Weyco (WEYS) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-09068
Entity Registrant Name	WEYCO GROUP, INC.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0702200
Entity Address, Address Line One	333 W. Estabrook Boulevard
Entity Address, Address Line Two	P. O. Box 1188
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53201
City Area Code	414
Local Phone Number	908-1600
Title of 12(b) Security	Common Stock - $1.00 par value per share
Trading Symbol	WEYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,635,433
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Cash and cash equivalents	$ 24,150	$ 19,711
Investments, at fair value	106	8,122
Marketable securities, at amortized cost	719	219
Accounts receivable, net	51,871	53,287
Income tax receivable		495
Inventories	62,056	71,026
Prepaid expenses and other current assets	4,124	4,317
Total current assets	143,026	157,177
Marketable securities, at amortized cost	9,023	9,996
Deferred income tax benefits	1,098	1,063
Property, plant and equipment, net	28,986	29,202
Operating lease right-of-use assets	8,790	9,543
Goodwill	12,317	12,317
Trademarks	34,768	34,768
Other assets	23,778	23,601
Total assets	261,786	277,667
LIABILITIES AND EQUITY:
Accounts payable	6,251	19,234
Operating lease liabilities	3,451	3,593
Accrued liabilities	7,768	11,681
Accrued income tax payable	952
Total current liabilities	18,422	34,508
Deferred income tax liabilities	5,003	5,026
Long-term pension liability	27,480	27,776
Operating lease liabilities	6,887	7,520
Other long-term liabilities	1,626	1,442
Total liabilities	59,418	76,272
Common stock	9,634	9,709
Capital in excess of par value	69,076	68,718
Reinvested earnings	147,777	147,762
Accumulated other comprehensive loss	(24,119)	(24,794)
Total equity	202,368	201,395
Total liabilities and equity	$ 261,786	$ 277,667

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
Net sales	$ 81,360	$ 46,900
Cost of sales	52,232	27,595
Gross earnings	29,128	19,305
Selling and administrative expenses	23,697	17,671
Earnings from operations	5,431	1,634
Interest income	91	131
Interest expense	(1)	(7)
Other (expense) income, net	(6)	138
Earnings before provision for income taxes	5,515	1,896
Provision for income taxes	1,462	571
Net earnings	$ 4,053	$ 1,325
Basic weighted average shares outstanding	9,596	9,680
Diluted weighted average shares outstanding	9,647	9,686
Basic earnings per share	$ 0.42	$ 0.14
Diluted earnings per share	0.42	0.14
Cash dividends declared (per share)	$ 0.24	$ 0.24
Comprehensive income	$ 4,728	$ 1,365

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 4,053	$ 1,325
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation	604	623
Amortization	71	82
Bad debt expense	15	17
Deferred income taxes	(111)	39
Net foreign currency transaction losses (gains)	32	(115)
Share-based compensation expense	350	545
Increase in cash surrender value of life insurance	(150)	(150)
Changes in operating assets and liabilities -
Accounts receivable	1,395	2,273
Inventories	8,980	11,700
Prepaid expenses and other assets	89	572
Accounts payable	(12,966)	(1,839)
Accrued liabilities and other	(3,578)	(1,425)
Accrued income taxes	1,447	522
Net cash provided by operating activities	231	14,169
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities	475	1,720
Purchases of investment securities		(20,011)
Proceeds from sale of investment securities	8,050
Purchases of property, plant and equipment	(352)	(73)
Net cash provided by (used for) investing activities	8,173	(18,364)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(2,297)	(2,319)
Shares purchased and retired	(1,797)	(1,079)
Proceeds from stock option exercised	11
Net cash used for financing activities	(4,083)	(3,398)
Effect of exchange rate changes on cash and cash equivalents	118	(23)
Net increase (decrease) in cash and cash equivalents	4,439	(7,616)
CASH AND CASH EQUIVALENTS at beginning of period	19,711	32,476
CASH AND CASH EQUIVALENTS at end of period	24,150	24,860
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	75	24
Interest paid	$ 1	$ 7

