Weyco (WEYS) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-09068
Entity Registrant Name	WEYCO GROUP INC
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		9,713,659
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 22,755	$ 32,476
Investments, at fair value	30,087	0
Marketable securities, at amortized cost	1,493	2,215
Accounts receivable, net	36,892	34,631
Income tax receivable	876	1,374
Inventories	33,571	59,025
Prepaid expenses and other current assets	4,431	4,610
Total current assets	130,105	134,331
Marketable securities, at amortized cost	10,912	12,800
Deferred income tax benefits	1,202	1,235
Property, plant and equipment, net	29,984	30,759
Operating lease right-of-use assets	8,698	9,613
Goodwill	12,219	11,112
Trademarks	34,768	32,868
Other assets	24,326	24,001
Total assets	252,214	256,719
LIABILITIES AND EQUITY:
Accounts payable	4,936	8,444
Operating lease liabilities	2,857	4,245
Accrued liabilities	11,294	11,656
Total current liabilities	19,087	24,345
Deferred income tax liabilities	2,899	2,914
Long-term pension liability	32,849	33,534
Operating lease liabilities	7,662	7,734
Other long-term liabilities	1,582	267
Total liabilities	64,079	68,794
Common stock	9,714	9,797
Capital in excess of par value	68,050	67,178
Reinvested earnings	137,978	138,955
Accumulated other comprehensive loss	(27,607)	(28,005)
Total equity	188,135	187,925
Total liabilities and equity	$ 252,214	$ 256,719

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
Net sales	$ 57,564	$ 16,646	$ 104,464	$ 80,230
Cost of sales	34,894	9,155	62,489	49,562
Gross earnings	22,670	7,491	41,975	30,668
Selling and administrative expenses	18,128	20,504	35,799	42,340
Earnings (loss) from operations	4,542	(13,013)	6,176	(11,672)
Interest income	188	138	319	287
Interest expense	(74)	(2)	(81)	(53)
Other income (expense), net	189	(252)	327	155
Earnings (loss) before provision (benefit) for income taxes	4,845	(13,129)	6,741	(11,283)
Provision (benefit) for income taxes	1,025	(4,246)	1,596	(3,562)
Net earnings (loss)	$ 3,820	$ (8,883)	$ 5,145	$ (7,721)
Basic weighted average shares outstanding (in shares)	9,654	9,745	9,667	9,763
Diluted weighted average shares outstanding (in shares)	9,686	9,745	9,686	9,763
Basic earnings (loss) per share (in dollars per share)	$ 0.39	$ (0.91)	$ 0.53	$ (0.79)
Diluted earnings (loss) per share (in dollars per share)	0.39	(0.91)	0.53	(0.79)
Cash dividends declared (per share)	$ 0.24	$ 0.24	$ 0.48	$ 0.48
Comprehensive income (loss)	$ 4,178	$ (7,149)	$ 5,543	$ (8,407)

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)	$ 5,145	$ (7,721)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities -
Depreciation	1,246	1,493
Amortization	115	151
Bad debt expense	48	3,615
Deferred income taxes	(112)	281
Net foreign currency transaction (gains) losses	(127)	3
Share-based compensation expense	872	701
Pension expense	0	230
Increase in cash surrender value of life insurance	(189)	(115)
Changes in operating assets and liabilities, net of effects from acquisition -
Accounts receivable	(2,203)	21,200
Inventories	26,240	5,248
Prepaid expenses and other assets	49	2,770
Accounts payable	(3,527)	(7,347)
Accrued liabilities and other	(955)	(3,802)
Accrued income taxes	501	(4,063)
Net cash provided by operating activities	27,103	12,644
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business	(2,612)	0
Proceeds from maturities of marketable securities	2,595	6,010
Purchases of investment securities	(30,087)	0
Life insurance premiums paid	(111)	(155)
Purchases of property, plant and equipment	(404)	(2,695)
Net cash (used for) provided by investing activities	(30,619)	3,160
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(4,602)	(7,033)
Shares purchased and retired	(1,535)	(1,304)
Proceeds from bank borrowings	0	11,883
Repayments of bank borrowings	0	(18,932)
Net cash used for financing activities	(6,137)	(15,386)
Effect of exchange rate changes on cash and cash equivalents	(68)	(43)
Net (decrease) increase in cash and cash equivalents	(9,721)	375
CASH AND CASH EQUIVALENTS at beginning of period	32,476	9,799
CASH AND CASH EQUIVALENTS at end of period	22,755	10,174
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	1,250	572
Interest paid	$ 81	$ 53

Financial Statements

Financial Statements	6 Months Ended
	Jun. 30, 2021
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 and six months ended June 30, 2021, 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 that impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

