings per share $ 0.78 $ 0.42 Diluted weighted average shares outstanding for the three months ended March 31, 2023 excludes anti-dilutive stock options totaling 1,042,000 shares of common stock at a weighted average exercise price of $26.79. Diluted weighted average shares outstanding for the three months ended March 31, 2022 excludes anti-dilutive stock options totaling 928,000 shares of common stock at a weighted average exercise price of $27.24. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments | |
Investments | 4. Investments Investments, at fair value At both March 31, 2023 and December 31, 2022, we had $0.1 million of cash invested in highly liquid taxable bond funds. We classify these investments as trading securities and report them at fair value. There were no significant unrealized gains or losses on these investments in the first quarters of 2023 and 2022. The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a Level 1 valuation as defined by Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. Marketable securities, at amortized cost We also invest in marketable securities. As noted in our Annual Report on Form 10-K for the year ended December 31, 2022, all of our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of the Company's marketable securities as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 1,098 $ 1,098 $ 1,385 $ 1,381 Due from one through five years 3,757 3,758 3,977 3,950 Due from six through ten years 2,347 2,492 2,347 2,455 Due from eleven through twenty years 799 796 799 773 Total $ 8,001 $ 8,144 $ 8,508 $ 8,559 The unrealized gains and losses on marketable securities at March 31, 2023, and at December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 181 $ (38) $ 145 $ (94) The estimated market values provided are Level 2 valuations as defined by ASC 820. We reviewed our portfolio of investments as of March 31, 2023 and determined that no other-than-temporary market value impairment exists. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Intangible Assets | |
Intangible Assets | 5. Intangible Assets During the three months ended March 31, 2023, there were no changes in the carrying value of our indefinite-lived intangible assets (goodwill and trademarks). Our amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: March 31, 2023 December 31, 2022 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,819) $ 681 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,819) $ 681 $ 3,500 $ (2,761) $ 739 Amortization expense related to the intangible assets was $58,000 in both the first quarters of 2023 and 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Segment Information | 6. Segment Information We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our 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 table below includes our wholesale and retail operations in Australia, South Africa, and Asia Pacific, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three month periods ended March 31, 2023 and 2022, was as follows: Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 69,281 $ 8,930 $ 7,467 $ 85,678 Licensing revenues 616 — — 616 Net sales $ 69,897 $ 8,930 $ 7,467 $ 86,294 Earnings from operations $ 8,829 $ 1,282 $ 275 $ 10,386 2022 Product sales $ 66,668 $ 7,860 $ 6,400 $ 80,928 Licensing revenues 432 — — 432 Net sales $ 67,100 $ 7,860 $ 6,400 $ 81,360 Earnings (loss) from operations $ 4,846 $ 828 $ (243) $ 5,431 |
Employee Retirement Plans
Employee Retirement Plans | 3 Months Ended |
Mar. 31, 2023 | |
Employee Retirement Plans | |
Employee Retirement Plans | 7. Employee Retirement Plans The components of our pension expense were as follows: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Service cost $ 118 $ 112 Interest cost 672 432 Expected return on plan assets (577) (752) Net amortization and deferral 134 208 Pension expense $ 347 $ — The components of pension expense other than the service cost component were included in “other expense, net” in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Leases | 8. Leases We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2023 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of our operating lease costs were as follows: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 1,362 $ 1,264 Variable lease costs (1) 2 — Total lease costs $ 1,364 $ 1,264 (1) Short-term lease costs, which were excluded from the above table, are not material to our financial statements. The following is a schedule of maturities of operating lease liabilities as of March 31, 2023: Operating Leases (Dollars in thousands) 2023, excluding the quarter ended March 31, 2023 $ 3,697 2024 4,215 2025 3,213 2026 2,754 2027 1,628 Thereafter 1,084 Total lease payments 16,591 Less imputed interest (1,424) Present value of lease liabilities $ 15,167 The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: March 31, 2023 December 31, 2022 (Dollars in thousands) Operating lease liabilities - current $ 4,270 $ 4,026 Operating lease liabilities - non-current 10,897 10,661 Total $ 15,167 $ 14,687 We determined the present value of our lease liabilities using a weighted-average discount rate of 4.25%. As of March 31, 2023, our leases have a weighted-average remaining lease term of 3.9 years. Supplemental cash flow information related to our operating leases is as follows: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,286 $ 1,128 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 1,739 $ — |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes | |
