Distribution Solutions (DSGR) 10-Q 20 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 14, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	LAWSON PRODUCTS INC/NEW/DE/
Entity Central Index Key	703,604
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	8,798,273	8,798,273

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 10,657	$ 10,765
Restricted cash	800	800
Accounts receivable, less allowance for doubtful accounts	31,637	27,231
Inventories, net	41,347	44,095
Miscellaneous receivables and prepaid expenses	4,292	3,667
Total current assets	88,733	86,558
Property, plant and equipment, net	31,989	35,487
Cash value of life insurance	9,985	10,245
Deferred income taxes	51	51
Goodwill	2,074	319
Other assets	1,024	434
Total assets	133,856	133,094
Current liabilities:
Revolving Line of Credit	0	925
Accounts payable	11,340	9,370
Accrued expenses and other liabilities	21,378	26,048
Total current liabilities	32,718	36,343
Noncurrent liabilities and deferred credits:
Security bonus plan	14,321	14,641
Financing lease obligation	7,812	8,539
Deferred compensation	4,832	4,626
Deferred rent liability	3,803	3,912
Other liabilities	4,430	3,769
Total liabilities	67,916	71,830
Stockholders' equity:
Authorized - 500,000 shares, Issued and outstanding — None	0	0
Authorized - 35,000,000 shares Issued - 8,824,385 and 8,796,264 shares, respectively Outstanding - 8,798,273 and 8,771,120 shares, respectively	8,824	8,796
Capital in excess of par value	10,765	9,877
Retained earnings	46,586	43,572
Treasury stock – 26,112 and 25,144 shares, respectively	(533)	(515)
Accumulated other comprehensive income	298	(466)
Stockholders’ equity	65,940	61,264
Total liabilities and stockholders’ equity	$ 133,856	$ 133,094

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	8,822,419	8,796,264
Common stock, shares outstanding	8,796,307	8,771,120
Treasury Stock, Shares	26,112	25,144

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 70,199	$ 70,243	$ 209,258	$ 210,873
Cost of goods sold	27,626	26,901	81,700	80,840
Gross profit	42,573	43,342	127,558	130,033
Operating expenses:
Selling expenses	23,568	22,240	69,525	68,590
General and administrative expenses	16,616	18,292	54,446	56,337
Operating Expenses	40,184	40,532	123,971	124,927
Operating income	2,389	2,810	3,587	5,106
Interest expense	(167)	(131)	(486)	(409)
Other income (expenses), net	66	(1)	439	(210)
Income before income taxes	2,288	2,678	3,540	4,487
Income tax expense	$ 463	$ 248	$ 526	$ 502
Basic income per share of common stock:
Earnings Per Share, Basic	$ 0.21	$ 0.28	$ 0.34	$ 0.46
Diluted income per share of common stock:
Earnings Per Share, Diluted	$ 0.20	$ 0.27	$ 0.34	$ 0.45
Weighted Average Number of Shares Outstanding, Basic	8,785	8,746	8,778	8,725
Effect of dilutive securities outstanding	141	144	139	149
Weighted Average Number of Shares Outstanding, Diluted	8,926	8,890	8,917	8,874
Comprehensive income
Net Income	$ 1,825	$ 2,430	$ 3,014	$ 3,985
Adjustment for foreign currency translation	(33)	(740)	764	(1,162)
Net comprehensive income	$ 1,792	$ 1,690	$ 3,778	$ 2,823

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities:
Net income	$ 3,014	$ 3,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,386	6,341
Employee Benefits and Share-based Compensation	(1,332)	400
Changes in operating assets and liabilities:
Accounts receivable	(4,547)	(762)
Inventories	3,209	1,457
Prepaid expenses and other assets	(388)	(823)
Accounts payable and other liabilities	(1,345)	(4,727)
Other	300	336
Net cash used in operating activities of continuing operations	5,297	6,207
Investing activities:
Additions to property, plant and equipment	(2,572)	(1,900)
Proceeds from sale of property and equipment	0	3
Business acquisition	(2,576)	(441)
Net cash used in investing activities	(5,148)	(2,338)
Financing activities:
Net payments on revolving line of credit	(925)	0
Proceeds from Stock Options Exercised	0	50
Net cash (used in) provided by financing activities	(925)	50
Discontinued operations:
Effect of Exchange Rate on Cash and Cash Equivalents	668	(346)
Increase (decrease) in cash and cash equivalents	(108)	3,573
Cash and cash equivalents at beginning of period	10,765	4,207
Cash and cash equivalents at end of period	$ 10,657	$ 7,780