Financial Statements

Financial Statements	3 Months Ended
	Mar. 31, 2022
Financial Statements
Financial Statements	1. Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three-month period ended March 31, 2022, may not necessarily be indicative of the results for the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements
New Accounting Pronouncements	2. New Accounting Pronouncement Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2022
Acquisition
Acquisition	3. Acquisition On June 7, 2021, the Company acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (“Forsake”) a distributor of outdoor footwear, under the brand name “Forsake.” The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $ 2.6 million, plus contingent payments to be paid annually over a period of five years , depending on Forsake achieving certain performance measures. The Company’s estimate of the discounted fair value of the contingent payments was approximately $ 1.3 million in total. The $ 2.6 million purchase price was funded with the Company’s available cash. Transaction costs incurred in connection with the acquisition were not material to the Company’s financial statements. The fair values assigned to the assets acquired and liabilities assumed were: ​ ​ ​ ​ ​ Accounts receivable, net $ 143 Inventories ​ 619 Prepaid expenses and other current assets ​ ​ 72 Property, plant and equipment, net ​ 17 Goodwill ​ 1,205 Trademark ​ 1,900 Accrued liabilities ​ (48) ​ ​ $ 3,908 ​ The Company recorded $ 3.1 million of intangible assets, including $ 1.2 million of goodwill, which has been allocated to the wholesale and retail segments as of the acquisition date. Goodwill reflects the excess purchase price over the fair value of net assets. All of this goodwill is deductible for tax purposes. The trademark will not be amortized, but instead tested for impairment on an annual basis. ​ The accompanying consolidated condensed financial statements include the results of Forsake from the date of acquisition through March 31, 2022. For the three months ended March 31, 2022, Forsake’s net sales totaled approximately $0.7 million, of which $0.4 million was recognized in the wholesale segment and $0.3 million was recognized in the retail segment. Pro forma financial information is not presented as the effects of this acquisition are not material to the Company’s results of operations or financial position.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Earnings Per Share	4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ Net earnings ​ $ 4,053 ​ $ 1,325 ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average shares outstanding ​ 9,596 ​ 9,680 Effect of dilutive securities: ​ ​ ​ ​ Employee share-based awards ​ 51 ​ 6 Diluted weighted average shares outstanding ​ 9,647 ​ 9,686 ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.42 ​ $ 0.14 ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 0.42 ​ $ 0.14 ​ Diluted weighted average shares outstanding for the three months ended March 31, 2022, excludes anti-dilutive stock options totaling 928,000 shares of common stock at a weighted average price of $27.24. Diluted weighted average shares outstanding for the three months ended March 31, 2021, excludes anti-dilutive stock options totaling 1,160,000 shares of common stock at a weighted average price of $24.86.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments
Investments	5. Investments Investments, at fair value At March 31, 2022 and December 31, 2021, the Company had $0.1 million and $8.1 million, respectively, of cash invested in highly liquid taxable bond funds. The Company classifies these investments as trading securities and reports them at fair value. There were no significant unrealized gains or losses on these investments in the first quarters of 2022 and 2021. The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a level 1 valuation as defined by Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. Marketable securities, at amortized cost The Company also invests in marketable securities. As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments - Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of March 31, 2022, and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 719 ​ $ 725 ​ $ 219 ​ $ 223 Due from one through five years ​ 5,705 ​ 5,784 ​ 6,503 ​ 6,805 Due from six through ten years ​ 2,305 ​ 2,473 ​ 2,479 ​ 2,790 Due from eleven through twenty years ​ 1,013 ​ 1,044 ​ 1,014 ​ 1,102 Total ​ $ 9,742 ​ $ 10,026 ​ $ 10,215 ​ $ 10,920 ​ The unrealized gains and losses on marketable securities at March 31, 2022, and at December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 290 ​ $ (6) ​ $ 705 ​ $ — ​ The estimated market values provided are level 2 valuations as defined by ASC 820. The Company reviewed its portfolio of investments as of March 31, 2022, and determined that no other-than-temporary market value impairment exists.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Intangible Assets
Intangible Assets	6. Intangible Assets ​ The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,317 ​ $ 12,317 Trademarks ​ 34,768 ​ 34,768 Total ​ $ 47,085 ​ $ 47,085 ​ The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Weighted ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Life (Years) Amount Amortization Net Amount Amortization Net ​ ​ ​ ​ ​ (Dollars in thousands) ​ (Dollars in thousands) Amortizable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 15 ​ $ 3,500 ​ $ (2,586) ​ $ 914 ​ $ 3,500 ​ $ (2,528) ​ $ 972 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,586) ​ $ 914 ​ $ 3,500 ​ $ (2,528) ​ $ 972 ​ Amortization expense related to the intangible assets was approximately $58,000 in both the first quarters of 2022 and 2021.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information
Segment Information	7. Segment Information The Company has two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). The Company’s Chief Executive Officer evaluates the performance of the Company’s segments based on earnings (loss) from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the 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, 2022 and 2021, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ ​ Product sales ​ $ 66,668 ​ $ 7,860 ​ $ 6,400 ​ $ 80,928 Licensing revenues ​ 432 ​ — ​ — ​ 432 Net sales ​ $ 67,100 ​ $ 7,860 ​ $ 6,400 ​ $ 81,360 Earnings (loss) from operations ​ $ 4,846 ​ $ 828 ​ $ (243) ​ $ 5,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 33,036 ​ $ 5,618 ​ $ 7,904 ​ $ 46,558 Licensing revenues ​ 342 ​ — ​ — ​ 342 Net sales ​ $ 33,378 ​ $ 5,618 ​ $ 7,904 ​ $ 46,900 Earnings (loss) from operations ​ $ 1,359 ​ $ 756 ​ $ (481) ​ $ 1,634 ​