Income Taxes | 9. Income Taxes The effective income tax rates for the three months ended March 31, 2023 and 2022 were 25.6% and 26.5%, respectively. The 2023 and 2022 effective tax rates differed from the federal rate of 21% primarily because of state taxes. The 2023 and 2022 effective tax rates differed from the federal rate of 21% primarily because of state and foreign taxes. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Plans | |
Share-Based Compensation Plans | 10. Share-Based Compensation Plans During the three months ended March 31, 2023, we recognized $338,000 of compensation expense associated with stock option and restricted stock awards granted in years 2018 through 2022. During the three months ended March 31, 2022, we recognized $350,000 of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021. The following table summarizes our stock option activity for the three-month period ended March 31, 2023: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2022 1,345,369 $ 25.83 Granted — — Exercised (2,100) 18.00 Forfeited or expired (1,020) 29.65 Outstanding at March 31, 2023 1,342,249 $ 25.84 5.0 $ 1,759,000 Exercisable at March 31, 2023 889,013 $ 26.37 3.4 $ 780,000 * The following table summarizes our restricted stock award activity for the three-month period ended March 31, 2023: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2022 71,808 $ 24.67 Issued — — Vested (150) 28.77 Forfeited - — Non-vested at March 31, 2023 71,658 $ 24.66 2.4 $ 1,813,000 *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our Company’s common stock on March 31, 2023 of $25.30 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Short-Term Borrowings | |
Short-Term Borrowings | 11. Short-Term Borrowings At March 31, 2023, we had a $50.0 million revolving line of credit with a bank that is secured by a lien against our general business assets, and expires on September 28, 2023. Outstanding advances on the line of credit bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 145 basis points. Our line of credit agreement contains representations, warranties and covenants (including a minimum tangible net worth financial covenant) that are customary for a facility of this type. At March 31, 2023, outstanding borrowings on the line of credit totaled approximately $20.6 million at an interest rate of 6.26%, and we were in compliance with all financial covenants. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments | |
Financial Instruments | 12. Financial Instruments At March 31, 2023, our wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $3.2 million U.S. dollars at a price of approximately $4.5 million Australian dollars. These contracts all expire in 2023. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. We determine 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 | 3 Months Ended |
Mar. 31, 2023 | |
Comprehensive Income | |
Comprehensive Income | 13. Comprehensive Income Comprehensive income for the three months ended March 31, 2023 and 2022, was as follows: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Net earnings $ 7,445 $ 4,053 Foreign currency translation adjustments (306) 521 Pension liability, net of tax of $35 and $54, respectively 99 154 Total comprehensive income $ 7,238 $ 4,728 The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (8,902) $ (8,596) Pension liability, net of tax (11,498) (11,597) Total accumulated other comprehensive loss $ (20,400) $ (20,193) The following tables show changes in accumulated other comprehensive loss during the three months ended March 31, 2023 and 2022: Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive loss before reclassifications (306) — (306) Amounts reclassified from accumulated other comprehensive loss — 99 99 Net current period other comprehensive (loss) income (306) 99 (207) Ending balance, March 31, 2023 $ (8,902) $ (11,498) $ (20,400) Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive income before reclassifications 521 — 521 Amounts reclassified from accumulated other comprehensive loss — 154 154 Net current period other comprehensive income 521 154 675 Ending balance, March 31, 2022 $ (6,262) $ (17,857) $ (24,119) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2023 and 2022: Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the three months ended statement where net income is March 31, 2023 March 31, 2022 presented Amortization of defined benefit pension items Prior service cost $ 5 $ 2 (1) Other expense, net Actuarial losses 129 206 (1) Other expense, net Total before tax 134 208 Tax benefit (35) (54) Net of tax $ 99 $ 154 (1) These amounts were included in pension expense. See Note 7 for additional details. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity | |
