Weyco (WEYS) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		9,622,187
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS:
Cash and cash equivalents	$ 9,848	$ 19,711
Investments, at fair value	106	8,122
Marketable securities, at amortized cost	701	219
Accounts receivable, net	64,190	53,287
Income tax receivable	615	495
Inventories	112,046	71,026
Prepaid expenses and other current assets	2,986	4,317
Total current assets	190,492	157,177
Marketable securities, at amortized cost	8,027	9,996
Deferred income tax benefits	946	1,063
Property, plant and equipment, net	28,550	29,202
Operating lease right-of-use assets	12,126	9,543
Goodwill	12,317	12,317
Carrying value of Trademark	34,418	34,768
Other assets	23,844	23,601
Total assets	310,720	277,667
LIABILITIES AND EQUITY:
Short-term borrowings	34,665
Accounts payable	9,116	19,234
Operating lease liabilities	3,638	3,593
Accrued liabilities	14,972	11,681
Total current liabilities	62,391	34,508
Deferred income tax liabilities	4,864	5,026
Long-term pension liability	22,640	27,776
Operating lease liabilities	9,787	7,520
Other long-term liabilities	1,013	1,442
Total liabilities	100,695	76,272
Common stock	9,621	9,709
Capital in excess of par value	70,093	68,718
Reinvested earnings	157,017	147,762
Accumulated other comprehensive loss	(26,706)	(24,794)
Total equity	210,025	201,395
Total liabilities and equity	$ 310,720	$ 277,667

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Net sales	$ 96,971	$ 61,798	$ 252,690	$ 166,262
Cost of sales	57,583	37,054	154,404	99,543
Gross earnings	39,388	24,744	98,286	66,719
Selling and administrative expenses	25,181	17,998	72,983	53,797
Earnings from operations	14,207	6,746	25,303	12,922
Interest income	86	186	266	505
Interest expense	(197)		(209)	(81)
Other income, net	141	76	316	403
Earnings before provision for income taxes	14,237	7,008	25,676	13,749
Provision for income taxes	3,467	1,939	6,358	3,535
Net earnings	$ 10,770	$ 5,069	$ 19,318	$ 10,214
Basic weighted average shares outstanding	9,535	9,655	9,560	9,663
Diluted weighted average shares outstanding	9,605	9,702	9,638	9,691
Basic earnings per share	$ 1.13	$ 0.53	$ 2.02	$ 1.06
Diluted earnings per share	1.12	0.52	2.01	1.05
Cash dividends declared (per share)	$ 0.24	$ 0.24	$ 0.72	$ 0.72
Comprehensive income	$ 9,248	$ 4,651	$ 17,406	$ 10,194

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 19,318	$ 10,214
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities -
Depreciation	1,840	1,876
Amortization	213	234
Bad debt expense	135	52
Deferred income taxes	(215)	(144)
Net foreign currency transaction gains	(233)	(121)
Share-based compensation expense	1,157	1,210
Pension expense	53
Impairment of trademark	350
Net gain on remeasurement of contingent consideration	(407)
Increase in cash surrender value of life insurance	(450)	(339)
Changes in operating assets and liabilities - net of effects from acquisition
Accounts receivable	(11,188)	(8,648)
Inventories	(41,134)	6,826
Prepaid expenses and other assets	1,319	598
Accounts payable	(10,116)	(1,368)
Accrued liabilities and other	(2,571)	(745)
Accrued income taxes	(139)	39
Net cash (used for) provided by operating activities	(42,068)	9,684
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business		(2,612)
Proceeds from maturities of marketable securities	1,495	3,615
Purchases of investment securities		(35,000)
Proceeds from sale of investment securities	8,050	19,838
Life insurance premiums paid		(111)
Purchases of property, plant and equipment	(1,515)	(673)
Net cash provided by (used for) investing activities	8,030	(14,943)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(6,878)	(6,904)
Shares purchased and retired	(3,264)	(1,535)
Proceeds from stock option exercised	276
Taxes paid related to the net share settlement of equity awards	(12)
Proceeds from bank borrowings	71,833
Repayments of bank borrowings	(37,168)
Net cash provided by (used for) financing activities	24,787	(8,439)
Effect of exchange rate changes on cash and cash equivalents	(612)	74
Net decrease in cash and cash equivalents	(9,863)	(13,624)
CASH AND CASH EQUIVALENTS at beginning of period	19,711	32,476
CASH AND CASH EQUIVALENTS at end of period	9,848	18,852
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	6,729	3,693
Interest paid	$ 209	$ 81

Financial Statements

Financial Statements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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, trademarks, and contingent consideration could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

New Accounting Pronouncement

New Accounting Pronouncement	9 Months Ended
	Sep. 30, 2022
New Accounting Pronouncement
New Accounting Pronouncement	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	9 Months Ended
	Sep. 30, 2022
Acquisition
Acquisition	3. Acquisition On June 7, 2021, we 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. At the acquisition date, our estimate of the fair value of the contingent payments was approximately $ 1.3 million in total. For more information regarding the contingent payments, including an estimate of the fair value as of September 30, 2022, see Note 13. The fair values assigned to the assets acquired and liabilities assumed were: ​ ​ ​ ​ ​ ​ (Dollars in thousands) 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 is not amortized, but instead tested for impairment on an annual basis and more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. For more information regarding the intangible assets acquired, including an estimate of the fair value of the Forsake trademark as of September 30, 2022, see Note 6. The accompanying consolidated condensed financial statements include the results of Forsake from the date of acquisition through September 30, 2022. For the three months ended September 30, 2022, Forsake’s net sales totaled approximately $0.8 million, of which $0.6 million was recognized in the wholesale segment and $0.2 million was recognized in the retail segment. For the nine months ended September 30, 2022, Forsake ’

