Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | WEYCO GROUP INC | |
Entity Central Index Key | 106532 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WEYS | |
Entity Common Stock, Shares Outstanding | 10,852,905 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Cash and cash equivalents | $12,117 | $12,499 |
Marketable securities, at amortized cost | 5,844 | 5,914 |
Accounts receivable, net | 55,748 | 55,100 |
Inventories | 61,151 | 69,015 |
Prepaid expenses and other current assets | 5,951 | 7,521 |
Total current assets | 140,811 | 150,049 |
Marketable securities, at amortized cost | 23,170 | 24,540 |
Deferred income tax benefits | 2,152 | 1,999 |
Property, plant and equipment, net | 33,112 | 33,694 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 21,058 | 21,304 |
Total assets | 266,163 | 277,446 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 6,621 | 5,405 |
Accounts payable | 6,799 | 15,657 |
Dividend payable | 0 | 2,045 |
Accrued liabilities | 14,265 | 12,752 |
Accrued income tax payable | 1,371 | 151 |
Deferred income tax liabilities | 2,019 | 1,747 |
Total current liabilities | 31,075 | 37,757 |
Long-term pension liability | 33,784 | 33,379 |
Other long-term liabilities | 2,645 | 8,356 |
Common stock | 10,851 | 10,821 |
Capital in excess of par value | 40,772 | 37,966 |
Reinvested earnings | 159,415 | 160,179 |
Accumulated other comprehensive loss | -19,096 | -18,030 |
Total Weyco Group, Inc. equity | 191,942 | 190,936 |
Noncontrolling interest | 6,717 | 7,018 |
Total equity | 198,659 | 197,954 |
Total liabilities and equity | $266,163 | $277,446 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $78,052 | $74,929 |
Cost of sales | 49,315 | 47,565 |
Gross earnings | 28,737 | 27,364 |
Selling and administrative expenses | 22,951 | 22,494 |
Earnings from operations | 5,786 | 4,870 |
Interest income | 260 | 289 |
Interest expense | -18 | -42 |
Other expense, net | -278 | -115 |
Earnings before provision for income taxes | 5,750 | 5,002 |
Provision for income taxes | 2,158 | 1,752 |
Net earnings | 3,592 | 3,250 |
Net (loss) earnings attributable to noncontrolling interest | -41 | 45 |
Net earnings attributable to Weyco Group, Inc. | 3,633 | 3,205 |
Weighted average shares outstanding | ||
Basic (in shares) | 10,770 | 10,833 |
Diluted (in shares) | 10,867 | 10,930 |
Earnings per share | ||
Basic (in dollars per share) | $0.34 | $0.30 |
Diluted (in dollars per share) | $0.33 | $0.29 |
Cash dividends declared (per share) (in dollars per share) | $0.19 | $0.18 |
Comprehensive income | 2,266 | 3,454 |
Comprehensive (loss) income attributable to noncontrolling interest | -301 | 207 |
Comprehensive income attributable to Weyco Group, Inc. | $2,567 | $3,247 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $3,592 | $3,250 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 734 | 953 |
Amortization | 110 | 54 |
Bad debt expense | 34 | 112 |
Deferred income taxes | -55 | 7 |
Net foreign currency transaction losses | 203 | 65 |
Stock-based compensation | 360 | 338 |
Pension expense | 937 | 678 |
Increase in cash surrender value of life insurance | -135 | -135 |
Changes in operating assets and liabilities - | ||
Accounts receivable | -683 | -5,528 |
Inventories | 7,822 | 13,422 |
Prepaid expenses and other assets | 1,870 | 2,799 |
Accounts payable | -8,841 | -7,551 |
Accrued liabilities and other | -5,564 | -1,309 |
Accrued income taxes | 1,218 | 1,146 |
Net cash provided by operating activities | 1,602 | 8,301 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of marketable securities | -300 | -3,528 |
Proceeds from maturities of marketable securities | 1,715 | 2,416 |
Purchase of property, plant and equipment | -531 | -300 |
Net cash provided by (used for) investing activities | 884 | -1,412 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | -4,095 | -3,899 |
Shares purchased and retired | -2,422 | -81 |
Proceeds from stock options exercised | 2,149 | 165 |
Proceeds from bank borrowings | 31,419 | 4,815 |
Repayments of bank borrowings | -30,203 | -7,824 |
Income tax benefits from stock-based compensation | 412 | 14 |
Net cash used for financing activities | -2,740 | -6,810 |
Effect of exchange rate changes on cash and cash equivalents | -128 | 94 |
Net (decrease) increase in cash and cash equivalents | -382 | 173 |
CASH AND CASH EQUIVALENTS at beginning of period | 12,499 | 15,969 |
CASH AND CASH EQUIVALENTS at end of period | 12,117 | 16,142 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 535 | 490 |
Interest paid | $18 | $30 |
Financial_Statements
Financial Statements | 3 Months Ended | ||
