Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'WEYCO GROUP INC | ' |
Entity Central Index Key | '0000106532 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'WEYS | ' |
Entity Common Stock, Shares Outstanding | ' | 10,838,791 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $9,750 | $17,288 |
Marketable securities, at amortized cost | 5,875 | 8,004 |
Accounts receivable, net | 62,189 | 49,048 |
Accrued income tax receivable | 0 | 1,136 |
Inventories | 52,612 | 65,366 |
Deferred income tax benefits | 316 | 649 |
Prepaid expenses and other current assets | 2,885 | 4,953 |
Total current assets | 133,627 | 146,444 |
Marketable securities, at amortized cost | 28,285 | 36,216 |
Deferred income tax benefits | 1,571 | 792 |
Property, plant and equipment, net | 35,579 | 37,218 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 20,973 | 18,791 |
Total assets | 265,895 | 285,321 |
LIABILITIES AND EQUITY: | ' | ' |
Short-term borrowings | 25,000 | 45,000 |
Accounts payable | 6,682 | 11,133 |
Accrued liabilities | 11,617 | 13,888 |
Accrued income tax payable | 434 | 0 |
Total current liabilities | 43,733 | 70,021 |
Long-term pension liability | 27,486 | 27,530 |
Other long-term liabilities | 6,792 | 6,381 |
Equity: | ' | ' |
Common stock | 10,837 | 10,831 |
Capital in excess of par value | 31,003 | 26,184 |
Reinvested earnings | 152,137 | 149,664 |
Accumulated other comprehensive loss | -12,695 | -12,514 |
Total Weyco Group, Inc. equity | 181,282 | 174,165 |
Noncontrolling interest | 6,602 | 7,224 |
Total equity | 187,884 | 181,389 |
Total liabilities and equity | $265,895 | $285,321 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $83,108 | $79,473 | $221,739 | $215,120 |
Cost of sales | 51,529 | 49,027 | 137,763 | 133,765 |
Gross earnings | 31,579 | 30,446 | 83,976 | 81,355 |
Selling and administrative expenses | 22,993 | 22,338 | 67,022 | 64,012 |
Earnings from operations | 8,586 | 8,108 | 16,954 | 17,343 |
Interest income | 346 | 438 | 1,144 | 1,404 |
Interest expense | -75 | -143 | -314 | -388 |
Other income and expense, net | -123 | 10 | -750 | -55 |
Earnings before provision for income taxes | 8,734 | 8,413 | 17,034 | 18,304 |
Provision for income taxes | 3,133 | 2,961 | 6,043 | 6,245 |
Net earnings | 5,601 | 5,452 | 10,991 | 12,059 |
Net earnings attributable to noncontrolling interest | 209 | 260 | 194 | 779 |
Net earnings attributable to Weyco Group, Inc. | 5,392 | 5,192 | 10,797 | 11,280 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 10,786 | 10,827 | 10,770 | 10,860 |
Diluted (in shares) | 10,873 | 10,911 | 10,840 | 10,974 |
Earnings per share | ' | ' | ' | ' |
Basic (in dollars per share) | $0.50 | $0.48 | $1 | $1.04 |
Diluted (in dollars per share) | $0.50 | $0.48 | $1 | $1.03 |
Cash dividends declared (per share) (in dollars per share) | $0.18 | $0.17 | $0.36 | $0.50 |
Comprehensive income | 6,340 | 6,058 | 10,204 | 13,036 |
Comprehensive income (loss) attributable to noncontrolling interest | 268 | 323 | -412 | 1,119 |
Comprehensive income attributable to Weyco Group, Inc. | $6,072 | $5,735 | $10,616 | $11,917 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net earnings | $10,991 | $12,059 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities - | ' | ' |
Depreciation | 2,967 | 2,442 |
Amortization | 280 | 249 |
Bad debt expense | 121 | 173 |
Deferred income taxes | -945 | -1,381 |
Net gain on remeasurement of contingent consideration | 0 | -1,681 |
Net foreign currency transaction losses | 425 | 83 |
Stock-based compensation | 948 | 896 |
Pension contribution | -1,282 | 0 |
Pension expense | 2,766 | 2,638 |
Other-than-temporary investment impairment | 200 | 0 |
Increase in cash surrender value of life insurance | -250 | -250 |
Changes in operating assets and liabilities - | ' | ' |
Accounts receivable | -13,267 | -15,163 |
Inventories | 12,648 | -145 |
Prepaids and other assets | 3,303 | 848 |
Accounts payable | -4,451 | -3,401 |
Accrued liabilities and other | -2,144 | 365 |
Accrued income taxes | 1,563 | 2,217 |
Net cash provided by (used for) operating activities | 13,873 | -51 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of marketable securities | -22 | 0 |
Proceeds from maturities of marketable securities | 9,833 | 5,947 |
Life insurance premiums paid | -155 | -155 |
Investment in real estate | -3,206 | 0 |
Purchase of property, plant and equipment | -1,912 | -5,411 |
Net cash provided by investing activities | 4,538 | 381 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash dividends paid | -3,881 | -5,351 |
Shares purchased and retired | -4,623 | -5,684 |
Proceeds from stock options exercised | 3,558 | 2,216 |
Payment of contingent consideration | -1,270 | 0 |
Payment of indemnification holdback | 0 | -2,000 |
Proceeds from bank borrowings | 11,000 | 22,000 |
Repayments of bank borrowings | -31,000 | -15,000 |
Income tax benefits from stock-based compensation | 514 | 643 |
Net cash used for financing activities | -25,702 | -3,176 |
Effect of exchange rate changes on cash and cash equivalents | -247 | 46 |
Net decrease in cash and cash equivalents | -7,538 | -2,800 |
CASH AND CASH EQUIVALENTS at beginning of period | 17,288 | 10,329 |