Forsake Acquisition

Forsake Acquisition	6 Months Ended
	Jun. 30, 2021
Forsake Acquisition
Forsake Acquisition	2. Forsake Acquisition On June 7, 2021, the Company acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (“Forsake”), a distributor of outdoor footwear, under the brand name “Forsake.” The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $ 2.6 million, plus contingent payments to be paid annually over a period of five years , depending on Forsake achieving certain performance measures. The Company’s estimate of the discounted fair value of the contingent payments is approximately $ 1.4 million in total. The $ 2.6 million purchase price, which was funded with the Company’s available cash , is subject to working capital adjustments through October 5, 2021. Working capital adjustments, principally related to the collectability of accounts receivable, are not expected to be material. The establishment of the contingent consideration liability as of the acquisition date is considered a non-cash investing activity. Transaction costs incurred in connection with the acquisition were not material to the Company's financial statements. The Company recorded its preliminary purchase price allocation during the second quarter of 2021 based upon its estimates of the fair value of the acquired assets and assumed liabilities at that time. The fair values assigned to the assets acquired and liabilities assumed as of the acquisition date are as follows: ​ ​ ​ ​ ​ Accounts receivable, net $ 157 Inventories ​ 755 Prepaid expenses and other current assets ​ ​ 68 Property, plant and equipment, net ​ 17 Goodwill ​ 1,107 Trademark ​ 1,900 Accrued liabilities ​ (35) ​ ​ $ 3,969 ​ The Company recorded $ 3.0 million of intangible assets, including $ 1.1 million of goodwill, which has been allocated to the wholesale and retail segments, as of the acquisition date. Goodwill reflects the excess purchase price over the fair value of net assets. All of this goodwill is deductible for tax purposes. Fair value of the trademark was determined using a discounted cash flow methodology. The trademark will not be amortized, but instead tested for impairment on an annual basis. The fair values above are preliminary for up to one year from the date of acquisition as they are subject to measurement period adjustments as new information is obtained about facts and circumstances that existed as of the acquisition date. The Company does not expect any material changes to the preliminary purchase price allocation summarized above, although it can make no assurances. The accompanying consolidated condensed financial statements include the results of Forsake from the date of acquisition through June 30, 2021, although such results were not material for the quarter. Pro forma financial information is not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
New Accounting Pronouncements
New Accounting Pronouncements	3. New Accounting Pronouncements Recently Adopted On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12 Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Earnings Per Share	4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ Net earnings (loss) ​ $ 3,820 ​ $ (8,883) ​ $ 5,145 ​ $ (7,721) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 9,654 ​ 9,745 ​ 9,667 ​ 9,763 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Employee share-based awards ​ 32 ​ — ​ 19 ​ — Diluted weighted average shares outstanding ​ 9,686 ​ 9,745 ​ 9,686 ​ 9,763 ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 0.39 ​ $ (0.91) ​ $ 0.53 ​ $ (0.79) ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share ​ $ 0.39 ​ $ (0.91) ​ $ 0.53 ​ $ (0.79) ​ Diluted weighted average shares outstanding for the three months ended June 30, 2021, excluded anti-dilutive share-based awards totaling 937,000 shares of common stock at a weighted average price of $26.83. Diluted weighted average shares outstanding for the six months ended June 30, 2021, excluded anti-dilutive share-based awards totaling 1,048,000 shares of common stock at a weighted average price of $25.85. The three and six months ended June 30, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. Diluted weighted average shares outstanding for the three and six months ended June 30, 2020, excluded anti-dilutive share-based awards totaling 1.2 million shares of common stock at a weighted average price of $26.74.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments
Investments	5. Investments Investments, at fair value During the first six months of 2021, the Company invested $30.1 million of cash in highly liquid fixed income funds. The Company classifies these investments as trading securities and reports them at fair value. There were no significant unrealized gains or losses on these investments in the first half of 2021. 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 ASC 820. Marketable securities, at amortized cost The Company also invests in marketable securities. As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC Topic 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 June 30, 2021, and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Market ​ Amortized ​ Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 1,493 ​ $ 1,505 ​ $ 2,215 ​ $ 2,249 Due from one through five years ​ 6,666 ​ 7,003 ​ 7,420 ​ 7,830 Due from six through ten years ​ 2,635 ​ 3,106 ​ 3,057 ​ 3,608 Due from eleven through twenty years ​ 1,611 ​ 1,764 ​ 2,323 ​ 2,547 Total ​ $ 12,405 ​ $ 13,378 ​ $ 15,015 ​ $ 16,234 ​ The unrealized gains and losses on marketable securities at June 30, 2021, and at December 31, 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 973 ​ $ — ​ $ 1,219 ​ $ — ​ The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Intangible Assets
Intangible Assets	6. Intangible Assets ​ The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,219 ​ $ 11,112 Trademarks ​ 34,768 ​ 32,868 Total ​ $ 46,987 ​ $ 43,980 ​ The additional goodwill and trademarks in 2021 resulted from the Forsake acquisition. Goodwill resulting from the Forsake acquisition has been allocated to the Company’s wholesale and retail segments as of the acquisition date. Changes in the carrying amount of the Company’s goodwill by reportable segment for the six months ended June 30, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale Retail Total ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 11,112 ​ $ — ​ $ 11,112 Acquisition of business ​ 332 ​ 775 ​ 1,107 Balance, June 30, 2021 ​ $ 11,444 ​ $ 775 ​ $ 12,219 ​ The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ 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 ​ $ (2,411) ​ $ 1,089 ​ $ 3,500 ​ $ (2,294) ​ $ 1,206 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,411) ​ $ 1,089 ​ $ 3,500 ​ $ (2,294) ​ $ 1,206 ​ Amortization expense related to the intangible assets was approximately $60,000 in both the second quarters of 2021 and 2020. For both the six months ended June 30, 2021 and 2020, amortization expense related to the intangible assets was approximately $120,000.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Information
Segment Information	7. Segment Information The Company has two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). The Company’s Chief Executive Officer evaluates the performance of the Company’s segments based on earnings (loss) 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. Summarized segment data for the three and six months ended June 30, 2021 and 2020, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2021 ​ ​ ​ ​ ​ Product sales ​ $ 41,558 ​ $ 6,202 ​ $ 9,453 ​ $ 57,213 Licensing revenues ​ 351 ​ — ​ — ​ 351 Net sales ​ $ 41,909 ​ $ 6,202 ​ $ 9,453 ​ $ 57,564 Earnings from operations ​ $ 2,655 ​ $ 1,169 ​ $ 718 ​ $ 4,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 9,177 ​ $ 3,640 ​ $ 3,688 ​ $ 16,505 Licensing revenues ​ 141 ​ — ​ — ​ 141 Net sales ​ $ 9,318 ​ $ 3,640 ​ $ 3,688 ​ $ 16,646 Earnings (loss) from operations ​ $ (10,176) ​ $ (856) ​ $ (1,981) ​ $ (13,013) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2021 ​ ​ ​ ​ Product sales ​ $ 74,594 ​ $ 11,820 ​ $ 17,357 ​ $ 103,771 Licensing revenues ​ 693 ​ — ​ — ​ 693 Net sales ​ $ 75,287 ​ $ 11,820 ​ $ 17,357 ​ $ 104,464 Earnings from operations ​ $ 4,014 ​ $ 1,925 ​ $ 237 ​ $ 6,176 ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Product sales ​ $ 61,405 ​ $ 8,401 ​ $ 9,822 ​ $ 79,628 Licensing revenues ​ 602 ​ — ​ — ​ 602 Net sales ​ $ 62,007 ​ $ 8,401 ​ $ 9,822 ​ $ 80,230 Earnings (loss) from operations ​ $ (7,416) ​ $ (945) ​ $ (3,311) ​ $ (11,672) ​

