Douglas Dynamics (PLOW) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document and Entity Information
Entity Registrant Name	DOUGLAS DYNAMICS, INC
Entity Central Index Key	1,287,213
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		22,361,447
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 12,349	$ 24,195
Accounts receivable, net	61,610	60,918
Inventories	63,785	48,248
Deferred income taxes	5,718	7,004
Prepaid and other current assets	1,235	2,156
Total current assets	144,697	142,521
Property, plant, and equipment, net	38,514	37,546
Goodwill	160,962	160,962
Other intangible assets, net	131,202	135,009
Deferred financing costs, net	2,586	2,485
Other long-term assets	2,880	1,920
Total assets	480,841	480,443
Current liabilities:
Accounts payable	10,601	9,753
Accrued expenses and other current liabilities	25,263	33,670
Income taxes payable	2,360	642
Current portion of long-term debt	1,629	1,629
Total current liabilities	39,853	45,694
Retiree health benefit obligation	6,980	6,774
Pension obligation	11,898	12,316
Deferred income taxes	52,485	49,853
Long-term debt, less current portion	185,657	186,471
Other long-term liabilities	5,056	6,046
Stockholders' equity:
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,361,447 and 22,282,628 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	224	223
Additional paid-in capital	140,221	138,268
Retained earnings	44,228	40,826
Accumulated other comprehensive loss, net of tax	(5,761)	(6,028)
Total stockholders' equity	178,912	173,289
Total liabilities and stockholders' equity	$ 480,841	$ 480,443

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	22,361,447	22,282,628
Common Stock, shares outstanding	22,361,447	22,282,628

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Income
Net sales	$ 107,143	$ 88,225	$ 161,033	$ 124,621
Cost of sales	70,133	53,810	107,586	76,081
Gross profit	37,010	34,415	53,447	48,540
Selling, general, and administrative expense	11,304	8,481	22,721	16,818
Intangibles amortization	1,904	1,454	3,807	2,909
Income from operations	23,802	24,480	26,919	28,813
Interest expense, net	(2,779)	(1,998)	(5,233)	(3,970)
Other expense, net	(69)	(65)	(129)	(83)
Income before taxes	20,954	22,417	21,557	24,760
Income tax expense	7,850	7,824	8,070	8,592
Net income	13,104	14,593	13,487	16,168
Less net income attributable to participating securities	186	221	191	242
Net income attributable to common shareholders	$ 12,918	$ 14,372	$ 13,296	$ 15,926
Weighted average number of common shares outstanding:
Basic (in shares)	22,330,740	22,174,256	22,289,500	22,138,908
Diluted (in shares)	22,351,981	22,194,214	22,310,731	22,158,650
Earnings per common share:
Basic (in dollars per share)	$ 0.58	$ 0.65	$ 0.60	$ 0.72
Diluted (in dollars per share)	0.57	0.64	0.59	0.71
Cash dividends declared per share (in dollars per share)	0.22	0.22	0.45	0.44
Cash dividends paid per share (in dollars per share)	$ 0.22	$ 0.45	$ 0.22	$ 0.44
Comprehensive income	$ 14,025	$ 14,608	$ 13,754	$ 16,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income	$ 13,487	$ 16,168
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	6,123	4,574
Inventory step up of acquired business included in cost of sales	1,956
Amortization of deferred financing costs and debt discount	335	379
Loss recognized on assets held for sale		67
Stock-based compensation	1,981	1,597
Provision for losses on accounts receivable	113	114
Deferred income taxes	3,918	2,819
Earnout liability	394	273
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(805)	(9,070)
Inventories	(17,493)	(10,602)
Prepaid and other assets and refundable income taxes	(339)	2,459
Accounts payable	848	(2,237)
Accrued expenses and other current liabilities	1,242	7,579
Benefit obligations and other long-term liabilities	(1,329)	(1,863)
Net cash provided by operating activities	10,431	12,257
Investing activities
Capital expenditures	(3,284)	(2,605)
Proceeds from sale of assets held for sale		1,018
Acquisition of business	(7,931)
Net cash used in investing activities	(11,215)	(1,587)
Financing activities
Shares withheld on restricted stock vesting paid for employees' taxes	(27)	(97)
Dividends paid	(10,085)	(9,791)
Net repayments of revolver borrowings		(13,000)
Repayment of long-term debt	(950)	(575)
Net cash used in financing activities	(11,062)	(23,463)
Change in cash and cash equivalents	(11,846)	(12,793)
Cash and cash equivalents at beginning of period	24,195	19,864
Cash and cash equivalents at end of period	$ 12,349	$ 7,071