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2022 ​ 2021 2022 2021 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ Net earnings ​ $ 10,770 ​ $ 5,069 ​ $ 19,318 ​ $ 10,214 ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding 9,535 ​ 9,655 ​ 9,560 ​ 9,663 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Employee share-based awards 70 ​ 47 ​ 78 ​ 28 Diluted weighted average shares outstanding 9,605 ​ 9,702 ​ 9,638 ​ 9,691 ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.13 ​ $ 0.53 ​ $ 2.02 ​ $ 1.06 ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 1.12 ​ $ 0.52 ​ $ 2.01 ​ $ 1.05 ​ Diluted weighted average shares outstanding for the three months ended September 30, 2022 excludes anti-dilutive stock options totaling 1,046,000 shares of common stock at a weighted average exercise price of $26.80. Diluted weighted average shares outstanding for the nine months ended September 30, 2022 excludes anti-dilutive stock options totaling 819,000 shares of common stock at a weighted average exercise price of $27.59. Diluted weighted average shares outstanding for the three months ended September 30, 2021, excludes anti-dilutive stock options totaling 1,127,000 shares of common stock at a weighted average exercise price of $26.14. Diluted weighted average shares outstanding for the nine months ended September 30, 2021, excludes anti-dilutive stock options totaling 1,074,000 shares of common stock at a weighted average exercise price of $25.95.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments
Investments	5. Investments Investments, at fair value At September 30, 2022 and December 31, 2021, we had $0.1 $8.1 Fair Value Measurements and Disclosures. Marketable securities, at amortized cost We also invest in marketable securities. As noted in our Annual Report on Form 10-K for the year ended December 31, 2021, all of our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments - Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of our marketable securities as of September 30, 2022, and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 701 ​ $ 698 ​ $ 219 ​ $ 223 Due from one through five years ​ 4,727 ​ 4,616 ​ 6,503 ​ 6,805 Due from six through ten years ​ 2,501 ​ 2,474 ​ 2,479 ​ 2,790 Due from eleven through twenty years ​ 799 ​ 705 ​ 1,014 ​ 1,102 Total ​ $ 8,728 ​ $ 8,493 ​ $ 10,215 ​ $ 10,920 ​ The unrealized gains and losses on marketable securities at September 30, 2022, and at December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 124 ​ $ (359) ​ $ 705 ​ $ — ​ The estimated market values provided are Level 2 valuations as defined by ASC 820. We reviewed our portfolio of investments as of September 30, 2022, and determined that no other-than-temporary market value impairment exists.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Intangible Assets	6. Intangible Assets ​ Our indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,317 ​ $ 12,317 Trademarks ​ 34,418 ​ 34,768 Total ​ $ 46,735 ​ $ 47,085 ​ During the third quarter of 2022, we wrote-down the Forsake contingent consideration liability (see Note 13 ). We determined that this write-down constituted a triggering event such that an impairment assessment was performed for the Forsake trademark during the quarter. The impairment assessment indicated that the carrying value of the Forsake trademark exceeded its fair value, primarily due a decrease in Forsake’s updated sales projections relative to the original projections. Accordingly, the Company wrote down the carrying value of the Forsake trademark from its original value of $1.9 million to its estimated fair value of $1.55 million, and recorded a $350,000 impairment loss during the period. This impairment charge was recorded within selling and administrative expenses in the Consolidated Condensed Statements of Earnings and Comprehensive Income (unaudited). ​ Our amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ (2,703) ​ $ 797 ​ $ 3,500 ​ $ (2,528) ​ $ 972 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,703) ​ $ 797 ​ $ 3,500 ​ $ (2,528) ​ $ 972 ​ Amortization expense related to the intangible assets was $58,000 in both the third quarters of 2022 and 2021. For the nine-months ended September 30, 2022 and 2021, amortization expense related to the intangible assets was $175,000 in both periods.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Information
Segment Information	7. Segment Information We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes our wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three and nine-month periods ended September 30, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ ​ Product sales ​ $ 81,183 ​ $ 7,129 ​ $ 8,205 ​ $ 96,517 Licensing revenues ​ 454 ​ — ​ — ​ 454 Net sales ​ $ 81,637 ​ $ 7,129 ​ $ 8,205 ​ $ 96,971 Earnings from operations ​ $ 12,906 ​ $ 825 ​ $ 476 ​ $ 14,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 49,823 ​ $ 6,307 ​ $ 5,325 ​ $ 61,455 Licensing revenues ​ 343 ​ — ​ — ​ 343 Net sales ​ $ 50,166 ​ $ 6,307 ​ $ 5,325 ​ $ 61,798 Earnings (loss) from operations ​ $ 6,027 ​ $ 1,401 ​ $ (682) ​ $ 6,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ Product sales ​ $ 206,435 ​ $ 22,409 ​ $ 22,562 ​ $ 251,406 Licensing revenues ​ 1,284 ​ — ​ — ​ 1,284 Net sales ​ $ 207,719 ​ $ 22,409 ​ $ 22,562 ​ $ 252,690 Earnings from operations ​ $ 21,939 ​ $ 2,766 ​ $ 598 ​ $ 25,303 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 124,417 ​ $ 18,127 ​ $ 22,682 ​ $ 165,226 Licensing revenues ​ 1,036 ​ — ​ — ​ 1,036 Net sales ​ $ 125,453 ​ $ 18,127 ​ $ 22,682 ​ $ 166,262 Earnings (loss) from operations ​ $ 10,041 ​ $ 3,326 ​ $ (445) ​ $ 12,922 ​

Employee Retirement Plans

Employee Retirement Plans	9 Months Ended
	Sep. 30, 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 September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Service cost ​ $ 111 ​ $ 102 ​ $ 334 ​ $ 306 Interest cost ​ 438 ​ 371 ​ 1,315 ​ 1,113 Expected return on plan assets ​ (751) ​ (720) ​ (2,253) ​ (2,160) Net amortization and deferral ​ 219 ​ ​ 247 ​ 657 ​ 741 Pension expense ​ $ 17 ​ $ — ​ $ 53 ​ $ — ​ The components of pension expense other than the service cost component were included in “other income, net” in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited).

