Marine Products (MPX) 10-Q 31 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MARINE PRODUCTS CORP
Entity Central Index Key	1,129,155
Trading Symbol	mpx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,882,888
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 3,834	$ 2,619
Marketable securities	4,846	4,109
Accounts receivable, net of allowance for doubtful accounts of $25 in 2017 and $25 in 2016	5,207	1,087
Inventories	41,221	42,488
Income taxes receivable	1,279	29
Prepaid expenses and other current assets	1,629	1,823
Total current assets	58,016	52,155
Property, plant and equipment, net of accumulated depreciation of $23,754 in 2017 and $23,470 in 2016	13,518	13,334
Goodwill	3,308	3,308
Other intangibles, net	465	465
Marketable securities	12,941	5,221
Deferred income taxes	5,169	5,278
Other assets	9,070	8,766
Total assets	102,487	88,527
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	10,352	5,163
Accrued expenses and other liabilities	14,358	12,239
Total current liabilities	24,710	17,402
Pension liabilities	6,605	5,614
Other long-term liabilities	59	66
Total liabilities	31,374	23,082
Common stock	3,488	3,486
Capital in excess of par value
Retained earnings	69,742	64,141
Accumulated other comprehensive loss	(2,117)	(2,182)
Total stockholders' equity	71,113	65,445
Total liabilities and stockholders' equity	$ 102,487	$ 88,527

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 25	$ 25
Accumulated depreciation	$ 23,754	$ 23,470

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement
Net sales	$ 71,484	$ 65,066	$ 142,524	$ 128,731
Cost of goods sold	55,197	51,258	111,331	102,235
Gross profit	16,287	13,808	31,193	26,496
Selling, general and administrative expenses	7,565	7,096	15,573	14,139
Operating income	8,722	6,712	15,620	12,357
Interest income	57	151	108	243
Income before income taxes	8,779	6,863	15,728	12,600
Income tax provision	2,660	2,045	4,348	3,861
Net income	$ 6,119	$ 4,818	$ 11,380	$ 8,739
Earnings per share
Basic (in dollars per share)	$ 0.18	$ 0.13	$ 0.33	$ 0.23
Diluted (in dollars per share)	0.18	0.13	0.33	0.23
Dividends paid per share (in dollars per share)	$ 0.07	$ 0.06	$ 0.14	$ 0.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income and Comprehensive Income
Net income	$ 6,119	$ 4,818	$ 11,380	$ 8,739
Other comprehensive income, net of taxes:
Pension adjustment	14	13	29	27
Unrealized gain on securities, net of reclassification adjustments	14	65	36	115
Comprehensive income	$ 6,147	$ 4,896	$ 11,445	$ 8,881

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2016	$ 3,486		$ 64,141	$ (2,182)	$ 65,445
Balance (in shares) at Dec. 31, 2016	34,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 20	$ 1,341			1,361
Stock issued for stock incentive plans, net (in shares)	201
Stock purchased and retired	$ (18)	$ (1,341)	(887)		(2,246)
Stock purchased and retired (in shares)	(173)
Net income			11,380		11,380
Pension adjustment, net of taxes				29	29
Unrealized gain on securities, net of taxes and reclassification adjustment				36	36
Dividends paid			(4,892)		(4,892)
Balance at Jun. 30, 2017	$ 3,488		$ 69,742	$ (2,117)	$ 71,113
Balance (in shares) at Jun. 30, 2017	34,883