Basis of presentation

Basis of presentation	6 Months Ended
	Jun. 30, 2015
Basis of presentation
Basis of presentation	1. Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for fiscal year-end financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and related footnotes included in our 2014 Form 10-K (Commission File No. 001-34728) filed with the Securities and Exchange Commission on March 12, 2015. We o perate as a single business segment . Certain reclassifications have been made to the prior period financial statements to conform to the 2015 presentation. Loss recognized on assets held f or sale has been combined with s elling, general, and administrative expense on the Consolidated Statements of Operations and Comprehensive Income. Deferred compensation has been combined with other long-term liabilities on the Consolidated Balance Sheet. Deferred compe nsation has been combined with b enefit obligations and other long-term liabilities on the Consolidated Statements of Cash Flows. Interim Consolidated Financial Information The accompanying consolidated balance sheet as of June 30, 2015 and the consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014 and cash flows for the six months ended June 30, 2015 and 2014 have been prepared by the Company and have not been audited. The Company is a counterparty to interest-rate swap agreement to hedge against the potential impact on earnings from increases in market interest rates. The Company entered into three interest rate swap agreements during the first quarter of 2015 with notional amounts of $45,000 , $90,000 and $135,000 effective for the periods December 31, 2015 through March 29, 2018, March 29, 2018 through March 31, 2020 and March 31, 2020 through June 30, 2021, respectively. Under the interest rate swap agreement, effective as of December 31, 2015 the Company will either receive or make payments on a monthly basis based on the differential between 6.105% and London Interbank Offered Rate (“LIBOR”) plus 4.25% (with a LIBOR floor of 1.0%) . Under the interest rate swap agreement, effective as of March 29, 2018 the Company will either receive or make payments on a monthly basis based on the differential between 6.916% and LIBOR plus 4.25% (with a LIBOR floor of 1.0%) . Under the interest rate swap agreement effective as of March 31, 2020 the Company will either receive or make payments on a monthly basis based on the differential between 7.168% and LIBOR plus 4.25% (with a LIBOR floor of 1.0% ) . The negative fair value of the interest rate swap, net of tax, of ($28) at June 3 0 , 2015 is included in “Accumulated other comprehensive loss” on the balance sheet. This fair value was determined using Level 2 inputs as defined in Accounting Standards Codification Topic (“ASC”) 820. Additionally, other comprehensive income includes the net income of the Company plus the Company’s adjustments for its defined benefit retirement plans based on the measurement date as of the Company’s year-end. For further disclosure, refer to Note 14 to the Unaudited Consolidated Financial Statements. The Company’s business is seasonal and consequently its results of operations and financial condition vary from quarter-to-quarter. Because of this seasonality, the Company’s results of operations for any quarter may not be indicative of results of operations that may be achieved for a subsequent quarter or the full year, and may not be similar to results of operations experienced in prior years. The Company attempts to manage the seasonal impact of snowfall on its revenues in part through its pre-season sales program. This pre-season sales program encourages the Company’s distributors to re-stock their inventory during the second and third quarters in anticipation of the peak fourth quarter retail sales period by offering favorable pre-season pricing and payment deferral until the fourth quarter. Thus, the Company tends to generate its greatest volume of sales during the second and third quarters. By contrast, its revenue and operating results tend to be lowest during the first quarter, as management believes the Company’s end-users prefer to wait until the beginning of a snow season to purchase new equipment and as the Company’s distributors sell off inventory and wait for the pre-season sales incentive period to re-stock inventory. Fourth quarter sales vary from year-to-year as they are primarily driven by the level, timing and location of snowfall during the quarter. This is because most of the Company’s fourth quarter sales and shipments consist of re-orders by distributors seeking to restock inventory to meet immediate customer needs caused by snowfall during the winter months.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value
Fair Value	2. Fair Value Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Fair value measurements are categorized into one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs available at the measurement date, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). The following table presents financial assets and liabilities measured at fair value on a recurring basis and discloses the fair value of long-term debt: Fair Value at Fair Value at June 30, December 31, 2015 2014 Assets: Interest rate swaps (a) $ $ - Other long-term assets (b) Total Assets $ $ Liabilities: Interest rate swaps (a) $ $ - Long term debt (c) Earnout - TrynEx (d) Earnout - Henderson (e) Total Liabilities $ $ (a) Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $137 and $93 at June 30, 2015 are included in accrued expenses and other current liabilities and other long-term assets, respectively . (b) Included in other assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value. (c ) The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is a Level 2 input for all periods presented. Meanwhile, long-term debt is recorded at carrying amount, net of discount, as disclosed on the face of the balance sheet. (d ) Included in accrued expenses and other current liabilities in the amount of $2,032 at June 30, 2015 is an obligation for a portion of the potential earn out incurred in conjunction with the acquisition of substantially all of the assets of TrynEx, Inc. (“TrynEx”). The carrying amount of the earn out approximates its fair value. Fair value is based upon Level 3 inputs of a monte carlo simulation analysis using key inputs of forecasted future sales and financial performance as well as a growth rate reduced by the market required rate of return. See reconciliation of liability included below: Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2015 2014 2014 Beginning Balance $ $ $ $ Additions — — — — Adjustments to fair value — — — Payment to former owners — — — Ending balance $ $ $ $ (e ) Included in accrued expenses and other current liabilities and other long term liabilities in the amounts of $272 and $442 , respectively, at June 30, 2015 is the fair value of an obligation for a portion of the potential earn out acquired in conjunction with the acquisition of Henderson Enterprise Group, Inc. (“Henderson”). Fair value is based upon Level 3 discounted cash flow analysis using key inputs of forecasted future sales as well as a growth rate reduced by the market required rate of return. See reconciliation of liability included below: Three Months Ended Six Months Ended June 30, June 30, 2015 2015 Beginning Balance $ $ Additions — — Adjustments to fair value Payment to former owners Ending balance $ $

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventories
Inventories	3. Inventories Inventories consist of the following: June 30, December 31, 2015 2014 Finished goods and work-in-process $ $ Raw material and supplies $ $

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2015
Property, plant and equipment
Property, plant and equipment	4. Property, plant and equipment Property, plant and equipment are summarized as follows: June 30, December 31, 2015 2014 Land $ $ Land improvements Leasehold Improvements Buildings Machinery and equipment Furniture and fixtures Mobile equipment and other Construction-in-process Total property, plant and equipment Less accumulated depreciation Net property, plant and equipment $ $

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-Term Debt
Long-Term Debt	5. Long-Term Debt Long-term debt is summarized below: June 30, December 31, 2015 2014 Term Loan, net of debt discount of $1,764 and $1,900 at June 30, 2015 and December 31, 2014, respectively $ $ Less current maturities $ $ The Company’s senior credit facilities consist of a $190,000 term loan facility and a $100,000 revolving credit facility with a group of banks, of which $10,000 will be available in the form of letters of credit and $5,000 will be available for the issuance of short-term swing line loans . The agreement for the term loan (the “Term Loan Credit Agreement”) provides for a senior secured term loan facility in the aggregate principal amount of $190,000 and generally bears interest (at the Company’s election) at either (i) 3.25% per annum plus the greatest of (a) the Prime Rate (as defined in the Term Loan Credit Agreement) in effect on such day, (b) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers plus 0.50% and (c) 1.00% plus the greater of (1) the LIBOR for a one month interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement) and (2) 1.00% or (ii) 4.25% per annum plus the greater of (a) the LIBOR for the applicable interest period multiplied by the Statutory Reserve Rate and (b) 1.00% . The Term Loan Credit Agreement also allows the Company to request the establishment of one or more additional term loan commitments in an aggregate amount not in excess of $80,000 subject to specified terms and conditions, which amount may be further increased so long as the First Lien Debt Ratio (as defined in the Term Loan Credit Agreement) is not greater than 3.25 to 1.00. The revolving credit facility (the “Revolving Credit Agreement”) provides that the Company has the option to select whether borrowings will bear interest at either (i) a margin ranging from 1.50% to 2.00% per annum, depending on the utilization of the facility, plus the LIBOR for the applicable interest period multiplied by the Statutory Reserve Rate (as defined by the Revolving Credit Agreement) or (ii) a margin ranging from 0.50% to 1.00% per annum, depending on the utilization of the facility, plus the greatest of (a) the Prime Rate (as defined in the Revolving Credit Agreement) in effect on such day, (b) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers plus 0.50% and (c) the L IBOR for a one month interest period multiplied by the Statutory Reserve Rate plus 1% . The maturity date for the Revolving Credit Agreement is December 31, 2019, and the Company’s term loan amortizes in nominal amounts quarterly with the balance payable on December 31, 2021. The term loan was issued at a $1,900 discount which is being amortized over the term of the term loan. At June 30, 2015, the Company had no outstanding borrowings on the Revolving Credit Agreement and remaining borrowing availability of $92,079 . The Company’s senior credit facilities include certain negative and operating covenants, including restrictions on its ability to pay dividends, and other customary covenants, representations and warranties and events of default. The senior credit facilities entered into and recorded by the Company’s subsidiaries significantly restrict its subsidiaries from paying dividends and otherwise transferring assets to Douglas Dynamics, Inc. The terms of the Revolving Credit Agreement specifically restrict subsidiaries from paying dividends if a minimum availability under the Revolving Credit Agreement is not maintained, and both senior credit facilities restrict subsidiaries from paying dividends above certain levels or at all if an event of default has occurred. These restrictions would affect the Company indirectly since the Company relies principally on distributions from its subsidiaries to have funds available for the payment of dividends. In addition, the Revolving Credit Agreement includes a requirement that, subject to certain exceptions, capital expenditures may not exceed $12,500 in any calendar year (plus the unused portion of permitted capital expenditures from the preceding year subject to a $12,500 cap and a separate one-time $15,000 capital expenditures to be used for the consolidation of facilities and costs associated with the acquiring and/or development and construction of one new manufacturing facility) and, if certain minimum availability under the Revolving Credit Agreement is not maintained, that the Company comply with a monthly minimum fixed charge coverage ratio test of 1.0:1 .0. Compliance with the fixed charge coverage ratio test is subject to certain cure rights under the Revolving Credit Agreement. At June 30, 2015, the Company was in compliance with the respective covenants. The credit facilities are collateralized by substantially all assets of the Company. In accordance with the senior credit facilities, the Company is required to make additional principal prepayments over the above scheduled payments under certain conditions. This includes, in the case of the term loan facility, 100% of the net cash proceeds of certain asset sales, certain insurance or condemnation events, certain debt issuances, and, within 150 days of the end of the fiscal year, 50% of excess cash flow, as defined, including a deduction for certain distributions (which percentage is reduced to 0% upon the achievement of certain leverage ratio thresholds), for any fiscal year. Excess cash flow is defined in the senior credit facilities as consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) plus a working capital adjustment less the sum of repayments of debt and capital expenditures subject to certain adjustments, interest and taxes paid in cash, management fees and certain restricted payments (including dividends or distributions). Working capital adjustment is defined in the senior credit facilities as the change in working capital, defined as current assets excluding cash and cash equivalents less current liabilities excluding current portion of long term debt. As of June 30, 2015, the Company was not required to make an excess cash flow payment. The Company entered into interest rate swap agreement s on February 20, 2015 to reduce its exposure to interest rate volatility. The three interest rate swap agreements have notional amounts of $45,000 , $90,000 and $135,000 effective for the periods December 31, 2015 through March 29, 2018, March 29, 2018 through March 31, 2020 and March 31, 2020 through June 30, 2021, respectively. The interest rate swaps’ negative fair value at June 3 0 , 2015 was $ 44 , of which $137 and $93 are included in accrued expenses and other current liabilities and other long-ter m assets on the Consolidated Balance Sheet, respectively. The Company has counterparty credit risk resulting from the interest rate swap, which it monitors on an on-going basis. This risk lies with one global financial institution. Under the interest rate swap agreement, effective as of December 31, 2015, the Company will either receive or make payments on a monthly basis based on the differential between 6.105% and LIBOR plus 4.25% (with a LIBOR floor of 1.0%) . Under the interest rate swap agreement, effective as of March 29, 2018, the Company will either receive or make payments on a monthly basis based on the differential between 6.916% and LIBOR plus 4.25% (with a LIBOR floor of 1.0%). Under the interest rate swap agreement, effective as of March 31, 2020, the Company will either receive or make payments on a monthly basis based on the differential between 7.168% and LIBOR plus 4.25% (with a LIBOR floor of 1.0%).

