Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'AAON INC | ' | ' |
Entity Central Index Key | '0000824142 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 36,687,591 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Public Float | ' | ' | $617.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $12,085 | $3,159 | ||
Certificates of deposit | 8,110 | 3,120 | ||
Investments held to maturity at amortized cost | 16,040 | 2,832 | ||
Accounts receivable, net | 39,063 | 43,866 | ||
Income tax receivable | 1,073 | 694 | ||
Notes receivable | 29 | 28 | ||
Inventories, net | 32,140 | 32,614 | ||
Prepaid expenses and other | 304 | 740 | ||
Deferred tax assets | 4,779 | 4,493 | ||
Total current assets | 113,623 | 91,546 | ||
Property, plant and equipment: | ' | ' | ||
Land | 1,417 | 1,340 | ||
Buildings | 61,821 | 59,761 | ||
Machinery and equipment | 119,439 | 117,617 | ||
Furniture and fixtures | 9,748 | 8,906 | ||
Total property, plant and equipment | 192,425 | 187,624 | ||
Less: Accumulated depreciation | 105,142 | 96,929 | ||
Property, plant and equipment, net | 87,283 | 90,695 | ||
Certificates of deposit | 2,638 | 2,120 | ||
Investments held to maturity at amortized cost | 10,981 | 8,041 | ||
Notes receivable, long-term | 919 | 1,091 | ||
Total assets | 215,444 | 193,493 | ||
Current liabilities: | ' | ' | ||
Revolving credit facility | 0 | 0 | ||
Accounts payable | 7,779 | 13,047 | ||
Accrued liabilities | 28,550 | 26,578 | ||
Total current liabilities | 36,329 | 39,625 | ||
Deferred revenue | 585 | 0 | ||
Deferred tax liabilities | 14,424 | 15,732 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued | ' | ' | ||
Common stock, $.004 par value, 50,000,000 shares authorized, 36,711,354 and 36,776,624 issued and outstanding at December 31, 2013 and 2012, respectively | 147 | [1] | 147 | [1] |
Additional paid-in capital | ' | ' | ||
Retained earnings | 163,959 | 137,989 | ||
Total stockholders' equity | 164,106 | 138,136 | ||
Total liabilities and stockholders' equity | $215,444 | $193,493 | ||
[1] | Reflects three-for-two stock split effective July 2, 2013 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Stockholders' equity: | ' | ' | ||
Preferred stock, par value | $0.00 | $0.00 | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Common stock, par value | $0.00 | [1] | $0.00 | [1] |
Common stock, shares authorized | 50,000,000 | [1] | 50,000,000 | [1] |
Common stock, shares issued | 36,711,354 | [1] | 36,776,624 | [1] |
Common stock, shares outstanding | 36,711,354 | [1] | 36,776,624 | [1] |
[1] | Reflects three-for-two stock split effective July 2, 2013 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Net sales | $321,140 | $303,114 | $266,220 | |||
Cost of sales | 231,348 | 232,615 | 219,939 | |||
Gross profit | 89,792 | 70,499 | 46,281 | |||
Selling, general and administrative expenses | 33,989 | 26,261 | 22,310 | |||
(Gain) loss on disposal of assets | -22 | 4 | 1,802 | |||
Income from operations | 55,825 | 44,234 | 22,169 | |||
Interest income (expense), net | 221 | 42 | -179 | |||
Other income (expense), net | 248 | 41 | -477 | |||
Income before taxes | 56,294 | 44,317 | 21,513 | |||
Income tax provision | 18,747 | 16,868 | 7,527 | |||
Net income | $37,547 | $27,449 | $13,986 | |||
Earnings per share: | ' | ' | ' | |||
Basic (usd per share) | $1.02 | [1] | $0.75 | [1] | $0.38 | [1] |
Diluted (usd per share) | $1.01 | [1] | $0.74 | [1] | $0.37 | [1] |
Cash dividends declared per common share | $0.20 | [1] | $0.24 | [1],[2] | $0.16 | [1] |
Weighted average shares outstanding: | ' | ' | ' | |||
Basic | 36,746,100 | [1] | 36,825,170 | [1] | 37,034,778 | [1] |
Diluted | 37,058,254 | [1] | 37,048,826 | [1] | 37,321,719 | [1] |
[1] | Reflects three-for-two stock split effective July 2, 2013 | |||||
[2] | Includes special dividend of $0.08 per common share paid on December 24, 2012. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 0 Months Ended |
Dec. 24, 2012 | |
Income Statement [Abstract] | ' |
Dividends paid | $0.08 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | ||||
In Thousands | ||||||||
Balance at Dec. 31, 2010 | $116,739 | $149 | [1] | $0 | $116,590 | [1] | ||
Balance (in shares) at Dec. 31, 2010 | [1] | ' | 37,137 | ' | ' | |||
Net income | 13,986 | ' | ' | 13,986 | [1] | |||
Stock options exercised and restricted stock awards granted, including tax benefits (in shares) | [1] | ' | 108 | ' | ' | |||
Stock options exercised and restricted stock awards granted, including tax benefits | 705 | ' | 705 | ' | ||||
Share-based compensation | 680 | ' | 680 | ' | ||||
Stock repurchased and retired (in shares) | [1] | ' | -318 | ' | ' | |||
Stock repurchased and retired | -3,671 | -1 | [1] | -1,375 | -2,295 | [1] | ||
Dividends | -5,935 | ' | -10 | -5,925 | [1] | |||
Balance at Dec. 31, 2011 | 122,504 | 148 | [1] | 0 | 122,356 | [1] | ||
Balance (in shares) at Dec. 31, 2011 | [1] | ' | 36,927 | ' | ' | |||
Net income | 27,449 | ' | ' | 27,449 | [1] | |||
Stock options exercised and restricted stock awards granted, including tax benefits (in shares) | [1] | ' | 354 | ' | ' | |||
Stock options exercised and restricted stock awards granted, including tax benefits | 2,389 | 1 | [1] | 2,388 | ' | |||
Share-based compensation | 1,294 | ' | 1,294 | ' | ||||
Stock repurchased and retired (in shares) | [1] | ' | -504 | ' | ' | |||
Stock repurchased and retired | -6,660 | -2 | [1] | -3,682 | -2,976 | [1] | ||
Dividends | -8,840 | ' | 0 | -8,840 | [1] | |||
Balance at Dec. 31, 2012 | 138,136 | 147 | [1] | 0 | 137,989 | [1] | ||
Balance (in shares) at Dec. 31, 2012 | [1] | ' | 36,777 | ' | ' | |||
Net income | 37,547 | ' | ' | 37,547 | ||||
Stock options exercised and restricted stock awards granted, including tax benefits (in shares) | [1] | ' | 290 | ' | ' | |||
Stock options exercised and restricted stock awards granted, including tax benefits | 2,310 | 1 | [1] | 2,309 | ' | |||
Share-based compensation | 1,763 | ' | 1,763 | ' | ||||
Stock repurchased and retired (in shares) | [1] | ' | -356 | ' | ' | |||
Stock repurchased and retired | -8,222 | -1 | [1] | -4,072 | -4,149 | [1] | ||
Dividends | -7,428 | [2] | ' | 0 | -7,428 | [1],[2] | ||
Balance at Dec. 31, 2013 | $164,106 | $147 | [1] | $0 | $163,959 | [1] | ||
Balance (in shares) at Dec. 31, 2013 | [1] | ' | 36,711 | ' | ' | |||
[1] | Reflects three-for-two stock split effective July 2, 2013 | |||||||
[2] | Includes cash payment of fractional shares from three-for-two stock split effective July 2, 2013 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) | 0 Months Ended |
Jul. 02, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' |
Stock split, conversion ratio | 1.5 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $37,547 | $27,449 | $13,986 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 12,312 | 13,407 | 11,397 |
Amortization of bond premiums | 790 | 155 | 156 |
Provision for losses on accounts receivable, net of adjustments | 141 | -83 | -289 |
Provision for excess and obsolete inventories | 243 | 63 | -50 |
Share-based compensation | 1,763 | 1,294 | 680 |
Excess tax benefits from stock options exercised and restricted stock awards vested | -843 | -393 | -211 |
(Gain) loss on disposition of assets | -22 | 4 | 1,802 |
Foreign currency transaction gain | 67 | -27 | -8 |
Interest income on note receivable | -40 | -42 | 0 |
Deferred income taxes | -1,594 | -2,028 | 10,122 |
Write-off of note receivable | 75 | 0 | 0 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 4,662 | -9,646 | 6,053 |
Income tax receivable | 464 | 9,715 | -10,016 |
Inventories | 231 | 2,271 | -1,296 |
Prepaid expenses and other | 436 | -17 | -67 |
Accounts payable | -5,197 | 2,461 | -2,751 |
Deferred revenue | 615 | 0 | 0 |
Accrued liabilities | 1,942 | 6,584 | -3,024 |
Net cash provided by operating activities | 53,592 | 51,167 | 26,484 |
Investing Activities | ' | ' | ' |
Capital expenditures | -9,041 | -14,147 | -35,914 |
Proceeds from sale of property, plant and equipment | 92 | 11 | 482 |
Investment in certificates of deposits | -9,108 | -6,540 | 0 |
Maturities of certificates of deposits | 3,600 | 1,300 | 1,503 |
Purchase of investments held to maturity | -22,275 | -11,654 | 0 |
Maturities of investments | 2,005 | 0 | 9,364 |
Proceeds from called investments | 3,332 | 626 | 0 |
Principal payments from note receivable | 69 | 69 | 27 |
Net cash used in investing activities | -31,326 | -30,335 | -24,538 |
Financing Activities | ' | ' | ' |
Borrowings under revolving credit facility | 8,325 | 34,847 | 82,078 |
Payments under revolving credit facility | -8,325 | -39,422 | -77,503 |
Stock options exercised | 1,467 | 1,996 | 494 |
Excess tax benefits from stock options exercised and restricted stock awards vested | 843 | 393 | 211 |
Repurchase of stock | -8,222 | -6,660 | -3,671 |
Cash dividends paid to stockholders | -7,428 | -8,840 | -5,935 |
Net cash used in financing activities | -13,340 | -17,686 | -4,326 |
Net increase (decrease) in cash and cash equivalents | 8,926 | 3,146 | -2,380 |
Cash and cash equivalents, beginning of year | 3,159 | 13 | 2,393 |
Cash and cash equivalents, end of year | $12,085 | $3,159 | $13 |
Business_Description
Business Description | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Description | ' |
Business Description | |
AAON, Inc. is a Nevada corporation which was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation and AAON Coil Products, Inc., a Texas corporation. The Consolidated Financial Statements include our accounts and the accounts of our subsidiaries. | |
We are engaged in the manufacture and sale of air conditioning and heating equipment consisting of rooftop units, chillers, air-handling units, make-up air units, heat recovery units, condensing units and coils. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation | ||||||||||||||||
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
We consider all highly liquid temporary investments with original maturity dates of three months or less to be cash equivalents. Cash and cash equivalents consist of bank deposits and highly liquid, interest-bearing money market funds. The Company's cash and cash equivalents are held in a few financial institutions in amounts that exceed the insurance limits of the Federal Deposit Insurance Corporation. However, management believes that the Company's counterparty risks are minimal based on the reputation and history of the institutions selected. | ||||||||||||||||
Investments | ||||||||||||||||
Certificates of Deposit | ||||||||||||||||