Mar. 31, 2015 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Basis of Accounting [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. All such adjustments are of a normal recurring nature. The results of operations for the three month period ended March 31, 2015, are not necessarily indicative of the results for the full year. | |||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | 2 | Earnings Per Share | ||||||
The following table sets forth the computation of earnings per share and diluted earnings per share: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share amounts) | ||||||||
Numerator: | ||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,633 | $ | 3,205 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 10,770 | 10,833 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock-based awards | 97 | 97 | ||||||
Diluted weighted average shares outstanding | 10,867 | 10,930 | ||||||
Basic earnings per share | $ | 0.34 | $ | 0.3 | ||||
Diluted earnings per share | $ | 0.33 | $ | 0.29 | ||||
Diluted weighted average shares outstanding for the three months ended March 31, 2015, exclude anti-dilutive stock options totaling 652,700 shares of common stock at a weighted average price of $27.76. Diluted weighted average shares outstanding for the three months ended March 31, 2014, exclude anti-dilutive stock options totaling 331,800 shares of common stock at a weighted average price of $28.50. | ||||||||
Investments
Investments | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Investments [Abstract] | ||||||||||||||
Cost and Equity Method Investments Disclosure [Text Block] | 3 | Investments | ||||||||||||
As noted in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2014, 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 March 31, 2015, and December 31, 2014. | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Amortized | Market | Amortized | Market | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds: | ||||||||||||||
Current | $ | 5,844 | $ | 5,919 | $ | 5,914 | $ | 6,006 | ||||||
Due from one through five years | 13,116 | 13,856 | 14,398 | 15,204 | ||||||||||
Due from six through ten years | 8,957 | 9,366 | 9,337 | 9,711 | ||||||||||
Due from eleven through twenty years | 1,097 | 1,069 | 805 | 762 | ||||||||||
Total | $ | 29,014 | $ | 30,210 | $ | 30,454 | $ | 31,683 | ||||||
The unrealized gains and losses on investment securities at March 31, 2015, and at December 31, 2014, were as follows: | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | |||||||||||
Gains | Losses | Gains | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds | $ | 1,245 | $ | -49 | $ | 1,279 | $ | -50 | ||||||
The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2015, and determined that no other-than-temporary market value impairment exists. | ||||||||||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 4 | 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 March 31, 2015: | |||||||||||||
March 31, 2015 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Years) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -163 | $ | 37 | ||||||
Customer relationships | 15 | 3,500 | -953 | 2,547 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -1,116 | $ | 2,584 | |||||||
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, 2014: | |||||||||||||
December 31, 2014 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Years) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -153 | $ | 47 | ||||||
Customer relationships | 15 | 3,500 | -894 | 2,606 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -1,047 | $ | 2,653 | |||||||
The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited). | |||||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment Reporting Disclosure [Text Block] | 5 | 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 table 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 months ended March 31, 2015 and 2014, was as follows: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2015 | ||||||||||||||
Product sales | $ | 60,448 | $ | 4,920 | $ | 11,989 | $ | 77,357 | ||||||
Licensing revenues | 695 | - | - | 695 | ||||||||||
Net sales | $ | 61,143 | $ | 4,920 | $ | 11,989 | $ | 78,052 | ||||||
Earnings from operations | $ | 4,811 | $ | 272 | $ | 703 | $ | 5,786 | ||||||
2014 | ||||||||||||||
Product sales | $ | 56,061 | $ | 5,206 | $ | 13,013 | $ | 74,280 | ||||||
Licensing revenues | 649 | - | - | 649 | ||||||||||
Net sales | $ | 56,710 | $ | 5,206 | $ | 13,013 | $ | 74,929 | ||||||
Earnings from operations | $ | 3,568 | $ | 418 | $ | 884 | $ | 4,870 | ||||||
Employee_Retirement_Plans
Employee Retirement Plans | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6 | Employee Retirement Plans | ||||||
The components of the Company’s net pension expense were as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Benefits earned during the period | $ | 411 | $ | 391 | ||||
Interest cost on projected benefit obligation | 673 | 663 | ||||||