CASH AND CASH EQUIVALENTS at end of period | 9,750 | 7,529 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Income taxes paid, net of refunds | 4,784 | 4,665 |
Interest paid | $266 | $309 |
Financial_Statements
Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
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. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results for the full year. | |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reclassifications [Text Block] | ' |
2. Reclassifications | |
Certain reclassifications have been made in the prior year’s financial statements to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net income or equity. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
3. Earnings Per Share | ||||||||||||||
The following table sets forth the computation of earnings per share and diluted earnings per share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 5,392 | $ | 5,192 | $ | 10,797 | $ | 11,280 | ||||||
Denominator: | ||||||||||||||
Basic weighted average shares outstanding | 10,786 | 10,827 | 10,770 | 10,860 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock-based awards | 87 | 84 | 70 | 114 | ||||||||||
Diluted weighted average shares outstanding | 10,873 | 10,911 | 10,840 | 10,974 | ||||||||||
Basic earnings per share | $ | 0.5 | $ | 0.48 | $ | 1 | $ | 1.04 | ||||||
Diluted earnings per share | $ | 0.5 | $ | 0.48 | $ | 1 | $ | 1.03 | ||||||
Diluted weighted average shares outstanding for the three and nine months ended September 30, 2013 exclude anti-dilutive stock options totaling 218,075 shares of common stock at a weighted average price of $27.50. Diluted weighted average shares outstanding for the three and nine months ended September 30, 2012 exclude anti-dilutive stock options totaling 711,330 shares of common stock at a weighted average price of $25.68. | ||||||||||||||
Investments
Investments | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments [Abstract] | ' | |||||||||||||
Cost and Equity Method Investments Disclosure [Text Block] | ' | |||||||||||||
4. Investments | ||||||||||||||
As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity. | ||||||||||||||
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of as of September 30, 2013 and December 31, 2012. | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Amortized | Market | Amortized | Market | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds: | ||||||||||||||
Current | $ | 5,875 | $ | 5,949 | $ | 8,004 | $ | 8,117 | ||||||
Due from one through five years | 19,941 | 20,900 | 25,384 | 26,620 | ||||||||||
Due from six through ten years | 8,344 | 8,797 | 10,832 | 11,756 | ||||||||||
Total | $ | 34,160 | $ | 35,646 | $ | 44,220 | $ | 46,493 | ||||||
The unrealized gains and losses on investment securities as of September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | |||||||||||
Gains | Losses | Gains | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds | $ | 1,486 | $ | - | $ | 2,473 | $ | 200 | ||||||
The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). | ||||||||||||||
The Company regularly reviews its investments to determine whether a decline in fair value below the cost basis is other-than-temporary. To determine if a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. In the third quarter of 2013, the Company reviewed its investments and concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. The Company had been monitoring the status of the bond. In September 2013, a public notice was issued by the municipality that caused the Company to doubt the ultimate collectability of the bond. Considering this, all prior public information regarding the bond, and the duration of the loss, the Company determined the unrealized loss on the bond was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. The loss was included within other income and expense, net in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). | ||||||||||||||
On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. This building serves as the Company’s Canadian office and distribution center. This real estate investment is accounted for as an equity-method investment under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”) and is included within other assets in the Consolidated Condensed Balance Sheets (Unaudited). | ||||||||||||||
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||
5 | Intangible Assets | ||||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of September 30, 2013: | |||||||||||||
September 30, 2013 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Yrs) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -103 | $ | 97 | ||||||
Customer relationships | 15 | 3,500 | -603 | 2,897 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -706 | $ | 2,994 | |||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2012: | |||||||||||||
December 31, 2012 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Yrs) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -73 | $ | 127 | ||||||
Customer relationships | 15 | 3,500 | -428 | 3,072 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -501 | $ | 3,199 | |||||||
The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited). | |||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