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Lawson Products, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all disclosures required by generally accepted accounting principles. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations for the interim periods. Operating results for the three and nine month periods ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . Certain reclassifications have been made to the Condensed Consolidated Financial Statements for September 30, 2015 to conform to current period presentation. The Company operates in one reportable segment as a Maintenance, Repair and Operations ("MRO") distributor of products and services to the industrial, commercial, institutional, and governmental maintenance, repair and operations marketplace. For the three and nine months ended September 30, 2016 and 2015 , stock options to purchase 40,000 of the Company's common stock were excluded from the computation of diluted earnings per share because they were anti-dilutive. There have been no material changes in the Company's significant accounting policies during the nine months ended September 30, 2016 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2015 .

Restricted Cash Restricted Cash

Restricted Cash Restricted Cash	9 Months Ended
	Sep. 30, 2016
Restricted Cash [Abstract]
Cash and Cash Equivalents Disclosure [Text Block]	Restricted Cash The Company has agreed to maintain $0.8 million in a money market account as collateral for an outside party that is providing certain commercial card processing services for the Company. The Company is restricted from withdrawing this balance without the prior consent of the outside party during the term of the agreement.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories, net Inventories, net, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) September 30, 2016 December 31, 2015 Inventories, gross $ 46,689 $ 49,615 Reserve for obsolete and excess inventory (5,342 ) (5,520 ) Inventories, net $ 41,347 $ 44,095

Acquisition and Goodwill (Notes

Acquisition and Goodwill (Notes)	9 Months Ended
	Sep. 30, 2016
Goodwill [Line Items]
Goodwill Disclosure [Text Block]	Acquisition and Goodwill In the nine months of 2016, the Company acquired the assets of Perfect Products Company of Michigan, an auto parts distributor for approximately $1.3 million in cash and $30 thousand in contingent consideration. The Company also acquired the assets of F.B. Feeney Hardware in Ontario, Canada, for approximately $1.3 million in cash and $84 thousand in contingent consideration. Total contingent consideration of $114 thousand was not reflected in the condensed consolidated statement of cash flows. These transactions resulted in additional goodwill which is included in the table below: (Dollars in thousands) Goodwill Nine Months Ended September 30, 2016 Beginning balance $ 319 Acquisitions 1,762 Impact of foreign exchange (7 ) Ending balance $ 2,074 Additionally, $0.7 million of the purchase price related to customer relationships was allocated to an intangible asset included in Other assets in the Condensed Consolidated Balance Sheets which will be amortized over 5 years . The preliminary allocation of the purchase price and resulting preliminary goodwill is subject to finalizing the valuation of certain assets.

Loan Agreement

Loan Agreement	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Loan Agreement	In 2012, the Company entered into a Loan and Security Agreement (“Loan Agreement”). The Loan Agreement consists of a $40.0 million revolving line of credit facility, which includes a $10.0 million sub-facility for letters of credit. Certain terms of the original Loan Agreement were revised in December 2013, by a Second Amendment to Loan and Security Agreement ("Second Amendment") and in September 2016, by a Sixth Amendment to Loan and Security Agreement ("Sixth Amendment"). The Loan Agreement, as amended, expires in August 2020. Due to the lock box arrangement and a subjective acceleration clause contained in the Loan Agreement, any outstanding borrowings under the revolving line of credit are classified as a current liability. Currently, credit available under the Loan Agreement, as amended, is based upon: a) 85% of the face amount of the Company’s eligible accounts receivable, generally less than 60 days past due, and b) the lesser of 60% of the lower of cost or market value of the Company’s eligible inventory, generally inventory expected to be sold within 18 months , or $20.0 million . The applicable interest rates for borrowings are at the Prime rate or, if the Company elects, the LIBOR rate plus 1.50% to 1.85% based on the Company’s debt to EBITDA ratio. The Loan Agreement is secured by a first priority perfected security interest in substantially all existing assets of the Company. Dividends are restricted to amounts not to exceed $7.0 million annually. At September 30, 2016 , the Company had no borrowings under its revolving line of credit facility and additional borrowing availability of $34.8 million . The Company paid interest of $0.5 million and $0.4 million for the nine months ended September 30, 2016 and 2015 , respectively. The weighted average interest rate was 3.5% for the nine months ended September 30, 2016 . In addition to other customary representations, warranties and covenants, the Company is required to meet a minimum trailing twelve month EBITDA to fixed charges ratio, as defined in the amended Loan Agreement, and a minimum quarterly tangible net worth level as defined in the amended Loan Agreement, if the excess capacity is below $10.0 million . On September 30, 2016 , the Company's borrowing capacity exceeded $10.0 million , therefore, the Company was not subject to these financial covenants, however, for informational purposes the results of the financial covenants are provided below: Quarterly Financial Covenants Requirement Actual EBITDA to fixed charges ratio 1.10 : 1.00 2.07 : 1.00 Minimum tangible net worth $45.0 million $56.2 million