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income	$ 11,380	$ 8,739
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	730	671
Gain on sale of equipment and property	(8)	(79)
Amortization of premium related to marketable securities	189	609
Stock-based compensation expense	1,361	1,655
Excess tax benefits for share-based payments		(109)
Deferred income tax provision	73	608
(Increase) decrease in assets:
Accounts receivable	(4,120)	(3,561)
Inventories	1,267	(1,954)
Prepaid expenses and other current assets	194	328
Income taxes receivable	(1,250)	820
Other non-current assets	(304)	(514)
Increase (decrease) in liabilities:
Accounts payable	5,189	2,375
Accrued expenses and other liabilities	2,119	2,438
Other long-term liabilities	1,030	(1,248)
Net cash provided by operating activities	17,850	10,778
INVESTING ACTIVITIES
Capital expenditures	(914)	(663)
Proceeds from sale of assets	8	79
Purchases of marketable securities	(17,264)	(17,997)
Sales of marketable securities	7,603	2,464
Maturities of marketable securities	1,070	2,901
Net cash used for investing activities	(9,497)	(13,216)
FINANCING ACTIVITIES
Payment of dividends	(4,892)	(4,593)
Excess tax benefits for share-based payments		109
Cash paid for common stock purchased and retired	(2,246)	(768)
Net cash used for financing activities	(7,138)	(5,252)
Net increase (decrease) in cash and cash equivalents	1,215	(7,690)
Cash and cash equivalents at beginning of period	2,619	7,986
Cash and cash equivalents at end of period	3,834	296
Supplemental information:
Income tax payments, net	$ 5,436	$ 1,772

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2017
General [Abstract]
GENERAL	1. GENERAL The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (all of which consisted of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2016. A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also a director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2017
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements: · Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. · ASU No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The Company will continue to estimate expected forfeitures. The Company adopted these provisions in the first quarter of 2017 on a prospective basis. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10 , Identifying Performance Obligations and Licensing. · ASU No. 2016-11 , Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. . · ASU No. 2016-12 , Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current Status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. · ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. · ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. · ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. · ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. · ASU No. 2017-09 — Compensation —Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: · ASU No. 2016-02 — Leases (Topic 842). · ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. · ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. · ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE
EARNINGS PER SHARE	3. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities. Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: Three months ended June 30 Six months ended June 30 (In thousands) 2017 2016 2017 2016 Net income available for stockholders: $ 6,119 $ 4,818 $ 11,380 $ 8,739 Less: Adjustments for earnings attributable to participating securities (203 ) (152 ) (368 ) (306 ) Net income used in calculating earnings per share $ 5,916 $ 4,666 $ 11,012 $ 8,433 Weighted average shares outstanding (including participating securities) 34,936 38,363 34,934 38,330 Adjustment for participating securities (1,116 ) (1,252 ) (1,151 ) (1,453 ) Shares used in calculating basic and diluted earnings per share 33,820 37,111 33,783 36,877

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	4. STOCK-BASED COMPENSATION The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2017, there were approximately 2,048,900 shares available for grant. Stock-based compensation for the three and six months ended June 30, 2017 and 2016 were as follows: (in thousands) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Pre – tax cost $ 853 $ 487 $ 1,361 $ 1,655 After tax cost $ 550 $ 314 $ 878 $ 1,067 Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2017: Shares Weighted Non-vested shares at December 31, 2016 1,200,900 $ 6.58 Granted 202,400 13.39 Vested (344,250 ) 6.93 Forfeited (1,400 ) 5.72 Non-vested shares at June 30, 2017 1,057,650 7.77 The total fair value of shares vested was approximately $4,182,680 during the six months ended June 30, 2017 and $2,560,000 during the six months ended June 30, 2016. Excess tax benefits realized from tax compensation deductions in excess of compensation expense have been reflected as follows: · Approximately $650,000 for the six months ended June 30, 2017 has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows; and · Approximately $109,000 for the six months ended June 30, 2016 were credited to capital in excess of par value and classified within financing activities as an inflow in addition to being disclosed as an outflow within operating activities in the consolidated statements of cash flows. The change in classification beginning in the first quarter of 2017 resulted from the adoption of the amendments in ASU 2016-09. Other Information As of June 30, 2017, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,780,000. This cost is expected to be recognized over a weighted-average period of 3.7 years.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2017
MARKETABLE SECURITIES
MARKETABLE SECURITIES	5. MARKETABLE SECURITIES Marine Products’ marketable securities are held with a large, well-capitalized financial institution. Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designations as of each balance sheet date. Debt securities are classified as available-for-sale because the Company does not have the intent to hold the securities to maturity. Available-for-sale securities are stated at their fair values, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. The cost of securities sold is based on the specific identification method. Realized gains and losses, declines in value judged to be other than temporary, interest and dividends on available-for-sale securities are included in interest income. The net realized gains and the reclassification of net realized gains from other comprehensive income are as follows: Three months ended Six months ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Net realized gain $ 2 $ 14 $ 12 $ 14 Reclassification of net realized gains from other comprehensive income $ 2 $ 14 $ 12 $ 14 Gross unrealized gains (losses) on marketable securities are as follows: June 30, 2017 December 31, 2016 Gross unrealized Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations $ 20 $ (15 ) $ 4 $ (53 ) Corporate Obligations - - - - $ 20 $ (15 ) $ 4 $ (53 ) The amortized cost basis, fair value and net unrealized gains on the available-for-sale securities are as follows: June 30, 2017 December 31, 2016 Type of Securities Amortized Fair Net Amortized Fair Net (in thousands) Municipal Obligations $ 17,782 $ 17,787 $ 5 $ 9,379 $ 9,330 $ (49 ) Corporate Obligations - - - - - - Total $ 17,782 $ 17,787 $ 5 $ 9,379 $ 9,330 $ (49 ) Municipal obligations consist primarily of municipal notes rated AA- or higher ranging in maturity from less than one year to over 20 years. Investments with remaining maturities of less than 12 months are considered to be current marketable securities. Investments with remaining maturities greater than 12 months are considered to be non-current marketable securities. The Company’s non-current marketable securities are scheduled to mature between 2018 and 2047.