We held $10.7 million and $5.2 million in certificates of deposit at December 31, 2013, and December 31, 2012, respectively. At December 31, 2013, the certificates of deposit bear interest ranging from 0.15% to 0.90% per annum and have various maturities ranging from approximately one month to 15 months. | ||||||||||||||||
Investments Held to Maturity | ||||||||||||||||
At December 31, 2013, our investments held to maturity were comprised of $27.0 million of corporate notes and bonds with various maturities ranging from less than one month to approximately 16 months. The investments have moderate risk with S&P ratings ranging from A+ to BBB-. | ||||||||||||||||
We record the amortized cost basis and accrued interest of the corporate notes and bonds in the Consolidated Balance Sheets. We record the interest and amortization of bond premium to interest income in the Consolidated Statements of Income. | ||||||||||||||||
The following summarizes the amortized cost and estimated fair value of our investments held to maturity at December 31, 2013 and December 31, 2012: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gain | (Loss) | |||||||||||||||
December 31, 2013: | (in thousands) | |||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 16,040 | $ | 11 | $ | — | $ | 16,051 | ||||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 10,981 | 7 | — | 10,988 | ||||||||||||
Total | $ | 27,021 | $ | 18 | $ | — | $ | 27,039 | ||||||||
December 31, 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 2,832 | $ | — | $ | (1 | ) | $ | 2,831 | |||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 8,041 | — | (9 | ) | 8,032 | |||||||||||
Total | $ | 10,873 | $ | — | $ | (10 | ) | $ | 10,863 | |||||||
We evaluate these investments for other-than-temporary impairments on a quarterly basis. We do not believe that there was an other-than-temporary impairment for our investments at December 31, 2013 or 2012. | ||||||||||||||||
Accounts and Notes Receivable | ||||||||||||||||
Accounts and notes receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. We generally do not require that our customers provide collateral. The Company determines its allowance for doubtful accounts by considering a number of factors, including the credit risk of specific customers, the customer’s ability to pay current obligations, historical trends, economic and market conditions and the age of the receivable. Accounts are considered past due when the balance has been outstanding for greater than ninety days. Past due accounts are generally written-off against the allowance for doubtful accounts only after all collection attempts have been exhausted. | ||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||
Our customers are concentrated primarily in the domestic commercial and industrial new construction and replacement markets. To date, our sales have been primarily to the domestic market, with foreign sales accounting for approximately 5% of revenues for the years ended December 31, 2013, 2012 and 2011. No customer accounted for 10% or more of our sales during 2013, 2012 or 2011. One customer accounted 5% of our accounts receivable balance at December 31, 2013. At December 31, 2012, we had one customer who placed an exceptionally large order with an invoice date of December 27, 2012 and a payment date of January 17, 2013 that accounted for approximately 12% of our accounts receivable balance. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of the items. The carrying amount of the Company's revolving line of credit, and other payables, approximate their fair values either due to their short term nature, the variable rates associated with the debt or based on current rates offered to the Company for debt with similar characteristics. | ||||||||||||||||
Inventories | ||||||||||||||||
Inventories are valued at the lower of cost or market using the first-in, first-out (“FIFO”) method. Cost in inventory includes purchased parts and materials, direct labor and applied manufacturing overhead. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts. | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment, including significant improvements, are recorded at cost, net of accumulated depreciation. Repairs and maintenance and any gains or losses on disposition are included in operations. | ||||||||||||||||
Depreciation is computed using the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings | 3-40 years | |||||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||||
Furniture and fixtures | 3-7 years | |||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||
We review long-lived assets for possible impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to its estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the undiscounted cash flows are less than the carrying amount of the asset or asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset or asset group exceeds its fair value. | ||||||||||||||||
Research and Development | ||||||||||||||||
The costs associated with research and development for the purpose of developing and improving new products are expensed as incurred. For the years ended December 31, 2013, 2012, and 2011 research and development costs amounted to approximately $5.2 million, $3.6 million, and $4.8 million, respectively. | ||||||||||||||||
Advertising | ||||||||||||||||
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013, 2012, and 2011 was approximately $0.9 million, $0.9 million, and $1.2 million, respectively. | ||||||||||||||||
Shipping and Handling | ||||||||||||||||
We incur shipping and handling costs in the distribution of products sold that are recorded in cost of sales. Shipping charges that are billed to the customer are recorded in revenues and as an expense in cost of sales. For the years ended December 31, 2013, 2012 and 2011 shipping and handling fees amounted to approximately $7.9 million, $8.6 million, and $8.7 million, respectively. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. We establish accruals for uncertain tax positions when it is more likely than not that our tax return positions may not be fully sustained. The Company records a valuation allowance for deferred tax assets when, in the opinion of management, it is more likely than not that deferred tax assets will not be realized. | ||||||||||||||||
Share-Based Compensation | ||||||||||||||||
The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The Company’s share-based compensation plans provide for the granting of stock options, and restricted stock. The fair values of stock options are estimated at the date of grant using the Black-Scholes-Merton option valuation model. The use of the Black-Scholes-Merton option valuation model requires the input of subjective assumptions. Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related share-based compensation award. Forfeitures are estimated based on the Company's historical experience. The fair value of restricted stock awards is determined based on the market value of the Company’s shares on the grant date and the compensation expense is recognized on a straight-line basis during the service period of the respective grant. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
In the course of normal operations, the Company occasionally enters into contracts such as forward priced physical contracts for the purchase of raw materials that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Company does not engage in speculative transactions, nor does the Company hold or issue financial instruments for trading purposes. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
We recognize revenues from sales of products when title and risk of ownership pass to the customer. Final sales prices are fixed and based on purchase orders. Sales allowances and customer incentives are treated as reductions to sales and are provided for based on historical experiences and current estimates. Sales of our products are moderately seasonal with the peak period being July - November of each year. | ||||||||||||||||
In addition, the Company presents revenues net of sales tax and net of certain payments to our independent manufacturer representatives (“Representatives”). Representatives are national companies that are in the business of providing HVAC units and other related products and services to customers. The end user customer orders a bundled group of products and services from the Representative and expects the Representative to fulfill the order. Only after the specifications are agreed to by the Representative and the customer, and the decision is made to use an AAON HVAC unit, will we receive notice of the order. We establish the amount we must receive for our HVAC unit (“minimum sales price”), but do not control the total order price which is negotiated by the Representative with the end user customer. | ||||||||||||||||
We are responsible for billings and collections resulting from all sales transactions, including those initiated by our Representatives. The Representatives submit the total order price to us for invoicing and collection. The total order price includes our minimum sales price and an additional amount which may include both the Representatives’ fee and amounts due for additional products and services required by the customer. These additional products and services may include controls purchased from another manufacturer to operate the unit, start-up services, and curbs for supporting the unit (“Third Party Products”). All are associated with the purchase of a HVAC unit but may be provided by the Representative or another third party. The Company is under no obligation related to Third Party Products. | ||||||||||||||||
The Representatives’ fee and Third Party Products amounts (“Due to Representatives”) are paid only after all amounts associated with the order are collected from the customer. The Due to Representatives amount is paid only after all amounts associated with the order are collected from the customer. The amount of payments to our representatives was $63.0 million, $57.1 million, and $51.6 million for each of the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
The Company also sells extended warranties on parts for various lengths of time ranging from six months to ten years. Revenue for these separately priced warranties is deferred and recognized on a straight-line basis over the separately priced warranty period. | ||||||||||||||||
Insurance Reserves | ||||||||||||||||