Expected return on plan assets | -592 | -573 | ||||||
Net amortization and deferral | 445 | 197 | ||||||
Net pension expense | $ | 937 | $ | 678 | ||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7 | Stock-Based Compensation Plans | ||||||||||
During the three months ended March 31, 2015, the Company recognized approximately $360,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2011 through 2014. During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013. | ||||||||||||
The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2015: | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (Years) | Value* | |||||||||
Outstanding at December 31, 2014 | 1,355,416 | $ | 25.36 | |||||||||
Exercised | -115,416 | $ | 18.62 | |||||||||
Forfeited or expired | -4,875 | $ | 26.6 | |||||||||
Outstanding at March 31, 2015 | 1,235,125 | $ | 25.99 | 3.9 | $ | 4,833,000 | ||||||
Exercisable at March 31, 2015 | 488,418 | $ | 24.85 | 2.6 | $ | 2,469,000 | ||||||
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. | ||||||||||||
The following table summarizes the Company’s stock option exercise activity for the three months ended March 31, 2015 and 2014: | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||
Total intrinsic value of stock options exercised | $ | 1,057 | $ | 37 | ||||||||
Cash received from stock option exercises | $ | 2,149 | $ | 165 | ||||||||
Income tax benefit from the exercise of stock options | $ | 412 | $ | 14 | ||||||||
The following table summarizes the Company’s restricted stock award activity for the three month period ended March 31, 2015: | ||||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Shares of | Average | Remaining | Aggregate | |||||||||
Restricted | Grant Date | Contractual | Intrinsic | |||||||||
Stock | Fair Value | Term (Years) | Value* | |||||||||
Non-vested at December 31, 2014 | 54,050 | $ | 26.58 | |||||||||
Issued | - | - | ||||||||||
Vested | - | - | ||||||||||
Forfeited | - | - | ||||||||||
Non-vested at March 31, 2015 | 54,050 | $ | 26.58 | 2.7 | $ | 1,616,000 | ||||||
* | The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 multiplied by the number of non-vested restricted shares outstanding. | |||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 3 Months Ended | |
Mar. 31, 2015 | ||
Short-term Debt [Abstract] | ||
Short-term Debt [Text Block] | 8 | Short-Term Borrowings |
At March 31, 2015, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2015. The line of credit bears interest at LIBOR plus 0.75%. At March 31, 2015, outstanding borrowings were approximately $6.6 million at an interest rate of 0.93%. The highest balance on the line of credit during the quarter was $12.9 million. | ||
Contingent_Consideration
Contingent Consideration | 3 Months Ended | ||
Mar. 31, 2015 | |||
Business Combinations [Abstract] | |||
Business Combination Disclosure [Text Block] | 9 | 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”) related to the Company’s acquisition of Bogs in 2011. 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 payment was due in 2013 and was paid on March 28, 2013, in the amount of $1,270,000. 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 consideration at each reporting date. The change in fair value is recognized in earnings. | |||
The Company’s estimate of the fair value of the second contingent payment was approximately $5.7 million as of March 31, 2015, and December 31, 2014. The entire balance was recorded within accrued liabilities as of March 31, 2015, and other long-term liabilities as of December 31, 2014, in the Consolidated Condensed Balance Sheets (Unaudited). | |||
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. | |||
Financial_Instruments
Financial Instruments | 3 Months Ended | ||
Mar. 31, 2015 | |||
Investments, All Other Investments [Abstract] | |||
Financial Instruments Disclosure [Text Block] | 10 | Financial Instruments | |
At March 31, 2015, the Company had forward exchange contracts outstanding to sell $5.5 million Canadian dollars at a price of approximately $5.0 million U.S. dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $4.0 million U.S. dollars at a price of approximately $4.9 million Australian dollars. Based on quarter-end exchange rates, there were no significant gains or losses on the outstanding contracts. | |||
The Company determines the fair value of forward exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820. | |||
Comprehensive_Income
Comprehensive Income | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | 11 | Comprehensive Income | |||||||||
Comprehensive income for the three months ended March 31, 2015 and 2014, was as follows: | |||||||||||
Three Months Ended March 31, | |||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Net earnings | $ | 3,592 | $ | 3,250 | |||||||