Equity | 14. Equity The following table reconciles our equity for the three months ended March 31, 2023: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2022 $ 9,584 $ 70,475 $ 164,039 $ (20,193) Net earnings — — 7,445 — Foreign currency translation adjustments — — — (306) Pension liability adjustment, net of tax — — — 99 Cash dividends declared — — (2,289) — Stock options exercised, net of shares withheld for employee taxes and strike price 1 15 — — Share-based compensation expense — 338 — — Shares purchased and retired (62) — (1,478) — Balance, March 31, 2023 $ 9,523 $ 70,828 $ 167,717 $ (20,400) The following table reconciles our equity for the three months ended March 31, 2022: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2021 $ 9,709 $ 68,718 $ 147,762 $ (24,794) Net earnings — — 4,053 — Foreign currency translation adjustments — — — 521 Pension liability adjustment, net of tax — — — 154 Cash dividends declared — — (2,316) — Stock options exercised, net of shares withheld for employee taxes and strike price — 8 — — Share-based compensation expense — 350 — — Shares purchased and retired (75) — (1,722) — Balance, March 31, 2022 $ 9,634 $ 69,076 $ 147,777 $ (24,119) |
Financial Statements (Policies)
Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Financial Statements | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
Recently Adopted | Recently Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended March 31, 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 7,445 $ 4,053 Denominator: Basic weighted average shares outstanding 9,483 9,596 Effect of dilutive securities: Employee share-based awards 62 51 Diluted weighted average shares outstanding 9,545 9,647 Basic earnings per share $ 0.79 $ 0.42 Diluted earnings per share $ 0.78 $ 0.42 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments | |
Schedule of marketable securities | March 31, 2023 December 31, 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 1,098 $ 1,098 $ 1,385 $ 1,381 Due from one through five years 3,757 3,758 3,977 3,950 Due from six through ten years 2,347 2,492 2,347 2,455 Due from eleven through twenty years 799 796 799 773 Total $ 8,001 $ 8,144 $ 8,508 $ 8,559 |
Schedule of unrealized gains on marketable securities | March 31, 2023 December 31, 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 181 $ (38) $ 145 $ (94) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Intangible Assets | |
Schedule of company's amortizable intangible assets | March 31, 2023 December 31, 2022 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,819) $ 681 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,819) $ 681 $ 3,500 $ (2,761) $ 739 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Information | |
Schedule of segment reporting information | Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 69,281 $ 8,930 $ 7,467 $ 85,678 Licensing revenues 616 — — 616 Net sales $ 69,897 $ 8,930 $ 7,467 $ 86,294 Earnings from operations $ 8,829 $ 1,282 $ 275 $ 10,386 2022 Product sales $ 66,668 $ 7,860 $ 6,400 $ 80,928 Licensing revenues 432 — — 432 Net sales $ 67,100 $ 7,860 $ 6,400 $ 81,360 Earnings (loss) from operations $ 4,846 $ 828 $ (243) $ 5,431 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Employee Retirement Plans | |
Schedule of company's pension expense | Three Months Ended March 31, 2023 2022 (Dollars in thousands) Service cost $ 118 $ 112 Interest cost 672 432 Expected return on plan assets (577) (752) Net amortization and deferral 134 208 Pension expense $ 347 $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Schedule of operating lease costs | Three Months Ended March 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 1,362 $ 1,264 Variable lease costs (1) 2 — Total lease costs $ 1,364 $ 1,264 (1) |
Schedule of maturities of operating lease liabilities | Operating Leases (Dollars in thousands) 2023, excluding the quarter ended March 31, 2023 $ 3,697 2024 4,215 2025 3,213 2026 2,754 2027 1,628 Thereafter 1,084 Total lease payments 16,591 Less imputed interest (1,424) Present value of lease liabilities $ 15,167 March 31, 2023 December 31, 2022 (Dollars in thousands) Operating lease liabilities - current $ 4,270 $ 4,026 Operating lease liabilities - non-current 10,897 10,661 Total $ 15,167 $ 14,687 |
Schedule of supplemental cash flow information | Three Months Ended March 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,286 $ 1,128 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 1,739 $ — |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Plans | |
Schedule of company's stock option activity | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2022 1,345,369 $ 25.83 Granted — — Exercised (2,100) 18.00 Forfeited or expired (1,020) 29.65 Outstanding at March 31, 2023 1,342,249 $ 25.84 5.0 $ 1,759,000 Exercisable at March 31, 2023 889,013 $ 26.37 3.4 $ 780,000 * |