Under the Company’s insurance programs, coverage is obtained for significant liability limits as well as those risks required to be insured by law or contract. It is the policy of the Company to self-insure a portion of certain expected losses related primarily to workers’ compensation and medical liability. Provisions for losses expected under these programs are recorded based on the Company’s estimates of the aggregate liabilities for the claims incurred. | ||||||||||||||||
Product Warranties | ||||||||||||||||
A provision is made for the estimated cost of maintaining product warranties to customers at the time the product is sold based upon historical claims experience by product line. The Company records a liability and an expense for estimated future warranty claims based upon historical experience and management's estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the liability and expense in the current year. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, future actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions on a monthly basis. The most significant estimates include the allowance for doubtful accounts, inventory reserves, warranty accrual, workers compensation accrual, medical insurance accrual, share-based compensation and income taxes. Actual results could differ materially from those estimates. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Accounts Receivable | ' | |||||||||||
Accounts Receivable | ||||||||||||
Accounts receivable and the related allowance for doubtful accounts are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Accounts receivable | $ | 39,256 | $ | 43,918 | ||||||||
Less: Allowance for doubtful accounts | (193 | ) | (52 | ) | ||||||||
Total, net | $ | 39,063 | $ | 43,866 | ||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Allowance for doubtful accounts: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 52 | $ | 268 | $ | 600 | ||||||
Provisions for losses on accounts receivables, net of adjustments | 141 | (83 | ) | (289 | ) | |||||||
Accounts receivable written off, net of recoveries | — | (133 | ) | (43 | ) | |||||||
Balance, end of period | $ | 193 | $ | 52 | $ | 268 | ||||||
Inventories
Inventories | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
The components of inventories and the related changes in the allowance for excess and obsolete inventories are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Raw materials | $ | 28,592 | $ | 28,155 | ||||||||
Work in process | 2,286 | 2,757 | ||||||||||
Finished goods | 1,841 | 2,065 | ||||||||||
32,719 | 32,977 | |||||||||||
Less: Allowance for excess and obsolete inventories | (579 | ) | (363 | ) | ||||||||
Total, net | $ | 32,140 | $ | 32,614 | ||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Allowance for excess and obsolete inventories: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 363 | $ | 300 | $ | 350 | ||||||
Provisions for excess and obsolete inventories | 243 | 63 | (50 | ) | ||||||||
Inventories written off | (27 | ) | — | — | ||||||||
Balance, end of period | $ | 579 | $ | 363 | $ | 300 | ||||||
Note_Receivable
Note Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Note Receivable [Abstract] | ' |
Note Receivable | ' |
Note Receivable | |
In connection with the closure of our Canadian facility on May 18, 2009, we sold land and a building in September 2010 and assumed a note receivable from the borrower secured by the property. The $1.1 million, fifteen-year note has an interest rate of 4.0% and is payable to us monthly, and has a $0.6 million balloon payment due in October 2025. Interest payments are recognized in interest income. | |
We evaluate the note for impairment on a quarterly basis. We determine the note receivable to be impaired if we are uncertain of its collectability based on the contractual terms. At December 31, 2013 and 2012, there was no impairment. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Supplemental Cash Flow Information | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental disclosures: | (in thousands) | |||||||||||
Interest paid | $ | 1 | $ | 44 | $ | 277 | ||||||
Income taxes paid, net | 19,884 | 15,128 | 6,377 | |||||||||
Non-cash investing and financing activities: | ||||||||||||
Non-cash capital expenditures | 71 | (3,670 | ) | 3,852 | ||||||||
Trade-in of equipment | 315 | 300 | 1,802 | |||||||||
Warranties
Warranties | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Guarantees [Abstract] | ' | |||||||||||
Warranties | ' | |||||||||||
Warranties | ||||||||||||
The Company has warranties with various terms from eighteen months for parts to twenty-five years for certain heat exchangers. The Company has an obligation to replace parts or service its products if conditions under the warranty are met. A provision is made for estimated warranty costs at the time the related products are sold based upon the warranty period, historical trends, new products and any known identifiable warranty issues. | ||||||||||||
Changes in the warranty accrual are as follows: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Warranty accrual: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 5,776 | $ | 6,093 | $ | 7,300 | ||||||
Payments made | (4,448 | ) | (3,861 | ) | (5,387 | ) | ||||||
Provisions | 6,005 | 3,304 | 5,146 | |||||||||
Adjustments related to changes in estimates | 19 | 240 | (966 | ) | ||||||||
Balance, end of period | $ | 7,352 | $ | 5,776 | $ | 6,093 | ||||||
Warranty expense: | $ | 6,024 | $ | 3,545 | $ | 4,180 | ||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
At December 31, accrued liabilities were comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Warranty | $ | 7,352 | $ | 5,776 | ||||
Due to representatives | 9,480 | 9,439 | ||||||
Payroll | 4,448 | 2,515 | ||||||
Profit sharing | 1,389 | 1,337 | ||||||
Workers' compensation | 665 | 928 | ||||||
Medical self-insurance | 353 | 420 | ||||||
Customer prepayments | 2,077 | 3,933 | ||||||
Employee benefits and other | 2,786 | 2,230 | ||||||
Total | $ | 28,550 | $ | 26,578 | ||||
Revolving_Credit_Facility
Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Revolving Credit Facility | ' |
Revolving Credit Facility | |
Our revolving credit facility provides for maximum borrowings of $30.0 million which is provided by BOKF, NA dba Bank of Oklahoma, formerly known as Bank of Oklahoma, N.A. ("Bank of Oklahoma"). Under the line of credit, there was one standby letter of credit totaling $0.9 million as of December 31, 2013. Subsequent to year-end, we renewed the standby letter of credit and decreased the amount to $0.8 million. Borrowings available under the revolving credit facility at December 31, 2013, were $29.1 million. Interest on borrowings is payable monthly at LIBOR plus 2.5%. No fees are associated with the unused portion of the committed amount. As of December 31, 2013 and 2012, we had no balance outstanding under our revolving credit facility. At December 31, 2013 and 2012, the weighted average interest rate was 2.7% and 2.8%, respectively. | |
At December 31, 2013, we were in compliance with our financial covenants. These covenants require that we meet certain parameters related to our tangible net worth, total liabilities to tangible net worth ratio and working capital. At December 31, 2013 our tangible net worth was $164.1 million, which meets the requirement of being at or above $95.0 million. Our total liabilities to tangible net worth ratio was 0.3 to 1.0, which meets the requirement of not being above 2 to 1. Our working capital was $77.3 million which meets the requirement of being at or above $40.0 million. | |
Effective July 28, 2013, the Company amended its revolving credit facility with the Bank of Oklahoma. The amendment extends the termination date of the revolving credit facility to July 27, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Current | $ | 20,341 | $ | 18,896 | $ | (2,595 | ) | |||||
Deferred | (1,594 | ) | (2,028 | ) | 10,122 | |||||||
$ | 18,747 | $ | 16,868 | $ | 7,527 | |||||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before the provision for income taxes. | ||||||||||||
The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 4 | % | 5 | % | 4 | % | ||||||
Domestic manufacturing deduction | (4 | )% | (3 | )% | — | % | ||||||
Other | (2 | )% | 1 | % | (4 | )% | ||||||
33 | % | 38 | % | 35 | % | |||||||
Other primarily relates to certain domestic credits and a change in rate applied to deferred 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 amount used for income tax purposes. | ||||||||||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Net current deferred assets and (liabilities) relating to: | ||||||||||||
Valuation reserves | $ | 304 | $ | 164 | ||||||||
Warranty accrual | 2,901 | 2,287 | ||||||||||
Other accruals | 1,420 | 1,996 | ||||||||||
Other, net | 154 | 46 | ||||||||||
$ | 4,779 | $ | 4,493 | |||||||||
Net long-term deferred assets and (liabilities) relating to: | ||||||||||||
Depreciation | $ | (14,843 | ) | $ | (16,659 | ) | ||||||
Share-based compensation | 692 | 653 | ||||||||||
Other, net | (273 | ) | 274 | |||||||||
$ | (14,424 | ) | $ | (15,732 | ) | |||||||
We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. examinations for tax years 2011 to present, and to non-U.S. income tax examinations for the tax years of 2008 through 2011. In addition, we are subject to state and local income tax examinations for the tax years 2010 to present. The Company continues to evaluate its need to file returns in various state jurisdictions and recorded $0.2 million in additional state income tax expense, net of federal benefit, during 2013 related to our updated assessment of required state filings. Any interest or penalties would be recognized as a component of income tax expense. | ||||||||||||
The year ended December 31, 2011 resulted in a net operating loss ("NOL") of $4.6 million. The full amount of the NOL was utilized with the amended filing of the 2009 federal tax return. | ||||||||||||
On January 2, 2013 the ATRA was signed into law. Some of the provisions were retroactive to January 1, 2012, including the extension of certain tax credits. The tax rate above reflects the tax law that was in place as of December 31, 2012. Had the ATRA had been enacted prior to January 1, 2013, our overall tax expense would have been approximately $0.5 million lower. This was recorded as a reduction in expense in the first quarter of 2013. The Company also had a change in estimate related to the recoverability of certain 2012 tax credits that was recorded in the first quarter of 2013 for approximately $0.6 million. This change in estimate was the result of additional and better information. Had the ATRA impact and the change in estimate been booked in 2012 instead of 2013, our overall effective tax rate would have been approximately 35.5% for the year ended December 31, 2012. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