Foreign currency translation adjustments | -1,597 | 84 | |||||||||
Pension liability, net of tax of $174 and $77, respectively | 271 | 120 | |||||||||
Total comprehensive income | $ | 2,266 | $ | 3,454 | |||||||
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: | |||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Foreign currency translation adjustments | $ | -4,231 | $ | -2,894 | |||||||
Pension liability, net of tax | -14,865 | -15,136 | |||||||||
Total accumulated other comprehensive loss | $ | -19,096 | $ | -18,030 | |||||||
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2015: | |||||||||||
Foreign | Defined | Total | |||||||||
Currency | Benefit | ||||||||||
Translation | Pension | ||||||||||
Adjustments | Items | ||||||||||
Beginning balance, December 31, 2014 | $ | -2,894 | $ | -15,136 | $ | -18,030 | |||||
Other comprehensive loss before reclassifications | -1,337 | - | -1,337 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | - | 271 | 271 | ||||||||
Net current period other comprehensive (loss) income | -1,337 | 271 | -1,066 | ||||||||
Ending balance, March 31, 2015 | $ | -4,231 | $ | -14,865 | $ | -19,096 | |||||
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2015: | |||||||||||
Amounts reclassified | Affected line item in the | ||||||||||
from accumulated other | statement where net | ||||||||||
comprehensive loss for | income is presented | ||||||||||
the three months ended | |||||||||||
March 31, 2015 | |||||||||||
Amortization of defined benefit pension items | |||||||||||
Prior service cost | $ | -28 | -1 | ||||||||
Actuarial losses | 473 | -1 | |||||||||
Total before tax | 445 | ||||||||||
Tax benefit | -174 | ||||||||||
Net of tax | $ | 271 | |||||||||
-1 | These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. | ||||||||||
Equity
Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 12 | Equity | |||||||||||||||
A reconciliation of the Company’s equity for the three months ended March 31, 2015, 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, 2014 | $ | 10,821 | $ | 37,966 | $ | 160,179 | $ | -18,030 | $ | 7,018 | |||||||
Net earnings | - | - | 3,633 | - | -41 | ||||||||||||
Foreign currency translation adjustments | - | - | - | -1,337 | -260 | ||||||||||||
Pension liability adjustment, net of tax | - | - | - | 271 | - | ||||||||||||
Cash dividends declared | - | - | -2,060 | - | - | ||||||||||||
Stock options exercised | 115 | 2,034 | - | - | - | ||||||||||||
Stock-based compensation expense | - | 360 | - | - | - | ||||||||||||
Income tax benefit from stock options exercised | - | 412 | - | - | - | ||||||||||||
Shares purchased and retired | -85 | - | -2,337 | - | - | ||||||||||||
Balance, March 31, 2015 | $ | 10,851 | $ | 40,772 | $ | 159,415 | $ | -19,096 | $ | 6,717 | |||||||
Subsequent_Events
Subsequent Events | 3 Months Ended | ||
Mar. 31, 2015 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] | 13 | Subsequent Events | |
On May 5, 2015, the Company’s Board of Directors authorized the repurchase of an additional 1.0 million shares of its common stock under its repurchase program, bringing the total available to purchase to approximately 1.2 million shares. | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share amounts) | ||||||||
Numerator: | ||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,633 | $ | 3,205 | ||||
Denominator: | ||||||||
Basic weighted average shares outstanding | 10,770 | 10,833 | ||||||
Effect of dilutive securities: | ||||||||
Employee stock-based awards | 97 | 97 | ||||||
Diluted weighted average shares outstanding | 10,867 | 10,930 | ||||||
Basic earnings per share | $ | 0.34 | $ | 0.3 | ||||
Diluted earnings per share | $ | 0.33 | $ | 0.29 | ||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 March 31, 2015, and December 31, 2014. | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Amortized | Market | Amortized | Market | |||||||||||
Cost | Value | Cost | Value | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds: | ||||||||||||||
Current | $ | 5,844 | $ | 5,919 | $ | 5,914 | $ | 6,006 | ||||||
Due from one through five years | 13,116 | 13,856 | 14,398 | 15,204 | ||||||||||
Due from six through ten years | 8,957 | 9,366 | 9,337 | 9,711 | ||||||||||
Due from eleven through twenty years | 1,097 | 1,069 | 805 | 762 | ||||||||||
Total | $ | 29,014 | $ | 30,210 | $ | 30,454 | $ | 31,683 | ||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on investment securities at March 31, 2015, and at December 31, 2014, were as follows: | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | |||||||||||
Gains | Losses | Gains | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||
Municipal bonds | $ | 1,245 | $ | -49 | $ | 1,279 | $ | -50 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 March 31, 2015: | ||||||||||||