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 31, 2022
Employee Retirement Plans
Employee Retirement Plans	8. Employee Retirement Plans The components of the Company’s pension expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) Service cost ​ $ 112 ​ $ 102 Interest cost ​ 432 ​ 371 Expected return on plan assets ​ (752) ​ (720) Net amortization and deferral ​ 208 ​ ​ 247 Pension expense ​ $ — ​ $ — ​ The components of pension expense other than the service cost component were included in "other (expense) income, net" in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited).

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	9. Leases The Company leases retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2022 and 2029. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. ​ The components of the Company’s operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Operating lease costs $ 1,264 ​ $ 1,334 Variable lease costs (1) ​ ​ — ​ ​ 20 Total lease costs $ 1,264 ​ $ 1,354 (1) Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of March 31, 2022: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2022, excluding the quarter ended March 31, 2022 $ 2,924 2023 3,013 2024 2,102 2025 1,379 2026 1,025 Thereafter 724 Total lease payments 11,167 Less imputed interest (829) Present value of lease liabilities $ 10,338 ​ The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ $ 3,451 ​ $ 3,593 Operating lease liabilities - non-current ​ ​ 6,887 ​ ​ 7,520 Total $ 10,338 ​ $ 11,113 ​ The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of March 31, 2022, the Company’s leases have a weighted-average remaining lease term of 3.4 years. Supplemental cash flow information related to the Company’s operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,128 ​ $ 1,387 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ 2,022 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	10. Income Taxes ​ The effective income tax rates for the three months ended March 31, 2022 and 2021 were 26.5% and 30.1%, respectively. The 2022 and 2021 effective tax rates were negatively impacted because the Company did not record income tax benefits on foreign subsidiary losses in these periods.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation Plans
Share-Based Compensation Plans	11. Share-Based Compensation Plans During the three months ended March 31, 2022, the Company recognized $350,000 of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021. During the three months ended March 31, 2021, the Company recognized $545,000 of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2020. The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2021 1,279,833 ​ $ 25.44 ​ Granted — ​ ​ — ​ Exercised (500) ​ ​ 18.00 ​ Forfeited or expired (5,740) ​ ​ 22.82 ​ Outstanding at March 31, 2022 1,273,593 ​ $ 25.46 5.4 ​ $ 1,530,000 Exercisable at March 31, 2022 767,622 ​ $ 26.59 3.5 ​ $ 336,000 * 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 March 31, 2022 of $24.72 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ Aggregate ​ ​ Restricted ​ Grant Date ​ Contractual ​ Intrinsic ​ Stock Fair Value Term (Years) Value* Non-vested at December 31, 2021 78,470 ​ $ 23.11 ​ Issued — ​ ​ — ​ Vested (150) ​ 28.77 ​ Forfeited — ​ — ​ Non-vested at March 31, 2022 78,320 ​ $ 23.10 2.5 ​ $ 1,936,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2022 of $24.72 multiplied by the number of non-vested restricted shares outstanding.