Schedule of company's restricted stock award | Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2022 71,808 $ 24.67 Issued — — Vested (150) 28.77 Forfeited - — Non-vested at March 31, 2023 71,658 $ 24.66 2.4 $ 1,813,000 *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our Company’s common stock on March 31, 2023 of $25.30 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Comprehensive Income | |
Schedule of comprehensive income | Three Months Ended March 31, 2023 2022 (Dollars in thousands) Net earnings $ 7,445 $ 4,053 Foreign currency translation adjustments (306) 521 Pension liability, net of tax of $35 and $54, respectively 99 154 Total comprehensive income $ 7,238 $ 4,728 |
Schedule of accumulated other comprehensive loss | March 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (8,902) $ (8,596) Pension liability, net of tax (11,498) (11,597) Total accumulated other comprehensive loss $ (20,400) $ (20,193) |
Schedule of changes in accumulated other comprehensive loss | Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive loss before reclassifications (306) — (306) Amounts reclassified from accumulated other comprehensive loss — 99 99 Net current period other comprehensive (loss) income (306) 99 (207) Ending balance, March 31, 2023 $ (8,902) $ (11,498) $ (20,400) Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive income before reclassifications 521 — 521 Amounts reclassified from accumulated other comprehensive loss — 154 154 Net current period other comprehensive income 521 154 675 Ending balance, March 31, 2022 $ (6,262) $ (17,857) $ (24,119) |
Schedule of reclassification adjustments out of accumulated other comprehensive loss | Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the three months ended statement where net income is March 31, 2023 March 31, 2022 presented Amortization of defined benefit pension items Prior service cost $ 5 $ 2 (1) Other expense, net Actuarial losses 129 206 (1) Other expense, net Total before tax 134 208 Tax benefit (35) (54) Net of tax $ 99 $ 154 (1) These amounts were included in pension expense. See Note 7 for additional details. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity | |
Schedule of reconciliation of company's equity | The following table reconciles our equity for the three months ended March 31, 2023: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2022 $ 9,584 $ 70,475 $ 164,039 $ (20,193) Net earnings — — 7,445 — Foreign currency translation adjustments — — — (306) Pension liability adjustment, net of tax — — — 99 Cash dividends declared — — (2,289) — Stock options exercised, net of shares withheld for employee taxes and strike price 1 15 — — Share-based compensation expense — 338 — — Shares purchased and retired (62) — (1,478) — Balance, March 31, 2023 $ 9,523 $ 70,828 $ 167,717 $ (20,400) The following table reconciles our equity for the three months ended March 31, 2022: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2021 $ 9,709 $ 68,718 $ 147,762 $ (24,794) Net earnings — — 4,053 — Foreign currency translation adjustments — — — 521 Pension liability adjustment, net of tax — — — 154 Cash dividends declared — — (2,316) — Stock options exercised, net of shares withheld for employee taxes and strike price — 8 — — Share-based compensation expense — 350 — — Shares purchased and retired (75) — (1,722) — Balance, March 31, 2022 $ 9,634 $ 69,076 $ 147,777 $ (24,119) |
Earnings Per Share- Basic and d
Earnings Per Share- Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net earnings | $ 7,445 | $ 4,053 |
Denominator: | ||
Basic weighted average shares outstanding | 9,483 | 9,596 |
Effect of dilutive securities: | ||
Employee share-based awards | 62 | 51 |
Diluted weighted average shares outstanding | 9,545 | 9,647 |
Basic earnings per share | $ 0.79 | $ 0.42 |
Diluted earnings per share | $ 0.78 | $ 0.42 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share | ||
Diluted weighted average shares outstanding | 1,042,000 | 928,000 |
Weighted average price | $ 26.79 | $ 27.24 |
Investments - Investments, at f
Investments - Investments, at fair value (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investments | |||
Investments, at fair value | $ 108 | $ 107 | |
Unrealized gain losses on investments | $ 0 | $ 0 |
Investments - Marketable Securi
Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments | ||
Amortized Cost, Current | $ 1,098 | $ 1,385 |
Amortized Cost, Due from one through five years | 3,757 | 3,977 |
Amortized Cost, Due from six through ten years | 2,347 | 2,347 |
Amortized Cost, Due from eleven through twenty years | 799 | 799 |
Amortized Cost, Total | 8,001 | 8,508 |
Market Value, Current | 1,098 | 1,381 |
Market Value, Due from one through five years | 3,758 | 3,950 |
Market Value, Due from six through ten years | 2,492 | 2,455 |
Market Value, Due from eleven through twenty years | 796 | 773 |
Market Value, Total | $ 8,144 | $ 8,559 |
Investments - Unrealized gains
Investments - Unrealized gains and losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Investments | ||
Unrealized Gains | $ 181 | $ 145 |