Employee Retirement Plans

Employee Retirement Plans	6 Months Ended
	Jun. 30, 2021
Employee Retirement Plans
Employee Retirement Plans	8. Employee Retirement Plans The components of the Company’s pension expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ Service cost ​ $ 102 ​ $ 115 ​ $ 204 ​ $ 230 Interest cost ​ 371 ​ 506 ​ 742 ​ 1,006 Expected return on plan assets ​ (720) ​ (698) ​ (1,440) ​ (1,388) Net amortization and deferral ​ 247 ​ ​ 196 ​ 494 ​ 382 Pension expense ​ $ — ​ $ 119 ​ $ — ​ $ 230 ​ The components of pension expense other than the service cost component were included in other income (expense), net in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited).

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases
Leases	9. Leases The Company leases retail shoe stores, as well as several offices and distribution facilities worldwide. The leases have original lease periods expiring between the remainder of 2021 and 2027. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of the Company’s operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Operating lease costs $ 1,232 ​ $ 1,693 $ 2,566 ​ $ 3,575 Variable lease costs (1) ​ ​ 37 ​ ​ 2 ​ ​ 57 ​ ​ 12 Total lease costs $ 1,269 ​ $ 1,695 $ 2,623 ​ $ 3,587 (1) Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of June 30, 2021: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2021, excluding the six months ended June 30, 2021 $ 2,014 2022 3,450 2023 2,434 2024 1,655 2025 990 Thereafter 676 Total lease payments 11,219 Less imputed interest (700) Present value of lease liabilities ​ 10,519 ​ The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 2,857 ​ $ 4,245 Operating lease liabilities - non-current ​ ​ 7,662 ​ ​ 7,734 Total ​ $ 10,519 ​ $ 11,979 ​ The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of June 30, 2021, the Company’s leases have a weighted-average remaining lease term of 2.96 years. Supplemental cash flow information related to the Company’s operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ (Dollars in thousands) ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,218 ​ $ 1,262 ​ $ 2,605 ​ $ 3,240 ​ Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ — ​ $ 2,022 ​ $ 144 ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	10. Income Taxes ​ The Company’s provision for income taxes and effective tax rates for the three months and six months ended June 30, 2021 and 2020 are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ (Dollars in thousands) ​ Earnings (loss) before provision (benefit) for income taxes ​ $ 4,845 ​ $ (13,129) ​ $ 6,741 ​ $ (11,283) ​ Provision (benefit) for income taxes ​ $ 1,025 ​ $ (4,246) ​ $ 1,596 ​ $ (3,562) ​ Effective tax rate ​ ​ 21.2 % ​ 32.3 % ​ 23.7 % ​ 31.6 % ​ The effective tax rate for the first six months of 2021 differed from the federal rate of 21% because of state taxes, the benefit of tax-free municipal bond income, and the utilization of net operating loss (NOL) carryforwards at Florsheim Australia. ​ Last year’s effective tax rates were higher because the Company did not record income tax benefits on foreign subsidiary losses, and, in the U.S. the Company had the ability to carry back current year losses to a tax year when the U.S. federal statutory tax rate was 35%, which was permitted under the U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation Plans
Share-Based Compensation Plans	11. Share-Based Compensation Plans During the three and six months ended June 30, 2021, the Company recognized $327,000 and $872,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2020. During the three and six months ended June 30, 2020, the Company recognized $350,000 and $701,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2016 through 2019. During the first quarter of 2021, the Company’s Board of Directors approved extending the expiration date of stock options granted in years 2015 and 2016. The original expiration date of the stock options granted in 2015 was August 25, 2021, and was extended by two years to August 25, 2023. The original expiration date of the stock options granted in 2016 was August 25, 2022, and was extended by one year to August 25, 2023. The Company recorded an additional $232,000 of compensation expense in the first quarter due to the exercise periods of these options being extended. The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2020 1,125,383 ​ $ 25.62 ​ Granted — ​ $ — ​ Exercised — ​ $ — ​ Forfeited or expired (19,780) ​ $ 23.15 ​ Outstanding at June 30, 2021 1,105,603 ​ $ 25.67 4.9 ​ $ 788,000 Exercisable at June 30, 2021 644,862 ​ $ 26.74 2.6 ​ $ 11,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on June 30, 2021 of $22.37 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ Aggregate ​ ​ Restricted ​ Grant Date ​ Contractual ​ Intrinsic ​ Stock Fair Value Term (Years) Value* Non-vested at December 31, 2020 72,490 ​ $ 23.77 ​ Issued — ​ ​ — ​ Vested (1,350) ​ 24.46 ​ Forfeited — ​ — ​ Non-vested at June 30, 2021 71,140 ​ $ 23.76 2.2 ​ $ 1,591,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on June 30, 2021 of $22.37 multiplied by the number of non-vested restricted shares outstanding.