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases
Leases	9. Leases We lease retail shoe stores, as well as several office and distribution facilities worldwide. These leases have original lease periods expiring between 2022 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of our operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Operating lease costs $ 1,283 ​ $ 1,151 $ 3,855 ​ $ 3,717 Variable lease costs (1) ​ ​ — ​ ​ 67 ​ ​ 10 ​ ​ 124 Total lease costs $ 1,283 ​ $ 1,218 $ 3,865 ​ $ 3,841 (1) Short-term lease costs, which were excluded from the above table, are not material to our financial statements. The following is a schedule of maturities of operating lease liabilities as of September 30, 2022: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2022, excluding the nine months ended September 30, 2022 $ 1,127 2023 4,100 2024 3,243 2025 2,483 2026 2,127 Thereafter 2,226 Total lease payments 15,306 Less imputed interest (1,881) Present value of lease liabilities $ 13,425 ​ The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 3,638 ​ $ 3,593 Operating lease liabilities - non-current ​ ​ 9,787 ​ ​ 7,520 Total $ 13,425 ​ $ 11,113 ​ We determined the present value of our lease liabilities using a weighted-average discount rate of 4.25%. As of September 30, 2022, our leases have a weighted-average remaining lease term of 4.4 years. Supplemental cash flow information related to our operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,160 ​ $ 1,024 ​ $ 3,444 ​ $ 3,629 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ 3,710 ​ $ 244 ​ $ 5,870 ​ $ 2,266 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	10. Income Taxes ​ The effective income tax rates for the three months ended September 30, 2022 and 2021 were 24.4% and 27.7%, respectively. The effective income tax rates for the nine months ended September 30, 2022 and 2021 were

Share-Based Compensation Plans

Share-Based Compensation Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Plans
Share-Based Compensation Plans	11. Share-Based Compensation Plans During the three and nine months ended September 30, 2022, we recognized $339,000 and $1,157,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2022. During the three and nine months ended September 30, 2021, we recognized $338,000 and $1,210,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2021. The following table summarizes our stock option activity for the nine-month period ended September 30, 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 143,500 ​ $ 28.83 ​ Exercised (60,164) ​ $ 25.00 ​ Forfeited or expired (14,000) ​ $ 24.34 ​ Outstanding at September 30, 2022 1,349,169 ​ $ 25.83 5.5 ​ $ 396,000 Exercisable at September 30, 2022 891,203 ​ $ 26.37 3.9 ​ $ 173,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on September 30, 2022 of $20.34 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes our restricted stock award activity for the nine-month period ended September 30, 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 27,620 ​ ​ 28.83 ​ Vested (33,682) ​ 27.95 ​ Forfeited — ​ — ​ Non-vested at September 30, 2022 72,408 ​ $ 24.64 2.9 ​ $ 1,473,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on September 30, 2022 of $20.34 multiplied by the number of non-vested restricted shares outstanding.

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Sep. 30, 2022
Short-Term Borrowings
Short-Term Borrowings	12. Short-Term Borrowings On September 28, 2022, we amended our line of credit agreement. The amendment (“Amended Credit Agreement”) extended the maturity of our credit facility to September 28, 2023, increased our available borrowing limit from $40.0 million to $50.0 million, and replaced the London Interbank Offered Rate (“LIBOR”) benchmark used for determining interest rate on outstanding advances. Under the terms of the Amended Credit Agreement, amounts outstanding bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 145 basis points. The Amended Credit Agreement is secured by a security interest in our general business assets, and contains customary representations, warranties and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At September 30, 2022, outstanding borrowings on the line of credit were approximately $34.7 million at an interest rate of 4.49%, and we were in compliance with all financial covenants.