Share-Based Compensation | ||||||||||||||
As discussed in Note 13, the Company had a three-for-two stock split effective July 2, 2013. All share information herein has been updated to reflect the effect of this stock split. | ||||||||||||||
We have historically maintained a stock option plan for key employees, directors and consultants (“the 1992 Plan”). The 1992 Plan provided for 9.9 million shares to be issued under the plan in the form of stock options. Under the terms of the plan, the exercise price of shares granted may not be less than 85% of the fair market value at the date of the grant. Options granted to directors prior to May 25, 2004, vest one year from the date of grant and are exercisable for nine years thereafter. Options granted to directors on or after May 25, 2004, vest one-third each year, commencing one year after the date of grant. All other options granted vest at a rate of 20% per year, commencing one year after date of grant, and are exercisable during years 2-10. | ||||||||||||||
On May 22, 2007, our stockholders adopted a Long-Term Incentive Plan (“LTIP”) which provides an additional 1,687,500 shares that can be granted in the form of stock options, stock appreciation rights, restricted stock awards, performance units and performance awards. Since inception of the Plan, non-qualified stock options and restricted stock awards have been granted with the same vesting schedule as the previous plan. Under the LTIP, the exercise price of shares granted may not be less than 100% of the fair market value at the date of the grant. | ||||||||||||||
The total pre-tax compensation cost related to unvested stock options not yet recognized as of December 31, 2013 is $1.4 million and is expected to be recognized over a weighted-average period of 2.09 years. | ||||||||||||||
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during December 31, 2013, 2012 and 2011 using a Black Scholes-Merton Model: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Director and Officers: | ||||||||||||||
Expected dividend yield | 1.19 | % | 1.22 | % | N/A | |||||||||
Expected volatility | 47.08 | % | 47.54 | % | N/A | |||||||||
Risk-free interest rate | 1.55 | % | 1.19 | % | N/A | |||||||||
Expected life (in years) | 7 | 7 | N/A | |||||||||||
Employees: | ||||||||||||||
Expected dividend yield | 1.14 | % | 1.22 | % | 1.19 | % | ||||||||
Expected volatility | 45.92 | % | 45.99 | % | 45.22 | % | ||||||||
Risk-free interest rate | 1.4 | % | 1.19 | % | 1.41 | % | ||||||||
Expected life (in years) | 8 | 8 | 8 | |||||||||||
The expected term of the options is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of our stock over time periods equal to the expected life at grant date. | ||||||||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2013: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.81 - 10.34 | 281,335 | 4.09 | $ | 7.28 | $ | 6,941 | ||||||||
$10.70 - 12.25 | 42,150 | 7.45 | 10.86 | 889 | ||||||||||
$12.98 - 14.01 | 65,258 | 8.38 | 12.98 | 1,238 | ||||||||||
Total | 388,743 | 5.17 | $ | 8.62 | $ | 9,068 | ||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2012: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.81 - 6.47 | 99,525 | 2.86 | $ | 5.36 | $ | 851 | ||||||||
$6.81 - 8.65 | 202,575 | 5.22 | 7.19 | 1,362 | ||||||||||
$9.13 - 12.20 | 75,150 | 7.86 | 10.42 | 263 | ||||||||||
Total | 377,250 | 5.12 | $ | 7.35 | $ | 2,476 | ||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2011: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.30 - 4.81 | 122,775 | 2.42 | $ | 4.61 | $ | 1,111 | ||||||||
$5.02 - 7.11 | 230,850 | 5 | 6.37 | 1,682 | ||||||||||
$7.17 - 9.19 | 171,300 | 5.13 | 8.08 | 957 | ||||||||||
$10.34 - 12.20 | 24,300 | 8.5 | 10.61 | 74 | ||||||||||
Total | 549,225 | 4.62 | $ | 6.7 | $ | 3,824 | ||||||||
A summary of option activity under the plan is as follows: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Exercise | ||||||||||||||
Options | Shares | Price | ||||||||||||
Outstanding at December 31, 2012 | 1,115,513 | $ | 10.15 | |||||||||||
Granted | 47,500 | 17.7 | ||||||||||||
Exercised | (180,935 | ) | 8.11 | |||||||||||
Forfeited or Expired | (50,025 | ) | 11.82 | |||||||||||
Outstanding at December 31, 2013 | 932,053 | $ | 10.84 | |||||||||||
Exercisable at December 31, 2013 | 388,743 | $ | 8.62 | |||||||||||
The total intrinsic value of options exercised during December 31, 2013, 2012 and 2011 was $2.7 million, $4.0 million and $1.1 million, respectively. The cash received from options exercised during December 31, 2013, 2012 and 2011 was $1.5 million, $2.0 million and $0.5 million, respectively. The impact of these cash receipts is included in financing activities in the accompanying Consolidated Statements of Cash Flows. | ||||||||||||||
Since 2007, as part of the LTIP, the Compensation Committee of the Board of Directors has authorized and issued restricted stock awards to directors and key employees. Restricted stock awards granted to directors vest one-third each year. All other restricted stock awards vest at a rate of 20% per year. The fair value of restricted stock awards is based on the fair market value of AAON common stock on the respective grant dates, reduced for the present value of dividends. | ||||||||||||||
These awards are recorded at their fair value on the date of grant and compensation cost is recorded using straight-line vesting over the service period. At December 31, 2013, unrecognized compensation cost related to unvested restricted stock awards was approximately $1.6 million which is expected to be recognized over a weighted average period of 2.48 years. | ||||||||||||||
A summary of the unvested restricted stock awards is as follows: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant date | ||||||||||||||
Restricted stock | Shares | Fair Value | ||||||||||||
Unvested at December 31, 2012 | 96,116 | $ | 12.11 | |||||||||||
Granted | 98,429 | 23.42 | ||||||||||||
Vested | (35,876 | ) | 12.17 | |||||||||||
Forfeited | (1,315 | ) | 13.95 | |||||||||||
Unvested at December 31, 2013 | 157,354 | $ | 19.16 | |||||||||||
A summary of share-based compensation is as follows for the years ending December 31, 2013, 2012 and 2011: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Grant date fair value of awards during the period: | (in thousands) | |||||||||||||
Options | $ | 841 | $ | 2,569 | $ | 632 | ||||||||
Restricted stock | 2,306 | 830 | 325 | |||||||||||
Total | $ | 3,147 | $ | 3,399 | $ | 957 | ||||||||
2013 | 2012 | 2011 | ||||||||||||
Share-based compensation expense: | (in thousands) | |||||||||||||
Options | $ | 1,170 | $ | 958 | $ | 389 | ||||||||
Restricted stock | 593 | 336 | 291 | |||||||||||
Total | $ | 1,763 | $ | 1,294 | $ | 680 | ||||||||
2013 | 2012 | 2011 | ||||||||||||
Income tax benefit related to share-based compensation: | (in thousands) | |||||||||||||
Options | $ | 715 | $ | 370 | $ | 154 | ||||||||
Restricted stock | 128 | 23 | 57 | |||||||||||
Total | $ | 843 | $ | 393 | $ | 211 | ||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
Defined Contribution Plan - 401(k) - We sponsor a defined contribution plan (“the Plan”). Eligible employees may make contributions in accordance with the Plan and IRS guidelines. In addition to the traditional 401(k), effective July 2010, eligible employees were given the option of making an after-tax contribution to a Roth 401(k) or a combination of both. The Plan provides for automatic enrollment and for an automatic increase to the deferral percentage at January 1st of each year and each year thereafter, unless the employee elects to decline the automatic increase and enrollment. Effective October 1, 2013, and each year thereafter, eligible employees are automatically enrolled in the Plan at a 6% deferral rate and currently contributing employees deferral rates will be increased to 6% unless their current rate is above 6% or the employee elects to decline the automatic enrollment or increase. | |
Under the Plan, through September 30, 2013, the Company contributed a specified percentage of each eligible employee’s compensation. In addition, the Company contributed 1.5% of eligible payroll to the Plan each year. Effective October 1, 2013, the Plan was amended such that the Company contributes 3% of eligible payroll to the Plan for each employee and matches 100% up to 6% of employee contributions of eligible compensation. We contribute in the form of cash and direct the investment to shares of AAON stock. Employees are 100% vested in salary deferral contributions and vest 20% per year at the end of years two through six of employment in employer matching contributions. The additional 3% Company contribution vests over two years. For the years ended December 31, 2013, 2012 and 2011 we made matching contributions of $3.0 million, $2.4 million and $2.2 million, respectively. Administrative expenses were approximately $0.2 million for the year ended 2013 and approximately $0.1 million for the years ended 2012 and 2011, respectively. | |
Profit Sharing Bonus Plan - We maintain a discretionary profit sharing bonus plan under which 10% of pre-tax profit is paid to eligible employees on a quarterly basis in order to reward employee productivity. Eligible employees are regular full-time employees who are actively employed and working on the first and last days of the calendar quarter. Profit sharing expense was $6.4 million, $4.9 million and $2.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Stockholders’ Equity | |
Stock Repurchase - On May 17, 2010, the Board authorized a stock buyback program, targeting repurchases of up to approximately 5% (approximately 2.0 million shares) of our outstanding stock from time to time in open market transactions. Through June 28, 2010, we repurchased a total of approximately 1.1 million shares for an aggregate price of $11.5 million, or an average price of $10.69 per share. We purchased the shares at current market prices. No purchases were made for the years ended December 31, 2013 and 2012. | |
On July 1, 2005, we entered into a stock repurchase arrangement by which employee-participants in our 401(k) savings and investment plan are entitled to have shares of AAON stock in their accounts sold to us to provide diversification of their investments. The maximum number of shares to be repurchased is contingent upon the number of shares sold by employees. Through December 31, 2013, we repurchased approximately 3.1 million shares for an aggregate price of $31.1 million, or an average price of $10.10 per share. We purchased the shares at current market prices. | |