6. Segment Information | ||||||||||||||
The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, 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 nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||
Three Months Ended | ||||||||||||||
September 30, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2013 | ||||||||||||||
Product sales | $ | 63,914 | $ | 5,232 | $ | 13,124 | $ | 82,270 | ||||||
Licensing revenues | 838 | - | - | 838 | ||||||||||
Net sales | $ | 64,752 | $ | 5,232 | $ | 13,124 | $ | 83,108 | ||||||
Earnings from operations | $ | 7,073 | $ | 512 | $ | 1,001 | $ | 8,586 | ||||||
2012 | ||||||||||||||
Product sales | $ | 60,198 | $ | 5,521 | $ | 12,916 | $ | 78,635 | ||||||
Licensing revenues | 838 | - | - | 838 | ||||||||||
Net sales | $ | 61,036 | $ | 5,521 | $ | 12,916 | $ | 79,473 | ||||||
Earnings from operations | $ | 6,559 | $ | 322 | $ | 1,227 | $ | 8,108 | ||||||
Nine Months Ended | ||||||||||||||
September 30, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2013 | ||||||||||||||
Product sales | $ | 165,421 | $ | 16,363 | $ | 37,897 | $ | 219,681 | ||||||
Licensing revenues | 2,058 | - | - | 2,058 | ||||||||||
Net sales | $ | 167,479 | $ | 16,363 | $ | 37,897 | $ | 221,739 | ||||||
Earnings from operations | $ | 12,984 | $ | 1,538 | $ | 2,432 | $ | 16,954 | ||||||
2012 | ||||||||||||||
Product sales | $ | 159,175 | $ | 16,771 | $ | 37,072 | $ | 213,018 | ||||||
Licensing revenues | 2,102 | - | - | 2,102 | ||||||||||
Net sales | $ | 161,277 | $ | 16,771 | $ | 37,072 | $ | 215,120 | ||||||
Earnings from operations | $ | 13,121 | $ | 355 | $ | 3,867 | $ | 17,343 | ||||||
Employee_Retirement_Plans
Employee Retirement Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||
7. Employee Retirement Plans | ||||||||||||||
The components of the Company’s net pension expense were as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Benefits earned during the period | $ | 447 | $ | 352 | $ | 1,279 | $ | 1,120 | ||||||
Interest cost on projected benefit obligation | 608 | 571 | 1,794 | 1,746 | ||||||||||
Expected return on plan assets | -525 | -510 | -1,569 | -1,484 | ||||||||||
Net amortization and deferral | 440 | 356 | 1,262 | 1,256 | ||||||||||
Net pension expense | $ | 970 | $ | 769 | $ | 2,766 | $ | 2,638 | ||||||
The Company made approximately $1.3 million in pension contributions during the nine months ended September 30, 2013. No additional cash contributions are expected for the remainder of 2013. | ||||||||||||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
8. Stock-Based Compensation Plans | ||||||||||||||
During the three and nine months ended September 30, 2013, the Company recognized approximately $315,000 and $948,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012. During the three and nine months ended September 30, 2012, the Company recognized approximately $298,000 and $896,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2008 through 2011. | ||||||||||||||
The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2013: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||
Shares | Price | Term (Years) | Value* | |||||||||||
Outstanding at December 31, 2012 | 1,265,792 | $ | 22.76 | |||||||||||
Exercised | -201,251 | $ | 17.68 | |||||||||||
Forfeited or expired | -7,250 | $ | 24.91 | |||||||||||
Outstanding at September 30, 2013 | 1,057,291 | $ | 23.71 | 2.9 | $ | 5,136,000 | ||||||||
Exercisable at September 30, 2013 | 503,712 | $ | 23.55 | 1.5 | $ | 2,664,000 | ||||||||
* 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 September 30, 2013, the last trading day of the quarter, of $28.32 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. | ||||||||||||||
The following table summarizes stock option activity for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Total intrinsic value of stock options exercised | $ | 151 | $ | 446 | $ | 1,317 | $ | 1,650 | ||||||
Cash received from stock option exercises | $ | 730 | $ | 650 | $ | 3,558 | $ | 2,216 | ||||||
Income tax benefit from the exercise of stock options | $ | 59 | $ | 174 | $ | 514 | $ | 643 | ||||||
The following table summarizes the Company’s restricted stock activity for the nine-month period ended September 30, 2013: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Shares of | Average | Remaining | Aggregate | |||||||||||
Restricted | Grant Date | Contractual | Intrinsic | |||||||||||
Stock | Fair Value | Term (Years) | Value* | |||||||||||
Non-vested at December 31, 2012 | 42,575 | $ | 23.87 | |||||||||||
Issued | - | - | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Non-vested at September 30, 2013 | 42,575 | $ | 23.87 | 2.4 | $ | 1,206,000 | ||||||||
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding. | ||||||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 9 Months Ended | |
Sep. 30, 2013 | ||
Short-term Debt [Abstract] | ' | |
Short-term Debt [Text Block] | ' | |
9 | Short-Term Borrowings | |
At September 30, 2013, the Company had a $60 million unsecured revolving line of credit with BMO Harris Bank, N.A. (“BMO Harris Bank”) expiring April 30, 2014. At the end of the third quarter, the Company had $25 million of borrowings outstanding at an interest rate of approximately 1.2%, which was the highest balance during the quarter. The Company’s borrowing facility includes one financial covenant that specifies a minimum level of net worth. The Company was in compliance with this covenant at September 30, 2013. | ||