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	Jun. 30, 2021
Short-Term Borrowings
Short-Term Borrowings	12. Short-Term Borrowings At June 30, 2021, the Company had a $30 million revolving line of credit with a bank that is secured by a lien against the Company’s general corporate assets. The line of credit bears interest at LIBOR plus 1.35% and expires on November 4, 2021. The related credit agreement contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At June 30, 2021, there were no amounts outstanding on the Company’s line of credit. There were also no amounts outstanding on the line of credit during the six-month period ended June 30, 2021.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Financial Instruments
Financial Instruments	13. Financial Instruments At June 30, 2021, the Company had foreign exchange contracts outstanding to sell $5.0 million Canadian dollars at a price of approximately $4.0 million U.S. dollars. These contracts expire in 2021. There were no significant unrealized gains or losses on the Canadian foreign exchange contracts in the first six months of 2021. At June 30, 2021, the Company’s wholly owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $4.0 million U.S. dollars at a price of approximately $5.1 million Australian dollars. These contracts expire in the next twelve months. The Company recorded unrealized gains of $141,000 on Australian foreign exchange contracts in the first six months of 2021. 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 (Loss)

Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Comprehensive Income (Loss)
Comprehensive Income (Loss)	14. Comprehensive Income (Loss) Comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Net earnings (loss) ​ $ 3,820 ​ $ (8,883) ​ $ 5,145 ​ $ (7,721) Foreign currency translation adjustments ​ 176 ​ 1,590 ​ 33 ​ (968) Pension liability, net of tax of $65, $52, $129, and $100, respectively ​ 182 ​ 144 ​ 365 ​ 282 Total comprehensive income (loss) ​ $ 4,178 ​ $ (7,149) ​ $ 5,543 ​ $ (8,407) ​ The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (6,017) ​ $ (6,050) Pension liability, net of tax ​ (21,590) ​ (21,955) Total accumulated other comprehensive loss ​ $ (27,607) ​ $ (28,005) ​ The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Defined ​ ​ ​ ​ Currency Benefit ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive income before reclassifications ​ 33 ​ — ​ 33 Amounts reclassified from accumulated other comprehensive loss ​ — ​ 365 ​ 365 Net current period other comprehensive income ​ 33 ​ 365 ​ 398 Ending balance, June 30, 2021 ​ $ (6,017) ​ $ (21,590) ​ $ (27,607) ​ The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified from ​ ​ ​ ​ accumulated other ​ ​ ​ ​ comprehensive loss for ​ Affected line item in the ​ ​ the six months ended ​ statement where net income is ​ June 30, 2021 presented Amortization of defined benefit pension items ​ Prior service cost ​ $ (31) (1) Other income (expense), net Actuarial losses ​ 525 (1) Other income (expense), net Total before tax ​ 494 ​ Tax benefit ​ (129) ​ Net of tax ​ $ 365 ​ (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity
Equity	15. Equity The following table reconciles the Company’s equity for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31,2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965) Net earnings ​ ​ — ​ ​ — ​ ​ 3,820 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 176 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 182 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,334) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 327 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (21) ​ ​ — ​ ​ (435) ​ ​ — Balance, June 30, 2021 ​ $ 9,714 ​ $ 68,050 ​ $ 137,978 ​ $ (27,607) ​ The following table reconciles the Company’s equity for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2019 ​ $ 9,873 ​ $ 65,832 ​ $ 158,825 ​ $ (24,536) Net earnings ​ — ​ — ​ 1,162 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (2,558) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 138 Cash dividends declared ​ — ​ — ​ (2,357) ​ — Share-based compensation expense ​ — ​ ​ 351 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (60) ​ ​ — ​ ​ (1,244) ​ ​ — Balance, March 31, 2020 ​ $ 9,813 ​ $ 66,183 ​ $ 156,386 ​ $ (26,956) Net earnings (loss) ​ ​ — ​ ​ — ​ ​ (8,883) ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,590 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 144 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,355) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 9,813 ​ $ 66,533 ​ $ 145,148 ​ $ (25,222) ​

Financial Statements (Policies)

Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2021
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 that impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

Forsake Acquisition (Tables)

Forsake Acquisition (Tables)	6 Months Ended
	Jun. 30, 2021
Forsake Acquisition
Summary of fair values assigned to the assets acquired and liabilities assumed as of the acquisition date	​ ​ ​ ​ ​ Accounts receivable, net $ 157 Inventories ​ 755 Prepaid expenses and other current assets ​ ​ 68 Property, plant and equipment, net ​ 17 Goodwill ​ 1,107 Trademark ​ 1,900 Accrued liabilities ​ (35) ​ ​ $ 3,969

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ Net earnings (loss) ​ $ 3,820 ​ $ (8,883) ​ $ 5,145 ​ $ (7,721) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding ​ 9,654 ​ 9,745 ​ 9,667 ​ 9,763 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Employee share-based awards ​ 32 ​ — ​ 19 ​ — Diluted weighted average shares outstanding ​ 9,686 ​ 9,745 ​ 9,686 ​ 9,763 ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per share ​ $ 0.39 ​ $ (0.91) ​ $ 0.53 ​ $ (0.79) ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share ​ $ 0.39 ​ $ (0.91) ​ $ 0.53 ​ $ (0.79)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments
Schedule of Marketable securities	Below is a summary of the amortized cost and estimated market values of the Company's marketable securities as of June 30, 2021, and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Amortized ​ Market ​ Amortized ​ Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 1,493 ​ $ 1,505 ​ $ 2,215 ​ $ 2,249 Due from one through five years ​ 6,666 ​ 7,003 ​ 7,420 ​ 7,830 Due from six through ten years ​ 2,635 ​ 3,106 ​ 3,057 ​ 3,608 Due from eleven through twenty years ​ 1,611 ​ 1,764 ​ 2,323 ​ 2,547 Total ​ $ 12,405 ​ $ 13,378 ​ $ 15,015 ​ $ 16,234
Schedule of Unrealized gains and losses	The unrealized gains and losses on marketable securities at June 30, 2021, and at December 31, 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 973 ​ $ — ​ $ 1,219 ​ $ — ​