March 31, 2015 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Years) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -163 | $ | 37 | ||||||
Customer relationships | 15 | 3,500 | -953 | 2,547 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -1,116 | $ | 2,584 | |||||||
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, 2014: | |||||||||||||
December 31, 2014 | |||||||||||||
Weighted | Gross | ||||||||||||
Average | Carrying | Accumulated | |||||||||||
Life (Years) | Amount | Amortization | Net | ||||||||||
(Dollars in thousands) | |||||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Goodwill | $ | 11,112 | $ | - | $ | 11,112 | |||||||
Trademarks | 34,748 | - | 34,748 | ||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | - | $ | 45,860 | |||||||
Amortizable intangible assets: | |||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | -153 | $ | 47 | ||||||
Customer relationships | 15 | 3,500 | -894 | 2,606 | |||||||||
Total amortizable intangible assets | $ | 3,700 | $ | -1,047 | $ | 2,653 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized segment data for the three months ended March 31, 2015 and 2014, was as follows: | |||||||||||||
Three Months Ended | ||||||||||||||
March 31, | Wholesale | Retail | Other | Total | ||||||||||
(Dollars in thousands) | ||||||||||||||
2015 | ||||||||||||||
Product sales | $ | 60,448 | $ | 4,920 | $ | 11,989 | $ | 77,357 | ||||||
Licensing revenues | 695 | - | - | 695 | ||||||||||
Net sales | $ | 61,143 | $ | 4,920 | $ | 11,989 | $ | 78,052 | ||||||
Earnings from operations | $ | 4,811 | $ | 272 | $ | 703 | $ | 5,786 | ||||||
2014 | ||||||||||||||
Product sales | $ | 56,061 | $ | 5,206 | $ | 13,013 | $ | 74,280 | ||||||
Licensing revenues | 649 | - | - | 649 | ||||||||||
Net sales | $ | 56,710 | $ | 5,206 | $ | 13,013 | $ | 74,929 | ||||||
Earnings from operations | $ | 3,568 | $ | 418 | $ | 884 | $ | 4,870 | ||||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Benefits earned during the period | $ | 411 | $ | 391 | ||||
Interest cost on projected benefit obligation | 673 | 663 | ||||||
Expected return on plan assets | -592 | -573 | ||||||
Net amortization and deferral | 445 | 197 | ||||||
Net pension expense | $ | 937 | $ | 678 | ||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 three month period ended March 31, 2015: | |||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Exercise | Contractual | Intrinsic | ||||||||||
Shares | Price | Term (Years) | Value* | |||||||||
Outstanding at December 31, 2014 | 1,355,416 | $ | 25.36 | |||||||||
Exercised | -115,416 | $ | 18.62 | |||||||||
Forfeited or expired | -4,875 | $ | 26.6 | |||||||||
Outstanding at March 31, 2015 | 1,235,125 | $ | 25.99 | 3.9 | $ | 4,833,000 | ||||||
Exercisable at March 31, 2015 | 488,418 | $ | 24.85 | 2.6 | $ | 2,469,000 | ||||||
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 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 the Company’s stock option exercise activity for the three months ended March 31, 2015 and 2014: | |||||||||||
Three Months Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||
Total intrinsic value of stock options exercised | $ | 1,057 | $ | 37 | ||||||||
Cash received from stock option exercises | $ | 2,149 | $ | 165 | ||||||||
Income tax benefit from the exercise of stock options | $ | 412 | $ | 14 | ||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock award activity for the three month period ended March 31, 2015: | |||||||||||
Weighted | ||||||||||||
Weighted | Average | |||||||||||
Shares of | Average | Remaining | Aggregate | |||||||||
Restricted | Grant Date | Contractual | Intrinsic | |||||||||
Stock | Fair Value | Term (Years) | Value* | |||||||||
Non-vested at December 31, 2014 | 54,050 | $ | 26.58 | |||||||||
Issued | - | - | ||||||||||
Vested | - | - | ||||||||||
Forfeited | - | - | ||||||||||
Non-vested at March 31, 2015 | 54,050 | $ | 26.58 | 2.7 | $ | 1,616,000 | ||||||
* | The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 multiplied by the number of non-vested restricted shares outstanding. | |||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||
Comprehensive Income (Loss) [Table Text Block] | Comprehensive income for the three months ended March 31, 2015 and 2014, was as follows: | ||||||||||
Three Months Ended March 31, | |||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Net earnings | $ | 3,592 | $ | 3,250 | |||||||
Foreign currency translation adjustments | -1,597 | 84 | |||||||||
Pension liability, net of tax of $174 and $77, respectively | 271 | 120 | |||||||||
Total comprehensive income | $ | 2,266 | $ | 3,454 | |||||||
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: | ||||||||||
March 31, | December 31, | ||||||||||