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other liabilities are summarized as follows: June 30, December 31, 2015 2014 Payroll and related costs $ $ Employee benefits Accrued warranty Amounts due to sellers Other $ $

Warranty Liability

Warranty Liability	6 Months Ended
	Jun. 30, 2015
Warranty Liability
Warranty Liability	7. Warranty Liability The Company accrues for estimated warranty costs as sales are recognized and periodically assesses the adequacy of its recorded warranty liability and adjusts the amount as necessary. The Company’s warranties generally provide, with respect to its snow and ice control equipment, that all material and workmanship will be free from defect for a period of two years after the date of purchase by the end-user, and with respect to its parts and accessories purchased separately, that such parts and accessories will be free from defect for a period of one year after the date of purchase by the end-user. Certain snowplows only provide for a one year warranty. The Company determines the amount of the estimated warranty costs (and its corresponding warranty reserve) based on the Company’s prior five years of warranty history utilizing a formula driven by historical warranty expense and applying management’s judgment. The Company adjusts its historical warranty costs to take into account unique factors such as the introduction of new products into the marketplace that do not provide a historical warranty record to assess. The warranty reserve is included in Accrued Expenses and Other Current Liabilities in the accompanying consolidated balance sheets. The following is a rollforward of the Company’s warranty liability: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Balance at the beginning of the period $ $ $ $ Warranty provision Claims paid/settlements Balance at the end of the period $ $ $ $

Employee Retirement Plans

Employee Retirement Plans	6 Months Ended
	Jun. 30, 2015
Employee Retirement Plans
Employee Retirement Plans	8. Employee Retirement Plans The components of net periodic pension cost consist of the following: Three months ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Component of net periodic pension cost: Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of net loss Net periodic pension cost $ $ $ $ The Company estimates its total required minimum contributions to its pension plans in 2015 will be $1,126 . Through June 30, 2015 , the Company has made $476 of cash contributions to the pension plans versus $ 807 through the same period in 2014. Components of net periodic other postretirement benefit cost (gain) consist of the following: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Component of periodic other postretirement benefit cost (gain): Service cost $ $ $ $ Interest cost Amortization of net gain Net periodic other postretirement benefit cost (gain) $ $ $ $

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings per Share
Earnings per Share	9. Earnings per Share Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares and common stock equivalents related to the assumed exercise of stock options, using the two-class method. Stock options for which the exercise price exceeds the average fair value have an anti-dilutive effect on earnings per share and are excluded from the calculation. As restricted shares and restricted stock units both participate in dividends, in accordance with ASC 260, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. ` Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Basic earnings per common share Net income $ $ $ $ Less income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Weighted average common shares outstanding $ $ $ $ Earnings per common share assuming dilution Net income $ $ $ $ Less income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Weighted average common shares outstanding Incremental shares applicable to stock based compensation Weighted average common shares assuming dilution $ $ $ $