Reserve for Severance

Reserve for Severance	9 Months Ended
	Sep. 30, 2016
Severance Reserve [Abstract]
Reserve for Severance	Severance Reserve Changes in the Company’s reserve for severance as of September 30, 2016 and 2015 were as follows: (Dollars in thousands) Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 697 $ 311 Charged to earnings 714 993 Payments (950 ) (583 ) Balance at end of period $ 461 $ 721

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation (Notes)	9 Months Ended
	Sep. 30, 2016
Stock Based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Stock-Based Compensation The Company recorded a benefit for stock-based compensation of $1.3 million for the first nine months of 2016, as a portion of stock-based compensation is related to the market value of the Company's common stock which declined during the period. The Company recorded an expense of $0.4 million for stock-based compensation for the first nine months of 2015. A summary of stock-based awards issued during the nine months ended September 30, 2016 follows: Stock Performance Rights ("SPRs") The Company issued 53,503 SPRs to key employees with an exercise price of $18.98 per share that cliff vest on December 31, 2018 and have a termination date of December 31, 2023. Restricted Stock Units ("RSUs") The Company issued 28,567 RSUs to the Company's directors with a vesting date of May 17, 2017. Each RSU is exchangeable for one share of the Company's common stock at the end of the vesting period. Market Stock Units ("MSUs") The Company issued 74,866 MSUs to key employees that cliff vest on December 31, 2018. MSU's are exchangeable for the Company's common stock at the end of the vesting period. The number of shares of common stock that will be issued upon vesting, ranging from zero to 112,300 , will be determined based upon the trailing sixty-day average closing price of the Company's common stock on December 31, 2018.

Income Tax

Income Tax	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Primarily due to the cumulative losses that the Company has incurred over the past three years, the Company has determined that there is insufficient positive evidence to conclude that it is more likely than not that it will be able to utilize its deferred tax assets to offset future taxable income. Therefore, substantially all deferred tax assets are currently subject to a tax valuation allowance. However, sufficient evidence may become available in future periods regarding the utilization of deferred tax assets that would lead to the reduction of all or a portion of the valuation allowance resulting in a decrease to income tax expense for the period in which the reduction is recorded. Although the Company is in this full tax valuation allowance position, a tax expense of $0.5 million and $0.5 million was recorded for the nine months ended September 30, 2016 and 2015, respectively, primarily due to reserves for uncertain tax positions net of state tax refunds. The Company and its subsidiaries are subject to U.S. Federal income tax, as well as income tax of multiple state and foreign jurisdictions. As of September 30, 2016 , the Company is subject to U.S. Federal income tax examinations for the years 2013 through 2015 and income tax examinations from various other jurisdictions for the years 2006 through 2015. The Company is also subject to an examination by the Canada Revenue Authority ("CRA") for the years 2006 through 2010. The CRA examination was completed during May 2013 and resulted in proposed adjustments which amount to $1.3 million of additional tax for the 2008 and 2009 tax years. The Company did not agree with these adjustments and filed a request with Competent Authority programs in both the U.S. and Canada in October 2013. The Competent Authority program assists taxpayers with respect to matters covered in the mutual agreement procedure provisions of tax treaties. In the fourth quarter of 2015, Competent Authority completed their review and communicated to the Company that they proposed to assess a tax on the 2009 tax year only. The Company received and accepted a formal letter of disposition from Competent Authority in the second quarter of 2016. Based on the proposed assessment, in the fourth quarter of 2015 the Company recorded an expense of approximately $0.8 million in Canada and a related benefit of $0.5 million in the U.S. Earnings from the Company’s foreign subsidiary are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise would subject the Company to both U.S. Federal and state income taxes, as adjusted for foreign tax credits. During the first nine months of 2016, as the result of two small acquisitions, the Company recorded $1.8 million of tax deductible goodwill that may result in a tax benefit in future periods.