2015 | 2014 | ||||||||||
(Dollars in thousands) | |||||||||||
Foreign currency translation adjustments | $ | -4,231 | $ | -2,894 | |||||||
Pension liability, net of tax | -14,865 | -15,136 | |||||||||
Total accumulated other comprehensive loss | $ | -19,096 | $ | -18,030 | |||||||
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2015: | ||||||||||
Foreign | Defined | Total | |||||||||
Currency | Benefit | ||||||||||
Translation | Pension | ||||||||||
Adjustments | Items | ||||||||||
Beginning balance, December 31, 2014 | $ | -2,894 | $ | -15,136 | $ | -18,030 | |||||
Other comprehensive loss before reclassifications | -1,337 | - | -1,337 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | - | 271 | 271 | ||||||||
Net current period other comprehensive (loss) income | -1,337 | 271 | -1,066 | ||||||||
Ending balance, March 31, 2015 | $ | -4,231 | $ | -14,865 | $ | -19,096 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2015: | ||||||||||
Amounts reclassified | Affected line item in the | ||||||||||
from accumulated other | statement where net | ||||||||||
comprehensive loss for | income is presented | ||||||||||
the three months ended | |||||||||||
March 31, 2015 | |||||||||||
Amortization of defined benefit pension items | |||||||||||
Prior service cost | $ | -28 | -1 | ||||||||
Actuarial losses | 473 | -1 | |||||||||
Total before tax | 445 | ||||||||||
Tax benefit | -174 | ||||||||||
Net of tax | $ | 271 | |||||||||
-1 | These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. | ||||||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | A reconciliation of the Company’s equity for the three months ended March 31, 2015, 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, 2014 | $ | 10,821 | $ | 37,966 | $ | 160,179 | $ | -18,030 | $ | 7,018 | |||||||
Net earnings | - | - | 3,633 | - | -41 | ||||||||||||
Foreign currency translation adjustments | - | - | - | -1,337 | -260 | ||||||||||||
Pension liability adjustment, net of tax | - | - | - | 271 | - | ||||||||||||
Cash dividends declared | - | - | -2,060 | - | - | ||||||||||||
Stock options exercised | 115 | 2,034 | - | - | - | ||||||||||||
Stock-based compensation expense | - | 360 | - | - | - | ||||||||||||
Income tax benefit from stock options exercised | - | 412 | - | - | - | ||||||||||||
Shares purchased and retired | -85 | - | -2,337 | - | - | ||||||||||||
Balance, March 31, 2015 | $ | 10,851 | $ | 40,772 | $ | 159,415 | $ | -19,096 | $ | 6,717 | |||||||
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net earnings attributable to Weyco Group, Inc. | $3,633 | $3,205 |
Denominator: | ||
Basic weighted average shares outstanding (in shares) | 10,770 | 10,833 |
Effect of dilutive securities: | ||
Employee stock-based awards (in shares) | 97 | 97 |
Diluted weighted average shares outstanding (in shares) | 10,867 | 10,930 |
Basic earnings per share (in dollars per share) | $0.34 | $0.30 |
Diluted earnings per share (in dollars per share) | $0.33 | $0.29 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 652,700 | 331,800 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $27.76 | $28.50 |
Investments_Details
Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $5,844 | $5,914 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 5,844 | 5,914 |
Amortized Cost, Due from one through five years | 13,116 | 14,398 |
Amortized Cost, Due from six through ten years | 8,957 | 9,337 |
Amortized Cost, Due from eleven through twenty years | 1,097 | 805 |
Amortized Cost, Total | 29,014 | 30,454 |
Market Value, Current | 5,919 | 6,006 |
Market Value, Due from one through five years | 13,856 | 15,204 |
Market Value, Due from six through ten years | 9,366 | 9,711 |
Market Value, Due from eleven through twenty years | 1,069 | 762 |
Market Value, Total | $30,210 | $31,683 |
Investments_Details_1
Investments (Details 1) (Municipal Bonds [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Municipal Bonds [Member] | ||
Net Investment Income [Line Items] | ||
Unrealized Gains | $1,245 | $1,279 |
Unrealized Losses | ($49) | ($50) |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | $45,860 | $45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ||
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | -1,116 | -1,047 |
Net | 2,584 | 2,653 |
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 (Years) | 5 years | 5 years |
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | -163 | -153 |
Net | 37 | 47 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | 15 years |
Gross Carrying Amount | 3,500 | 3,500 |
Accumulated Amortization | -953 | -894 |
Net | $2,547 | $2,606 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Product sales | $77,357 | $74,280 |
Licensing revenues | 695 | 649 |
Net sales | 78,052 | 74,929 |
Earnings from operations | 5,786 | 4,870 |