Employee Stock Plans

Employee Stock Plans	6 Months Ended
	Jun. 30, 2015
Employee Stock Plans
Employee Stock Plans	10. Employee Stock Plans Amended and Restated 2004 Stock Incentive Plan As of June 30, 2015, 37,240 shares of common stock are reserved for issuance upon the exercise of outstanding options under the Company’s Amended and Restated 2004 Stock Incentive Plan (the “A&R 2004 Plan”). All outstanding options are fully vested. All options expire 10 years from the date of grant. No further awards are permitted to be issued under the A&R 2004 Plan. There were no stock options exercised with respect to the Company’s stock under the A&R 2004 Plan for the three months and six months ended June 30, 2015. There were no stock options exercised with respect to the Company’s stock under the A&R 2004 Plan for the three months and six months ended June 30, 201 4 . 2010 Stock Incentive Plan In May 2010, the Company’s Board of Directors and stockholders adopted the 2010 Stock Incentive Plan (the “2010 Plan”). The Company’s Board of Directors approved an amendment and restatement of the 2010 Plan on March 5, 2014, contingent on stockholder approval of the performance goals under the 2010 Plan, and the amendment and restatement became effective upon stockholder approval of the performance goals at the 2014 annual meeting of stockholders held on April 30, 2014. The 2010 Plan provides for the issuance of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”), any of which may be performance-based, and for incentive bonuses, which may be paid in cash or stock or a combination of both, to eligible employees, officers, non-employee directors and other service providers to the Company and its subsidiaries. A maximum of 2,130,000 shares of common stock may be issued pursuant to all awards under the 2010 Plan. Restricted Stock Awards A summary of restricted stock activity for the six months ended June 30, 2015 is as follows: Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2014 $ years Granted - - - Vested $ Cancelled and forfeited — — Unvested at June 30, 2015 $ years Expected to vest in the future at June 30, 2015 $ years The fair value of the Company’s restricted stock awards is the closing stock price on the date of grant. The Company recognized $107 and $272 of compensation expense related to restricted stock awards granted for the three and six months ended June 30, 2015, respectively. The Company recognized $231 and $451 of compensation expense related to restricted stock awards granted for the three and six months ended June 30, 2014. The unrecognized compensation expense calculated under the fair value method for shares expected to vest as of June 30, 2015 was approximately $105 and is expected to be recognized over a weighted average period of 0.50 years . Performance Share Unit Awards The Company granted performance share units as performance based awards under the 2010 Plan in the first quarter of 2015 that are subject to performance conditions. Upon meeting the prescribed performance conditions, in the first quarter of the year subsequent to grant, employees will be issued RSUs a portion of which will be subject to vesting over the two years following the end of the performance period. In accordance with ASC 718, such awards are being expensed over the vesting period from the date of grant through the requisite service period, based upon the most probable outcome. The fair value per share of the awards is the closing stock price on the date of grant, which was $22.63 . The Company recognized $402 and $529 of compensation expense related to the awards in the three and six months ended June 30, 2015, respectively. The Company recognized $163 and $212 of compensation expense related to the awards in the three and six months ended June 30, 2014, respectively. The unrecognized compensation expense calculated under the fair value method for shares that were, as of June 30, 2015, expected to be earned through the requisite service period was approximately $1,163 and is expected to be recognized through 201 8. Restricted Stock Unit Awards RSUs are granted to both non-employee directors and management. RSUs carry dividend equivalent rights but do not carry voting rights. Each RSU represents the right to receive one share of the Company’s common stock and is subject to time based vesting restrictions. Participants are not required to pay any consideration to the Company at either the time of grant of a RSU or upon vesting. RSUs issued to management include a retirement provision under which members of management who either (1) are age 65 or older or (2) have at least ten years of service and are at least age 55 will continue to vest in unvested RSUs upon retirement. As the retirement provision does not qualify as a substantive service condition, the Company incurred $303 and $278 in additional expense in the first quarter of 2015 and 2014, respectively, for employees who meet the thresholds of the retirement provision. In 2013, the Company’s nominating and governance committee approved a retirement provision for the RSUs issued to non-employee directors that accelerates the vesting of such RSUs upon retirement. Such awards are fully expensed immediately upon grant in accordance with ASC 718, as the retirement provision eliminates substantive service conditions associated with the awards. A summary of RSU activity for the six months ended June 30, 2015 is as follows: Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2014 $ years Granted $ years Vested $ Cancelled and forfeited $ Unvested at June 30, 2015 $ years Expected to vest in the future at June 30, 2015 $ years The Company recognized $348 and $1,180 of compensation expense related to the RSU awards in the three and six months ended June 30, 2015. The Company recognized $181 and $934 of compensation expense related to the RSU awards in the three and six months ended June 30, 2014. The unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares that were, as of June 30, 2015, expected to be earned through the requisite service period was approximately $841 and is expected to be recognized through 2018 . Vested director RSUs are ‘‘settled’’ by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following a termination of service of the participant that constitutes a separation from service, and in all events no later than the end of the calendar year in which such termination of service occurs or, if later, two and one-half months after such termination of service. Vested management RSUs are “settled” by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following vesting.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies In the ordinary course of business, the Company is engaged in various litigation including product liability and intellectual property disputes. However, the Company does not believe that any pending litigation will have a material adverse effect on its consolidated financial position. In addition, the Company is not currently a party to any environmental-related claims or legal matters.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	12. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization. The Company’s effective tax rate was 37.5% and 34.9 % for the three months ended June 30, 2015 and 2014, respectively. The Company’s effective tax rate was 37.4% and 34.7% for the six months ended June 30, 2015 and 2014, respectively. The effective tax rate for the three and six months ended June 30, 2015 is higher than the corresponding period in 2014 due to the Company generating additional state tax liabilities following the acquisition of Henderson.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2015
Acquisition
Acquisition	13. Acquisition On December 31, 2014, the Company acquired by merger all of the outstanding common stock of Henderson for the purpose of expanding its current market presence in the snow and ice segment. Total consideration was $98,676 including a working capital adjustment of $4,688 . The Company paid the former shareholders of Henderson $4,141 of the working capital adjustment in the six months ended June 3 0 , 2015 and, as of June 30, 2015 and December 31, 2014 had an outstanding amount payable to a former Henderson shareholder. The outstanding amount payable to the former Henderson shareholder was $3,887 and $3,340 at June 30, 2015 and December 31, 2014, respectively and is included in accrued expenses and other current liabilities. As required by the merger agreement, the Company also paid the sellers $3,790 in cash that was acquired at December 31, 2014 in the six months ended June 3 0 , 2015. The acquisition was financed by amending the Company’s senior credit facilities, which are described above in Note 5 and through the use of on hand cash. The Company did not incur any transaction expenses related to this acquisition in the three or six months ended June 30, 2014. The following table summarizes the preliminary allocation of the purchase price paid and the subsequent working capital adjustment to the fair value of the net assets acquired as of the acquisition date: Cash and cash equivalents $ Accounts receivable Inventories Refundable income taxes paid Deferred income taxes - current Other current assets Property and equipment Goodwill Intangible assets Other assets - long term Accounts payable and other current liabilities Deferred income taxes - long term Other liabilities - long term Total $ The fair values of the assets acquired and liabilities assumed included in the table above are preliminary and subject to change as the Company assesses certain reserves. The following unaudited pro forma information presents the consolidated results of operations of the Company and Henderson for the three and six months ended June 30, 2014, as if the acquisition had occurred on January 1, 2014, with pro forma adjustments to give effect to amortization of intangible assets, depreciation of fixed assets, an increase in interest expense from acquisition financing, and certain other adjustments: Three Months Ended Six Months Ended June 30, June 30, 2014 2014 Net sales $ $ Net income $ $ Earnings per common share assuming dilution attributable to common shareholders $ $ This information is presented for information purposes only and is not necessarily indicative of what the Company’s results of operations would have been had the acquisition been in effect for the periods presented or future results.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component	6 Months Ended
	Jun. 30, 2015
Changes in Accumulated Other Comprehensive Loss by Component
Changes in Accumulated Other Comprehensive Loss by Component	14. Changes in Accumulated Other Comprehensive Loss by Component Changes to accumulated other comprehensive loss by component for the six months ended June 30, 2015 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2014 $ - $ $ $ Other comprehensive loss before reclassifications — — Amounts reclassified from accumulated other comprehensive loss: (1) - Balance at June 30, 2015 $ $ $ $ (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) Tax expense Reclassification net of tax $ Amortization of pension items: Actuarial losses (a) Tax benefit Reclassification net of tax $ (a) – These components are included in the computation of benefit plan costs in Note 8. Changes to accumulated other comprehensive loss by component for the six months ended June 30, 2014 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2013 $ $ $ $ Other comprehensive loss before reclassifications - - Amounts reclassified from accumulated other comprehensive loss: (1) Balance at June 30, 2014 $ $ $ $ (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) Tax expense Reclassification net of tax $ Amortization of pension items: Actuarial losses (a) Tax benefit Reclassification net of tax $ Realized losses on interest rate swaps reclassified to interest expense Tax benefit Reclassification net of tax $ (a) These components are included in the computation of benefit plan costs in Note 8.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	15. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09 "Revenue from Contracts with Customers." ASU 2014-09 provides a single principles-based, five-step model to be applied to all contracts with customers. The five steps are to identify the contract(s) with the customer, to identify the performance obligations in the contact, to determine the transaction price, to allocate the transaction price to the performance obligations in the contract and to recognize revenue when each performance obligation is satisfied. Revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. ASU 2014-09 will be effective for the Company beginning on January 1, 201 8 and the standard allows for either full retrospective adoption or modified retrospective adoption. The Company is continuing to evaluate the impact that the adoption of this guidance will have on our financial condition, results of operations and the presentation of our financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest’ (“ASU No. 2015-03”). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Debt issuance costs are currently required to be capitalized and presented in the balance sheet as deferred charges or assets. The recognition and measurement for debt issuance costs are not affected by ASU No. 2015-03. The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company has recognized these types of costs related to its 2014 Credit Facilities which will be reclassified from other assets to long-term debt liabilities when the Company adopts ASU No. 2015-03.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of financial assets and liabilities measured at fair value on a recurring basis and disclosure of the fair value of long-term debt	Fair Value at Fair Value at June 30, December 31, 2015 2014 Assets: Interest rate swaps (a) $ $ - Other long-term assets (b) Total Assets $ $ Liabilities: Interest rate swaps (a) $ $ - Long term debt (c) Earnout - TrynEx (d) Earnout - Henderson (e) Total Liabilities $ $ (a) Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $137 and $93 at June 30, 2015 are included in accrued expenses and other current liabilities and other long-term assets, respectively . (b) Included in other assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value. (c ) The fair value of the Company’s long-term debt, including current maturities, is estimated using discounted cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements, which is a Level 2 input for all periods presented. Meanwhile, long-term debt is recorded at carrying amount, net of discount, as disclosed on the face of the balance sheet. (d ) Included in accrued expenses and other current liabilities in the amount of $2,032 at June 30, 2015 is an obligation for a portion of the potential earn out incurred in conjunction with the acquisition of substantially all of the assets of TrynEx, Inc. (“TrynEx”). The carrying amount of the earn out approximates its fair value. Fair value is based upon Level 3 inputs of a monte carlo simulation analysis using key inputs of forecasted future sales and financial performance as well as a growth rate reduced by the market required rate of return. See reconciliation of liability included below: Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2015 2014 2014 Beginning Balance $ $ $ $ Additions — — — — Adjustments to fair value — — — Payment to former owners — — — Ending balance $ $ $ $ (e ) Included in accrued expenses and other current liabilities and other long term liabilities in the amounts of $272 and $442 , respectively, at June 30, 2015 is the fair value of an obligation for a portion of the potential earn out acquired in conjunction with the acquisition of Henderson Enterprise Group, Inc. (“Henderson”). Fair value is based upon Level 3 discounted cash flow analysis using key inputs of forecasted future sales as well as a growth rate reduced by the market required rate of return. See reconciliation of liability included below: Three Months Ended Six Months Ended June 30, June 30, 2015 2015 Beginning Balance $ $ Additions — — Adjustments to fair value Payment to former owners Ending balance $ $
Trynex
Schedule of reconciliation of liability	Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2015 2014 2014 Beginning Balance $ $ $ $ Additions — — — — Adjustments to fair value — — — Payment to former owners — — — Ending balance $ $ $ $
Henderson
Schedule of reconciliation of liability	Three Months Ended Six Months Ended June 30, June 30, 2015 2015 Beginning Balance $ $ Additions — — Adjustments to fair value Payment to former owners Ending balance $ $