On November 5, 2013, the Company cancelled its line of credit with BMO Harris Bank and concurrently entered into a new $60 million unsecured revolving line of credit with PNC Bank. The new line of credit bears interest at LIBOR plus 0.75% and expires on November 5, 2014. All other terms and conditions of the new line of credit remain essentially the same as the prior agreement, except there are no financial covenants in the new agreement. | ||
Contingent_Consideration
Contingent Consideration | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combination Disclosure [Text Block] | ' | |||||||
10 | Contingent Consideration | |||||||
Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”). The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015. The first contingent consideration payment was due in 2013 and was paid on March 28, 2013. The second payment is due in March 2016. In accordance with ASC 805, Business Combinations (“ASC 805”), the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings. | ||||||||
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Current portion | $ | - | $ | 1,270 | ||||
Long-term portion | 5,028 | 4,991 | ||||||
Total contingent consideration | $ | 5,028 | $ | 6,261 | ||||
The following table summarizes the activity during 2013 related to the contingent payments as recorded in the accompanying unaudited financial statements (dollars in thousands): | ||||||||
Balance as of December 31, 2012 | $ | 6,261 | ||||||
Payment to the former shareholders of Bogs | -1,270 | |||||||
Interest expense | 37 | |||||||
Balance as of September 30, 2013 | $ | 5,028 | ||||||
The current portion of the contingent consideration was recorded within accrued liabilities in the Consolidated Condensed Balance Sheets (Unaudited). The long-term portion was recorded within other long-term liabilities in the Consolidated Condensed Balance Sheets (Unaudited). The total contingent consideration was assigned to the Company’s wholesale segment. | ||||||||
The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. | ||||||||
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||
11 | Comprehensive Income | |||||||||||||
Comprehensive income for the three and nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Net earnings | $ | 5,601 | $ | 5,452 | $ | 10,991 | $ | 12,059 | ||||||
Foreign currency translation adjustments | 470 | 405 | -1,557 | 211 | ||||||||||
Pension liability, net of tax of $172, $129, $492, and $490, respectively | 269 | 201 | 770 | 766 | ||||||||||
Total comprehensive income | $ | 6,340 | $ | 6,058 | $ | 10,204 | $ | 13,036 | ||||||
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Foreign currency translation adjustments | $ | -270 | $ | 681 | ||||||||||
Pension liability, net of tax | -12,425 | -13,195 | ||||||||||||
Total accumulated other comprehensive loss | $ | -12,695 | $ | -12,514 | ||||||||||
Equity
Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
12. Equity | |||||||||||||||||
A reconciliation of the Company’s equity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Accumulated | |||||||||||||||||
Capital in | Other | ||||||||||||||||
Common | Excess of | Reinvested | Comprehensive | Noncontrolling | |||||||||||||
Stock | Par Value | Earnings | Loss | Interest | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance, December 31, 2012 | $ | 10,831 | $ | 26,184 | $ | 149,664 | $ | -12,514 | $ | 7,224 | |||||||
Net earnings | - | - | 10,797 | - | 194 | ||||||||||||
Foreign currency translation | - | - | - | -951 | -606 | ||||||||||||
adjustments | |||||||||||||||||
Pension liability adjustment, | - | - | - | 770 | - | ||||||||||||
net of tax | |||||||||||||||||
Cash dividends declared | - | - | -3,896 | - | - | ||||||||||||
Cash dividends declared to | - | - | - | - | -210 | ||||||||||||
noncontrolling interest | |||||||||||||||||
Stock options exercised | 201 | 3,357 | - | - | - | ||||||||||||
Stock-based compensation | - | 948 | - | - | - | ||||||||||||
expense | |||||||||||||||||
Income tax benefit from | - | 514 | - | - | - | ||||||||||||
stock options exercised | |||||||||||||||||
Shares purchased and retired | -195 | - | -4,428 | - | - | ||||||||||||
Balance, September 30, 2013 | $ | 10,837 | $ | 31,003 | $ | 152,137 | $ | -12,695 | $ | 6,602 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following table sets forth the computation of earnings per share and diluted earnings per share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Numerator: | ||||||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 5,392 | $ | 5,192 | $ | 10,797 | $ | 11,280 | ||||||
Denominator: | ||||||||||||||
Basic weighted average shares outstanding | 10,786 | 10,827 | 10,770 | 10,860 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock-based awards | 87 | 84 | 70 | 114 | ||||||||||
Diluted weighted average shares outstanding | 10,873 | 10,911 | 10,840 | 10,974 | ||||||||||
Basic earnings per share | $ | 0.5 | $ | 0.48 | $ | 1 | $ | 1.04 | ||||||