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets
Schedule of indefinite-lived intangible assets	The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,219 ​ $ 11,112 Trademarks ​ 34,768 ​ 32,868 Total ​ $ 46,987 ​ $ 43,980
Schedule of intangible assets part of acquisition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale Retail Total ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 11,112 ​ $ — ​ $ 11,112 Acquisition of business ​ 332 ​ 775 ​ 1,107 Balance, June 30, 2021 ​ $ 11,444 ​ $ 775 ​ $ 12,219
Schedule of Company's amortizable intangible assets	The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ 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 ​ $ (2,411) ​ $ 1,089 ​ $ 3,500 ​ $ (2,294) ​ $ 1,206 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,411) ​ $ 1,089 ​ $ 3,500 ​ $ (2,294) ​ $ 1,206

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Information
Schedule of Segment Reporting Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2021 ​ ​ ​ ​ ​ Product sales ​ $ 41,558 ​ $ 6,202 ​ $ 9,453 ​ $ 57,213 Licensing revenues ​ 351 ​ — ​ — ​ 351 Net sales ​ $ 41,909 ​ $ 6,202 ​ $ 9,453 ​ $ 57,564 Earnings from operations ​ $ 2,655 ​ $ 1,169 ​ $ 718 ​ $ 4,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 9,177 ​ $ 3,640 ​ $ 3,688 ​ $ 16,505 Licensing revenues ​ 141 ​ — ​ — ​ 141 Net sales ​ $ 9,318 ​ $ 3,640 ​ $ 3,688 ​ $ 16,646 Earnings (loss) from operations ​ $ (10,176) ​ $ (856) ​ $ (1,981) ​ $ (13,013) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2021 ​ ​ ​ ​ Product sales ​ $ 74,594 ​ $ 11,820 ​ $ 17,357 ​ $ 103,771 Licensing revenues ​ 693 ​ — ​ — ​ 693 Net sales ​ $ 75,287 ​ $ 11,820 ​ $ 17,357 ​ $ 104,464 Earnings from operations ​ $ 4,014 ​ $ 1,925 ​ $ 237 ​ $ 6,176 ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ Product sales ​ $ 61,405 ​ $ 8,401 ​ $ 9,822 ​ $ 79,628 Licensing revenues ​ 602 ​ — ​ — ​ 602 Net sales ​ $ 62,007 ​ $ 8,401 ​ $ 9,822 ​ $ 80,230 Earnings (loss) from operations ​ $ (7,416) ​ $ (945) ​ $ (3,311) ​ $ (11,672)

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Employee Retirement Plans
Schedule of Company's net periodic pension cost	The components of the Company’s pension expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ Service cost ​ $ 102 ​ $ 115 ​ $ 204 ​ $ 230 Interest cost ​ 371 ​ 506 ​ 742 ​ 1,006 Expected return on plan assets ​ (720) ​ (698) ​ (1,440) ​ (1,388) Net amortization and deferral ​ 247 ​ ​ 196 ​ 494 ​ 382 Pension expense ​ $ — ​ $ 119 ​ $ — ​ $ 230

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Schedule of operating lease costs	The components of the Company’s operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Operating lease costs $ 1,232 ​ $ 1,693 $ 2,566 ​ $ 3,575 Variable lease costs (1) ​ ​ 37 ​ ​ 2 ​ ​ 57 ​ ​ 12 Total lease costs $ 1,269 ​ $ 1,695 $ 2,623 ​ $ 3,587 (1)
Schedule of maturities of operating lease liabilities	The following is a schedule of maturities of operating lease liabilities as of June 30, 2021: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2021, excluding the six months ended June 30, 2021 $ 2,014 2022 3,450 2023 2,434 2024 1,655 2025 990 Thereafter 676 Total lease payments 11,219 Less imputed interest (700) Present value of lease liabilities ​ 10,519 ​ The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 2,857 ​ $ 4,245 Operating lease liabilities - non-current ​ ​ 7,662 ​ ​ 7,734 Total ​ $ 10,519 ​ $ 11,979
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ (Dollars in thousands) ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,218 ​ $ 1,262 ​ $ 2,605 ​ $ 3,240 ​ Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ — ​ $ 2,022 ​ $ 144 ​

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Taxes
Schedule of effective tax rate	The Company’s provision for income taxes and effective tax rates for the three months and six months ended June 30, 2021 and 2020 are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ (Dollars in thousands) ​ Earnings (loss) before provision (benefit) for income taxes ​ $ 4,845 ​ $ (13,129) ​ $ 6,741 ​ $ (11,283) ​ Provision (benefit) for income taxes ​ $ 1,025 ​ $ (4,246) ​ $ 1,596 ​ $ (3,562) ​ Effective tax rate ​ ​ 21.2 % ​ 32.3 % ​ 23.7 % ​ 31.6 %

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation Plans
Schedule of Company's stock option activity	The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2020 1,125,383 ​ $ 25.62 ​ Granted — ​ $ — ​ Exercised — ​ $ — ​ Forfeited or expired (19,780) ​ $ 23.15 ​ Outstanding at June 30, 2021 1,105,603 ​ $ 25.67 4.9 ​ $ 788,000 Exercisable at June 30, 2021 644,862 ​ $ 26.74 2.6 ​ $ 11,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on June 30, 2021 of $22.37 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of Company's restricted stock award	The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ Aggregate ​ ​ Restricted ​ Grant Date ​ Contractual ​ Intrinsic ​ Stock Fair Value Term (Years) Value* Non-vested at December 31, 2020 72,490 ​ $ 23.77 ​ Issued — ​ ​ — ​ Vested (1,350) ​ 24.46 ​ Forfeited — ​ — ​ Non-vested at June 30, 2021 71,140 ​ $ 23.76 2.2 ​ $ 1,591,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on June 30, 2021 of $22.37 multiplied by the number of non-vested restricted shares outstanding.