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventories
Schedule of inventories	June 30, December 31, 2015 2014 Finished goods and work-in-process $ $ Raw material and supplies $ $

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property, plant and equipment
Summary of property, plant and equipment	June 30, December 31, 2015 2014 Land $ $ Land improvements Leasehold Improvements Buildings Machinery and equipment Furniture and fixtures Mobile equipment and other Construction-in-process Total property, plant and equipment Less accumulated depreciation Net property, plant and equipment $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Long-Term Debt
Summary of long-term debt	June 30, December 31, 2015 2014 Term Loan, net of debt discount of $1,764 and $1,900 at June 30, 2015 and December 31, 2014, respectively $ $ Less current maturities $ $

Accrued Expenses and Other Cu25

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued Expenses and Other Current Liabilities
Summary of accrued expenses and other current liabilities	June 30, December 31, 2015 2014 Payroll and related costs $ $ Employee benefits Accrued warranty Amounts due to sellers Other $ $

Warranty Liability (Tables)

Warranty Liability (Tables)	6 Months Ended
	Jun. 30, 2015
Warranty Liability
Schedule of rollforward of Company's warranty liability	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Balance at the beginning of the period $ $ $ $ Warranty provision Claims paid/settlements Balance at the end of the period $ $ $ $

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Pension plan
Employee retirement plans
Schedule of components of net periodic pension or other postretirement benefit cost	Three months ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Component of net periodic pension cost: Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of net loss Net periodic pension cost $ $ $ $
Other postretirement benefit cost
Employee retirement plans
Schedule of components of net periodic pension or other postretirement benefit cost	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Component of periodic other postretirement benefit cost (gain): Service cost $ $ $ $ Interest cost Amortization of net gain Net periodic other postretirement benefit cost (gain) $ $ $ $

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Basic earnings per common share Net income $ $ $ $ Less income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Weighted average common shares outstanding $ $ $ $ Earnings per common share assuming dilution Net income $ $ $ $ Less income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Weighted average common shares outstanding Incremental shares applicable to stock based compensation Weighted average common shares assuming dilution $ $ $ $

Employee Stock Plans (Tables)

Employee Stock Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Employee Stock Plans
Summary of restricted stock activity	Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2014 $ years Granted - - - Vested $ Cancelled and forfeited — — Unvested at June 30, 2015 $ years Expected to vest in the future at June 30, 2015 $ years
Summary of RSU activity	Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term Unvested at December 31, 2014 $ years Granted $ years Vested $ Cancelled and forfeited $ Unvested at June 30, 2015 $ years Expected to vest in the future at June 30, 2015 $ years

Acquisition (Tables)

Acquisition (Tables) - Henderson	6 Months Ended
	Jun. 30, 2015
Summary of the preliminary allocation of the purchase price paid to the fair value of the net assets acquired as of the acquisition date	Cash and cash equivalents $ Accounts receivable Inventories Refundable income taxes paid Deferred income taxes - current Other current assets Property and equipment Goodwill Intangible assets Other assets - long term Accounts payable and other current liabilities Deferred income taxes - long term Other liabilities - long term Total $
Unaudited proforma information	Three Months Ended Six Months Ended June 30, June 30, 2014 2014 Net sales $ $ Net income $ $ Earnings per common share assuming dilution attributable to common shareholders $ $

Changes in Accumulated Other 31

Changes in Accumulated Other Comprehensive Loss by Component (Tables)	6 Months Ended
	Jun. 30, 2015
Changes in Accumulated Other Comprehensive Loss by Component
Schedule of changes to accumulated other comprehensive loss by component	Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2014 $ - $ $ $ Other comprehensive loss before reclassifications — — Amounts reclassified from accumulated other comprehensive loss: (1) - Balance at June 30, 2015 $ $ $ $ (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) Tax expense Reclassification net of tax $ Amortization of pension items: Actuarial losses (a) Tax benefit Reclassification net of tax $ (a) – These components are included in the computation of benefit plan costs in Note 8. Changes to accumulated other comprehensive loss by component for the six months ended June 30, 2014 are as follows: Unrealized Net Loss Retiree on Interest Health Rate Benefit Pension Swap Obligation Obligation Total Balance at December 31, 2013 $ $ $ $ Other comprehensive loss before reclassifications - - Amounts reclassified from accumulated other comprehensive loss: (1) Balance at June 30, 2014 $ $ $ $ (1) Amounts reclassified from accumulated other comprehensive loss: Amortization of Other Postretirement Benefit items: Actuarial gains (a) Tax expense Reclassification net of tax $ Amortization of pension items: Actuarial losses (a) Tax benefit Reclassification net of tax $ Realized losses on interest rate swaps reclassified to interest expense Tax benefit Reclassification net of tax $ (a) These components are included in the computation of benefit plan costs in Note 8.