Contingent Consideration

Contingent Consideration	9 Months Ended
	Sep. 30, 2022
Contingent Consideration
Contingent Consideration	13. Contingent Consideration ​ As disclosed in Note 3, there is an earn-out component of the Forsake purchase price, in which contingent payments are to be paid to the former owners of Forsake annually, over a period of five years, if certain performance thresholds are met. At the acquisition date, our estimate of the fair value of the contingent consideration was approximately $1.3 million in total. The estimate of contingent consideration is based on Forsake achieving certain levels of gross margins dollars during the five-year earnout period which runs from August 1, 2021 to July 31, 2026. We remeasure the contingent consideration liability on a quarterly basis and record increases or decreases in its fair value as an adjustment to operating earnings. The third quarter of 2022 was the first time we recorded a change in fair value of the contingent consideration liability. The first year of the five-year earn-out period ended on July 31, 2022. We remeasured the contingent consideration liability during the third quarter of 2022 and concluded that the gross margin thresholds were not met, therefore no first-year payment was to be made under the agreement. We also reduced our sales projections for the brand. The remeasurement resulted in a reduction of the contingent liability by $407,000 during the quarter, from its original value of $1.3 million to $950,000. The net gain of $407,000 was recorded within selling and administrative expenses in the Consolidated Condensed Statements of Earnings and Comprehensive Income (unaudited). The fair value measurement of contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. The fair value measurement was determined using a probability-weighted model which includes various estimates related to Forsake’s future sales levels and gross margins. As of September 30, 2022, we estimated that the range of possible payments was between $400,000 and $1.2 million in aggregate.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2022
Financial Instruments
Financial Instruments	14. Financial Instruments At September 30, 2022, our wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $1.9 million U.S. dollars at a price of approximately $2.7 million Australian dollars. These contracts all expire in the fourth quarter of 2022. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. We determine the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a Level 2 valuation as defined by ASC 820.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 30, 2022
Comprehensive Income
Comprehensive Income	15. Comprehensive Income Comprehensive income for the three and nine months ended September 30, 2022 and 2021, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Net earnings ​ $ 10,770 ​ $ 5,069 ​ $ 19,318 ​ $ 10,214 Foreign currency translation adjustments ​ (1,684) ​ (601) ​ (2,398) ​ (568) Pension liability, net of tax of $57, $64, $171 , and ​ 162 ​ 183 ​ 486 ​ 548 Total comprehensive income ​ $ 9,248 ​ $ 4,651 ​ $ 17,406 ​ $ 10,194 ​ The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (9,181) ​ $ (6,783) Pension liability, net of tax ​ (17,525) ​ (18,011) Total accumulated other comprehensive loss ​ $ (26,706) ​ $ (24,794) ​ The following tables show changes in accumulated other comprehensive loss during the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined ​ ​ ​ ​ Foreign Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2021 ​ $ (6,783) ​ $ (18,011) ​ $ (24,794) Other comprehensive loss before reclassifications ​ ​ (2,398) ​ ​ — ​ ​ (2,398) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 486 ​ ​ 486 Net current period other comprehensive (loss) income ​ ​ (2,398) ​ ​ 486 ​ ​ (1,912) Ending balance, September 30, 2022 ​ $ (9,181) ​ $ (17,525) ​ $ (26,706) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined ​ ​ ​ ​ Foreign Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive income before reclassifications ​ ​ (568) ​ ​ — ​ ​ (568) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 548 ​ ​ 548 Net current period other comprehensive (loss) income ​ (568) ​ 548 ​ (20) Ending balance, September 30, 2021 ​ $ (6,618) ​ $ (21,407) ​ $ (28,025) ​ The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three and nine month periods ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from Accumulated Other Comprehensive Loss ​ Affected line item in the ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ statement where net ​ 2022 2021 ​ 2022 ​ 2021 income is presented Amortization of defined benefit pension items ​ ​ ​ ​ ​ ​ ​ ​ Prior service cost ​ $ 2 ​ $ (16) ​ $ 5 ​ $ (47) (1) Other income, net Actuarial losses ​ 217 ​ ​ 263 ​ ​ 652 ​ 788 (1) Other income, net Total before tax ​ 219 ​ ​ 247 ​ ​ 657 ​ 741 Tax benefit ​ (57) ​ ​ (64) ​ ​ (171) ​ (193) Net of tax ​ $ 162 ​ $ 183 ​ $ 486 ​ $ 548 (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity
Equity	16. Equity The following table reconciles the Company’s equity for the nine months ended September 30, 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, net of shares withheld for emloyee taxes and strike price ​ ​ — ​ ​ 8 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (75) ​ ​ — ​ ​ (1,722) ​ ​ — Balance, March 31, 2022 ​ $ 9,634 ​ $ 69,076 ​ $ 147,777 ​ $ (24,119) Net earnings ​ ​ — ​ ​ — ​ ​ 4,495 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,235) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 170 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,307) ​ ​ — Stock option exercised, net of shares withheld for emloyee taxes and strike price ​ ​ 15 ​ ​ 193 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 468 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (29) ​ ​ — ​ ​ (701) ​ ​ — Balance, June 30, 2022 ​ $ 9,620 ​ $ 69,737 ​ $ 149,264 ​ $ (25,184) Net earnings ​ ​ — ​ ​ — ​ ​ 10,770 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,684) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,310) ​ ​ — Stock option exercised, net of shares withheld for emloyee taxes and strike price ​ ​ 3 ​ ​ 45 ​ ​ — ​ ​ — Issuance of restricted stock ​ ​ 28 ​ ​ (28) ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 339 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (30) ​ ​ — ​ ​ (707) ​ ​ — Balance, September 30, 2022 ​ $ 9,621 ​ $ 70,093 ​ $ 157,017 ​ $ (26,706) ​ The following table reconciles the Company’s equity for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31, 2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965) Net earnings ​ ​ — ​ ​ — ​ ​ 3,820 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 176 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 182 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,334) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 327 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (21) ​ ​ — ​ ​ (435) ​ ​ — Balance, June 30, 2021 ​ $ 9,714 ​ $ 68,050 ​ $ 137,978 ​ $ (27,607) Net earnings ​ ​ — ​ ​ — ​ ​ 5,069 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (601) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 183 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,341) ​ ​ — Issuance of restricted stock ​ ​ 36 ​ ​ (36) ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 338 ​ ​ — ​ ​ — Balance, September 30, 2021 ​ $ 9,750 ​ $ 68,352 ​ $ 140,706 ​ $ (28,025) ​

Financial Statements (Policies)

Financial Statements (Policies)	9 Months Ended
	Sep. 30, 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, trademarks, and contingent consideration 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)	9 Months Ended
	Sep. 30, 2022
Acquisition
Schedule of fair values assigned to the assets acquired and liabilities assumed as of the acquisition date	​ ​ ​ ​ ​ ​ (Dollars in thousands) 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)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 ​ 2021 2022 2021 ​ ​ (In thousands, except per share amounts) Numerator: ​ ​ ​ ​ ​ ​ Net earnings ​ $ 10,770 ​ $ 5,069 ​ $ 19,318 ​ $ 10,214 ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares outstanding 9,535 ​ 9,655 ​ 9,560 ​ 9,663 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ Employee share-based awards 70 ​ 47 ​ 78 ​ 28 Diluted weighted average shares outstanding 9,605 ​ 9,702 ​ 9,638 ​ 9,691 ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.13 ​ $ 0.53 ​ $ 2.02 ​ $ 1.06 ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 1.12 ​ $ 0.52 ​ $ 2.01 ​ $ 1.05

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments
Schedule of marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) Municipal bonds: ​ ​ ​ ​ Current ​ $ 701 ​ $ 698 ​ $ 219 ​ $ 223 Due from one through five years ​ 4,727 ​ 4,616 ​ 6,503 ​ 6,805 Due from six through ten years ​ 2,501 ​ 2,474 ​ 2,479 ​ 2,790 Due from eleven through twenty years ​ 799 ​ 705 ​ 1,014 ​ 1,102 Total ​ $ 8,728 ​ $ 8,493 ​ $ 10,215 ​ $ 10,920
Schedule of unrealized gains on marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) Municipal bonds ​ $ 124 ​ $ (359) ​ $ 705 ​ $ —

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Indefinite-lived intangibles: ​ ​ Goodwill ​ $ 12,317 ​ $ 12,317 Trademarks ​ 34,418 ​ 34,768 Total ​ $ 46,735 ​ $ 47,085
Schedule of company's amortizable intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 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 ​ $ (2,703) ​ $ 797 ​ $ 3,500 ​ $ (2,528) ​ $ 972 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (2,703) ​ $ 797 ​ $ 3,500 ​ $ (2,528) ​ $ 972