WARRANTY COSTS AND OTHER CONTIN

WARRANTY COSTS AND OTHER CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
WARRANTY COSTS AND OTHER CONTINGENCIES
WARRANTY COSTS AND OTHER CONTINGENCIES	6. WARRANTY COSTS AND OTHER CONTINGENCIES Warranty Costs For our Chaparral products, Marine Products provides a lifetime limited structural hull warranty, a five-year limited structural deck warranty, and a transferable one-year limited warranty to the original owner. Warranties for additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the second subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer. For our Robalo products, Marine Products provides a ten-year limited structural hull warranty and a transferable one-year limited warranty on certain components to the original owner. Warranties on additional items are provided for periods of one to five years and are not transferrable. Additionally, as it relates to the second subsequent owner, a five-year transferrable hull warranty and the remainder of the original one-year limited warranty on certain components are available. The five-year transferable hull warranty terminates five years after the date of the original retail purchase. Claim costs related to components are generally absorbed by the original component manufacturer. The manufacturers of the engines, generators, and navigation electronics included on our boats provide and administer their own warranties for various lengths of time. An analysis of the warranty accruals for the six months ended June 30, 2017 and 2016 is as follows: (in thousands) 2017 2016 Balance at beginning of period $ 4,629 $ 3,405 Less: Payments made during the period (1,345 ) (1,428 ) Add: Warranty provision for the period 1,796 1,375 Changes to warranty provision for prior periods 60 1 Balance at June 30 $ 5,140 $ 3,353 The warranty accruals are reflected in accrued expenses and other liabilities on the consolidated balance sheets. Repurchase Obligations The Company is a party to various agreements with third party lenders that provide floor plan financing to qualifying dealers whereby the Company guarantees varying amounts of debt on boats in dealer inventory. The Company’s obligation under these guarantees becomes effective in the case of a default under the financing arrangement between the dealer and the third party lender. The agreements provide for the return of repossessed boats to the Company in new and unused condition subject to normal wear and tear as defined, in exchange for the Company’s assumption of specified percentages of the debt obligation on those boats, up to certain contractually determined dollar limits by the lenders. The Company had no material repurchases of inventory under contractual agreements during the three months ended June 30, 2017 and June 30, 2016. Management continues to monitor the risk of defaults and resulting repurchase obligations based in part on information provided by third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is 16 percent of the amount of the average net receivables financed by the floor plan lender for our dealers during the prior 12 month period, which was $11.1 million as of June 30, 2017. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $5.5 million with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all floor plan financing institutions of approximately $16.6 million as of June 30, 2017.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2017
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company has only one reportable segment, its powerboat manufacturing business; therefore, the majority of segment-related disclosures are not relevant to the Company. In addition, the Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2017
INVENTORIES
INVENTORIES	8. INVENTORIES Inventories consist of the following: (in thousands) June 30, December 31, Raw materials and supplies $ 27,520 $ 26,106 Work in process 8,241 9,007 Finished goods 5,460 7,375 Total inventories $ 41,221 $ 42,488