Basis of presentation (Details)

Basis of presentation (Details)	3 Months Ended
	Mar. 31, 2015USD ($)contract	Jun. 30, 2015USD ($)
Interim Consolidated Financial Information
Derivative Number of Contracts | contract	3
Interest rate swap
Interim Consolidated Financial Information
Negative fair value included in accumulated other comprehensive loss, net of tax		$ (28,000)
Interest Rate Swap Effective 31 December 2015 through 29 March 2018 [Member]
Interim Consolidated Financial Information
Notional amount	$ 45,000,000
Fixed interest rate (as a percent)		6.105%
Interest Rate Swap Effective 31 December 2015 through 29 March 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interim Consolidated Financial Information
Interest rate added to variable rate (as a percent)		4.25%
LIBOR floor (as a percent)		1.00%
Interest Rate Swap Effective 29 March 2018 through 31 March 2020 [Member]
Interim Consolidated Financial Information
Notional amount	90,000,000
Fixed interest rate (as a percent)		6.916%
Interest Rate Swap Effective 29 March 2018 through 31 March 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interim Consolidated Financial Information
Interest rate added to variable rate (as a percent)		4.25%
LIBOR floor (as a percent)		1.00%
Interest Rate Swap Effective 31 March 2020 through 30 June 2021 [Member]
Interim Consolidated Financial Information
Notional amount	$ 135,000,000
Fixed interest rate (as a percent)		7.168%
Interest Rate Swap Effective 31 March 2020 through 30 June 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interim Consolidated Financial Information
Interest rate added to variable rate (as a percent)		4.25%
LIBOR floor (as a percent)		1.00%

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Liabilities:
Long term debt	$ 187,754	$ 187,754	$ 187,160
Interest rate swaps	137	137
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period		600
Adjustments to fair value		192
Payments to former owners		(78)
Balance at the end of the period	714	714
Derivative Liability, Current	(44)	(44)
Henderson
Liabilities:
Earnout	714	714	600
Trynex
Liabilities:
Earnout	2,032	2,032	1,987
Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Derivative Liability, Current	137	137
Derivative Asset, Noncurrent	93	93
Level 3 | Henderson
Liabilities:
Earnout, portion in other current liabilities	272	272
Earnout, portion in other long term liabilities	442	442
Recurring
Assets:
Interest rate swaps	93	93
Other assets	2,590	2,590	1,725
Total Assets	2,683	2,683	1,725
Liabilities:
Total Liabilities	190,637	190,637	$ 189,747
Recurring | Level 3 | Henderson
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	635
Adjustments to fair value	96
Payments to former owners	(17)
Balance at the end of the period	714	714
Recurring | Level 3 | Trynex
Liabilities:
Earnout, portion in other current liabilities	2,032	2,032
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	2,032	1,987
Adjustments to fair value		313
Payments to former owners		(268)
Balance at the end of the period	$ 2,032	$ 2,032

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventories
Finished goods and work-in-process	$ 50,981	$ 38,906
Raw material and supplies	12,804	9,342
Inventories	$ 63,785	$ 48,248

Property, plant and equipment35

Property, plant and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, plant and equipment
Total property, plant and equipment	$ 75,041	$ 71,988
Less accumulated depreciation	(36,527)	(34,442)
Net property, plant and equipment	38,514	37,546
Land
Property, plant and equipment
Total property, plant and equipment	1,500	1,500
Land improvements
Property, plant and equipment
Total property, plant and equipment	2,304	2,292
Leasehold Improvements
Property, plant and equipment
Total property, plant and equipment	632	499
Buildings
Property, plant and equipment
Total property, plant and equipment	22,408	21,918
Machinery and equipment
Property, plant and equipment
Total property, plant and equipment	31,874	31,780
Furniture and fixtures
Property, plant and equipment
Total property, plant and equipment	10,220	10,070
Mobile equipment and other
Property, plant and equipment
Total property, plant and equipment	2,262	1,999
Construction-in-process
Property, plant and equipment
Total property, plant and equipment	$ 3,841	$ 1,930

Long-Term Debt (Details)

Long-Term Debt (Details)	3 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Long-term debt
Long-term debt, less current portion	$ 185,657,000	$ 186,471,000
Less current maturities	1,629,000	1,629,000
Term loan facility
Long-term debt
Long-term debt, less current portion	185,657,000	186,471,000
Less current maturities	1,629,000	1,629,000
Total long-term debt	187,286,000	188,100,000
Long-term debt, additional disclosure
Unamortized discount on issuance of debt	1,764,000	$ 1,900,000
Revolving credit facility | Maximum
Long-term debt, additional disclosure
Facilities consolidation expenditure allowed	15,000,000
Swingline Loan
Long-term debt, additional disclosure
Maximum borrowing capacity	5,000,000
Senior credit facilities | Term loan facility
Long-term debt, additional disclosure
Borrowings under senior credit facility	$ 190,000,000
Percentage of net cash proceeds of certain asset sales, certain insurance or condemnation events, requirement for additional principal prepayments	100.00%
Period before end of the fiscal year, for additional principal prepayments of debt, from excess cash flow	150 days
Percentage of excess cash flow paid as additional principal prepayments	50.00%
Reduced percentage of excess cash flow paid as additional principal prepayments upon achievement of certain leverage ratio thresholds, one	0.00%
Senior credit facilities | Term loan facility | Maximum
Long-term debt, additional disclosure
Additional term loan commitments	$ 80,000,000
Debt ratio	3.25
Senior credit facilities | Term loan facility | First option | Minimum
Long-term debt, additional disclosure
Additional fixed interest rate spread (as a percent)	1.00%
Additional interest margin added to fixed and variable rates (as a percent)	1.00%
Senior credit facilities | Term loan facility | First option | Base rate
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	3.25%
Senior credit facilities | Term loan facility | First option | Federal funds
Long-term debt, additional disclosure
Variable rate basis	Federal funds
Interest rate added to variable rate (as a percent)	0.50%
Senior credit facilities | Term loan facility | First option | One month London Interbank Offered Rate
Long-term debt, additional disclosure
Variable rate basis	LIBOR for a one month interest period
Senior credit facilities | Term loan facility | First option | Prime
Long-term debt, additional disclosure
Variable rate basis	Prime Rate
Senior credit facilities | Term loan facility | Second option | Minimum
Long-term debt, additional disclosure
Additional fixed interest rate spread (as a percent)	1.00%
Senior credit facilities | Term loan facility | Second option | Base rate
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	4.25%
Senior credit facilities | Revolving credit facility
Long-term debt, additional disclosure
Borrowings under senior credit facility	$ 100,000,000
Outstanding borrowings	0
Remaining borrowing availability	$ 92,079,000
Fixed charge coverage ratio to be maintained if certain minimum availability under the credit facility is not maintained.	1
Senior credit facilities | Revolving credit facility | Maximum
Long-term debt, additional disclosure
Annual acquisitions allowed	$ 12,500,000
Senior credit facilities | Revolving credit facility | Fixed rate | Maximum
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	2.00%
Senior credit facilities | Revolving credit facility | First option | Fixed rate | Minimum
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	1.50%
Senior credit facilities | Revolving credit facility | Second option | Federal funds
Long-term debt, additional disclosure
Variable rate basis	Federal funds
Interest rate added to variable rate (as a percent)	0.50%
Senior credit facilities | Revolving credit facility | Second option | Fixed rate | Maximum
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	1.00%
Senior credit facilities | Revolving credit facility | Second option | Fixed rate | Minimum
Long-term debt, additional disclosure
Fixed interest rate base (as a percent)	0.50%
Senior credit facilities | Revolving credit facility | Second option | One month London Interbank Offered Rate
Long-term debt, additional disclosure
Variable rate basis	LIBOR for a one month interest period
Interest rate added to variable rate (as a percent)	1.00%
Senior credit facilities | Revolving credit facility | Second option | Prime
Long-term debt, additional disclosure
Variable rate basis	Prime Rate
Senior credit facilities | Letter of Credit
Long-term debt, additional disclosure
Maximum borrowing capacity	$ 10,000,000