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Mar. 31, 2022
Short-Term Borrowings
Short-Term Borrowings	12. Short-Term Borrowings At March 31, 2022, the Company had a $40 million revolving line of credit with a bank that is secured by a lien against the Company’s general corporate assets. The line of credit bears interest at LIBOR plus 1.35% and expires on November 4, 2022. The related credit agreement contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At March 31, 2022, there were no amounts outstanding on the Company’s line of credit. There were also no amounts outstanding on the line of credit during the quarter.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Financial Instruments
Financial Instruments	13. Financial Instruments At March 31, 2022, the Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $3.9 million U.S. dollars at a price of approximately $5.3 million Australian dollars. These contracts all expire in 2022. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2022
Comprehensive Income
Comprehensive Income	14. Comprehensive Income Comprehensive income for the three months ended March 31, 2022 and 2021, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) Net earnings ​ $ 4,053 ​ $ 1,325 Foreign currency translation adjustments ​ 521 ​ (143) Pension liability, net of tax of $54 and $64, respectively ​ 154 ​ 183 Total comprehensive income ​ $ 4,728 ​ $ 1,365 ​ The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (6,262) ​ $ (6,783) Pension liability, net of tax ​ (17,857) ​ (18,011) Total accumulated other comprehensive loss ​ $ (24,119) ​ $ (24,794) ​ The following table shows changes in accumulated other comprehensive loss during the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined ​ ​ ​ ​ Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2021 ​ $ (6,783) ​ $ (18,011) ​ $ (24,794) Other comprehensive income before reclassifications ​ ​ 521 ​ ​ — ​ ​ 521 Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 154 ​ ​ 154 Net current period other comprehensive income ​ ​ 521 ​ ​ 154 ​ ​ 675 Ending balance, March 31, 2022 ​ $ (6,262) ​ $ (17,857) ​ $ (24,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined ​ ​ ​ ​ Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive loss before reclassifications ​ ​ (143) ​ ​ — ​ ​ (143) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 183 ​ ​ 183 Net current period other comprehensive (loss) income ​ (143) ​ 183 ​ 40 Ending balance, March 31, 2021 ​ $ (6,193) ​ $ (21,772) ​ $ (27,965) ​ The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified from ​ ​ ​ ​ accumulated other ​ ​ ​ ​ comprehensive loss for ​ Affected line item in the ​ ​ the three months ended ​ statement where net income is ​ March 31, 2022 presented Amortization of defined benefit pension items ​ Prior service cost ​ $ 2 (1) Other (expense) income, net Actuarial losses ​ 206 (1) Other (expense) income, net Total before tax ​ 208 ​ Tax benefit ​ (54) ​ Net of tax ​ $ 154 ​ (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity
Equity	15. Equity The following table reconciles the Company’s equity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2021 ​ $ 9,709 ​ $ 68,718 ​ $ 147,762 ​ $ (24,794) Net earnings ​ — ​ — ​ 4,053 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ 521 Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 154 Cash dividends declared ​ — ​ — ​ (2,316) ​ — Stock option exercised ​ ​ — ​ ​ 8 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (75) ​ ​ — ​ ​ (1,722) ​ ​ — Balance, March 31, 2022 ​ $ 9,634 ​ $ 69,076 ​ $ 147,777 ​ $ (24,119) ​ The following table reconciles the Company’s equity for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31, 2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965) ​

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Event
Subsequent Event	16. Subsequent Event ​ On May 3, 2022, the Company's Board of Directors authorized the repurchase of an additional 1.0 million shares of common stock under its repurchase program, bringing the total available for repurchase to approximately 1.1 million shares.

Financial Statements (Policies)

Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2022
Financial Statements
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2022
Acquisition
Schedule of fair values assigned to the assets acquired and liabilities assumed as of the acquisition date	​ ​ ​ ​ ​ Accounts receivable, net $ 143 Inventories ​ 619 Prepaid expenses and other current assets ​ ​ 72 Property, plant and equipment, net ​ 17 Goodwill ​ 1,205 Trademark ​ 1,900 Accrued liabilities ​ (48) ​ ​ $ 3,908

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ Net earnings ​ $ 4,053 ​ $ 1,325 ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average shares outstanding ​ 9,596 ​ 9,680 Effect of dilutive securities: ​ ​ ​ ​ Employee share-based awards ​ 51 ​ 6 Diluted weighted average shares outstanding ​ 9,647 ​ 9,686 ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.42 ​ $ 0.14 ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 0.42 ​ $ 0.14

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments
Schedule of Marketable securities	Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of March 31, 2022, and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 719 ​ $ 725 ​ $ 219 ​ $ 223 Due from one through five years ​ 5,705 ​ 5,784 ​ 6,503 ​ 6,805 Due from six through ten years ​ 2,305 ​ 2,473 ​ 2,479 ​ 2,790 Due from eleven through twenty years ​ 1,013 ​ 1,044 ​ 1,014 ​ 1,102 Total ​ $ 9,742 ​ $ 10,026 ​ $ 10,215 ​ $ 10,920
Schedule of Unrealized gains and losses on marketable securities	The unrealized gains and losses on marketable securities at March 31, 2022, and at December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 290 ​ $ (6) ​ $ 705 ​ $ — ​