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
INCOME TAXES
INCOME TAXES	9. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company's current annual estimated tax rate. Income tax provision for the second quarter of 2017 reflects an effective tax rate of 30.3 percent, compared to an effective tax rate of 29.8 percent for the comparable period in the prior year. For the six months ended June 30, 2017 the income tax provision reflects an effective rate of 27.6 percent, compared to an effective rate of 30.6 percent for the six months ended June 30, 2016. The effective rate in both periods includes the effect of beneficial permanent differences including tax-exempt interest income and favorable U.S. manufacturing deductions. The Company adopted the amendments of ASU 2016-09 in the first quarter of 2017 that requires excess tax benefits and deficiencies to be recognized as a component of income tax expense rather than equity. This resulted in a beneficial discrete adjustment of approximately $650 thousand to the provision for income taxes during the first six months of 2017. The 2016 effective tax rate reflects certain beneficial permanent tax differences generated from life insurance proceeds.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2017
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	10. EMPLOYEE BENEFIT PLANS The Company participates in a multiple employer pension plan. The following represents the net periodic benefit (credit) cost and related components for the plan: (in thousands) Three months ended Six months ended 2017 2016 2017 2016 Interest cost $ 66 $ 68 $ 132 $ 137 Expected return on plan assets (103 ) (101 ) (207 ) (203 ) Amortization of net losses 23 21 46 42 Net periodic benefit $ (14 ) $ (12 ) $ (29 ) $ (24 ) The Company did not make a contribution to this plan during the six months ended June 30, 2017. The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive Retirement Plan (“SERP”). The Company maintains certain securities in the SERP that have been classified as trading. The SERP assets are marked to market and totaled $5,786,000 as of June 30, 2017 and $7,019,000 as of December 31, 2016. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations. Trading gains related to the SERP assets totaled approximately $234,000 during the six months ended June 30, 2017, compared to trading gains of $42,000 during the six months ended June 30, 2016.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of June 30, 2017 and December 31, 2016: Fair Value Measurements at June 30, 2017 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Municipal Obligations $ 17,787 $ — $ 17,787 $ — Corporate Obligations — — — — $ 17,787 $ — $ 17,787 $ — Investments measured at Net Asset Value - Trading securities $ 5,786 Fair Value Measurements at December 31, 2016 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Municipal Obligations $ 9,330 $ — $ 9,330 $ — Corporate Obligations — — — — $ 9,330 $ — $ 9,330 $ — Investments measured at Net Asset Value - Trading securities $ 7,019 The Company determines the fair value of marketable securities classified as available-for-sale through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities classified as trading are comprised of the SERP assets, as described in Note 10, and are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the period ended June 30, 2017, there were no significant transfers in or out of levels 1, 2 or 3. The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jun. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	12. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss of the following: (in thousands) Pension Unrealized Total Balance at December 31, 2016 $ (2,151 ) $ (31 ) $ (2,182 ) Change during the period ended June 30, 2017: Before-tax amount _ 67 67 Tax provision _ (23 ) (23 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 29 - 29 Net realized gain (2) - (8 ) (8 ) Total activity for the period 29 36 65 Balance at June 30, 2017 $ (2,122 ) $ 5 $ (2,117 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. (in thousands) Pension Unrealized Total Balance at December 31, 2015 $ (1,899 ) $ (2 ) $ (1,901 ) Change during the period ended June 30, 2016: Before-tax amount _ 193 165 Tax benefit _ (69 ) (64 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 27 - 27 Net realized gain (2) - (9 ) 14 Total activity for the period 27 115 142 Balance at June 30, 2016 $ (1,872 ) $ 113 $ (1,759 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2017
SUBSEQUENT EVENT
SUBSEQUENT EVENT	13. SUBSEQUENT EVENT On July 25, 2017, the Board of Directors approved a $0.07 per share cash dividend payable September 11, 2017 to stockholders of record at the close of business August 10, 2017.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements: · Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. · ASU No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The Company will continue to estimate expected forfeitures. The Company adopted these provisions in the first quarter of 2017 on a prospective basis. Recently Issued Accounting Pronouncements Not Yet Adopted: To be adopted in 2018: REVENUE RECOGNITION: The Financial Accounting Standards Board and International Accounting Standards Board issued their converged standard on revenue recognition in May 2014. The standard provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries and significantly reduce the complexity inherent in today's revenue recognition guidance. The various ASUs related to Revenue from Contracts with Customers (Topic 606) · ASU No. 2014-09, · ASU No. 2015-14, · ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). · ASU No. 2016-10 , Identifying Performance Obligations and Licensing. · ASU No. 2016-11 , Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting. . · ASU No. 2016-12 , Narrow-Scope Improvements and Practical Expedients. · ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. Current Status of implementation: The Company is currently analyzing the effect of the standard across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. · ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. · ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. · ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. · ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. · ASU No. 2017-09 — Compensation —Stock Compensation (Topic 718): Scope of Modification Accounting. To be adopted in 2019 and later: · ASU No. 2016-02 — Leases (Topic 842). · ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. · ASU No. 2017-04 —Intangibles —Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. · ASU No. 2017-08 — Receivables —Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
EARNINGS PER SHARE
Schedule of reconciliation of weighted average shares outstanding	Three months ended June 30 Six months ended June 30 (In thousands) 2017 2016 2017 2016 Net income available for stockholders: $ 6,119 $ 4,818 $ 11,380 $ 8,739 Less: Adjustments for earnings attributable to participating securities (203 ) (152 ) (368 ) (306 ) Net income used in calculating earnings per share $ 5,916 $ 4,666 $ 11,012 $ 8,433 Weighted average shares outstanding (including participating securities) 34,936 38,363 34,934 38,330 Adjustment for participating securities (1,116 ) (1,252 ) (1,151 ) (1,453 ) Shares used in calculating basic and diluted earnings per share 33,820 37,111 33,783 36,877