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity
Schedule of comprehensive income (loss)	Comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Net earnings (loss) ​ $ 3,820 ​ $ (8,883) ​ $ 5,145 ​ $ (7,721) Foreign currency translation adjustments ​ 176 ​ 1,590 ​ 33 ​ (968) Pension liability, net of tax of $65, $52, $129, and $100, respectively ​ 182 ​ 144 ​ 365 ​ 282 Total comprehensive income (loss) ​ $ 4,178 ​ $ (7,149) ​ $ 5,543 ​ $ (8,407)
Schedule of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (6,017) ​ $ (6,050) Pension liability, net of tax ​ (21,590) ​ (21,955) Total accumulated other comprehensive loss ​ $ (27,607) ​ $ (28,005)
Schedule of changes in accumulated other comprehensive loss	The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Defined ​ ​ ​ ​ Currency Benefit ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive income before reclassifications ​ 33 ​ — ​ 33 Amounts reclassified from accumulated other comprehensive loss ​ — ​ 365 ​ 365 Net current period other comprehensive income ​ 33 ​ 365 ​ 398 Ending balance, June 30, 2021 ​ $ (6,017) ​ $ (21,590) ​ $ (27,607)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified from ​ ​ ​ ​ accumulated other ​ ​ ​ ​ comprehensive loss for ​ Affected line item in the ​ ​ the six months ended ​ statement where net income is ​ June 30, 2021 presented Amortization of defined benefit pension items ​ Prior service cost ​ $ (31) (1) Other income (expense), net Actuarial losses ​ 525 (1) Other income (expense), net Total before tax ​ 494 ​ Tax benefit ​ (129) ​ Net of tax ​ $ 365 ​ (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity
Schedule of reconciliation of company's equity	The following table reconciles the Company’s equity for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31,2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965) Net earnings ​ ​ — ​ ​ — ​ ​ 3,820 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 176 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 182 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,334) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 327 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (21) ​ ​ — ​ ​ (435) ​ ​ — Balance, June 30, 2021 ​ $ 9,714 ​ $ 68,050 ​ $ 137,978 ​ $ (27,607) ​ The following table reconciles the Company’s equity for the six months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2019 ​ $ 9,873 ​ $ 65,832 ​ $ 158,825 ​ $ (24,536) Net earnings ​ — ​ — ​ 1,162 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (2,558) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 138 Cash dividends declared ​ — ​ — ​ (2,357) ​ — Share-based compensation expense ​ — ​ ​ 351 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (60) ​ ​ — ​ ​ (1,244) ​ ​ — Balance, March 31, 2020 ​ $ 9,813 ​ $ 66,183 ​ $ 156,386 ​ $ (26,956) Net earnings (loss) ​ ​ — ​ ​ — ​ ​ (8,883) ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,590 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 144 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,355) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Balance, June 30, 2020 ​ $ 9,813 ​ $ 66,533 ​ $ 145,148 ​ $ (25,222)

Forsake Acquisition (Details)

Forsake Acquisition (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Impairment of Intangible Assets,	$ 3,000
Goodwill	1,100	$ 12,219	$ 11,112
Forsake
Business Acquisition [Line Items]
Aggregate purchase price	$ 2,600
Period for payments of contingent consideration	5 years
Preliminary estimate of the discounted fair value of the contingent payments	$ 1,400
Goodwill	$ 1,107

Forsake Acquisition - Accrued l

Forsake Acquisition - Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 07, 2021	Dec. 31, 2020
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Goodwill	$ 12,219	$ 1,100	$ 11,112
Forsake
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Accounts receivable, net		157
Inventories		755
Prepaid expenses and other current assets		68
Property, plant and equipment, net		17
Goodwill		1,107
Trademark		1,900
Accrued liabilities		(35)
Total		$ 3,969

Earnings Per Share - Earning pe

Earnings Per Share - Earning per share basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net earnings (loss)	$ 3,820	$ (8,883)	$ 5,145	$ (7,721)
Denominator:
Basic weighted average shares outstanding (in shares)	9,654	9,745	9,667	9,763
Effect of dilutive securities:
Employee share-based awards (in shares)	32	0	19	0
Diluted weighted average shares outstanding (in shares)	9,686	9,745	9,686	9,763
Basic earnings (loss) per share (in dollars per share)	$ 0.39	$ (0.91)	$ 0.53	$ (0.79)
Diluted earnings (loss) per share (in dollars per share)	$ 0.39	$ (0.91)	$ 0.53	$ (0.79)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	937,000	1,200,000	1,048,000	1,200,000
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 26.83	$ 26.74	$ 25.85	$ 26.74

Investments - Investments, at f

Investments - Investments, at fair value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Investments
Investment Owned, at Fair Value	$ 30,087	$ 0
Unrealized Gain (Loss) on Investments	$ 0

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 1,493	$ 2,215
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	1,493	2,215
Amortized Cost, Due from one through five years	6,666	7,420
Amortized Cost, Due from six through ten years	2,635	3,057
Amortized Cost, Due from eleven through twenty years	1,611	2,323
Amortized Cost, Total	12,405	15,015
Market Value, Current	1,505	2,249
Market Value, Due from one through five years	7,003	7,830
Market Value, Due from six through ten years	3,106	3,608
Market Value, Due from eleven through twenty years	1,764	2,547
Market Value, Total	$ 13,378	$ 16,234