On November 7, 2006, the Board of Directors authorized us to repurchase shares from certain directors and officers following their exercise of stock options. The maximum number of shares to be repurchased is contingent upon the number of shares sold. Through December 31, 2013, we repurchased approximately 1.2 million shares for an aggregate price of $13.2 million, or an average price of $11.22 per share. We purchased the shares at current market prices. | |
Dividends - At the discretion of the Board of Directors we pay semi-annual cash dividends. Board approval is required to determine the date of declaration and amount for each semi-annual dividend payment. | |
We declared dividends to shareholders of record at the close of business on June 11, 2012, which were paid on July 2, 2012. At a meeting of the Board of Directors on November 7, 2012, the Board declared a regular semi-annual cash dividend of $0.08 per share, and, in view of our strong financial position, the Board also declared a one-time special cash dividend of $0.08 per share. Both dividends were paid to shareholders of record at the close of business on December 3, 2012 and paid on December 24, 2012. | |
On May 21, 2013, the Board of Directors declared a three-for-two stock split of the Company's common stock to be paid in the form of a stock dividend on July 2, 2013. Stockholders of record at the close of business on June 13, 2013 received one additional share for every two shares they held as of that date. All share and per share information has been updated to reflect the effects of this stock split. | |
On May 21, 2013, the Board of Directors approved a semi-annual cash dividend of $0.10 per share, post split, to the holders of our outstanding Common Stock as of the close of business on June 13, 2013, the record date. Those dividends were paid on July 2, 2013. | |
At a meeting of the Board of Directors on November 6, 2013, the Board declared a regular semi-annual cash dividend of $0.10 per share. The dividends were payable to shareholders of record at the close of business on December 2, 2013, the record date, and were paid on December 23, 2013. | |
We paid cash dividends of $7.4 million, $8.8 million and $5.9 million in 2013, 2012 and 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
We are subject to various claims and legal actions that arise in the ordinary course of business. We closely monitor these claims and legal actions and frequently consult with our legal counsel to determine whether they may, when resolved, have a material adverse effect on our financial position, results of operations or cash flows and accrue and/or disclose loss contingencies as appropriate. | |
We are party to several short-term, cancelable and occasionally non-cancelable, fixed price contracts with major suppliers for the purchase of raw material and component parts. We expect to receive delivery of raw materials for use in our manufacturing operations. These contracts are not accounted for as derivative instruments because they meet the normal purchase and normal sales exemption. At December 31, 2013, we had one material contractual purchase obligation for approximately $1.4 million that expires in December 2014. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
There have been no recent accounting pronouncements that would impact our financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | (in thousands, except share and per share data) | |||||||||||
Net income | $ | 37,547 | $ | 27,449 | $ | 13,986 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares* | 36,746,100 | 36,825,170 | 37,034,778 | |||||||||
Effect of dilutive stock options and restricted stock* | 312,154 | 223,656 | 286,941 | |||||||||
Diluted weighted average shares* | 37,058,254 | 37,048,826 | 37,321,719 | |||||||||
Earnings per share: | ||||||||||||
Basic* | $ | 1.02 | $ | 0.75 | $ | 0.38 | ||||||
Dilutive* | $ | 1.01 | $ | 0.74 | $ | 0.37 | ||||||
Anti-dilutive shares: | ||||||||||||
Shares* | 137,509 | 619,913 | 256,875 | |||||||||
*Reflects three-for-two stock split effective July 2, 2013 |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||
Quarterly Results (Unaudited) | ||||||||||||||||
The following is a summary of the quarterly results of operations for the years ending December 31, 2013 and 2012: | ||||||||||||||||
Quarter | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 66,833 | $ | 91,241 | $ | 89,690 | $ | 73,376 | ||||||||
Gross profit | 15,312 | 27,676 | 26,616 | 20,188 | ||||||||||||
Net income | 7,140 | 12,119 | 10,522 | 7,766 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic* | $ | 0.19 | $ | 0.33 | $ | 0.29 | $ | 0.21 | ||||||||
Diluted* | $ | 0.19 | $ | 0.33 | $ | 0.28 | $ | 0.21 | ||||||||
2012 | ||||||||||||||||
Net sales | $ | 64,957 | $ | 83,333 | $ | 76,816 | $ | 78,008 | ||||||||
Gross profit | 13,518 | 21,103 | 17,149 | 18,729 | ||||||||||||
Net income | 4,567 | 9,297 | 6,007 | 7,578 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic* | $ | 0.13 | $ | 0.25 | $ | 0.16 | $ | 0.21 | ||||||||
Diluted* | $ | 0.12 | $ | 0.25 | $ | 0.16 | $ | 0.21 | ||||||||
*Reflects three-for-two stock split effective July 2, 2013 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On January 6, 2014, we purchased two plots of land totaling 38 acres near our Tulsa, Oklahoma production facilities for a combined purchase price of approximately $0.8 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Principles of Consolidation | ' | |||||||||||||||
Principles of Consolidation | ||||||||||||||||
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
We consider all highly liquid temporary investments with original maturity dates of three months or less to be cash equivalents. Cash and cash equivalents consist of bank deposits and highly liquid, interest-bearing money market funds. The Company's cash and cash equivalents are held in a few financial institutions in amounts that exceed the insurance limits of the Federal Deposit Insurance Corporation. However, management believes that the Company's counterparty risks are minimal based on the reputation and history of the institutions selected. | ||||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
Certificates of Deposit | ||||||||||||||||
We held $10.7 million and $5.2 million in certificates of deposit at December 31, 2013, and December 31, 2012, respectively. At December 31, 2013, the certificates of deposit bear interest ranging from 0.15% to 0.90% per annum and have various maturities ranging from approximately one month to 15 months. | ||||||||||||||||
Investments Held to Maturity | ||||||||||||||||
At December 31, 2013, our investments held to maturity were comprised of $27.0 million of corporate notes and bonds with various maturities ranging from less than one month to approximately 16 months. The investments have moderate risk with S&P ratings ranging from A+ to BBB-. | ||||||||||||||||
We record the amortized cost basis and accrued interest of the corporate notes and bonds in the Consolidated Balance Sheets. We record the interest and amortization of bond premium to interest income in the Consolidated Statements of Income. | ||||||||||||||||
The following summarizes the amortized cost and estimated fair value of our investments held to maturity at December 31, 2013 and December 31, 2012: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gain | (Loss) | |||||||||||||||
December 31, 2013: | (in thousands) | |||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 16,040 | $ | 11 | $ | — | $ | 16,051 | ||||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 10,981 | 7 | — | 10,988 | ||||||||||||
Total | $ | 27,021 | $ | 18 | $ | — | $ | 27,039 | ||||||||
December 31, 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 2,832 | $ | — | $ | (1 | ) | $ | 2,831 | |||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 8,041 | — | (9 | ) | 8,032 | |||||||||||
Total | $ | 10,873 | $ | — | $ | (10 | ) | $ | 10,863 | |||||||
We evaluate these investments for other-than-temporary impairments on a quarterly basis. We do not believe that there was an other-than-temporary impairment for our investments at December 31, 2013 or 2012. | ||||||||||||||||
Accounts and Notes Receivable | ' | |||||||||||||||
Accounts and Notes Receivable | ||||||||||||||||
Accounts and notes receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. We generally do not require that our customers provide collateral. The Company determines its allowance for doubtful accounts by considering a number of factors, including the credit risk of specific customers, the customer’s ability to pay current obligations, historical trends, economic and market conditions and the age of the receivable. Accounts are considered past due when the balance has been outstanding for greater than ninety days. Past due accounts are generally written-off against the allowance for doubtful accounts only after all collection attempts have been exhausted. | ||||||||||||||||
Concentration of Credit Risk | ' | |||||||||||||||
Concentration of Credit Risk | ||||||||||||||||
Our customers are concentrated primarily in the domestic commercial and industrial new construction and replacement markets. To date, our sales have been primarily to the domestic market, with foreign sales accounting for approximately 5% of revenues for the years ended December 31, 2013, 2012 and 2011. No customer accounted for 10% or more of our sales during 2013, 2012 or 2011. One customer accounted 5% of our accounts receivable balance at December 31, 2013. At December 31, 2012, we had one customer who placed an exceptionally large order with an invoice date of December 27, 2012 and a payment date of January 17, 2013 that accounted for approximately 12% of our accounts receivable balance. | ||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of the items. The carrying amount of the Company's revolving line of credit, and other payables, approximate their fair values either due to their short term nature, the variable rates associated with the debt or based on current rates offered to the Company for debt with similar characteristics. | ||||||||||||||||
Inventories | ' | |||||||||||||||
Inventories | ||||||||||||||||