Unrealized Losses | $ (38) | $ (94) |
Intangible Assets - Amortizable
Intangible Assets - Amortizable intangible assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Amortizable intangible assets | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (2,819) | (2,761) |
Net | $ 681 | 739 |
Customer relationships | ||
Amortizable intangible assets | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (2,819) | (2,761) |
Net | $ 681 | $ 739 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Intangible Assets | ||
indefinite-lived intangible assets | $ 0 | |
Amortization of intangible assets | $ 58,000 | $ 58,000 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Information | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
SEGMENT INFORMATION | ||
Net sales | $ 86,294 | $ 81,360 |
Earnings (loss) from operations | 10,386 | 5,431 |
Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 85,678 | 80,928 |
Licensing revenues | ||
SEGMENT INFORMATION | ||
Net sales | 616 | 432 |
Wholesale | ||
SEGMENT INFORMATION | ||
Net sales | 69,897 | 67,100 |
Earnings (loss) from operations | 8,829 | 4,846 |
Wholesale | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 69,281 | 66,668 |
Wholesale | Licensing revenues | ||
SEGMENT INFORMATION | ||
Net sales | 616 | 432 |
Retail | ||
SEGMENT INFORMATION | ||
Net sales | 8,930 | 7,860 |
Earnings (loss) from operations | 1,282 | 828 |
Retail | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 8,930 | 7,860 |
Other | ||
SEGMENT INFORMATION | ||
Net sales | 7,467 | 6,400 |
Earnings (loss) from operations | 275 | (243) |
Other | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | $ 7,467 | $ 6,400 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Retirement Plans | ||
Service cost | $ 118 | $ 112 |
Interest cost | 672 | 432 |
Expected return on plan assets | (577) | (752) |
Net amortization and deferral | 134 | 208 |
Pension expense | $ 347 | $ 0 |
Leases - Operating lease costs
Leases - Operating lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases | ||
Operating lease costs | $ 1,362 | $ 1,264 |
Variable lease costs | 2 | |
Total lease costs | $ 1,364 | $ 1,264 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2023, excluding the quarter ended March 31, 2023 | $ 3,697 | |
2024 | 4,215 | |
2025 | 3,213 | |
2026 | 2,754 | |
2027 | 1,628 | |
Thereafter | 1,084 | |
Total lease payments | 16,591 | |
Less imputed interest | (1,424) | |
Present value of lease liabilities | $ 15,167 | $ 14,687 |
Leases - Operating lease liabil
Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease liabilities - current | $ 4,270 | $ 4,026 |
Operating lease liabilities - non-current | 10,897 | 10,661 |
Total | $ 15,167 | $ 14,687 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2023 |
Leases | |
Weighted-average discount rate (percent) | 4.25% |
Weighted-average remaining lease term | 3 years 10 months 24 days |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,286 | $ 1,128 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 1,739 | $ 0 |
Income Taxes - Effective tax ra
Income Taxes - Effective tax rate (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes | ||
U.S. federal statutory income tax rate | 21% | 21% |
Effective tax rate | 25.60% | 26.50% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Company's stock option activity (Details) - Employee stock option | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Plans | |
Shares, Outstanding at beginning of period | shares | 1,345,369 |
Shares, Exercised | shares | (2,100) |
Shares, Forfeited or expired | shares | (1,020) |
Shares, Outstanding at end of period | shares | 1,342,249 |
Shares, Exercisable at end of period | shares | 889,013 |
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share) | $ 25.83 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 18 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 29.65 |
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share) | 25.84 |
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ 26.37 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 5 years |
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding | 3 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 1,759,000 |
Aggregate Intrinsic Value, Exercisable | $ | $ 780,000 |
Fair market value of options granted (in dollars per share) | $ 25.30 |
Share-Based Compensation Plans-
Share-Based Compensation Plans- Additional information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Plans | ||
Share-based compensation expense | $ 338,000 | $ 350,000 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Company's restricted stock award activities (Details) - Restricted stock | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Plans | |
Shares of Restricted Stock, Non-vested beginning of period | shares | 71,808 |
Shares of Restricted Stock, Vested | shares | (150) |
Shares of Restricted Stock, Non-vested end of period | shares | 71,658 |
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share) | $ 24.67 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 28.77 |