Long-Term Debt - Swaps (Details

Long-Term Debt - Swaps (Details)	3 Months Ended
	Mar. 31, 2015USD ($)contract	Jun. 30, 2015USD ($)item
Derivative Instrument Detail [Abstract]
Derivative Number of Contracts | contract	3
Interest Rate Derivative Liabilities, at Fair Value		$ 137,000
Derivative Liability, Current		$ (44,000)
Interest rate swap
Derivative Instrument Detail [Abstract]
Number of financial institutions for which the entity is exposed to counterparty credit risk | item		1
Interest Rate Swap Effective 29 March 2018 through 31 March 2020 [Member]
Derivative Instrument Detail [Abstract]
Derivative Liability, Notional Amount	$ 90,000,000
Derivative, Fixed Interest Rate		6.916%
Interest Rate Swap Effective 29 March 2018 through 31 March 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative Instrument Detail [Abstract]
Derivative, Basis Spread on Variable Rate		4.25%
Derivative, Floor Interest Rate		1.00%
Interest Rate Swap Effective 31 December 2015 through 29 March 2018 [Member]
Derivative Instrument Detail [Abstract]
Derivative Liability, Notional Amount	45,000,000
Derivative, Fixed Interest Rate		6.105%
Interest Rate Swap Effective 31 December 2015 through 29 March 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative Instrument Detail [Abstract]
Derivative, Basis Spread on Variable Rate		4.25%
Derivative, Floor Interest Rate		1.00%
Interest Rate Swap Effective 31 March 2020 through 30 June 2021 [Member]
Derivative Instrument Detail [Abstract]
Derivative Liability, Notional Amount	$ 135,000,000
Derivative, Fixed Interest Rate		7.168%
Interest Rate Swap Effective 31 March 2020 through 30 June 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative Instrument Detail [Abstract]
Derivative, Basis Spread on Variable Rate		4.25%
Derivative, Floor Interest Rate		1.00%

Accrued Expenses and Other Cu38

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Accrued Expenses and Other Current Liabilities
Payroll and related costs	$ 5,264,000		$ 3,860,000
Employee benefits	5,686,000		7,716,000
Accrued warranty	5,641,000	$ 5,188,000	6,279,000	$ 3,634,000	$ 2,930,000	$ 3,808,000
Amounts due to sellers	3,887,000		11,824,000
Other	4,785,000		3,991,000
Accrued expenses and other current liabilities	$ 25,263,000		$ 33,670,000

Warranty Liability (Details)

Warranty Liability (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Warranty liability
Period of warranty history used in estimating warranty costs	5 years
Company's warranty liability:
Balance at the beginning of the period	$ 5,188,000	$ 2,930,000	$ 6,279,000	$ 3,808,000
Warranty provision	1,133,000	1,359,000	1,781,000	1,818,000
Claims paid/settlements	(680,000)	(655,000)	(2,419,000)	(1,992,000)
Balance at the end of the period	$ 5,641,000	$ 3,634,000	$ 5,641,000	$ 3,634,000
Snow and ice control equipment
Warranty liability
Warranty period	2 years
Parts and accessories
Warranty liability
Warranty period	1 year
Certain snowplows
Warranty liability
Warranty period	1 year

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension plan
Components of net periodic cost:
Service cost	$ 64	$ 54	$ 128	$ 108
Interest cost	372	374	744	748
Expected return on plan assets	(407)	(408)	(814)	(816)
Amortization of net (gain) loss	255	51	510	102
Net periodic cost	284	71	568	142
Employer contributions during the period			476	807
Pension plan | Minimum
Components of net periodic cost:
Estimated total required contributions	1,126		1,126
Other postretirement benefit cost
Components of net periodic cost:
Service cost	57	40	114	79
Interest cost	64	53	128	107
Amortization of net (gain) loss	(17)	(100)	(34)	(199)
Net periodic cost	$ 104	$ (7)	$ 208	$ (13)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic earnings per common share
Net income	$ 13,104	$ 14,593	$ 13,487	$ 16,168
Less income allocated to participating securities	186	221	191	242
Net income attributable to common shareholders	$ 12,918	$ 14,372	$ 13,296	$ 15,926
Weighted average common shares outstanding	22,330,740	22,174,256	22,289,500	22,138,908
Basic income per common share (in dollars per share)	$ 0.58	$ 0.65	$ 0.60	$ 0.72
Earnings per common share assuming dilution
Net income	$ 13,104	$ 14,593	$ 13,487	$ 16,168
Less income allocated to participating securities	186	221	191	242
Net income attributable to common shareholders	$ 12,918	$ 14,372	$ 13,296	$ 15,926
Weighted average common shares outstanding	22,330,740	22,174,256	22,289,500	22,138,908
Incremental shares applicable to stock based compensation	21,241,000	19,958,000	21,231,000	19,742,000
Weighted average common shares assuming dilution	22,351,981	22,194,214	22,310,731	22,158,650
Earnings per common share assuming dilution (in dollars per share)	$ 0.57	$ 0.64	$ 0.59	$ 0.71

Employee Stock Plans (Details)