Inventories are valued at the lower of cost or market using the first-in, first-out (“FIFO”) method. Cost in inventory includes purchased parts and materials, direct labor and applied manufacturing overhead. We establish an allowance for excess and obsolete inventories based on product line changes, the feasibility of substituting parts and the need for supply and replacement parts. | ||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment, including significant improvements, are recorded at cost, net of accumulated depreciation. Repairs and maintenance and any gains or losses on disposition are included in operations. | ||||||||||||||||
Depreciation is computed using the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings | 3-40 years | |||||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||||
Furniture and fixtures | 3-7 years | |||||||||||||||
Impairment of Long-Lived Assets | ' | |||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||
We review long-lived assets for possible impairment when events or changes in circumstances indicate, in management’s judgment, that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to its estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the undiscounted cash flows are less than the carrying amount of the asset or asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset or asset group exceeds its fair value. | ||||||||||||||||
Research and Development | ' | |||||||||||||||
Research and Development | ||||||||||||||||
The costs associated with research and development for the purpose of developing and improving new products are expensed as incurred. For the years ended December 31, 2013, 2012, and 2011 research and development costs amounted to approximately $5.2 million, $3.6 million, and $4.8 million, respectively. | ||||||||||||||||
Advertising | ' | |||||||||||||||
Advertising | ||||||||||||||||
Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2013, 2012, and 2011 was approximately $0.9 million, $0.9 million, and $1.2 million, respectively. | ||||||||||||||||
Shipping and Handling | ' | |||||||||||||||
Shipping and Handling | ||||||||||||||||
We incur shipping and handling costs in the distribution of products sold that are recorded in cost of sales. Shipping charges that are billed to the customer are recorded in revenues and as an expense in cost of sales. For the years ended December 31, 2013, 2012 and 2011 shipping and handling fees amounted to approximately $7.9 million, $8.6 million, and $8.7 million, respectively. | ||||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the book carrying amounts and the tax basis of assets and liabilities. We establish accruals for uncertain tax positions when it is more likely than not that our tax return positions may not be fully sustained. The Company records a valuation allowance for deferred tax assets when, in the opinion of management, it is more likely than not that deferred tax assets will not be realized. | ||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation | ||||||||||||||||
The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The Company’s share-based compensation plans provide for the granting of stock options, and restricted stock. The fair values of stock options are estimated at the date of grant using the Black-Scholes-Merton option valuation model. The use of the Black-Scholes-Merton option valuation model requires the input of subjective assumptions. Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related share-based compensation award. Forfeitures are estimated based on the Company's historical experience. The fair value of restricted stock awards is determined based on the market value of the Company’s shares on the grant date and the compensation expense is recognized on a straight-line basis during the service period of the respective grant. | ||||||||||||||||
Financial Derivatives | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
In the course of normal operations, the Company occasionally enters into contracts such as forward priced physical contracts for the purchase of raw materials that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Company does not engage in speculative transactions, nor does the Company hold or issue financial instruments for trading purposes. | ||||||||||||||||
Revenue Recognition | ' | |||||||||||||||
Revenue Recognition | ||||||||||||||||
We recognize revenues from sales of products when title and risk of ownership pass to the customer. Final sales prices are fixed and based on purchase orders. Sales allowances and customer incentives are treated as reductions to sales and are provided for based on historical experiences and current estimates. Sales of our products are moderately seasonal with the peak period being July - November of each year. | ||||||||||||||||
In addition, the Company presents revenues net of sales tax and net of certain payments to our independent manufacturer representatives (“Representatives”). Representatives are national companies that are in the business of providing HVAC units and other related products and services to customers. The end user customer orders a bundled group of products and services from the Representative and expects the Representative to fulfill the order. Only after the specifications are agreed to by the Representative and the customer, and the decision is made to use an AAON HVAC unit, will we receive notice of the order. We establish the amount we must receive for our HVAC unit (“minimum sales price”), but do not control the total order price which is negotiated by the Representative with the end user customer. | ||||||||||||||||
We are responsible for billings and collections resulting from all sales transactions, including those initiated by our Representatives. The Representatives submit the total order price to us for invoicing and collection. The total order price includes our minimum sales price and an additional amount which may include both the Representatives’ fee and amounts due for additional products and services required by the customer. These additional products and services may include controls purchased from another manufacturer to operate the unit, start-up services, and curbs for supporting the unit (“Third Party Products”). All are associated with the purchase of a HVAC unit but may be provided by the Representative or another third party. The Company is under no obligation related to Third Party Products. | ||||||||||||||||
The Representatives’ fee and Third Party Products amounts (“Due to Representatives”) are paid only after all amounts associated with the order are collected from the customer. The Due to Representatives amount is paid only after all amounts associated with the order are collected from the customer. The amount of payments to our representatives was $63.0 million, $57.1 million, and $51.6 million for each of the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
The Company also sells extended warranties on parts for various lengths of time ranging from six months to ten years. Revenue for these separately priced warranties is deferred and recognized on a straight-line basis over the separately priced warranty period. | ||||||||||||||||
Insurance Reserves | ' | |||||||||||||||
Insurance Reserves | ||||||||||||||||
Under the Company’s insurance programs, coverage is obtained for significant liability limits as well as those risks required to be insured by law or contract. It is the policy of the Company to self-insure a portion of certain expected losses related primarily to workers’ compensation and medical liability. Provisions for losses expected under these programs are recorded based on the Company’s estimates of the aggregate liabilities for the claims incurred. | ||||||||||||||||
Product Warranties | ' | |||||||||||||||
Product Warranties | ||||||||||||||||
A provision is made for the estimated cost of maintaining product warranties to customers at the time the product is sold based upon historical claims experience by product line. The Company records a liability and an expense for estimated future warranty claims based upon historical experience and management's estimate of the level of future claims. Changes in the estimated amounts recognized in prior years are recorded as an adjustment to the liability and expense in the current year. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because these estimates and assumptions require significant judgment, future actual results could differ from those estimates and could have a significant impact on our results of operations, financial position and cash flows. We reevaluate our estimates and assumptions on a monthly basis. The most significant estimates include the allowance for doubtful accounts, inventory reserves, warranty accrual, workers compensation accrual, medical insurance accrual, share-based compensation and income taxes. Actual results could differ materially from those estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Amortized Cost and Estimated Fair Value of Investments Held to Maturity | ' | |||||||||||||||
The following summarizes the amortized cost and estimated fair value of our investments held to maturity at December 31, 2013 and December 31, 2012: | ||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gain | (Loss) | |||||||||||||||
December 31, 2013: | (in thousands) | |||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 16,040 | $ | 11 | $ | — | $ | 16,051 | ||||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 10,981 | 7 | — | 10,988 | ||||||||||||
Total | $ | 27,021 | $ | 18 | $ | — | $ | 27,039 | ||||||||
December 31, 2012: | ||||||||||||||||
Current assets: | ||||||||||||||||
Investments held to maturity | $ | 2,832 | $ | — | $ | (1 | ) | $ | 2,831 | |||||||
Non current assets: | ||||||||||||||||
Investments held to maturity | 8,041 | — | (9 | ) | 8,032 | |||||||||||
Total | $ | 10,873 | $ | — | $ | (10 | ) | $ | 10,863 | |||||||
Estimated Useful Lives | ' | |||||||||||||||
Depreciation is computed using the straight-line method over the following estimated useful lives: | ||||||||||||||||
Buildings | 3-40 years | |||||||||||||||
Machinery and equipment | 3-15 years | |||||||||||||||
Furniture and fixtures | 3-7 years |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Receivables [Abstract] | ' | |||||||||||
Accounts Receivable | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Accounts receivable | $ | 39,256 | $ | 43,918 | ||||||||
Less: Allowance for doubtful accounts | (193 | ) | (52 | ) | ||||||||
Total, net | $ | 39,063 | $ | 43,866 | ||||||||