Contingent Liability Contingent

Contingent Liability Contingent Liability (Notes)	9 Months Ended
	Sep. 30, 2016
Contingent Liability [Abstract]
Legal Matters and Contingencies [Text Block]	Contingent Liabilities In 2012, the Company identified that a site it owns in Decatur, Alabama, contains hazardous substances in the soil and groundwater as a result of historical operations prior to the Company's ownership. The Company retained an environmental consulting firm to further investigate the contamination including the measurement and monitoring of the site. In August 2013, the site was enrolled in Alabama's voluntary cleanup program. On October 30, 2014, the Company received estimates from its environmental consulting firm with three potential remediation solutions. The estimates included a range of viable remedial approaches. The first solution included limited excavation and removal of the contaminated soil along with monitoring for a period up to 10 years. The second solution included the first solution plus the installation of a groundwater extraction system. The third scenario included the first and second solutions plus treatment injections to reduce the degradation time. The estimated expenditures over a 10 -year period under the three scenarios ranged from $0.3 million to $1.4 million , of which up to $0.3 million may be capitalized. As the Company has determined that a loss was probable, however no scenario was more likely than the other at that time, a liability in the amount of $0.3 million was established in 2014. During 2015, after further evidence had been collected and analyzed, the Company concluded that it was probable that future remediation would be required, and accordingly accrued an additional $0.9 million for the estimated costs. This estimate is based on the information developed to date and as the remediation efforts proceed, additional information may impact the final cost. As of September 30, 2016 , agreement with Alabama’s voluntary cleanup program on viable treatment of the property has not yet been reached and the Company continues to evaluate potential remediation alternatives that could impact the ultimate cost of remediation. As of September 30, 2016 , approximately $1.1 million was accrued for remediation in other long-term liabilities on the accompanying consolidated balance sheet.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Components of inventories	Inventories, net, consisting primarily of purchased goods which are offered for resale, were as follows: (Dollars in thousands) September 30, 2016 December 31, 2015 Inventories, gross $ 46,689 $ 49,615 Reserve for obsolete and excess inventory (5,342 ) (5,520 ) Inventories, net $ 41,347 $ 44,095

Acquisition and Goodwill (Table

Acquisition and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill [Line Items]
Schedule of Goodwill [Table Text Block]	In the nine months of 2016, the Company acquired the assets of Perfect Products Company of Michigan, an auto parts distributor for approximately $1.3 million in cash and $30 thousand in contingent consideration. The Company also acquired the assets of F.B. Feeney Hardware in Ontario, Canada, for approximately $1.3 million in cash and $84 thousand in contingent consideration.

Loan Agreement (Tables)

Loan Agreement (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Quarterly Financial Covenants [Table Text Block]	In addition to other customary representations, warranties and covenants, the Company is required to meet a minimum trailing twelve month EBITDA to fixed charges ratio, as defined in the amended Loan Agreement, and a minimum quarterly tangible net worth level as defined in the amended Loan Agreement, if the excess capacity is below $10.0 million . On September 30, 2016 , the Company's borrowing capacity exceeded $10.0 million , therefore, the Company was not subject to these financial covenants, however, for informational purposes the results of the financial covenants are provided below: Quarterly Financial Covenants Requirement Actual EBITDA to fixed charges ratio 1.10 : 1.00 2.07 : 1.00 Minimum tangible net worth $45.0 million $56.2 million

Reserve for Severance (Tables)

Reserve for Severance (Tables)	9 Months Ended
	Sep. 30, 2016
Severance Reserve [Abstract]
Changes in the Company's reserve for severance and related payments	Changes in the Company’s reserve for severance as of September 30, 2016 and 2015 were as follows: (Dollars in thousands) Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 697 $ 311 Charged to earnings 714 993 Payments (950 ) (583 ) Balance at end of period $ 461 $ 721

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	40,000	40,000	40,000	40,000

Restricted Cash Restricted Ca20

Restricted Cash Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Restricted Cash [Abstract]
Restricted cash	$ 800	$ 800

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Components of inventories
Inventory, Gross	$ 46,689	$ 49,615
Inventory Valuation Reserves	5,342	5,520
Inventories, net	$ 41,347	$ 44,095