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ ​ Product sales ​ $ 81,183 ​ $ 7,129 ​ $ 8,205 ​ $ 96,517 Licensing revenues ​ 454 ​ — ​ — ​ 454 Net sales ​ $ 81,637 ​ $ 7,129 ​ $ 8,205 ​ $ 96,971 Earnings from operations ​ $ 12,906 ​ $ 825 ​ $ 476 ​ $ 14,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 49,823 ​ $ 6,307 ​ $ 5,325 ​ $ 61,455 Licensing revenues ​ 343 ​ — ​ — ​ 343 Net sales ​ $ 50,166 ​ $ 6,307 ​ $ 5,325 ​ $ 61,798 Earnings (loss) from operations ​ $ 6,027 ​ $ 1,401 ​ $ (682) ​ $ 6,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2022 ​ ​ ​ ​ Product sales ​ $ 206,435 ​ $ 22,409 ​ $ 22,562 ​ $ 251,406 Licensing revenues ​ 1,284 ​ — ​ — ​ 1,284 Net sales ​ $ 207,719 ​ $ 22,409 ​ $ 22,562 ​ $ 252,690 Earnings from operations ​ $ 21,939 ​ $ 2,766 ​ $ 598 ​ $ 25,303 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 124,417 ​ $ 18,127 ​ $ 22,682 ​ $ 165,226 Licensing revenues ​ 1,036 ​ — ​ — ​ 1,036 Net sales ​ $ 125,453 ​ $ 18,127 ​ $ 22,682 ​ $ 166,262 Earnings (loss) from operations ​ $ 10,041 ​ $ 3,326 ​ $ (445) ​ $ 12,922

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Employee Retirement Plans
Schedule of company's pension expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Service cost ​ $ 111 ​ $ 102 ​ $ 334 ​ $ 306 Interest cost ​ 438 ​ 371 ​ 1,315 ​ 1,113 Expected return on plan assets ​ (751) ​ (720) ​ (2,253) ​ (2,160) Net amortization and deferral ​ 219 ​ ​ 247 ​ 657 ​ 741 Pension expense ​ $ 17 ​ $ — ​ $ 53 ​ $ —

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases
Schedule of operating lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Operating lease costs $ 1,283 ​ $ 1,151 $ 3,855 ​ $ 3,717 Variable lease costs (1) ​ ​ — ​ ​ 67 ​ ​ 10 ​ ​ 124 Total lease costs $ 1,283 ​ $ 1,218 $ 3,865 ​ $ 3,841 (1)
Schedule of maturities of operating lease liabilities	The following is a schedule of maturities of operating lease liabilities as of September 30, 2022: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2022, excluding the nine months ended September 30, 2022 $ 1,127 2023 4,100 2024 3,243 2025 2,483 2026 2,127 Thereafter 2,226 Total lease payments 15,306 Less imputed interest (1,881) Present value of lease liabilities $ 13,425 ​ The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 3,638 ​ $ 3,593 Operating lease liabilities - non-current ​ ​ 9,787 ​ ​ 7,520 Total $ 13,425 ​ $ 11,113 ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,160 ​ $ 1,024 ​ $ 3,444 ​ $ 3,629 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ 3,710 ​ $ 244 ​ $ 5,870 ​ $ 2,266

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Plans
Schedule of company's stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2021 1,279,833 ​ $ 25.44 ​ Granted 143,500 ​ $ 28.83 ​ Exercised (60,164) ​ $ 25.00 ​ Forfeited or expired (14,000) ​ $ 24.34 ​ Outstanding at September 30, 2022 1,349,169 ​ $ 25.83 5.5 ​ $ 396,000 Exercisable at September 30, 2022 891,203 ​ $ 26.37 3.9 ​ $ 173,000 * The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on September 30, 2022 of $20.34 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of company's restricted stock award	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ Aggregate ​ ​ Restricted ​ Grant Date ​ Contractual ​ Intrinsic ​ Stock Fair Value Term (Years) Value* Non-vested at December 31, 2021 78,470 ​ $ 23.11 ​ Issued 27,620 ​ ​ 28.83 ​ Vested (33,682) ​ 27.95 ​ Forfeited — ​ — ​ Non-vested at September 30, 2022 72,408 ​ $ 24.64 2.9 ​ $ 1,473,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on September 30, 2022 of $20.34 multiplied by the number of non-vested restricted shares outstanding.