Accounts Receivable (Allowance) | ' | |||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Allowance for doubtful accounts: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 52 | $ | 268 | $ | 600 | ||||||
Provisions for losses on accounts receivables, net of adjustments | 141 | (83 | ) | (289 | ) | |||||||
Accounts receivable written off, net of recoveries | — | (133 | ) | (43 | ) | |||||||
Balance, end of period | $ | 193 | $ | 52 | $ | 268 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Raw materials | $ | 28,592 | $ | 28,155 | ||||||||
Work in process | 2,286 | 2,757 | ||||||||||
Finished goods | 1,841 | 2,065 | ||||||||||
32,719 | 32,977 | |||||||||||
Less: Allowance for excess and obsolete inventories | (579 | ) | (363 | ) | ||||||||
Total, net | $ | 32,140 | $ | 32,614 | ||||||||
Inventories (Allowance) | ' | |||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Allowance for excess and obsolete inventories: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 363 | $ | 300 | $ | 350 | ||||||
Provisions for excess and obsolete inventories | 243 | 63 | (50 | ) | ||||||||
Inventories written off | (27 | ) | — | — | ||||||||
Balance, end of period | $ | 579 | $ | 363 | $ | 300 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Supplemental disclosures: | (in thousands) | |||||||||||
Interest paid | $ | 1 | $ | 44 | $ | 277 | ||||||
Income taxes paid, net | 19,884 | 15,128 | 6,377 | |||||||||
Non-cash investing and financing activities: | ||||||||||||
Non-cash capital expenditures | 71 | (3,670 | ) | 3,852 | ||||||||
Trade-in of equipment | 315 | 300 | 1,802 | |||||||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Guarantees [Abstract] | ' | |||||||||||
Warranty | ' | |||||||||||
Changes in the warranty accrual are as follows: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Warranty accrual: | (in thousands) | |||||||||||
Balance, beginning of period | $ | 5,776 | $ | 6,093 | $ | 7,300 | ||||||
Payments made | (4,448 | ) | (3,861 | ) | (5,387 | ) | ||||||
Provisions | 6,005 | 3,304 | 5,146 | |||||||||
Adjustments related to changes in estimates | 19 | 240 | (966 | ) | ||||||||
Balance, end of period | $ | 7,352 | $ | 5,776 | $ | 6,093 | ||||||
Warranty expense: | $ | 6,024 | $ | 3,545 | $ | 4,180 | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
At December 31, accrued liabilities were comprised of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Warranty | $ | 7,352 | $ | 5,776 | ||||
Due to representatives | 9,480 | 9,439 | ||||||
Payroll | 4,448 | 2,515 | ||||||
Profit sharing | 1,389 | 1,337 | ||||||
Workers' compensation | 665 | 928 | ||||||
Medical self-insurance | 353 | 420 | ||||||
Customer prepayments | 2,077 | 3,933 | ||||||
Employee benefits and other | 2,786 | 2,230 | ||||||
Total | $ | 28,550 | $ | 26,578 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision for Income Taxes | ' | |||||||||||
The provision for income taxes consists of the following: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Current | $ | 20,341 | $ | 18,896 | $ | (2,595 | ) | |||||
Deferred | (1,594 | ) | (2,028 | ) | 10,122 | |||||||
$ | 18,747 | $ | 16,868 | $ | 7,527 | |||||||
Federal Statutory Income Tax Rate Reconciliation | ' | |||||||||||
The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: | ||||||||||||
Years Ending December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 4 | % | 5 | % | 4 | % | ||||||
Domestic manufacturing deduction | (4 | )% | (3 | )% | — | % | ||||||
Other | (2 | )% | 1 | % | (4 | )% | ||||||
33 | % | 38 | % | 35 | % | |||||||
Deferred Tax Assets and Liabilities | ' | |||||||||||
The significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands) | ||||||||||||
Net current deferred assets and (liabilities) relating to: | ||||||||||||
Valuation reserves | $ | 304 | $ | 164 | ||||||||
Warranty accrual | 2,901 | 2,287 | ||||||||||
Other accruals | 1,420 | 1,996 | ||||||||||
Other, net | 154 | 46 | ||||||||||
$ | 4,779 | $ | 4,493 | |||||||||
Net long-term deferred assets and (liabilities) relating to: | ||||||||||||
Depreciation | $ | (14,843 | ) | $ | (16,659 | ) | ||||||
Share-based compensation | 692 | 653 | ||||||||||
Other, net | (273 | ) | 274 | |||||||||
$ | (14,424 | ) | $ | (15,732 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of Stock Option Assumptions | ' | |||||||||||||
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during December 31, 2013, 2012 and 2011 using a Black Scholes-Merton Model: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Director and Officers: | ||||||||||||||
Expected dividend yield | 1.19 | % | 1.22 | % | N/A | |||||||||
Expected volatility | 47.08 | % | 47.54 | % | N/A | |||||||||
Risk-free interest rate | 1.55 | % | 1.19 | % | N/A | |||||||||
Expected life (in years) | 7 | 7 | N/A | |||||||||||
Employees: | ||||||||||||||
Expected dividend yield | 1.14 | % | 1.22 | % | 1.19 | % | ||||||||
Expected volatility | 45.92 | % | 45.99 | % | 45.22 | % | ||||||||
Risk-free interest rate | 1.4 | % | 1.19 | % | 1.41 | % | ||||||||
Expected life (in years) | 8 | 8 | 8 | |||||||||||
Summary of Stock Options Outstanding | ' | |||||||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2013: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.81 - 10.34 | 281,335 | 4.09 | $ | 7.28 | $ | 6,941 | ||||||||
$10.70 - 12.25 | 42,150 | 7.45 | 10.86 | 889 | ||||||||||
$12.98 - 14.01 | 65,258 | 8.38 | 12.98 | 1,238 | ||||||||||
Total | 388,743 | 5.17 | $ | 8.62 | $ | 9,068 | ||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2012: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.81 - 6.47 | 99,525 | 2.86 | $ | 5.36 | $ | 851 | ||||||||
$6.81 - 8.65 | 202,575 | 5.22 | 7.19 | 1,362 | ||||||||||
$9.13 - 12.20 | 75,150 | 7.86 | 10.42 | 263 | ||||||||||
Total | 377,250 | 5.12 | $ | 7.35 | $ | 2,476 | ||||||||
The following is a summary of stock options vested and exercisable as of December 31, 2011: | ||||||||||||||
Weighted | Weighted | |||||||||||||
Average | ||||||||||||||
Range of | Number | Remaining | Average | |||||||||||
Exercise | of | Contractual | Exercise | Intrinsic | ||||||||||
Prices | Shares | Life | Price | Value | ||||||||||
(in thousands) | ||||||||||||||
$4.30 - 4.81 | 122,775 | 2.42 | $ | 4.61 | $ | 1,111 | ||||||||
$5.02 - 7.11 | 230,850 | 5 | 6.37 | 1,682 | ||||||||||
$7.17 - 9.19 | 171,300 | 5.13 | 8.08 | 957 | ||||||||||
$10.34 - 12.20 | 24,300 | 8.5 | 10.61 | 74 | ||||||||||
Total | 549,225 | 4.62 | $ | 6.7 | $ | 3,824 | ||||||||
Summary of Stock Option Activity | ' | |||||||||||||
A summary of option activity under the plan is as follows: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Exercise | ||||||||||||||
Options | Shares | Price | ||||||||||||
Outstanding at December 31, 2012 | 1,115,513 | $ | 10.15 | |||||||||||
Granted | 47,500 | 17.7 | ||||||||||||
Exercised | (180,935 | ) | 8.11 | |||||||||||
Forfeited or Expired | (50,025 | ) | 11.82 | |||||||||||
Outstanding at December 31, 2013 | 932,053 | $ | 10.84 | |||||||||||
Exercisable at December 31, 2013 | 388,743 | $ | 8.62 | |||||||||||
Summary of Unvested Restricted Stock Awards | ' | |||||||||||||
A summary of the unvested restricted stock awards is as follows: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant date | ||||||||||||||
Restricted stock | Shares | Fair Value | ||||||||||||
Unvested at December 31, 2012 | 96,116 | $ | 12.11 | |||||||||||
Granted | 98,429 | 23.42 | ||||||||||||
Vested | (35,876 | ) | 12.17 | |||||||||||
Forfeited | (1,315 | ) | 13.95 | |||||||||||
Unvested at December 31, 2013 | 157,354 | $ | 19.16 | |||||||||||
Summary of Grant Date Fair Value of Awards During Period | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Grant date fair value of awards during the period: | (in thousands) | |||||||||||||
Options | $ | 841 | $ | 2,569 | $ | 632 | ||||||||
Restricted stock | 2,306 | 830 | 325 | |||||||||||
Total | $ | 3,147 | $ | 3,399 | $ | 957 | ||||||||
Summary of Share-Based Compensation Expense | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Share-based compensation expense: | (in thousands) | |||||||||||||
Options | $ | 1,170 | $ | 958 | $ | 389 | ||||||||
Restricted stock | 593 | 336 | 291 | |||||||||||
Total | $ | 1,763 | $ | 1,294 | $ | 680 | ||||||||
Summary of Income Tax Benefit Related to Share-Based Compensation | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Income tax benefit related to share-based compensation: | (in thousands) | |||||||||||||
Options | $ | 715 | $ | 370 | $ | 154 | ||||||||
Restricted stock | 128 | 23 | 57 | |||||||||||
Total | $ | 843 | $ | 393 | $ | 211 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share Table | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | (in thousands, except share and per share data) | |||||||||||
Net income | $ | 37,547 | $ | 27,449 | $ | 13,986 | ||||||
Denominator: | ||||||||||||
Basic weighted average shares* | 36,746,100 | 36,825,170 | 37,034,778 | |||||||||
Effect of dilutive stock options and restricted stock* | 312,154 | 223,656 | 286,941 | |||||||||
Diluted weighted average shares* | 37,058,254 | 37,048,826 | 37,321,719 | |||||||||
Earnings per share: | ||||||||||||
Basic* | $ | 1.02 | $ | 0.75 | $ | 0.38 | ||||||
Dilutive* | $ | 1.01 | $ | 0.74 | $ | 0.37 | ||||||
Anti-dilutive shares: | ||||||||||||
Shares* | 137,509 | 619,913 | 256,875 | |||||||||
*Reflects three-for-two stock split effective July 2, 2013 |
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations | ' | |||||||||||||||
The following is a summary of the quarterly results of operations for the years ending December 31, 2013 and 2012: | ||||||||||||||||
Quarter | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 66,833 | $ | 91,241 | $ | 89,690 | $ | 73,376 | ||||||||
Gross profit | 15,312 | 27,676 | 26,616 | 20,188 | ||||||||||||
Net income | 7,140 | 12,119 | 10,522 | 7,766 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic* | $ | 0.19 | $ | 0.33 | $ | 0.29 | $ | 0.21 | ||||||||
Diluted* | $ | 0.19 | $ | 0.33 | $ | 0.28 | $ | 0.21 | ||||||||
2012 | ||||||||||||||||
Net sales | $ | 64,957 | $ | 83,333 | $ | 76,816 | $ | 78,008 | ||||||||
Gross profit | 13,518 | 21,103 | 17,149 | 18,729 | ||||||||||||
Net income | 4,567 | 9,297 | 6,007 | 7,578 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic* | $ | 0.13 | $ | 0.25 | $ | 0.16 | $ | 0.21 | ||||||||
Diluted* | $ | 0.12 | $ | 0.25 | $ | 0.16 | $ | 0.21 | ||||||||
*Reflects three-for-two stock split effective July 2, 2013 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Accounting Policies [Line Items] | ' | ' | ' |
Investments in certificates of deposit | $10,700,000 | $5,200,000 | ' |