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share) | $ 24.66 |
Weighted Average Remaining Contractual Term (Years) | 2 years 4 months 24 days |
Fair market value of options granted (in dollars per share) | $ 25.30 |
Aggregate intrinsic value | $ | $ 1,813,000 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 28, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Short-Term Borrowings | |||
Short-term borrowings | $ 20,640 | $ 31,136 | |
Revolving credit facility | |||
Short-Term Borrowings | |||
Line of credit with a bank | 50,000 | ||
Revolving credit facility | |||
Short-Term Borrowings | |||
Line of credit facility, expiration date | Sep. 28, 2023 | ||
Short-term borrowings | $ 20,600 | ||
Interest rate (in percent) | 6.26% | ||
Revolving credit facility | Secured overnight financing rate (SOFR) | |||
Short-Term Borrowings | |||
Spread on variable rate | 1.45% |
Financial Instruments (Details)
Financial Instruments (Details) - Mar. 31, 2023 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Foreign exchange contracts Australian | ||
Foreign exchange contracts outstanding | $ 3.2 | $ 4.5 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive Income | ||
Net earnings | $ 7,445 | $ 4,053 |
Foreign currency translation adjustments | (306) | 521 |
Pension liability, net of tax of $57, $64, $171, and $193, respectively | 99 | 154 |
Total comprehensive income | 7,238 | 4,728 |
Pension liability, net of tax | $ 35 | $ 54 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Comprehensive Income | ||||
Foreign currency translation adjustments | $ (8,902) | $ (8,596) | $ (6,262) | $ (6,783) |
Pension liability, net of tax | (11,498) | (11,597) | (17,857) | (18,011) |
Total accumulated other comprehensive loss | $ (20,400) | $ (20,193) | $ (24,119) | $ (24,794) |
Comprehensive Income - Changes
Comprehensive Income - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive Income | ||
Foreign Currency Translation Adjustments, Beginning balance | $ (8,596) | $ (6,783) |
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications | (306) | 521 |
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | (306) | 521 |
Foreign Currency Translation Adjustments, Ending balance | (8,902) | (6,262) |
Defined Benefit Pension Items, Beginning balance | (11,597) | (18,011) |
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications | 0 | 0 |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 99 | 154 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 99 | 154 |
Defined Benefit Pension Items, Ending balance | (11,498) | (17,857) |
Beginning balance | (20,193) | (24,794) |
Other comprehensive income (loss) before reclassifications | (306) | 521 |
Amounts reclassified from accumulated other comprehensive loss | 99 | 154 |
Net current period other comprehensive (loss) income | (207) | 675 |
Ending balance | $ (20,400) | $ (24,119) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Amortization of defined benefit pension items | ||||
Prior service cost | [1] | $ 5 | $ 2 | |
Actuarial losses | [1] | 129 | 206 | |
Total before tax | 134 | 208 | ||
Tax benefit | (35) | [1] | (54) | |
Net of tax | $ 99 | $ 154 | ||
[1] These amounts were included in pension expense. See Note 7 for additional details. |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity | ||
Balance at beginning | $ 223,905 | |
Net earnings | 7,445 | $ 4,053 |
Foreign currency translation adjustments | (306) | 521 |
Pension liability adjustment, net of tax | 99 | 154 |
Balance at ending | 227,668 | |
Common stock | ||
Equity | ||
Balance at beginning | 9,584 | 9,709 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Stock options exercised, net of shares withheld for employee taxes and strike price | 1 | 0 |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (62) | (75) |
Balance at ending | 9,523 | 9,634 |
Capital in excess of par value | ||
Equity | ||
Balance at beginning | 70,475 | 68,718 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Stock options exercised, net of shares withheld for employee taxes and strike price | 15 | 8 |
Share-based compensation expense | 338 | 350 |
Shares purchased and retired | 0 | 0 |
Balance at ending | 70,828 | 69,076 |
Reinvested earnings | ||
Equity | ||
Balance at beginning | 164,039 | 147,762 |
Net earnings | 7,445 | 4,053 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | (2,289) | (2,316) |
Stock options exercised, net of shares withheld for employee taxes and strike price | 0 | 0 |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (1,478) | (1,722) |
Balance at ending | 167,717 | 147,777 |
Accumulated other comprehensive loss | ||
Equity | ||
Balance at beginning | (20,193) | (24,794) |
Net earnings | 0 | |
Foreign currency translation adjustments | (306) | 521 |
Pension liability adjustment, net of tax | (99) | (154) |
Cash dividends declared | 0 | |
Stock options exercised, net of shares withheld for employee taxes and strike price | 0 | |
Share-based compensation expense | 0 | |
Shares purchased and retired | 0 | |
Balance at ending | $ (20,400) | $ (24,119) |