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2017
STOCK-BASED COMPENSATION
Schedule of stock-based compensation	(in thousands) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Pre – tax cost $ 853 $ 487 $ 1,361 $ 1,655 After tax cost $ 550 $ 314 $ 878 $ 1,067
Schedule of the changes in non-vested restricted shares	Shares Weighted Non-vested shares at December 31, 2016 1,200,900 $ 6.58 Granted 202,400 13.39 Vested (344,250 ) 6.93 Forfeited (1,400 ) 5.72 Non-vested shares at June 30, 2017 1,057,650 7.77

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2017
MARKETABLE SECURITIES
Schedule of net realized gains and reclassification of net realized gains from other comprehensive income	Three months ended Six months ended June 30, June 30, (in thousands) 2017 2016 2017 2016 Net realized gain $ 2 $ 14 $ 12 $ 14 Reclassification of net realized gains from other comprehensive income $ 2 $ 14 $ 12 $ 14
Schedule of gross unrealized gains (losses) on marketable securities	June 30, 2017 December 31, 2016 Gross unrealized Gross unrealized (in thousands) Gains (Losses) Gains (Losses) Municipal Obligations $ 20 $ (15 ) $ 4 $ (53 ) Corporate Obligations - - - - $ 20 $ (15 ) $ 4 $ (53 )
Schedule of amortized cost basis, fair value and net unrealized gains on available-for-sale securities	June 30, 2017 December 31, 2016 Type of Securities Amortized Fair Net Amortized Fair Net (in thousands) Municipal Obligations $ 17,782 $ 17,787 $ 5 $ 9,379 $ 9,330 $ (49 ) Corporate Obligations - - - - - - Total $ 17,782 $ 17,787 $ 5 $ 9,379 $ 9,330 $ (49 )

WARRANTY COSTS AND OTHER CONT25

WARRANTY COSTS AND OTHER CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
WARRANTY COSTS AND OTHER CONTINGENCIES
Schedule of analysis of warranty accruals	(in thousands) 2017 2016 Balance at beginning of period $ 4,629 $ 3,405 Less: Payments made during the period (1,345 ) (1,428 ) Add: Warranty provision for the period 1,796 1,375 Changes to warranty provision for prior periods 60 1 Balance at June 30 $ 5,140 $ 3,353