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2022
Comprehensive Income
Schedule of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 ​ ​ (Dollars in thousands) Net earnings ​ $ 10,770 ​ $ 5,069 ​ $ 19,318 ​ $ 10,214 Foreign currency translation adjustments ​ (1,684) ​ (601) ​ (2,398) ​ (568) Pension liability, net of tax of $57, $64, $171 , and ​ 162 ​ 183 ​ 486 ​ 548 Total comprehensive income ​ $ 9,248 ​ $ 4,651 ​ $ 17,406 ​ $ 10,194
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (9,181) ​ $ (6,783) Pension liability, net of tax ​ (17,525) ​ (18,011) Total accumulated other comprehensive loss ​ $ (26,706) ​ $ (24,794)
Schedule of changes in accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined ​ ​ ​ ​ Foreign Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2021 ​ $ (6,783) ​ $ (18,011) ​ $ (24,794) Other comprehensive loss before reclassifications ​ ​ (2,398) ​ ​ — ​ ​ (2,398) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 486 ​ ​ 486 Net current period other comprehensive (loss) income ​ ​ (2,398) ​ ​ 486 ​ ​ (1,912) Ending balance, September 30, 2022 ​ $ (9,181) ​ $ (17,525) ​ $ (26,706) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined ​ ​ ​ ​ Foreign Currency ​ Benefit ​ ​ ​ ​ ​ Translation ​ Pension ​ ​ ​ ​ ​ Adjustments ​ Items ​ Total Beginning balance, December 31, 2020 ​ $ (6,050) ​ $ (21,955) ​ $ (28,005) Other comprehensive income before reclassifications ​ ​ (568) ​ ​ — ​ ​ (568) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 548 ​ ​ 548 Net current period other comprehensive (loss) income ​ (568) ​ 548 ​ (20) Ending balance, September 30, 2021 ​ $ (6,618) ​ $ (21,407) ​ $ (28,025)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from Accumulated Other Comprehensive Loss ​ Affected line item in the ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ statement where net ​ 2022 2021 ​ 2022 ​ 2021 income is presented Amortization of defined benefit pension items ​ ​ ​ ​ ​ ​ ​ ​ Prior service cost ​ $ 2 ​ $ (16) ​ $ 5 ​ $ (47) (1) Other income, net Actuarial losses ​ 217 ​ ​ 263 ​ ​ 652 ​ 788 (1) Other income, net Total before tax ​ 219 ​ ​ 247 ​ ​ 657 ​ 741 Tax benefit ​ (57) ​ ​ (64) ​ ​ (171) ​ (193) Net of tax ​ $ 162 ​ $ 183 ​ $ 486 ​ $ 548 (1) These amounts were included in pension expense. See Note 8 for additional details.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity
Schedule of reconciliation of company's equity	The following table reconciles the Company’s equity for the nine months ended September 30, 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, net of shares withheld for emloyee taxes and strike price ​ ​ — ​ ​ 8 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 350 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (75) ​ ​ — ​ ​ (1,722) ​ ​ — Balance, March 31, 2022 ​ $ 9,634 ​ $ 69,076 ​ $ 147,777 ​ $ (24,119) Net earnings ​ ​ — ​ ​ — ​ ​ 4,495 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,235) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 170 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,307) ​ ​ — Stock option exercised, net of shares withheld for emloyee taxes and strike price ​ ​ 15 ​ ​ 193 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 468 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (29) ​ ​ — ​ ​ (701) ​ ​ — Balance, June 30, 2022 ​ $ 9,620 ​ $ 69,737 ​ $ 149,264 ​ $ (25,184) Net earnings ​ ​ — ​ ​ — ​ ​ 10,770 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,684) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 162 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,310) ​ ​ — Stock option exercised, net of shares withheld for emloyee taxes and strike price ​ ​ 3 ​ ​ 45 ​ ​ — ​ ​ — Issuance of restricted stock ​ ​ 28 ​ ​ (28) ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 339 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (30) ​ ​ — ​ ​ (707) ​ ​ — Balance, September 30, 2022 ​ $ 9,621 ​ $ 70,093 ​ $ 157,017 ​ $ (26,706) ​ The following table reconciles the Company’s equity for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ (Dollars in thousands) Balance, December 31, 2020 ​ $ 9,797 ​ $ 67,178 ​ $ 138,955 ​ $ (28,005) Net earnings ​ — ​ — ​ 1,325 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (143) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 183 Cash dividends declared ​ — ​ — ​ (2,336) ​ — Share-based compensation expense ​ — ​ ​ 545 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,017) ​ ​ — Balance, March 31, 2021 ​ $ 9,735 ​ $ 67,723 ​ $ 136,927 ​ $ (27,965) Net earnings ​ ​ — ​ ​ — ​ ​ 3,820 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 176 Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 182 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,334) ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 327 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (21) ​ ​ — ​ ​ (435) ​ ​ — Balance, June 30, 2021 ​ $ 9,714 ​ $ 68,050 ​ $ 137,978 ​ $ (27,607) Net earnings ​ ​ — ​ ​ — ​ ​ 5,069 ​ ​ — Foreign currency translation adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ (601) Pension liability adjustment, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ 183 Cash dividends declared ​ ​ — ​ ​ — ​ ​ (2,341) ​ ​ — Issuance of restricted stock ​ ​ 36 ​ ​ (36) ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 338 ​ ​ — ​ ​ — Balance, September 30, 2021 ​ $ 9,750 ​ $ 68,352 ​ $ 140,706 ​ $ (28,025)

Acquisition (Details)

Acquisition (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 07, 2021	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 12,317,000	$ 12,317,000	$ 12,317,000
Forsake
Business Acquisition [Line Items]
Aggregate purchase price	$ 2,600,000
Preliminary estimate of the discounted fair value of the contingent payments	1,300,000	950,000	950,000
Recorded intangible assets	3,100,000
Goodwill	$ 1,205,000
Net sales		800,000	1,900,000
Forsake | Wholesale
Business Acquisition [Line Items]
Net sales		600,000	1,200,000
Forsake | Retail
Business Acquisition [Line Items]
Net sales		$ 200,000	$ 700,000

Acquisition - Accrued liabiliti

Acquisition - Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 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		1,900
Accrued liabilities			(48)
Total			$ 3,908

Earnings Per Share - Basic and

Earnings Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net earnings	$ 10,770	$ 5,069	$ 19,318	$ 10,214
Denominator:
Basic weighted average shares outstanding	9,535	9,655	9,560	9,663
Effect of dilutive securities:
Employee share-based awards	70	47	78	28
Diluted weighted average shares outstanding	9,605	9,702	9,638	9,691
Basic earnings per share	$ 1.13	$ 0.53	$ 2.02	$ 1.06
Diluted earnings per share	$ 1.12	$ 0.52	$ 2.01	$ 1.05

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,046,000	1,127,000	819,000	1,074,000
Weighted Average Exercise Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 26.80	$ 26.14	$ 27.59	$ 25.95

Investments - Investments, at f

Investments - Investments, at fair value (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments
Investments, at fair value	$ 106,000		$ 106,000		$ 8,122,000
Unrealized Gain (Loss) on Investments	$ 0	$ 0	$ 0	$ 0

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 701	$ 219
Municipal bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	701	219
Amortized Cost, Due from one through five years	4,727	6,503
Amortized Cost, Due from six through ten years	2,501	2,479
Amortized Cost, Due from eleven through twenty years	799	1,014
Amortized Cost, Total	8,728	10,215
Market Value, Current	698	223
Market Value, Due from one through five years	4,616	6,805
Market Value, Due from six through ten years	2,474	2,790
Market Value, Due from eleven through twenty years	705	1,102
Market Value, Total	$ 8,493	$ 10,920