Investments - Unrealized gains

Investments - Unrealized gains and losses (Details) - Municipal bonds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Unrealized Gains	$ 973	$ 1,219
Unrealized Losses	$ 0	$ 0

Intangible Assets - Company's i

Intangible Assets - Company's indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 07, 2021	Dec. 31, 2020
Indefinite-lived intangibles:
Goodwill	$ 12,219	$ 1,100	$ 11,112
Trademarks	34,768		32,868
Total	$ 46,987		$ 43,980

Intangible Assets - Company's g

Intangible Assets - Company's goodwill reportable segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Balance	$ 11,112
Acquisition of business	1,107
Balance	12,219
Wholesale
Balance	11,112
Acquisition of business	332
Balance	11,444
Retail
Balance	0
Acquisition of business	775
Balance	$ 775

Intangible Assets - Company's a

Intangible Assets - Company's amortizable intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Amortizable intangible assets:
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(2,411)	(2,294)
Net	$ 1,089	1,206
Customer relationships
Amortizable intangible assets:
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,411)	(2,294)
Net	$ 1,089	$ 1,206

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 07, 2021	Dec. 31, 2020
Intangible Assets
Amortization of Intangible Assets	$ 60,000	$ 60,000	$ 120,000	$ 120,000
Goodwill	$ 12,219,000		$ 12,219,000		$ 1,100,000	$ 11,112,000

Segment Information - Schedule

Segment Information - Schedule of segment data (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | segment			2
Net sales	$ 57,564	$ 16,646	$ 104,464	$ 80,230
Earnings (loss) from operations	4,542	(13,013)	6,176	(11,672)
Product sales
Segment Reporting Information [Line Items]
Net sales	57,213	16,505	103,771	79,628
Licensing revenues
Segment Reporting Information [Line Items]
Net sales	351	141	693	602
Wholesale
Segment Reporting Information [Line Items]
Net sales	41,909	9,318	75,287	62,007
Earnings (loss) from operations	2,655	(10,176)	4,014	(7,416)
Wholesale | Product sales
Segment Reporting Information [Line Items]
Net sales	41,558	9,177	74,594	61,405
Wholesale | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	351	141	693	602
Retail
Segment Reporting Information [Line Items]
Net sales	6,202	3,640	11,820	8,401
Earnings (loss) from operations	1,169	(856)	1,925	(945)
Retail | Product sales
Segment Reporting Information [Line Items]
Net sales	6,202	3,640	11,820	8,401
Retail | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Other Segment
Segment Reporting Information [Line Items]
Net sales	9,453	3,688	17,357	9,822
Earnings (loss) from operations	718	(1,981)	237	(3,311)
Other Segment | Product sales
Segment Reporting Information [Line Items]
Net sales	9,453	3,688	17,357	9,822
Other Segment | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Employee Retirement Plans - Sch

Employee Retirement Plans - Schedule of components of net periodic pension cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Retirement Plans
Service cost	$ 102	$ 115	$ 204	$ 230
Interest cost	371	506	742	1,006
Expected return on plan assets	(720)	(698)	(1,440)	(1,388)
Net amortization and deferral	247	196	494	382
Pension expense	$ 0	$ 119	$ 0	$ 230

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Operating lease costs	$ 1,232	$ 1,693	$ 2,566	$ 3,575
Variable lease costs	37	2	57	12
Total lease costs	$ 1,269	$ 1,695	$ 2,623	$ 3,587

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases
2021, excluding the six months ended June 30, 2021	$ 2,014
2022	3,450
2023	2,434
2024	1,655
2025	990
Thereafter	676
Total lease payments	11,219
Less imputed interest	(700)
Present value of lease liabilities	$ 10,519	$ 11,979

Leases - Operating lease liabil

Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases
Operating lease liabilities - current	$ 2,857	$ 4,245
Operating lease liabilities - non-current	7,662	7,734
Total	$ 10,519	$ 11,979

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 1,218	$ 1,262	$ 2,605	$ 3,240
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 0	$ 0	$ 2,022	$ 144

Leases - Additional information

Leases - Additional information (Details)	Jun. 30, 2021
Leases
Operating Lease, Weighted Average Discount Rate, Percent	4.25%
Operating Lease, Weighted Average Remaining Lease Term	2 years 11 months 15 days

Income Taxes - Schedule of effe

Income Taxes - Schedule of effective tax rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Earnings (loss) before provision (benefit) for income taxes	$ 4,845	$ (13,129)	$ 6,741	$ (11,283)
Provision (benefit) for income taxes	$ 1,025	$ (4,246)	$ 1,596	$ (3,562)
Effective tax rate	21.20%	32.30%	23.70%	31.60%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Income Taxes
Statutory federal tax rate	21.00%	35.00%

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Company's stock option activity (Details)	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair market value of options granted (in dollars per share)	$ 22.37
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at beginning of period | shares	1,125,383
Shares, Forfeited or expired | shares	(19,780)
Shares, Outstanding at end of period | shares	1,105,603
Shares, Exercisable at end of period | shares	644,862
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 25.62
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	23.15
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	25.67
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 26.74
Weighted Average Remaining Contractual Life (Years), Outstanding - March 31, 2020	4 years 10 months 24 days
Weighted Average Remaining Contractual Life (Years), Exercisable - March 31, 2021	2 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding at June 30, 2021 | $	$ 788,000
Aggregate Intrinsic Value, Exercisable at June 30, 2021 | $	$ 11,000