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2017
INVENTORIES
Schedule of inventories	(in thousands) June 30, December 31, Raw materials and supplies $ 27,520 $ 26,106 Work in process 8,241 9,007 Finished goods 5,460 7,375 Total inventories $ 41,221 $ 42,488

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2017
EMPLOYEE BENEFIT PLANS
Schedule of net periodic benefit cost (credit) and related components for the plan	(in thousands) Three months ended Six months ended 2017 2016 2017 2016 Interest cost $ 66 $ 68 $ 132 $ 137 Expected return on plan assets (103 ) (101 ) (207 ) (203 ) Amortization of net losses 23 21 46 42 Net periodic benefit $ (14 ) $ (12 ) $ (29 ) $ (24 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
FAIR VALUE MEASUREMENTS
Schedule of the valuation of financial instruments measured at fair value on a recurring basis	Fair Value Measurements at June 30, 2017 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Municipal Obligations $ 17,787 $ — $ 17,787 $ — Corporate Obligations — — — — $ 17,787 $ — $ 17,787 $ — Investments measured at Net Asset Value - Trading securities $ 5,786 Fair Value Measurements at December 31, 2016 with: (in thousands) Total Quoted prices in Significant Significant (Level 1) (Level 2) (Level 3) Assets: Available-for-sale securities: Municipal Obligations $ 9,330 $ — $ 9,330 $ — Corporate Obligations — — — — $ 9,330 $ — $ 9,330 $ — Investments measured at Net Asset Value - Trading securities $ 7,019

ACCUMULATED OTHER COMPREHENSI29

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jun. 30, 2017
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	(in thousands) Pension Unrealized Total Balance at December 31, 2016 $ (2,151 ) $ (31 ) $ (2,182 ) Change during the period ended June 30, 2017: Before-tax amount _ 67 67 Tax provision _ (23 ) (23 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 29 - 29 Net realized gain (2) - (8 ) (8 ) Total activity for the period 29 36 65 Balance at June 30, 2017 $ (2,122 ) $ 5 $ (2,117 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income. (in thousands) Pension Unrealized Total Balance at December 31, 2015 $ (1,899 ) $ (2 ) $ (1,901 ) Change during the period ended June 30, 2016: Before-tax amount _ 193 165 Tax benefit _ (69 ) (64 ) Reclassification adjustment, net of taxes Amortization of net loss (1) 27 - 27 Net realized gain (2) - (9 ) 14 Total activity for the period 27 115 142 Balance at June 30, 2016 $ (1,872 ) $ 113 $ (1,759 ) (1) Reported as part of selling, general and administrative expenses. (2) Reported as part of interest income.

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
EARNINGS PER SHARE
Net income available for stockholders:	$ 6,119	$ 4,818	$ 11,380	$ 8,739
Less: Adjustments for earnings attributable to participating securities	(203)	(152)	(368)	(306)
Net income used in calculating earnings per share	$ 5,916	$ 4,666	$ 11,012	$ 8,433
Weighted average shares outstanding (including participating securities)	34,936	38,363	34,934	38,330
Adjustment for participating securities	(1,116)	(1,252)	(1,151)	(1,453)
Shares used in calculating basic and diluted earnings per share	33,820	37,111	33,783	36,877

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
STOCK-BASED COMPENSATION
Pre - tax cost	$ 853	$ 487	$ 1,361	$ 1,655
After tax cost	$ 550	$ 314	$ 878	$ 1,067

STOCK-BASED COMPENSATION - Su32

STOCK-BASED COMPENSATION - Summary of changes in non vested restricted shares (Details 1) - Restricted Stock	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Shares
Non-vested shares at December 31, 2016 | shares	1,200,900
Granted | shares	202,400
Vested | shares	(344,250)
Forfeited | shares	(1,400)
Non-vested shares at June 30, 2017 | shares	1,057,650
Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2016 | $ / shares	$ 6.58
Granted | $ / shares	13.39
Vested | $ / shares	6.93
Forfeited | $ / shares	5.72
Non-vested shares at June 30, 2017 | $ / shares	$ 7.77