Diluted earnings per share | $ | 0.5 | $ | 0.48 | $ | 1 | $ | 1.03 | ||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments [Abstract] | ' | |||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | |||||||||||||
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of as of September 30, 2013 and December 31, 2012. | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Amortized | Market | Amortized | Market | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds: | ||||||||||||||
Current | $ | 5,875 | $ | 5,949 | $ | 8,004 | $ | 8,117 | ||||||
Due from one through five years | 19,941 | 20,900 | 25,384 | 26,620 | ||||||||||
Due from six through ten years | 8,344 | 8,797 | 10,832 | 11,756 | ||||||||||
Total | $ | 34,160 | $ | 35,646 | $ | 44,220 | $ | 46,493 | ||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | |||||||||||||
The unrealized gains and losses on investment securities as of September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | |||||||||||
Gains | Losses | Gains | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds | $ | 1,486 | $ | - | $ | 2,473 | $ | 200 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of September 30, 2013: | |||||||||||||
September 30, 2013 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Yrs) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -103 | $ | 97 | ||||||
Customer relationships | 15 | 3,500 | -603 | 2,897 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -706 | $ | 2,994 | |||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2012: | |||||||||||||
December 31, 2012 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Yrs) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -73 | $ | 127 | ||||||
Customer relationships | 15 | 3,500 | -428 | 3,072 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -501 | $ | 3,199 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
Summarized segment data for the three and nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||
Three Months Ended | ||||||||||||||
September 30, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2013 | ||||||||||||||
Product sales | $ | 63,914 | $ | 5,232 | $ | 13,124 | $ | 82,270 | ||||||
Licensing revenues | 838 | - | - | 838 | ||||||||||
Net sales | $ | 64,752 | $ | 5,232 | $ | 13,124 | $ | 83,108 | ||||||
Earnings from operations | $ | 7,073 | $ | 512 | $ | 1,001 | $ | 8,586 | ||||||
2012 | ||||||||||||||
Product sales | $ | 60,198 | $ | 5,521 | $ | 12,916 | $ | 78,635 | ||||||
Licensing revenues | 838 | - | - | 838 | ||||||||||
Net sales | $ | 61,036 | $ | 5,521 | $ | 12,916 | $ | 79,473 | ||||||
Earnings from operations | $ | 6,559 | $ | 322 | $ | 1,227 | $ | 8,108 | ||||||
Nine Months Ended | ||||||||||||||
September 30, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2013 | ||||||||||||||
Product sales | $ | 165,421 | $ | 16,363 | $ | 37,897 | $ | 219,681 | ||||||
Licensing revenues | 2,058 | - | - | 2,058 | ||||||||||
Net sales | $ | 167,479 | $ | 16,363 | $ | 37,897 | $ | 221,739 | ||||||
Earnings from operations | $ | 12,984 | $ | 1,538 | $ | 2,432 | $ | 16,954 | ||||||
2012 | ||||||||||||||
Product sales | $ | 159,175 | $ | 16,771 | $ | 37,072 | $ | 213,018 | ||||||
Licensing revenues | 2,102 | - | - | 2,102 | ||||||||||
Net sales | $ | 161,277 | $ | 16,771 | $ | 37,072 | $ | 215,120 | ||||||
Earnings from operations | $ | 13,121 | $ | 355 | $ | 3,867 | $ | 17,343 | ||||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||
The components of the Company’s net pension expense were as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Benefits earned during the period | $ | 447 | $ | 352 | $ | 1,279 | $ | 1,120 | ||||||
Interest cost on projected benefit obligation | 608 | 571 | 1,794 | 1,746 | ||||||||||
Expected return on plan assets | -525 | -510 | -1,569 | -1,484 | ||||||||||
Net amortization and deferral | 440 | 356 | 1,262 | 1,256 | ||||||||||
Net pension expense | $ | 970 | $ | 769 | $ | 2,766 | $ | 2,638 | ||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 2013: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||
Shares | Price | Term (Years) | Value* | |||||||||||
Outstanding at December 31, 2012 | 1,265,792 | $ | 22.76 | |||||||||||
Exercised | -201,251 | $ | 17.68 | |||||||||||
Forfeited or expired | -7,250 | $ | 24.91 | |||||||||||
Outstanding at September 30, 2013 | 1,057,291 | $ | 23.71 | 2.9 | $ | 5,136,000 | ||||||||
Exercisable at September 30, 2013 | 503,712 | $ | 23.55 | 1.5 | $ | 2,664,000 | ||||||||
* 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 September 30, 2013, the last trading day of the quarter, of $28.32 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. | ||||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | ' | |||||||||||||
The following table summarizes stock option activity for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Total intrinsic value of stock options exercised | $ | 151 | $ | 446 | $ | 1,317 | $ | 1,650 | ||||||
Cash received from stock option exercises | $ | 730 | $ | 650 | $ | 3,558 | $ | 2,216 | ||||||
Income tax benefit from the exercise of stock options | $ | 59 | $ | 174 | $ | 514 | $ | 643 | ||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | |||||||||||||
The following table summarizes the Company’s restricted stock activity for the nine-month period ended September 30, 2013: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Shares of | Average | Remaining | Aggregate | |||||||||||