Investments - Unrealized gains

Investments - Unrealized gains and losses (Details) - Municipal bonds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Unrealized Gains	$ 124	$ 705
Unrealized Losses	$ 359	$ 0

Intangible Assets - Company's i

Intangible Assets - Company's indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets
Goodwill	$ 12,317	$ 12,317
Trademarks	34,418	34,768
Total	$ 46,735	$ 47,085

Intangible Assets - Company's a

Intangible Assets - Company's amortizable intangible assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Amortizable intangible assets
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(2,703)	(2,528)
Net	$ 797	972
Customer relationships
Amortizable intangible assets
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,703)	(2,528)
Net	$ 797	$ 972

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 07, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 58,000	$ 58,000	$ 175,000	$ 175,000
Impairment of trademark			350,000
Forsake
Finite-Lived Intangible Assets [Line Items]
Fair value of Trademark	1,550,000		1,550,000
Carrying value of Trademark	1,900,000		$ 1,900,000		$ 1,900,000
Impairment of trademark	$ 350,000

Segment Information - Schedule

Segment Information - Schedule of segment data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Net sales	$ 96,971	$ 61,798	$ 252,690	$ 166,262
Earnings (loss) from operations	14,207	6,746	25,303	12,922
Depreciation			1,840	1,876
Assets	310,720		310,720		$ 277,667
Product sales
Segment Reporting Information [Line Items]
Net sales	96,517	61,455	251,406	165,226
Licensing revenues
Segment Reporting Information [Line Items]
Net sales	454	343	1,284	1,036
Wholesale
Segment Reporting Information [Line Items]
Net sales	81,637	50,166	207,719	125,453
Earnings (loss) from operations	12,906	6,027	21,939	10,041
Wholesale | Product sales
Segment Reporting Information [Line Items]
Net sales	81,183	49,823	206,435	124,417
Wholesale | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	454	343	1,284	1,036
Retail
Segment Reporting Information [Line Items]
Net sales	7,129	6,307	22,409	18,127
Earnings (loss) from operations	825	1,401	2,766	3,326
Retail | Product sales
Segment Reporting Information [Line Items]
Net sales	7,129	6,307	22,409	18,127
Retail | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Other Segment
Segment Reporting Information [Line Items]
Net sales	8,205	5,325	22,562	22,682
Earnings (loss) from operations	476	(682)	598	(445)
Other Segment | Product sales
Segment Reporting Information [Line Items]
Net sales	8,205	5,325	22,562	22,682
Other Segment | Licensing revenues
Segment Reporting Information [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Retirement Plans
Service cost	$ 111	$ 102	$ 334	$ 306
Interest cost	438	371	1,315	1,113
Expected return on plan assets	(751)	(720)	(2,253)	(2,160)
Net amortization and deferral	219	247	657	741
Pension expense	$ 17	$ 0	$ 53	$ 0

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases
Operating lease costs	$ 1,283	$ 1,151	$ 3,855	$ 3,717
Variable lease costs		67	10	124
Total lease costs	$ 1,283	$ 1,218	$ 3,865	$ 3,841

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases
2022, excluding the nine months ended September 30, 2022	$ 1,127
2023	4,100
2024	3,243
2025	2,483
2026	2,127
Thereafter	2,226
Total lease payments	15,306
Less imputed interest	(1,881)
Present value of lease liabilities	$ 13,425	$ 11,113

Leases - Operating lease liabil

Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases
Operating lease liabilities - current	$ 3,638	$ 3,593
Operating lease liabilities - non-current	9,787	7,520
Total	$ 13,425	$ 11,113

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2022
Leases
Weighted-average discount rate (percent)	4.25%
Weighted-average remaining lease term	4 years 4 months 24 days

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 1,160	$ 1,024	$ 3,444	$ 3,629
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 3,710	$ 244	$ 5,870	$ 2,266

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Taxes
Effective tax rate	24.40%	27.70%	24.80%	25.70%
Statutory federal tax rate			21%		21%

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Plans
Allocated share-based compensation expense	$ 339,000	$ 338,000	$ 1,157,000	$ 1,210,000

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Company's stock option activity (Details) - Employee Stock Option	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at beginning of period | shares	1,279,833
Shares, Granted | shares	143,500
Shares, Exercised | shares	(60,164)
Shares, Forfeited or expired | shares	(14,000)
Shares, Outstanding at end of period | shares	1,349,169
Shares, Exercisable at end of period | shares	891,203
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 25.44
Weighted Average Exercise Price, Granted (in dollars per share)	28.83
Weighted Average Exercise Price, Exercised (in dollars per share)	25
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	24.34
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	25.83
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 26.37
Weighted Average Remaining Contractual Term (Years), Outstanding	5 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding	3 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 396,000
Aggregate Intrinsic Value, Exercisable | $	$ 173,000
Fair market value of options granted (in dollars per share)	$ 20.34

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Company's restricted stock award activities (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
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, Issued | shares	27,620
Shares of Restricted Stock, Vested | shares	(33,682)
Shares of Restricted Stock, Non-vested end of period | shares	72,408
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share)	$ 23.11
Weighted Average Grant Date Fair Value, Issued (in dollars per share)	28.83
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	27.95
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share)	$ 24.64
Weighted Average Remaining Contractual Term (Years)	2 years 10 months 24 days
Aggregate Intrinsic Value | $	$ 1,473,000
Fair market value of options granted (in dollars per share)	$ 20.34

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 28, 2022	Sep. 30, 2022	Sep. 27, 2022
Short-term Debt [Line Items]
Short-term borrowings		$ 34,665
Revolving Credit Facility
Short-term Debt [Line Items]
Line of credit facility on general corporate assets	$ 50,000		$ 40,000
Line of credit facility, expiration date	Sep. 28, 2023
Short-term borrowings		$ 34,700
Interest rate (in percent)		4.49%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Short-term Debt [Line Items]
Spread on variable rate		1.45%