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Assets
Schedule of indefinite-lived intangible assets	The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,317 ​ $ 12,317 Trademarks ​ 34,768 ​ 34,768 Total ​ $ 47,085 ​ $ 47,085
Schedule of Company's amortizable intangible assets	The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Weighted ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Life (Years) Amount Amortization Net Amount Amortization Net ​ ​ ​ ​ ​ (Dollars in thousands) ​ (Dollars in thousands) Amortizable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 15 ​ $ 3,500 ​ $ (2,586) ​ $ 914 ​ $ 3,500 ​ $ (2,528) ​ $ 972 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,586) ​ $ 914 ​ $ 3,500 ​ $ (2,528) ​ $ 972

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information
Schedule of Segment Reporting Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ ​ Product sales ​ $ 66,668 ​ $ 7,860 ​ $ 6,400 ​ $ 80,928 Licensing revenues ​ 432 ​ — ​ — ​ 432 Net sales ​ $ 67,100 ​ $ 7,860 ​ $ 6,400 ​ $ 81,360 Earnings (loss) from operations ​ $ 4,846 ​ $ 828 ​ $ (243) ​ $ 5,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 33,036 ​ $ 5,618 ​ $ 7,904 ​ $ 46,558 Licensing revenues ​ 342 ​ — ​ — ​ 342 Net sales ​ $ 33,378 ​ $ 5,618 ​ $ 7,904 ​ $ 46,900 Earnings (loss) from operations ​ $ 1,359 ​ $ 756 ​ $ (481) ​ $ 1,634

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Employee Retirement Plans
Schedule of Company's pension expense	The components of the Company’s pension expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) Service cost ​ $ 112 ​ $ 102 Interest cost ​ 432 ​ 371 Expected return on plan assets ​ (752) ​ (720) Net amortization and deferral ​ 208 ​ ​ 247 Pension expense ​ $ — ​ $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of operating lease costs	The components of the Company’s operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Operating lease costs $ 1,264 ​ $ 1,334 Variable lease costs (1) ​ ​ — ​ ​ 20 Total lease costs $ 1,264 ​ $ 1,354 (1)
Schedule of maturities of operating lease liabilities	The following is a schedule of maturities of operating lease liabilities as of March 31, 2022: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2022, excluding the quarter ended March 31, 2022 $ 2,924 2023 3,013 2024 2,102 2025 1,379 2026 1,025 Thereafter 724 Total lease payments 11,167 Less imputed interest (829) Present value of lease liabilities $ 10,338 ​ The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities - current ​ $ 3,451 ​ $ 3,593 Operating lease liabilities - non-current ​ ​ 6,887 ​ ​ 7,520 Total $ 10,338 ​ $ 11,113 ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,128 ​ $ 1,387 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ 2,022

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation Plans
Schedule of Company's stock option activity	The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2021 1,279,833 ​ $ 25.44 ​ Granted — ​ ​ — ​ Exercised (500) ​ ​ 18.00 ​ Forfeited or expired (5,740) ​ ​ 22.82 ​ Outstanding at March 31, 2022 1,273,593 ​ $ 25.46 5.4 ​ $ 1,530,000 Exercisable at March 31, 2022 767,622 ​ $ 26.59 3.5 ​ $ 336,000 * 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 March 31, 2022 of $24.72 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of Company's restricted stock award	The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ Aggregate ​ ​ Restricted ​ Grant Date ​ Contractual ​ Intrinsic ​ Stock Fair Value Term (Years) Value* Non-vested at December 31, 2021 78,470 ​ $ 23.11 ​ Issued — ​ ​ — ​ Vested (150) ​ 28.77 ​ Forfeited — ​ — ​ Non-vested at March 31, 2022 78,320 ​ $ 23.10 2.5 ​ $ 1,936,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2022 of $24.72 multiplied by the number of non-vested restricted shares outstanding.