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Company's restricted stock award activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of Restricted Stock, Non-vested beginning of period | shares	72,490
Shares of Restricted Stock, Vested | shares	(1,350)
Shares of Restricted Stock, Non-vested end of period | shares	71,140
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share) | $ / shares	$ 23.77
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares	24.46
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share) | $ / shares	$ 23.76
Weighted Average Remaining Contractual Term (Years)	2 years 2 months 12 days
Aggregate Intrinsic Value | $	$ 1,591,000

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Additional information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 327,000	$ 350,000	$ 872,000	$ 701,000
Additional share based compensation expense			$ 232,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price	$ 22.37		$ 22.37
Incentive Plan 2015 [Member] | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Extension of expiration period of stock options			2 years
Incentive Plan 2016 [Member] | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Extension of expiration period of stock options			1 year

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - Revolving Credit Facility	6 Months Ended
	Jun. 30, 2021USD ($)
Short-term Debt [Line Items]
Line of Credit Facility, Amount, Total	$ 30,000,000
Line of Credit Facility, Expiration Date	Nov. 4, 2021
Line of credit current	$ 0
London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.35%

Financial Instruments (Details)

Financial Instruments (Details) - Jun. 30, 2021 $ in Millions, $ in Millions	CAD ($)	USD ($)	AUD ($)
Foreign Exchange Contracts, Canadian
Foreign exchange contracts outstanding	$ 5	$ 4,000,000
Unrealized gains based on quarter-end exchange rates		0
Foreign Exchange Contracts Australian
Foreign exchange contracts outstanding		4,000,000	$ 5.1
Unrealized gains based on quarter-end exchange rates		$ 141,000

Comprehensive Income (Loss) - C

Comprehensive Income (Loss) - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss)
Net earnings	$ 3,820	$ (8,883)	$ 5,145	$ (7,721)
Foreign currency translation adjustments	176	1,590	33	(968)
Pension liability, net of tax of $65, $52, $129, and $100, respectively	182	144	365	282
Total comprehensive income (loss)	$ 4,178	$ (7,149)	$ 5,543	$ (8,407)

Comprehensive Income (Loss) - A

Comprehensive Income (Loss) - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Comprehensive Income (Loss)
Foreign currency translation adjustments	$ (6,017)	$ (6,050)
Pension liability, net of tax	(21,590)	(21,955)
Total accumulated other comprehensive loss	$ (27,607)	$ (28,005)

Comprehensive Income (Loss) -_2

Comprehensive Income (Loss) - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss)
Foreign Currency Translation Adjustments, Beginning balance			$ (6,050)
Foreign Currency Translation Adjustments, Other comprehensive income before reclassifications			33
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss			0
Foreign Currency Translation Adjustments, Net current period other comprehensive income			33
Foreign Currency Translation Adjustments, Ending balance	$ (6,017)		(6,017)
Defined Benefit Pension Items, Beginning balance			(21,955)
Defined Benefit Pension Items, Other comprehensive income before reclassifications			0
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	182	$ 144	365	$ 282
Defined Benefit Pension Items, Net current period other comprehensive income			365
Defined Benefit Pension Items, Ending balance	(21,590)		(21,590)
Beginning balance			(28,005)
Other comprehensive income before reclassifications			33
Amounts reclassified from accumulated other comprehensive loss			365
Net current period other comprehensive income			398
Ending balance	$ (27,607)		$ (27,607)

Comprehensive Income (Loss) - R

Comprehensive Income (Loss) - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amortization of defined benefit pension items
Prior service cost			$ (31)
Actuarial losses			525
Total before tax			494
Tax benefit			(129)
Net of tax	$ 182	$ 144	$ 365	$ 282

Comprehensive Income (Loss) -_3

Comprehensive Income (Loss) - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 65	$ 52	$ 129	$ 100

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance		$ 187,925			$ 187,925
Net earnings (loss)	$ 3,820		$ (8,883)		5,145	$ (7,721)
Foreign currency translation adjustments	176		1,590		33	(968)
Pension liability adjustment, net of tax					365
Balance	188,135				188,135
Common Stock
Balance	9,735	9,797	9,813	$ 9,873	9,797	9,873
Net earnings (loss)	0	0	0	0
Foreign currency translation adjustments	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0
Cash dividends declared	0	0	0	0
Share-based compensation expense	0	0	0	0
Shares purchased and retired	(21)	(62)		(60)
Balance	9,714	9,735	9,813	9,813	9,714	9,813
Capital in Excess of Par Value
Balance	67,723	67,178	66,183	65,832	67,178	65,832
Net earnings (loss)	0	0	0	0
Foreign currency translation adjustments	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0
Cash dividends declared	0	0	0	0
Share-based compensation expense	327	545	350	351
Shares purchased and retired	0	0		0
Balance	68,050	67,723	66,533	66,183	68,050	66,533
Reinvested Earnings
Balance	136,927	138,955	156,386	158,825	138,955	158,825
Net earnings (loss)	3,820	1,325	(8,883)	1,162
Foreign currency translation adjustments	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0
Cash dividends declared	(2,334)	(2,336)	(2,355)	(2,357)
Share-based compensation expense	0	0	0	0
Shares purchased and retired	(435)	(1,017)		(1,244)
Balance	137,978	136,927	145,148	156,386	137,978	145,148
Accumulated Other Comprehensive Loss
Balance	(27,965)	(28,005)	(26,956)	(24,536)	(28,005)	(24,536)
Net earnings (loss)	0	0	0	0
Foreign currency translation adjustments	176	(143)	1,590	(2,558)
Pension liability adjustment, net of tax	182	183	144	138
Cash dividends declared	0	0	0	0
Share-based compensation expense	0	0	0	0
Shares purchased and retired	0	0		0
Balance	$ (27,607)	$ (27,965)	$ (25,222)	$ (26,956)	$ (27,607)	$ (25,222)