Wholesale [Member] | ||
Segment Reporting Information [Line Items] | ||
Product sales | 60,448 | 56,061 |
Licensing revenues | 695 | 649 |
Net sales | 61,143 | 56,710 |
Earnings from operations | 4,811 | 3,568 |
Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Product sales | 4,920 | 5,206 |
Licensing revenues | 0 | 0 |
Net sales | 4,920 | 5,206 |
Earnings from operations | 272 | 418 |
Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Product sales | 11,989 | 13,013 |
Licensing revenues | 0 | 0 |
Net sales | 11,989 | 13,013 |
Earnings from operations | $703 | $884 |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefits earned during the period | $411 | $391 |
Interest cost on projected benefit obligation | 673 | 663 |
Expected return on plan assets | -592 | -573 |
Net amortization and deferral | 445 | 197 |
Net pension expense | $937 | $678 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at December 31, 2014 | 1,355,416 | |
Shares, Exercised | -115,416 | |
Shares, Forfeited or expired | -4,875 | |
Shares, Outstanding at March 31, 2015 | 1,235,125 | |
Shares, Exercisable at March 31, 2015 | 488,418 | |
Weighted Average Exercise Price, Outstanding at December 31, 2014 | $25.36 | |
Weighted Average Exercise Price, Exercised | $18.62 | |
Weighted Average Exercise Price, Forfeited or expired | $26.60 | |
Weighted Average Exercise Price, Outstanding at March 31, 2015 | $25.99 | |
Weighted Average Exercise Price, Exercisable at March 31, 2015 | $24.85 | |
Weighted Average Remaining Contractual Term (Years), Outstanding - March 31, 2015 | 3 years 10 months 24 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable - March 31, 2015 | 2 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $4,833,000 | [1] |
Aggregate Intrinsic Value, Exercisable at March 31, 2015 | $2,469,000 | [1] |
[1] | The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised | $1,057 | $37 |
Cash received from stock option exercises | 2,149 | 165 |
Income tax benefit from the exercise of stock options | $412 | $14 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of Restricted Stock, Non-vested at December 31, 2014 | 54,050 | |
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 March 31, 2015 | 54,050 | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2014 | $26.58 | |
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 March 31, 2015 | $26.58 | |
Weighted Average Remaining Contractual Term (Years), Non-vested at March 31, 2015 | 2 years 8 months 12 days | |
Aggregate Intrinsic Value (in dollars), Non-vested at March 31, 2015 | $1,616,000 | [1] |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2015, the last trading day of the quarter, of $29.90 multiplied by the number of non-vested restricted shares outstanding. |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $360,000 | $338,000 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $29.90 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Price | $29.90 |
ShortTerm_Borrowings_Details_T
Short-Term Borrowings (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Amount Outstanding During Period | $12.90 |
Debt Instrument, Interest Rate at Period End | 0.93% |
Long-term Line of Credit | 6.6 |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $60 |
Line of Credit Facility, Expiration Date | 5-Nov-15 |
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.75% |
Contingent_Consideration_Detai
Contingent Consideration (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Business Acquisition, Contingent Consideration [Line Items] | |||
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) related to the Companys acquisition of Bogs in 2011. 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. | ||
Payment Of Contingent Consideration | $1,270,000 | ||
Second Contingent Payment [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Business Combination, Contingent Consideration, Liability | 5,700,000 | $5,700,000 |
Financial_Instruments_DetailsT
Financial Instruments (DetailsTextual) | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
In Millions, unless otherwise specified | Forward Exchange Contracts, Australian [Member] | Forward Exchange Contracts, Australian [Member] | Forward Exchange Contracts, Canadian [Member] | Forward Exchange Contracts, Canadian [Member] |
USD ($) | AUD | USD ($) | CAD | |
Financial Instruments [Line Items] | ||||
Forward Exchange Contracts Outstanding | $4 | 4.9 | $5 | 5.5 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net earnings | $3,592 | $3,250 |
Foreign currency translation adjustments | -1,597 | 84 |
Pension liability, net of tax of $174 and $77, respectively | 271 | 120 |
Total comprehensive income | $2,266 | $3,454 |
Comprehensive_Income_Details_1