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Detail Textuals) - 2014 Stock Incentive Plan	6 Months Ended
	Jun. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares of common stock	3,000,000
Period of common stock issued	10 years
Number of shares available for grants	2,048,900

STOCK-BASED COMPENSATION (Det34

STOCK-BASED COMPENSATION (Detail Textuals 1) - Restricted Stock - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 4,182,680	$ 2,560,000
Tax benefits for compensation tax deductions in excess of compensation expense	$ 650,000	$ 109,000

STOCK-BASED COMPENSATION (Det35

STOCK-BASED COMPENSATION (Detail Textuals 2) - Restricted Stock	6 Months Ended
	Jun. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted shares	$ 7,780,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3.7 years

MARKETABLE SECURITIES - Net rea

MARKETABLE SECURITIES - Net realized gains and reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
MARKETABLE SECURITIES
Net realized gain	$ 2	$ 14	$ 12	$ 14
Reclassification of net realized gains from other comprehensive income	$ 2	$ 14	$ 12	$ 14

MARKETABLE SECURITIES - Gross u

MARKETABLE SECURITIES - Gross unrealized gains (losses) on marketable securities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	$ 20	$ 4
Gross unrealized (Losses)	(15)	(53)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains	20	4
Gross unrealized (Losses)	(15)	(53)
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Gross unrealized Gains
Gross unrealized (Losses)

MARKETABLE SECURITIES - Amortiz

MARKETABLE SECURITIES - Amortized cost basis, fair value and net unrealized gains on available-for-sale securities (Details 2) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 17,782	$ 9,379
Fair Value	17,787	9,330
Net Unrealized Gains (Losses)	5	(49)
Municipal Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	17,782	9,379
Fair Value	17,787	9,330
Net Unrealized Gains (Losses)	5	(49)
Corporate Obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis
Fair Value
Net Unrealized Gains (Losses)

MARKETABLE SECURITIES (Detail T

MARKETABLE SECURITIES (Detail Textuals)	6 Months Ended
	Jun. 30, 2017
Schedule of Available-for-sale Securities [Line Items]
Period of current marketable securities	less than 12 months
Period of non-current marketable securities	greater than 12 months
Maturity term of non-current marketable securities	between 2018 and 2047
Municipal Obligations | AA- or higher
Schedule of Available-for-sale Securities [Line Items]
Period of maturity debt obligations	less than one year to over 20 years

WARRANTY COSTS AND OTHER CONT40

WARRANTY COSTS AND OTHER CONTINGENCIES - Analysis of warranty accruals (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 4,629	$ 3,405
Less: Payments made during the period	(1,345)	(1,428)
Add: Warranty provision for the period	1,796	1,375
Changes to warranty provision for prior periods	60	1
Balance at June 30	$ 5,140	$ 3,353

WARRANTY COSTS AND OTHER CONT41

WARRANTY COSTS AND OTHER CONTINGENCIES (Detail Textuals)	6 Months Ended
	Jun. 30, 2017USD ($)
Warrant Cost And Other Contingencies [Line Items]
Repurchased inventory	$ 0
Contractual repurchase limit (% of average net receivable) - one lender	16.00%
Maximum repurchase obligation - one lender	$ 11,100,000
Maximum repurchase obligation - additional lenders	5,500,000
Aggregate repurchase obligation	$ 16,600,000
Chaparral products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on limited structural deck	5 years
Period of warranty provided by company on transferable structural hull	5 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company on additional items	one to five years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years
Robalo products
Warrant Cost And Other Contingencies [Line Items]
Period of warranty provided by company on transferable structural hull	10 years
Period of warranty provided by company on transferable other components	1 year
Period of warranty provided by company to structural hull	5 years
Period of warranty provided by company on additional items	one to five years
Period of transferable hull warranty terminates after the date of the original retail purchase	5 years

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Detail Textuals)	6 Months Ended
	Jun. 30, 2017Segment
BUSINESS SEGMENT INFORMATION
Number of reportable segment	1

INVENTORIES - Summary of invent

INVENTORIES - Summary of inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
INVENTORIES
Raw materials and supplies	$ 27,520	$ 26,106
Work in process	8,241	9,007
Finished goods	5,460	7,375
Total inventories	$ 41,221	$ 42,488