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2022
Comprehensive Income
Schedule of comprehensive income	Comprehensive income for the three months ended March 31, 2022 and 2021, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 ​ ​ (Dollars in thousands) Net earnings ​ $ 4,053 ​ $ 1,325 Foreign currency translation adjustments ​ 521 ​ (143) Pension liability, net of tax of $54 and $64, respectively ​ 154 ​ 183 Total comprehensive income ​ $ 4,728 ​ $ 1,365
Schedule of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (6,262) ​ $ (6,783) Pension liability, net of tax ​ (17,857) ​ (18,011) Total accumulated other comprehensive loss ​ $ (24,119) ​ $ (24,794)
Schedule of changes in accumulated other comprehensive loss	The following table shows changes in accumulated other comprehensive loss during the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined ​ ​ ​ ​ Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2021 ​ $ (6,783) ​ $ (18,011) ​ $ (24,794) Other comprehensive income before reclassifications ​ ​ 521 ​ ​ — ​ ​ 521 Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 154 ​ ​ 154 Net current period other comprehensive income ​ ​ 521 ​ ​ 154 ​ ​ 675 Ending balance, March 31, 2022 ​ $ (6,262) ​ $ (17,857) ​ $ (24,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Defined ​ ​ ​ ​ Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive loss before reclassifications ​ ​ (143) ​ ​ — ​ ​ (143) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 183 ​ ​ 183 Net current period other comprehensive (loss) income ​ (143) ​ 183 ​ 40 Ending balance, March 31, 2021 ​ $ (6,193) ​ $ (21,772) ​ $ (27,965)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified from ​ ​ ​ ​ accumulated other ​ ​ ​ ​ comprehensive loss for ​ Affected line item in the ​ ​ the three months ended ​ statement where net income is ​ March 31, 2022 presented Amortization of defined benefit pension items ​ Prior service cost ​ $ 2 (1) Other (expense) income, net Actuarial losses ​ 206 (1) Other (expense) income, net Total before tax ​ 208 ​ Tax benefit ​ (54) ​ Net of tax ​ $ 154 ​ (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity
Schedule of reconciliation of company's equity	The following table reconciles the Company’s equity for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2021 ​ $ 9,709 ​ $ 68,718 ​ $ 147,762 ​ $ (24,794) Net earnings ​ — ​ — ​ 4,053 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ 521 Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 154 Cash dividends declared ​ — ​ — ​ (2,316) ​ — Stock option exercised ​ ​ — ​ ​ 8 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (75) ​ ​ — ​ ​ (1,722) ​ ​ — Balance, March 31, 2022 ​ $ 9,634 ​ $ 69,076 ​ $ 147,777 ​ $ (24,119) ​ The following table reconciles the Company’s equity for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31, 2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965)

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 12,317	$ 12,317
Forsake
Business Acquisition [Line Items]
Aggregate purchase price	$ 2,600
Period for payments of contingent consideration	5 years
Preliminary estimate of the discounted fair value of the contingent payments	$ 1,300
Recorded intangible assets	3,100
Goodwill	$ 1,205
Net sales		700
Forsake | Wholesale
Business Acquisition [Line Items]
Net sales		400
Forsake | Retail
Business Acquisition [Line Items]
Net sales		$ 300

Acquisition - Accrued liabiliti

Acquisition - Accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 07, 2021
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Goodwill	$ 12,317	$ 12,317
Forsake
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Accounts receivable, net			$ 143
Inventories			619
Prepaid expenses and other current assets			72
Property, plant and equipment, net			17
Goodwill			1,205
Trademark			1,900
Accrued liabilities			(48)
Total			$ 3,908

Earnings Per Share - Basic and

Earnings Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net earnings	$ 4,053	$ 1,325
Denominator:
Basic weighted average shares outstanding	9,596	9,680
Effect of dilutive securities:
Employee share-based awards	51	6
Diluted weighted average shares outstanding	9,647	9,686
Basic earnings per share	$ 0.42	$ 0.14
Diluted earnings per share	$ 0.42	$ 0.14

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	928,000	1,160,000
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 27.24	$ 24.86

Investments - Investments, at f

Investments - Investments, at fair value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments
Investments, at fair value	$ 106		$ 8,122
Unrealized Gain (Loss) on Investments	$ 0	$ 0

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 719	$ 219
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	719	219
Amortized Cost, Due from one through five years	5,705	6,503
Amortized Cost, Due from six through ten years	2,305	2,479
Amortized Cost, Due from eleven through twenty years	1,013	1,014
Amortized Cost, Total	9,742	10,215
Market Value, Current	725	223
Market Value, Due from one through five years	5,784	6,805
Market Value, Due from six through ten years	2,473	2,790
Market Value, Due from eleven through twenty years	1,044	1,102
Market Value, Total	$ 10,026	$ 10,920