Comprehensive Income (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Foreign currency translation adjustments | ($4,231) | ($2,894) |
Pension liability, net of tax | -14,865 | -15,136 |
Total accumulated other comprehensive loss | ($19,096) | ($18,030) |
Comprehensive_Income_Details_2
Comprehensive Income (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign Currency Translation Adjustments, Beginning balance, December 31, 2014 | ($2,894) | |
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications | -1,337 | |
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | -1,337 | |
Foreign Currency Translation Adjustments, Ending balance, March 31, 2015 | -4,231 | |
Defined Benefit Pension Items, Beginning balance, December 31, 2014 | -15,136 | |
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | 0 | |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 271 | 120 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 271 | |
Defined Benefit Pension Items, Ending balance, March 31, 2015 | -14,865 | |
Beginning balance, December 31, 2014 | -18,030 | |
Other comprehensive loss before reclassifications | -1,337 | |
Amounts reclassified from accumulated other comprehensive loss | 271 | |
Net current period other comprehensive (loss) income | -1,066 | |
Ending balance, March 31, 2015 | ($19,096) |
Comprehensive_Income_Details_3
Comprehensive Income (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization of defined benefit pension items | |||
Amortization of defined benefit pension items, Prior service cost | ($28) | [1] | |
Amortization of defined benefit pension items, Actuarial losses | 473 | [1] | |
Amortization of defined benefit pension items, Total before tax | 445 | ||
Amortization of defined benefit pension items, Tax benefit | -174 | ||
Amortization of defined benefit pension items, Net of tax | $271 | $120 | |
[1] | These amounts were included in the computation of net periodic pension cost. See Note 6 for additional details. |
Comprehensive_Income_Details_T
Comprehensive Income (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $174 | $77 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | $197,954 | |
Net earnings | 3,592 | 3,250 |
Foreign currency translation adjustments | -1,597 | 84 |
Pension liability adjustment, net of tax | 271 | |
Balance, March 31, 2015 | 198,659 | |
Common Stock [Member] | ||
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | 10,821 | |
Net earnings | 0 | |
Foreign currency translation adjustments | 0 | |
Pension liability adjustment, net of tax | 0 | |
Cash dividends declared | 0 | |
Stock options exercised | 115 | |
Stock-based compensation expense | 0 | |
Income tax benefit from stock options exercised | 0 | |
Shares purchased and retired | -85 | |
Balance, March 31, 2015 | 10,851 | |
Capital in Excess of Par Value [Member] | ||
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | 37,966 | |
Net earnings | 0 | |
Foreign currency translation adjustments | 0 | |
Pension liability adjustment, net of tax | 0 | |
Cash dividends declared | 0 | |
Stock options exercised | 2,034 | |
Stock-based compensation expense | 360 | |
Income tax benefit from stock options exercised | 412 | |
Shares purchased and retired | 0 | |
Balance, March 31, 2015 | 40,772 | |
Reinvested Earnings [Member] | ||
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | 160,179 | |
Net earnings | 3,633 | |
Foreign currency translation adjustments | 0 | |
Pension liability adjustment, net of tax | 0 | |
Cash dividends declared | -2,060 | |
Stock options exercised | 0 | |
Stock-based compensation expense | 0 | |
Income tax benefit from stock options exercised | 0 | |
Shares purchased and retired | -2,337 | |
Balance, March 31, 2015 | 159,415 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | -18,030 | |
Net earnings | 0 | |
Foreign currency translation adjustments | -1,337 | |
Pension liability adjustment, net of tax | 271 | |
Cash dividends declared | 0 | |
Stock options exercised | 0 | |
Stock-based compensation expense | 0 | |
Income tax benefit from stock options exercised | 0 | |
Shares purchased and retired | 0 | |
Balance, March 31, 2015 | -19,096 | |
Noncontrolling Interest [Member] | ||
Stockholders Equity Note [Line Items] | ||
Balance, December 31, 2014 | 7,018 | |
Net earnings | -41 | |
Foreign currency translation adjustments | -260 | |
Pension liability adjustment, net of tax | 0 | |
Cash dividends declared | 0 | |
Stock options exercised | 0 | |
Stock-based compensation expense | 0 | |
Income tax benefit from stock options exercised | 0 | |
Shares purchased and retired | 0 | |
Balance, March 31, 2015 | $6,717 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (Subsequent Event [Member]) | 5-May-15 |
In Millions, unless otherwise specified | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1.2 |