Restricted | Grant Date | Contractual | Intrinsic | |||||||||||
Stock | Fair Value | Term (Years) | Value* | |||||||||||
Non-vested at December 31, 2012 | 42,575 | $ | 23.87 | |||||||||||
Issued | - | - | ||||||||||||
Vested | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Non-vested at September 30, 2013 | 42,575 | $ | 23.87 | 2.4 | $ | 1,206,000 | ||||||||
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding. | ||||||||||||||
Contingent_Consideration_Table
Contingent Consideration (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | |||||||
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Dollars in thousands) | ||||||||
Current portion | $ | - | $ | 1,270 | ||||
Long-term portion | 5,028 | 4,991 | ||||||
Total contingent consideration | $ | 5,028 | $ | 6,261 | ||||
The following table summarizes the activity during 2013 related to the contingent payments as recorded in the accompanying unaudited financial statements (dollars in thousands): | ||||||||
Balance as of December 31, 2012 | $ | 6,261 | ||||||
Payment to the former shareholders of Bogs | -1,270 | |||||||
Interest expense | 37 | |||||||
Balance as of September 30, 2013 | $ | 5,028 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Comprehensive income for the three and nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | ||||||||||||||
Net earnings | $ | 5,601 | $ | 5,452 | $ | 10,991 | $ | 12,059 | ||||||
Foreign currency translation adjustments | 470 | 405 | -1,557 | 211 | ||||||||||
Pension liability, net of tax of $172, $129, $492, and $490, respectively | 269 | 201 | 770 | 766 | ||||||||||
Total comprehensive income | $ | 6,340 | $ | 6,058 | $ | 10,204 | $ | 13,036 | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Foreign currency translation adjustments | $ | -270 | $ | 681 | ||||||||||
Pension liability, net of tax | -12,425 | -13,195 | ||||||||||||
Total accumulated other comprehensive loss | $ | -12,695 | $ | -12,514 | ||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||
A reconciliation of the Company’s equity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Accumulated | |||||||||||||||||
Capital in | Other | ||||||||||||||||
Common | Excess of | Reinvested | Comprehensive | Noncontrolling | |||||||||||||
Stock | Par Value | Earnings | Loss | Interest | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance, December 31, 2012 | $ | 10,831 | $ | 26,184 | $ | 149,664 | $ | -12,514 | $ | 7,224 | |||||||
Net earnings | - | - | 10,797 | - | 194 | ||||||||||||
Foreign currency translation | - | - | - | -951 | -606 | ||||||||||||
adjustments | |||||||||||||||||
Pension liability adjustment, | - | - | - | 770 | - | ||||||||||||
net of tax | |||||||||||||||||
Cash dividends declared | - | - | -3,896 | - | - | ||||||||||||
Cash dividends declared to | - | - | - | - | -210 | ||||||||||||
noncontrolling interest | |||||||||||||||||
Stock options exercised | 201 | 3,357 | - | - | - | ||||||||||||
Stock-based compensation | - | 948 | - | - | - | ||||||||||||
expense | |||||||||||||||||
Income tax benefit from | - | 514 | - | - | - | ||||||||||||
stock options exercised | |||||||||||||||||
Shares purchased and retired | -195 | - | -4,428 | - | - | ||||||||||||
Balance, September 30, 2013 | $ | 10,837 | $ | 31,003 | $ | 152,137 | $ | -12,695 | $ | 6,602 | |||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net earnings attributable to Weyco Group, Inc. | $5,392 | $5,192 | $10,797 | $11,280 |
Denominator: | ' | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | 10,786 | 10,827 | 10,770 | 10,860 |
Effect of dilutive securities: | ' | ' | ' | ' |
Employee stock-based awards (in shares) | 87 | 84 | 70 | 114 |
Diluted weighted average shares outstanding (in shares) | 10,873 | 10,911 | 10,840 | 10,974 |
Basic earnings per share (in dollars per share) | $0.50 | $0.48 | $1 | $1.04 |
Diluted earnings per share (in dollars per share) | $0.50 | $0.48 | $1 | $1.03 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 218,075 | 711,330 | 218,075 | 711,330 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $27.50 | $25.68 | $27.50 | $25.68 |
Investments_Details
Investments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost | $34,160 | $44,220 |
Market Value | 35,646 | 46,493 |
Municipal Bonds, Current [Member] | ' | ' |
Amortized Cost | 5,875 | 8,004 |
Market Value | 5,949 | 8,117 |
Municipal Bonds, Due from One Through Five Years [Member] | ' | ' |
Amortized Cost | 19,941 | 25,384 |
Market Value | 20,900 | 26,620 |
Municipal Bonds, Due from Six Through Ten Years [Member] | ' | ' |
Amortized Cost | 8,344 | 10,832 |
Market Value | $8,797 | $11,756 |
Investments_Details_1
Investments (Details 1) (Municipal Bonds [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Municipal Bonds [Member] | ' | ' |
Unrealized Gains | $1,486 | $2,473 |
Unrealized Losses | $0 | $200 |
Investments_Details_Textual
Investments (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Percentage of Property Acquired | 50.00% | ' |
Payments to Acquire Real Estate Held-for-investment | $3,206 | $0 |