Acquisition and Goodwill (Detai

Acquisition and Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Goodwill [Line Items]
Payments to Acquire Businesses, Gross	$ 2,576	$ 441
Goodwill	2,074		$ 319
Finite-Lived Customer Relationships, Gross	$ 700
Finite-Lived Intangible Asset, Useful Life	5 years
Payments to Acquire Businesses, Gross	$ 1,762
Goodwill, Translation and Purchase Accounting Adjustments	(7)
Perfect Products Acquisition [Domain] [Domain]
Goodwill [Line Items]
Payments to Acquire Businesses, Gross	1,250
Business Combination, Contingent Consideration, Liability	30
Feeney Acquisition [Domain]
Goodwill [Line Items]
Payments to Acquire Businesses, Gross	1,326
Business Combination, Contingent Consideration, Liability	84
Total Contingent Consideration [Domain]
Goodwill [Line Items]
Business Combination, Contingent Consideration, Liability	$ 114

Loan Agreement Covenant (Detail

Loan Agreement Covenant (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Actual Value [Member]
Loan Agreement [Line Items]
MinTangibleNetWorth	$ 56,152
Required Minimum Value [Member]
Loan Agreement [Line Items]
MinTangibleNetWorth	$ 45,000
Maximum [Member] | Actual Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	2.07
Maximum [Member] | Required Minimum Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1.10
Minimum [Member] | Actual Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1
Minimum [Member] | Required Minimum Value [Member]
Loan Agreement [Line Items]
Minimum Debt Service Coverage Ratio	1

Loan Agreement (Details)

Loan Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Loan Agreement [Line Items]
Excess cash capacity	$ 10,000
Credit Facility (Textual) [Abstract]
Eligible accounts receivables percentage	85.00%
Eligible accounts receivables past due days	60 days
Eligible inventory percentage	60.00%
Eligible inventory expected to be sold period	18 months
Maximum borrowing amount based on inventory	$ 20,000
Revolving Line of Credit	0		$ 925
Credit Facility, remaining borrowing capacity	34,800
Interest Paid	$ 486	$ 405
Weighted average interest rate	3.50%
Maximum
Credit Facility (Textual) [Abstract]
Spread on LIBOR	1.85%
Restricted Dividends	$ 7,000
Minimum
Credit Facility (Textual) [Abstract]
Spread on LIBOR	1.50%
Revolving Credit Facility [Member]
Credit Facility (Textual) [Abstract]
Credit facility, borrowing capacity	$ 40,000
Letter of Credit [Member]
Credit Facility (Textual) [Abstract]
Credit facility, borrowing capacity	$ 10,000

Reserve for Severance Activity

Reserve for Severance Activity in reserve (Details) - Employee Severance [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Reserve for severance and related payments
Balance at beginning of period	$ 697	$ 311
Charged to earnings	714	993
Cash paid	(950)	(583)
Balance at end of the period	$ 461	$ 721

Stock Based Compensation Stoc26

Stock Based Compensation Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stock Based Compensation
Employee Benefits and Share-based Compensation	$ (1,332)	$ 400
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings	28,567
Minimum [Member]
Stock Based Compensation
Equity Share Payout Range	0
Maximum [Member]
Stock Based Compensation
Equity Share Payout Range	112,300
MSU [Member]
Stock Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	74,866
Share-based Compensation Award, Tranche Two [Member]
Stock Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	53,503
Share Based Compensation Non Option Equity Instruments Granted Weighted Average Exercise Price	$ 18.98

Income Tax Income Tax (Details)

Income Tax Income Tax (Details) - USD ($) $ in Thousands	May 02, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)		$ 463	$ 248	$ 526	$ 502
Proposed Tax Adjustment Including Penalties	$ 1,300
Goodwill		$ 2,074		2,074		$ 319
Goodwill, Acquired During Period				1,762
Foreign Tax Authority [Member]
Income Tax Contingency [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions				800
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions				$ 500

EPS Calc (Details)

EPS Calc (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 1,825	$ 2,430	$ 3,014	$ 3,985

Contingent Liability Continge29

Contingent Liability Contingent Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2014
Loss Contingencies [Line Items]
Environmental Remediation Term	10 years
Environmental Exit Costs, Reasonably Possible Additional Losses, Low Estimate	$ 0.9
Capitalizable Environmental Exit Costs	0.3
Environmental Exit Costs, Liability for Remediation	1.1	$ 0.3
Minimum [Member]
Loss Contingencies [Line Items]
Environmental Exit Costs, Anticipated Cost	0.3
Maximum [Member]
Loss Contingencies [Line Items]
Environmental Exit Costs, Anticipated Cost	$ 1.4

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 2,576	$ 441