Contingent Consideration (Detai

Contingent Consideration (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 07, 2021	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition, Contingent Consideration [Line Items]
Net gain on remeasurement of contingent consideration			$ (407,000)
Forsake
Business Acquisition, Contingent Consideration [Line Items]
Period for payments of contingent consideration	5 years
Preliminary estimate of the discounted fair value of the contingent payments	$ 1,300,000	$ 950,000	950,000
Net gain on remeasurement of contingent consideration		407,000
Minimum possible payment of contingent liability		400,000	400,000
Maximum possible payment of contingent liability		$ 1,200,000	$ 1,200,000

Financial Instruments (Details)

Financial Instruments (Details) - Sep. 30, 2022 $ in Millions, $ in Millions	USD ($)	AUD ($)
Unrealized gains or losses based on quarter-end exchange rates	$ 0
Foreign Exchange Contracts Australian
Foreign exchange contracts outstanding	$ 1.9	$ 2.7

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Comprehensive Income
Net earnings	$ 10,770	$ 5,069	$ 19,318	$ 10,214
Foreign currency translation adjustments	(1,684)	(601)	(2,398)	(568)
Pension liability, net of tax of $57, $64, $171, and $193, respectively	162	183	486	548
Total comprehensive income	9,248	4,651	17,406	10,194
Pension liability, net of tax	$ 57	$ 64	$ 171	$ 193

Comprehensive Income - Accumula

Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Comprehensive Income
Foreign currency translation adjustments	$ (9,181)	$ (6,783)	$ (6,618)	$ (6,050)
Pension liability, net of tax	(17,525)	(18,011)	(21,407)	(21,955)
Total accumulated other comprehensive loss	$ (26,706)	$ (24,794)	$ (28,025)	$ (28,005)

Comprehensive Income - Changes

Comprehensive Income - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Comprehensive Income
Foreign Currency Translation Adjustments, Beginning balance			$ (6,783)	$ (6,050)
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications			(2,398)	(568)
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss			0	0
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income			(2,398)	(568)
Foreign Currency Translation Adjustments, Ending balance	$ (9,181)	$ (6,618)	(9,181)	(6,618)
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	162	183	486	548
Defined Benefit Pension Items, Net current period other comprehensive (loss) income			486	548
Defined Benefit Pension Items, Ending balance	(17,525)	(21,407)	(17,525)	(21,407)
Beginning balance			(24,794)	(28,005)
Other comprehensive income (loss) before reclassifications			(2,398)	(568)
Amounts reclassified from accumulated other comprehensive loss			486	548
Net current period other comprehensive (loss) income			(1,912)	(20)
Ending balance	$ (26,706)	$ (28,025)	$ (26,706)	$ (28,025)

Comprehensive Income - Reclassi

Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2022		Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Amortization of defined benefit pension items
Prior service cost	[1]	$ 2		$ (16)	$ 5	$ (47)
Actuarial losses	[1]	217		263	652	788
Total before tax		219		247	657	741
Tax benefit		(57)	[1]	(64)	(171)	(193)
Net of tax		$ 162		$ 183	$ 486	$ 548
[1] These amounts were included in pension expense. See Note 8 for additional details.

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance			$ 201,395				$ 201,395
Net earnings	$ 10,770			$ 5,069			19,318	$ 10,214
Foreign currency translation adjustments	(1,684)			(601)			(2,398)	(568)
Pension liability adjustment, net of tax							486	548
Balance	210,025						210,025
Common Stock
Balance	9,620	$ 9,634	9,709	9,714	$ 9,735	$ 9,797	9,709	9,797
Net earnings	0	0	0	0	0	0
Foreign currency translation adjustments	0	0	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0	0	0
Cash dividends declared	0	0	0	0	0	0
Stock option exercised, net of shares withheld for emloyee taxes and strike price	3	15	0
Issuance of restricted stock	28			36
Share-based compensation expense	0	0	0	0	0	0
Shares purchased and retired	(30)	(29)	(75)		(21)	(62)
Balance	9,621	9,620	9,634	9,750	9,714	9,735	9,621	9,750
Capital in Excess of Par Value
Balance	69,737	69,076	68,718	68,050	67,723	67,178	68,718	67,178
Net earnings	0	0	0	0	0	0
Foreign currency translation adjustments	0	0	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0	0	0
Cash dividends declared	0	0	0	0	0	0
Stock option exercised, net of shares withheld for emloyee taxes and strike price	45	193	8
Issuance of restricted stock	(28)			(36)
Share-based compensation expense	339	468	350	338	327	545
Shares purchased and retired	0	0	0		0	0
Balance	70,093	69,737	69,076	68,352	68,050	67,723	70,093	68,352
Reinvested Earnings
Balance	149,264	147,777	147,762	137,978	136,927	138,955	147,762	138,955
Net earnings	10,770	4,495	4,053	5,069	3,820	1,325
Foreign currency translation adjustments	0	0	0	0	0	0
Pension liability adjustment, net of tax	0	0	0	0	0	0
Cash dividends declared	(2,310)	(2,307)	(2,316)	(2,341)	(2,334)	(2,336)
Stock option exercised, net of shares withheld for emloyee taxes and strike price	0	0	0
Issuance of restricted stock	0			0
Share-based compensation expense	0	0	0	0	0	0
Shares purchased and retired	(707)	(701)	(1,722)		(435)	(1,017)
Balance	157,017	149,264	147,777	140,706	137,978	136,927	157,017	140,706
Accumulated Other Comprehensive Loss
Balance	(25,184)	(24,119)	(24,794)	(27,607)	(27,965)	(28,005)	(24,794)	(28,005)
Net earnings	0	0	0	0	0	0
Foreign currency translation adjustments	(1,684)	(1,235)	521	601	176	(143)
Pension liability adjustment, net of tax	162	170	154	183	182	183
Cash dividends declared	0	0	0	0	0	0
Stock option exercised, net of shares withheld for emloyee taxes and strike price	0	0	0
Issuance of restricted stock	0			0
Share-based compensation expense	0	0	0	0	0	0
Shares purchased and retired	0	0	0		0	0
Balance	$ (26,706)	$ (25,184)	$ (24,119)	$ (28,025)	$ (27,607)	$ (27,965)	$ (26,706)	$ (28,025)