Other than Temporary Impairment Losses, Investments | $200 | $0 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | $45,860 | $45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ' | ' |
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | -706 | -501 |
Net | 2,994 | 3,199 |
Goodwill [Member] | ' | ' |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Amortization | 0 | 0 |
Net | 11,112 | 11,112 |
Trademarks [Member] | ' | ' |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Amortization | 0 | 0 |
Net | 34,748 | 34,748 |
Noncompete Agreements [Member] | ' | ' |
Amortizable intangible assets: | ' | ' |
Weighted Average Life (Yrs) | '5 years | '5 years |
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | -103 | -73 |
Net | 97 | 127 |
Customer Relationships [Member] | ' | ' |
Amortizable intangible assets: | ' | ' |
Weighted Average Life (Yrs) | '15 years | '15 years |
Gross Carrying Amount | 3,500 | 3,500 |
Accumulated Amortization | -603 | -428 |
Net | $2,897 | $3,072 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Product sales | $82,270 | $78,635 | $219,681 | $213,018 |
Licensing revenues | 838 | 838 | 2,058 | 2,102 |
Net sales | 83,108 | 79,473 | 221,739 | 215,120 |
Earnings from operations | 8,586 | 8,108 | 16,954 | 17,343 |
Wholesale [Member] | ' | ' | ' | ' |
Product sales | 63,914 | 60,198 | 165,421 | 159,175 |
Licensing revenues | 838 | 838 | 2,058 | 2,102 |
Net sales | 64,752 | 61,036 | 167,479 | 161,277 |
Earnings from operations | 7,073 | 6,559 | 12,984 | 13,121 |
Retail [Member] | ' | ' | ' | ' |
Product sales | 5,232 | 5,521 | 16,363 | 16,771 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 5,232 | 5,521 | 16,363 | 16,771 |
Earnings from operations | 512 | 322 | 1,538 | 355 |
Other Segment [Member] | ' | ' | ' | ' |
Product sales | 13,124 | 12,916 | 37,897 | 37,072 |
Licensing revenues | 0 | 0 | 0 | 0 |
Net sales | 13,124 | 12,916 | 37,897 | 37,072 |
Earnings from operations | $1,001 | $1,227 | $2,432 | $3,867 |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Benefits earned during the period | $447 | $352 | $1,279 | $1,120 |
Interest cost on projected benefit obligation | 608 | 571 | 1,794 | 1,746 |
Expected return on plan assets | -525 | -510 | -1,569 | -1,484 |
Net amortization and deferral | 440 | 356 | 1,262 | 1,256 |
Net pension expense | $970 | $769 | $2,766 | $2,638 |
Employee_Retirement_Plans_Deta1
Employee Retirement Plans (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year, Total | $1.30 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Employee Stock Option [Member] | ' | |
Shares, Outstanding at December 31, 2012 | 1,265,792 | |
Shares, Exercised | -201,251 | |
Shares, Forfeited or expired | -7,250 | |
Shares, Outstanding at September 30, 2013 | 1,057,291 | |
Shares, Exercisable at September 30, 2013 | 503,712 | |
Weighted Average Exercise Price, Outstanding at December 31, 2012 | $22.76 | |
Weighted Average Exercise Price, Exercised | $17.68 | |
Weighted Average Exercise Price, Forfeited or expired | $24.91 | |
Weighted Average Exercise Price, Outstanding at September 30, 2013 | $23.71 | |
Weighted Average Exercise Price, Exercisable at September 30, 2013 | $23.55 | |
Weighted Average Remaining Contractual Term (Years), Outstanding at September 30, 2013 | '2 years 10 months 24 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable at September 30, 2013 | '1 year 6 months | |
Aggregate Intrinsic Value, Outstanding at September 30, 2013 | $5,136,000 | [1] |
Aggregate Intrinsic Value, Exercisable at September 30, 2013 | $2,664,000 | [1] |
[1] | 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 September 30, 2013, the last trading day of the quarter, of $28.32 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total intrinsic value of stock options exercised | $151 | $446 | $1,317 | $1,650 |
Cash received from stock option exercises | 730 | 650 | 3,558 | 2,216 |
Income tax benefit from the exercise of stock options | $59 | $174 | $514 | $643 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Restricted Stock [Member] | ' | |
Shares of Restricted Stock, Non-vested at December 31, 2012 | 42,575 | |
Shares of Restricted Stock, Issued | 0 | |
Shares of Restricted Stock, Vested | 0 | |
Shares of Restricted Stock, Forfeited | 0 | |
Shares of Restricted Stock, Non-vested at September 30, 2013 | 42,575 | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2012 | $23.87 | |
Weighted Average Grant Date Fair Value, Issued | $0 | |
Weighted Average Grant Date Fair Value, Vested | $0 | |
Weighted Average Grant Date Fair Value, Forfeited | $0 | |
Weighted Average Grant Date Fair Value, Non-vested at September 30, 2013 | $23.87 | |
Weighted Average Remaining Contractual Term (Years), Non-vested at September 30, 2013 | '2 years 4 months 24 days | |
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at September 30, 2013 | $1,206,000 | [1] |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding. |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Allocated Share-based Compensation Expense | $315,000 | $298,000 | $948,000 | $896,000 |
Share Price | $28.32 | ' | $28.32 | ' |
ShortTerm_Borrowings_Details_T
Short-Term Borrowings (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Line of Credit, Current | $25 |
Debt Instrument, Interest Rate at Period End | 1.20% |