Investments - Unrealized gains

Investments - Unrealized gains and losses (Details) - Municipal bonds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Unrealized Gains	$ 290	$ 705
Unrealized Losses	$ (6)	$ 0

Intangible Assets - Company's i

Intangible Assets - Company's indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Indefinite-lived intangibles:
Goodwill	$ 12,317	$ 12,317
Trademarks	34,768	34,768
Total	$ 47,085	$ 47,085

Intangible Assets - Company's a

Intangible Assets - Company's amortizable intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Amortizable intangible assets
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(2,586)	(2,528)
Net	$ 914	972
Customer relationships
Amortizable intangible assets
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,586)	(2,528)
Net	$ 914	$ 972

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets
Amortization of Intangible Assets	$ 58,000	$ 58,000

Segment Information - Schedule

Segment Information - Schedule of segment data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | segment	2
Net sales	$ 81,360	$ 46,900
Earnings (loss) from operations	5,431	1,634
Product sales
Segment Reporting Information [Line Items]
Net sales	80,928	46,558
Licensing revenues
Segment Reporting Information [Line Items]
Net sales	432	342
Wholesale
Segment Reporting Information [Line Items]
Net sales	67,100	33,378
Earnings (loss) from operations	4,846	1,359
Wholesale | Product sales
Segment Reporting Information [Line Items]
Net sales	66,668	33,036
Wholesale | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	432	342
Retail
Segment Reporting Information [Line Items]
Net sales	7,860	5,618
Earnings (loss) from operations	828	756
Retail | Product sales
Segment Reporting Information [Line Items]
Net sales	7,860	5,618
Retail | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	0	0
Other Segment
Segment Reporting Information [Line Items]
Net sales	6,400	7,904
Earnings (loss) from operations	(243)	(481)
Other Segment | Product sales
Segment Reporting Information [Line Items]
Net sales	6,400	7,904
Other Segment | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	$ 0	$ 0

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Retirement Plans
Service cost	$ 112	$ 102
Interest cost	432	371
Expected return on plan assets	(752)	(720)
Net amortization and deferral	208	247
Pension expense	$ 0	$ 0

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Operating lease costs	$ 1,264	$ 1,334
Variable lease costs		20
Total lease costs	$ 1,264	$ 1,354

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases
2022, excluding the quarter ended March 31, 2022	$ 2,924
2023	3,013
2024	2,102
2025	1,379
2026	1,025
Thereafter	724
Total lease payments	11,167
Less imputed interest	(829)
Present value of lease liabilities	$ 10,338	$ 11,113

Leases - Operating lease liabil

Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases
Operating lease liabilities - current	$ 3,451	$ 3,593
Operating lease liabilities - non-current	6,887	7,520
Total	$ 10,338	$ 11,113

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2022
Leases
Weighted-average discount rate (percent)	4.25%
Weighted-average remaining lease term	3 years 4 months 24 days

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 1,128	$ 1,387
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 0	$ 2,022

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Effective tax rate	26.50%	30.10%

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Plans
Allocated Share-based Compensation Expense	$ 350,000	$ 545,000

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Company's stock option activity (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value of options granted (in dollars per share)	$ 24.72
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at beginning of period | shares	1,279,833
Shares, Exercised | shares	(500)
Shares, Forfeited or expired | shares	(5,740)
Shares, Outstanding at end of period | shares	1,273,593
Shares, Exercisable at end of period | shares	767,622
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 25.44
Weighted Average Exercise Price, Exercised (in dollars per share)	18
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	22.82
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	25.46
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 26.59
Weighted Average Remaining Contractual Term (Years), Outstanding - March 31, 2022	5 years 4 months 24 days
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding - March 31, 2022	3 years 6 months
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | $	$ 1,530,000
Aggregate Intrinsic Value, Exercisable at March 31, 2022 | $	$ 336,000

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Company's restricted stock award activities (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value of options granted (in dollars per share)	$ 24.72
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of Restricted Stock, Non-vested beginning of period | shares	78,470
Shares of Restricted Stock, Vested | shares	(150)
Shares of Restricted Stock, Non-vested end of period | shares	78,320
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share)	$ 23.11
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	28.77
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share)	$ 23.10
Weighted Average Remaining Contractual Term (Years)	2 years 6 months
Aggregate Intrinsic Value | $	$ 1,936,000
Fair market value of options granted (in dollars per share)	$ 24.72