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
INCOME TAXES
Income tax provision effective tax rate	30.30%	29.80%	27.60%	30.60%
Incme tax beneficial discrete adjustment			$ 650

EMPLOYEE BENEFIT PLANS- Net per

EMPLOYEE BENEFIT PLANS- Net periodic benefit cost (credit) and related components (Details) - Multiple employer pension plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Multiemployer Plans [Line Items]
Interest cost	$ 66	$ 68	$ 132	$ 137
Expected return on plan assets	(103)	(101)	(207)	(203)
Amortization of net losses	23	21	46	42
Net periodic benefit	$ (14)	$ (12)	$ (29)	$ (24)

EMPLOYEE BENEFIT PLANS (Detail

EMPLOYEE BENEFIT PLANS (Detail Textuals) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Multiple employer pension plan
Multiemployer Plans [Line Items]
Cash contribution to plan	$ 0

EMPLOYEE BENEFIT PLANS (Detai47

EMPLOYEE BENEFIT PLANS (Detail Textuals 1) - Supplemental Executive Retirement Plan (SERP) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Supplemental executive retirement plan, assets	$ 5,786,000		$ 7,019,000
Trading gains (losses) related to SERP	$ 234,000	$ 42,000

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of valuation of financial instruments measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale securities
Available-for-sale securities	$ 17,787	$ 9,330
Fair Value, Measurements, Recurring
Assets:
Trading securities	5,786	7,019
Available-for-sale securities
Available-for-sale securities	17,787	9,330
Fair Value, Measurements, Recurring | Municipal Obligations
Available-for-sale securities
Available-for-sale securities	17,787	9,330
Fair Value, Measurements, Recurring | Corporate Obligations
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Municipal Obligations
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Quoted prices in active markets for identical assets, Level 1 | Corporate Obligations
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2
Available-for-sale securities
Available-for-sale securities	17,787	9,330
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Municipal Obligations
Available-for-sale securities
Available-for-sale securities	17,787	9,330
Fair Value, Measurements, Recurring | Significant other observable inputs, Level 2 | Corporate Obligations
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Municipal Obligations
Available-for-sale securities
Available-for-sale securities
Fair Value, Measurements, Recurring | Significant unobservable inputs, Level 3 | Corporate Obligations
Available-for-sale securities
Available-for-sale securities

ACCUMULATED OTHER COMPREHENSI49

ACCUMULATED OTHER COMPREHENSIVE LOSS - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		$ (2,182)	$ (1,901)
Change during period:
Before-tax amount		67	165
Tax provision/benefit		(23)	(64)
Reclassification adjustment, net of taxes
Amortization of net loss	[1]	29	27
Net realized gain	[2]	(8)	14
Total activity for the period		65	142
Balance		(2,117)	(1,759)
Pension Adjustment
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(2,151)	(1,899)
Change during period:
Before-tax amount
Tax provision/benefit
Reclassification adjustment, net of taxes
Amortization of net loss	[1]	29	27
Net realized gain	[2]
Total activity for the period		29	27
Balance		(2,122)	(1,872)
Unrealized Gain (loss) On Securities
Accumulated Other Comprehensive Income Loss [Roll Forward]
Balance		(31)	(2)
Change during period:
Before-tax amount		67	193
Tax provision/benefit		(23)	(69)
Reclassification adjustment, net of taxes
Amortization of net loss	[1]
Net realized gain	[2]	(8)	(9)
Total activity for the period		36	115
Balance		$ 5	$ 113
[1]	Reported as part of selling, general and administrative expenses.
[2]	Reported as part of interest income.

SUBSEQUENT EVENT (Detail Textua

SUBSEQUENT EVENT (Detail Textuals) - Subsequent event	1 Months Ended
	Jul. 25, 2017$ / shares
Subsequent Event [Line Items]
Dividends payable date declared	Jul. 25, 2017
Cash dividend payable (in dollars per share)	$ 0.07
Dividends payable date	Sep. 11, 2017
Dividends payable record date	Aug. 10, 2017