Revolving Credit Facility [Member] | BMO Harris Bank [Member] | ' |
Line of Credit Facility, Amount, Total | 60 |
Line of Credit Facility, Expiration Date | 30-Apr-14 |
Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member] | ' |
Line of Credit Facility, Amount, Total | $60 |
Line of Credit Facility, Description | 'The new line of credit bears interest at LIBOR plus 0.75% and expires on November 5, 2014. |
Contingent_Consideration_Detai
Contingent Consideration (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current portion | $0 | $1,270 |
Long-term portion | 5,028 | 4,991 |
Total contingent consideration | $5,028 | $6,261 |
Contingent_Consideration_Detai1
Contingent Consideration (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Balance as of December 31, 2012 | $6,261 | ' |
Payment to the former shareholders of Bogs | -1,270 | 0 |
Interest expense | 37 | ' |
Ending Balance | $5,028 | ' |
Contingent_Consideration_Detai2
Contingent Consideration (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
Business Combination, Contingent Consideration Arrangements, Description | 'Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (Bogs). The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015. |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net earnings | $5,601 | $5,452 | $10,991 | $12,059 |
Foreign currency translation adjustments | 470 | 405 | -1,557 | 211 |
Pension liability, net of tax of $172, $129, $492, and $490, respectively | 269 | 201 | 770 | 766 |
Total comprehensive income | $6,340 | $6,058 | $10,204 | $13,036 |
Comprehensive_Income_Details_1
Comprehensive Income (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Foreign currency translation adjustments | ($270) | $681 |
Pension liability, net of tax | -12,425 | -13,195 |
Total accumulated other comprehensive loss | ($12,695) | ($12,514) |
Comprehensive_Income_Details_T
Comprehensive Income (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | $172 | $129 | $492 | $490 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Balance, December 31, 2012 | ' | ' | $181,389 | ' |
Net earnings | 5,601 | 5,452 | 10,991 | 12,059 |
Balance, September 30, 2013 | 187,884 | ' | 187,884 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | 10,831 | ' |
Net earnings | ' | ' | 0 | ' |
Foreign currency translation adjustments | ' | ' | 0 | ' |
Pension liability adjustment, net of tax | ' | ' | 0 | ' |
Cash dividends declared | ' | ' | 0 | ' |
Cash dividends declared to noncontrolling interest | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 201 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Income tax benefit from stock options exercised | ' | ' | 0 | ' |
Shares purchased and retired | ' | ' | -195 | ' |
Balance, September 30, 2013 | 10,837 | ' | 10,837 | ' |
Capital in Excess of Par Value [Member] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | 26,184 | ' |
Net earnings | ' | ' | 0 | ' |
Foreign currency translation adjustments | ' | ' | 0 | ' |
Pension liability adjustment, net of tax | ' | ' | 0 | ' |
Cash dividends declared | ' | ' | 0 | ' |
Cash dividends declared to noncontrolling interest | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 3,357 | ' |
Stock-based compensation expense | ' | ' | 948 | ' |
Income tax benefit from stock options exercised | ' | ' | 514 | ' |
Shares purchased and retired | ' | ' | 0 | ' |
Balance, September 30, 2013 | 31,003 | ' | 31,003 | ' |
Reinvested Earnings [Member] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | 149,664 | ' |
Net earnings | ' | ' | 10,797 | ' |
Foreign currency translation adjustments | ' | ' | 0 | ' |
Pension liability adjustment, net of tax | ' | ' | 0 | ' |
Cash dividends declared | ' | ' | -3,896 | ' |
Cash dividends declared to noncontrolling interest | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 0 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Income tax benefit from stock options exercised | ' | ' | 0 | ' |
Shares purchased and retired | ' | ' | -4,428 | ' |
Balance, September 30, 2013 | 152,137 | ' | 152,137 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | -12,514 | ' |
Net earnings | ' | ' | 0 | ' |
Foreign currency translation adjustments | ' | ' | -951 | ' |
Pension liability adjustment, net of tax | ' | ' | 770 | ' |
Cash dividends declared | ' | ' | 0 | ' |
Cash dividends declared to noncontrolling interest | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 0 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Income tax benefit from stock options exercised | ' | ' | 0 | ' |
Shares purchased and retired | ' | ' | 0 | ' |
Balance, September 30, 2013 | -12,695 | ' | -12,695 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | 7,224 | ' |
Net earnings | ' | ' | 194 | ' |
Foreign currency translation adjustments | ' | ' | -606 | ' |
Pension liability adjustment, net of tax | ' | ' | 0 | ' |
Cash dividends declared | ' | ' | 0 | ' |
Cash dividends declared to noncontrolling interest | ' | ' | -210 | ' |
Stock options exercised | ' | ' | 0 | ' |
Stock-based compensation expense | ' | ' | 0 | ' |
Income tax benefit from stock options exercised | ' | ' | 0 | ' |
Shares purchased and retired | ' | ' | 0 | ' |
Balance, September 30, 2013 | $6,602 | ' | $6,602 | ' |