Employee Stock Plans (Details)	3 Months Ended						6 Months Ended			12 Months Ended
	Jun. 30, 2015USD ($)age$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2014	Jun. 30, 2014USD ($)shares	Mar. 31, 2014USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2013USD ($)	Dec. 31, 2014$ / sharesshares
2010 Plan
Stock-based compensation
Maximum number of shares of common stock that may be issued	2,130,000						2,130,000
Restricted Stock Share Awards
Shares
Unvested at the beginning of the period (in shares)		85,021					85,021
Vested (in shares)							70,320
Cancelled and forfeited (in shares)	0
Unvested at the end of the period (in shares)	14,701						14,701			85,021
Expected to vest in the future, at the end of the period (in shares)	14,172						14,172
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares		$ 13.02					$ 13.02
Granted (in dollars per share) | $ / shares	$ 0
Vested (in dollars per share) | $ / shares							12.65
Unvested at the end of the period (in dollars per share) | $ / shares	14.78						14.78			$ 13.02
Expected to vest in the future, at the end of the period (in dollars per share) | $ / shares	$ 14.78						$ 14.78
Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	6 months									6 months 4 days
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	6 months									6 months 4 days
Expected to vest in future, at the end of the period	6 months
Recognized and unrecognized compensation expense with weighted average recognition period
Compensation expenses recognized | $	$ 107,000			$ 231,000			$ 272,000	$ 451,000
Unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares expected to vest | $	$ 105,000						105,000
Weighted average period over which unrecognized compensation expense is expected to be recognized			6 months
Performance Share Unit Awards | 2010 Plan
Weighted Average Grant Date Fair Value
Granted (in dollars per share) | $ / shares		$ 22.63
Recognized and unrecognized compensation expense with weighted average recognition period
Vesting period of awards	2 years
Compensation expenses recognized | $	$ 402,000					$ 163,000	529,000		$ 212,000
Unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares expected to vest | $	$ 1,163,000						$ 1,163,000
Restricted Stock Unit Awards
Shares
Unvested at the beginning of the period (in shares)		81,623					81,623
Granted (in shares)							116,141
Vested (in shares)							103,157
Cancelled and forfeited (in shares)							(1,882)
Unvested at the end of the period (in shares)	92,725						92,725			81,623
Expected to vest in the future, at the end of the period (in shares)	89,387						89,387
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares		$ 15.05					$ 15.05
Granted (in dollars per share) | $ / shares							18.72
Vested (in dollars per share) | $ / shares							17.22
Cancelled and forfeited (in dollars per share) | $ / shares							15.82
Unvested at the end of the period (in dollars per share) | $ / shares	$ 17.24						17.24			$ 15.05
Expected to vest in the future, at the end of the period (in dollars per share) | $ / shares	$ 17.24						$ 17.24
Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	10 months 24 days									1 year 1 month 2 days
Granted							7 months 10 days
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	10 months 24 days									1 year 1 month 2 days
Expected to vest in future, at the end of the period	10 months 24 days
Recognized and unrecognized compensation expense with weighted average recognition period
Compensation expenses recognized | $	$ 348,000					$ 181,000	$ 1,180,000		$ 934,000
Unrecognized compensation expense, net of expected forfeitures, calculated under the fair value method for shares expected to vest | $	$ 841,000						$ 841,000
Restricted Stock Unit Awards | Non-employee director
Recognized and unrecognized compensation expense with weighted average recognition period
Number of shares issued upon exercise of units other than options	1
Restricted Stock Unit Awards | Management
Recognized and unrecognized compensation expense with weighted average recognition period
Minimum age of employee, attaining which awards are continued to be vested upon retirement | age	65
Minimum service period, upon serving which awards are continued to be vested upon retirement	10 years
Minimum age of employee along with service period condition, attaining which awards are continued to be vested upon retirement | age	55
Accelerated stock based compensation expense | $		$ 303,000			$ 278,000
Restricted Stock Unit Awards | Common Stock | Management
Recognized and unrecognized compensation expense with weighted average recognition period
Number of shares issued upon exercise of units other than options		1
Restricted Stock Unit Awards | 2010 Plan
Recognized and unrecognized compensation expense with weighted average recognition period
Maximum period following a termination of service in which the share-based award will be settled	2 months 15 days
Stock Options | A&R 2004 Plan
Stock-based compensation
Shares reserved for issuance	37,240						37,240
Expiration period	10 years
Number of shares of common stock available for grant	0						0
Options
Exercised (in shares)	0			0			0	0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes
Effective tax rate (as a percent)	37.50%	34.90%	37.40%	34.70%

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2014	Dec. 31, 2014	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2014
Allocation of the purchase price paid to the fair value of the net assets for acquisition
Goodwill	$ 160,962	$ 160,962	$ 160,962
Business Acquisition, Pro Forma Information [Abstract]
Net sales					$ 105,553	$ 161,005
Net income					$ 14,704	$ 15,298
Earnings per common share assuming dilution attributable to common shareholders					$ 0.65	$ 0.68
Henderson
Acquisition
Total consideration	98,676
Working capital adjustment	4,688
Payment of working capital				$ 4,141
Payable to former shareholder		3,340	$ 3,887
Payment of on hand cash at acquisition				$ 3,790
Allocation of the purchase price paid to the fair value of the net assets for acquisition
Cash and cash equivalents	3,950	3,950
Accounts receivable	14,951	14,951
Inventories	16,308	16,308
Refundable income taxes paid	1,149	1,149
Deferred income taxes, current	514	514
Other current assets	876	876
Property and equipment	10,848	10,848
Goodwill	47,830	47,830
Intangible assets	17,390	17,390
Other assets, long-term	74	74
Accounts payable and other liabilities	(16,152)	(16,152)
Deferred income taxes, long-term	(2,866)	(2,866)
Other liabilities, long-term	(248)	(248)
Total	$ 94,624	$ 94,624

Changes in Accumulated Other 45

Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	$ (6,028)	$ (862)
Other comprehensive earning (loss) before reclassifications	(28)	(2)
Amounts reclassified from accumulated other comprehensive loss	295	30
Balance at the end of the period	(5,761)	(834)
Unrealized Net Loss on Interest Rate Swap
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period		(184)
Other comprehensive earning (loss) before reclassifications	(28)	(2)
Amounts reclassified from accumulated other comprehensive loss		90
Balance at the end of the period	(28)	(96)
Other Postretirement Benefit Liability
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	807	2,234
Amounts reclassified from accumulated other comprehensive loss	(21)	(123)
Balance at the end of the period	786	2,111
Pension Liability
Changes to accumulated other comprehensive loss by component
Balance at the beginning of the period	(6,835)	(2,912)
Amounts reclassified from accumulated other comprehensive loss	316	63
Balance at the end of the period	$ (6,519)	$ (2,849)

Changes in AOCLoss - Reclassifi

Changes in AOCLoss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amounts reclassified from accumulated other comprehensive loss:
Interest expense, net	$ 2,779	$ 1,998	$ 5,233	$ 3,970
Tax expense (benefit)	7,850	7,824	8,070	8,592
Reclassification net of tax	$ (12,918)	$ (14,372)	(13,296)	(15,926)
Other Postretirement Benefit Liability | Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Actuarial (gains) losses			(34)	(199)
Tax expense (benefit)			13	76
Reclassification net of tax			(21)	(123)
Pension Liability | Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Actuarial (gains) losses			510	102
Tax expense (benefit)			(194)	(39)
Reclassification net of tax			$ 316	63
Unrealized Net Loss on Interest Rate Swap | Interest rate swap | Amount reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive loss:
Interest expense, net				145
Tax expense (benefit)				(55)
Reclassification net of tax				$ 90

Uncategorized Items - plow-2015

Label	Element	Value
Trynex Inc [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	$ 3,587,000
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	3,587,000
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	$ 3,587,000