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2022USD ($)
Short-term Debt [Line Items]
Line of Credit Facility, Amount, Total	$ 40,000,000
Line of credit facility, expiration date	Nov. 4, 2022
Line of credit current	$ 0
London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.35%

Financial Instruments (Details)

Financial Instruments (Details) - Mar. 31, 2022 $ in Millions, $ in Millions	USD ($)	AUD ($)
Foreign Exchange Contracts Australian [Member]
Foreign exchange contracts outstanding	$ 3.9	$ 5.3

Comprehensive Income - Comprehe

Comprehensive Income - Comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Comprehensive Income
Net earnings	$ 4,053	$ 1,325
Foreign currency translation adjustments	521	(143)
Pension liability, net of tax of $54 and $64, respectively	154	183
Total comprehensive income	4,728	1,365
Other Comprehensive Income (Loss), Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 54	$ 64

Comprehensive Income - Accumula

Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Comprehensive Income
Foreign currency translation adjustments	$ (6,262)	$ (6,783)	$ (6,193)	$ (6,050)
Pension liability, net of tax	(17,857)	(18,011)	(21,772)	(21,955)
Total accumulated other comprehensive loss	$ (24,119)	$ (24,794)	$ (27,965)	$ (28,005)

Comprehensive Income - Changes

Comprehensive Income - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Comprehensive Income
Foreign Currency Translation Adjustments, Beginning balance	$ (6,783)	$ (6,050)
Foreign Currency Translation Adjustments, Other comprehensive loss income before reclassifications	521	(143)
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss	0	0
Foreign Currency Translation Adjustments, Net current period other comprehensive income	521	(143)
Foreign Currency Translation Adjustments, Ending balance	(6,262)	(6,193)
Defined Benefit Pension Items, Beginning balance	(18,011)	(21,955)
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications	0	0
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	154	183
Defined Benefit Pension Items, Net current period other comprehensive (loss) income	154	183
Defined Benefit Pension Items, Ending balance	(17,857)	(21,772)
Beginning balance	(24,794)	(28,005)
Other comprehensive loss before reclassifications	521	(143)
Amounts reclassified from accumulated other comprehensive loss	154	183
Net current period other comprehensive (loss) income	675	40
Ending balance	$ (24,119)	$ (27,965)

Comprehensive Income - Reclassi

Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amortization of defined benefit pension items
Prior service cost	$ 2
Actuarial losses	206
Total before tax	208
Tax benefit	(54)
Net of tax	$ 154	$ 183

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance	$ 201,395
Net earnings	4,053	$ 1,325
Foreign currency translation adjustments	521	(143)
Pension liability adjustment, net of tax	154	183
Balance	202,368
Common Stock
Balance	9,709	9,797
Net earnings	0	0
Foreign currency translation adjustments	0	0
Pension liability adjustment, net of tax	0	0
Cash dividends declared	0	0
Stock option exercised	0
Share-based compensation expense	0	0
Shares purchased and retired	(75)	(62)
Balance	9,634	9,735
Capital in Excess of Par Value
Balance	68,718	67,178
Net earnings	0	0
Foreign currency translation adjustments	0	0
Pension liability adjustment, net of tax	0	0
Cash dividends declared	0	0
Stock option exercised	8
Share-based compensation expense	350	545
Shares purchased and retired	0	0
Balance	69,076	67,723
Reinvested Earnings
Balance	147,762	138,955
Net earnings	4,053	1,325
Foreign currency translation adjustments	0	0
Pension liability adjustment, net of tax	0	0
Cash dividends declared	(2,316)	(2,336)
Stock option exercised	0
Share-based compensation expense	0	0
Shares purchased and retired	(1,722)	(1,017)
Balance	147,777	136,927
Accumulated Other Comprehensive Loss
Balance	(24,794)	(28,005)
Net earnings	0	0
Foreign currency translation adjustments	521	(143)
Pension liability adjustment, net of tax	154	183
Cash dividends declared	0	0
Stock option exercised	0
Share-based compensation expense	0	0
Shares purchased and retired	0	0
Balance	$ (24,119)	$ (27,965)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent event - Board of directors shares in Millions	May 03, 2022shares
Subsequent Event [Line Items]
Stock authorized repurchase shares	1
Total available for repurchase of shares	1.1