Certificates of deposit interest rate, lower range | 0.15% | ' | ' |
Certificates of deposit interest rate, upper range | 0.90% | ' | ' |
Investments held to maturity | 27,021,000 | 10,873,000 | ' |
Foreign sales percentage of revenue | 5.00% | 5.00% | 5.00% |
Research and development costs | 5,200,000 | 3,600,000 | 4,800,000 |
Advertising expense | 900,000 | 900,000 | 1,200,000 |
Shipping and handling fees | 7,900,000 | 8,600,000 | 8,700,000 |
Payments to representatives | $63,000,000 | $57,100,000 | $51,600,000 |
Accounting for More Than 10% of Sales | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' |
Number of major customers | 0 | 0 | 0 |
Accounting for More Than 5% of Accounts Receivable | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' |
Number of major customers | 1 | 1 | ' |
Concentration risk, percentage | ' | 12.00% | ' |
Minimum | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' |
Certificates of deposit maturity dates | '1 month | ' | ' |
Investments maturity date | '1 month | ' | ' |
Maximum | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' |
Certificates of deposit maturity dates | '15 months | ' | ' |
Investments maturity date | '16 months | ' | ' |
Summary_of_Investments_Held_to
Summary of Investments Held to Maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Amortized cost, investments held to maturity, current | $16,040 | $2,832 |
Gross unrealized gain, investments held to maturity, current | 11 | 0 |
Gross unrealized loss, investments held to maturity, current | 0 | -1 |
Fair value, investments held to maturity, current | 16,051 | 2,831 |
Amortized cost, investments held to maturity, noncurrent | 10,981 | 8,041 |
Held To Maturity Securities Unrecognized Holding Gain On Noncurrent Portion | 7 | 0 |
Gross unrealized loss, investments held to maturity, noncurrent | 0 | -9 |
Fair value, investments held to maturity, noncurrent | 10,988 | 8,032 |
Amortized cost, investments held to maturity, total | 27,021 | 10,873 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gains | 18 | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | 0 | -10 |
Held-to-maturity Securities, Fair Value | $27,039 | $10,863 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Buildings | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '15 years |
Furniture and Fixtures | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Furniture and Fixtures | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $39,256 | $43,918 |
Less: Allowance for doubtful accounts | -193 | -52 |
Total, net | $39,063 | $43,866 |
Accounts_Receivable_Allowance_
Accounts Receivable (Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts: | ' | ' | ' |
Balance, beginning of period | $52 | $268 | $600 |
Provisions for losses on accounts receivables, net of adjustments | 141 | -83 | -289 |
Accounts receivable written off, net of recoveries | 0 | -133 | -43 |
Balance, end of period | $193 | $52 | $268 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ' | ' | ' | ' |
Raw materials | $28,592 | $28,155 | ' | ' |
Work in process | 2,286 | 2,757 | ' | ' |
Finished goods | 1,841 | 2,065 | ' | ' |
Inventory, gross | 32,719 | 32,977 | ' | ' |
Less: Allowance for excess and obsolete inventories | -579 | -363 | -300 | -350 |
Total, net | $32,140 | $32,614 | ' | ' |
Inventories_Allowance_Details
Inventories (Allowance) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for excess and obsolete inventories: | ' | ' | ' |
Balance, beginning of period | $363 | $300 | $350 |
Provisions for excess and obsolete inventories | 243 | 63 | -50 |
Inventories written off | -27 | 0 | 0 |
Balance, end of period | $579 | $363 | $300 |
Note_Receivable_Details
Note Receivable (Details) (USD $) | 1 Months Ended | ||
Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note Receivable [Abstract] | ' | ' | ' |
Note receivable | $1,100,000 | $919,000 | $1,091,000 |
Interest rate | 4.00% | ' | ' |
Balloon payment on note receivable | $600,000 | ' | ' |
Balloon payment due date | 'October 2025 | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental disclosures: | ' | ' | ' |
Interest paid | $1 | $44 | $277 |
Income taxes paid, net | 19,884 | 15,128 | 6,377 |
Non-cash investing and financing activities: | ' | ' | ' |
Non-cash capital expenditures | 71 | -3,670 | 3,852 |
Trade-in of equipment | $315 | $300 | $1,802 |
Warranties_Details
Warranties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Warranty accrual: | ' | ' | ' |
Balance, beginning of period | $5,776 | $6,093 | $7,300 |
Payments made | -4,448 | -3,861 | -5,387 |
Provisions | 6,005 | 3,304 | 5,146 |
Adjustments related to changes in estimates | 19 | 240 | -966 |
Balance, end of period | 7,352 | 5,776 | 6,093 |
Warranty expense | $6,024 | $3,545 | $4,180 |
Warranties_Details_Narrative
Warranties (Details Narrative) | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees [Abstract] | ' |
Product warranty accrual, minimum length | '18 months |
Product warranty accrual, maximum length | '25 years |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Warranty | $7,352 | $5,776 |
Due to representatives | 9,480 | 9,439 |
Payroll | 4,448 | 2,515 |
Profit sharing | 1,389 | 1,337 |
Workers' compensation | 665 | 928 |
Medical self-insurance | 353 | 420 |
Customer prepayments | 2,077 | 3,933 |
Employee benefits and other | 2,786 | 2,230 |
Total | $28,550 | $26,578 |
Revolving_Credit_Facility_Deta
Revolving Credit Facility (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 06, 2014 | Dec. 31, 2013 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Subsequent Event [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' |
Credit facility maximum borrowings | ' | $30,000,000 | ' | ' | ' |
Standby letter of credit | ' | 900,000 | ' | 800,000 | ' |
Borrowings available under the revolving credit facility | ' | 29,100,000 | ' | ' | ' |
Frequency of periodic payments | ' | 'monthly | ' | ' | ' |
Stated percentage | ' | ' | ' | ' | 2.50% |
Fees associated with unused portion of committed amount | ' | 0 | ' | ' | ' |
Borrowings outstanding under revolving credit facility | ' | 0 | 0 | ' | ' |
Weighted average interest rate | ' | 2.70% | 2.80% | ' | ' |
Actual net worth for compliance | 164,100,000 | ' | ' | ' | ' |
Minimum net worth required for compliance | 95,000,000 | ' | ' | ' | ' |
Ratio of total liability to net worth | 0.3 | ' | ' | ' | ' |
Maximum ratio of total liability to net worth for compliance | 2 | ' | ' | ' | ' |
Actual working capital for compliance | 77,300,000 | ' | ' | ' | ' |
Minimum working capital for compliance | $40,000,000 | ' | ' | ' | ' |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investment Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income tax provision | $18,747,000 | $16,868,000 | $7,527,000 | ($600,000) | $200,000 |
Net operating loss carryforward | ' | ' | 4,600,000 | ' | ' |
Anticipated tax credit under American Taxpayer Relief Act of 2012 | $500,000 | ' | ' | ' | ' |
Overall effective tax rate under American Taxpayer Relief Act of 2012 | ' | 35.50% | ' | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $20,341 | $18,896 | ($2,595) |
Deferred | -1,594 | -2,028 | 10,122 |
Total | $18,747 | $16,868 | $7,527 |
Income_Taxes_Federal_Statutory
Income Taxes - Federal Statutory Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 4.00% | 5.00% | 4.00% |
Domestic manufacturing deduction | -4.00% | -3.00% | 0.00% |
Other | -2.00% | 1.00% | -4.00% |
Total | 33.00% | 38.00% | 35.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net current deferred assets and (liabilities) relating to: | ' | ' |
Valuation reserves | $304 | $164 |
Warranty accrual | 2,901 | 2,287 |
Other accruals | 1,420 | 1,996 |
Other, net | 154 | 46 |
Total | 4,779 | 4,493 |
Net long-term deferred assets and (liabilities) relating to: | ' | ' |
Depreciation | -14,843 | -16,659 |
Share-based compensation | 692 | 653 |
Other, net | -273 | 274 |
Total | ($14,424) | ($15,732) |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Assumptions (Details) (2007 Long-Term Incentive Plan) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Director and Officers [Member] | ' | ' | ' |
Expected dividend yield | 1.19% | 1.22% | ' |
Expected volatility | 47.08% | 47.54% | ' |
Risk-free interest rate | 1.55% | 1.19% | ' |
Expected life (in years) | '7 years | '7 years | ' |
Employees | ' | ' | ' |
Expected dividend yield | 1.14% | 1.22% | 1.19% |
Expected volatility | 45.92% | 45.99% | 45.22% |
Risk-free interest rate | 1.40% | 1.19% | 1.41% |
Expected life (in years) | '8 years | '8 years | '8 years |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Stock Options Outstanding (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of shares vested and exercisable | 388,743 | 377,250 | 549,225 |
Options vested and exercisable weighted average remaining contractual life | '5 years 2 months 1 day | '5 years 1 month 13 days | '4 years 7 months 13 days |
Options vested and exercisable weighted average exercise price | $8.62 | $7.35 | $6.70 |
Options vested and exercisable intrinsic value | $9,068 | $2,476 | $3,824 |
$4.81 - 10.34 | ' | ' | ' |
Range of exercise prices, lower range | $4.81 | ' | ' |
Range of exercise prices, upper range | $10.34 | ' | ' |
Number of shares vested and exercisable | 281,335 | ' | ' |
Options vested and exercisable weighted average remaining contractual life | '4 years 1 month 2 days | ' | ' |
Options vested and exercisable weighted average exercise price | $7.28 | ' | ' |
Options vested and exercisable intrinsic value | 6,941 | ' | ' |
$10.70 - 12.25 | ' | ' | ' |
Range of exercise prices, lower range | $10.70 | ' | ' |
Range of exercise prices, upper range | $12.25 | ' | ' |
Number of shares vested and exercisable | 42,150 | ' | ' |
Options vested and exercisable weighted average remaining contractual life | '7 years 5 months 12 days | ' | ' |
Options vested and exercisable weighted average exercise price | $10.86 | ' | ' |
Options vested and exercisable intrinsic value | 889 | ' | ' |
$12.98 - 14.01 | ' | ' | ' |
Range of exercise prices, lower range | $12.98 | ' | ' |
Range of exercise prices, upper range | $14.01 | ' | ' |
Number of shares vested and exercisable | 65,258 | ' | ' |
Options vested and exercisable weighted average remaining contractual life | '8 years 4 months 17 days | ' | ' |
Options vested and exercisable weighted average exercise price | $12.98 | ' | ' |
Options vested and exercisable intrinsic value | 1,238 | ' | ' |
$4.81 - 6.47 | ' | ' | ' |
Range of exercise prices, lower range | ' | $4.81 | ' |
Range of exercise prices, upper range | ' | $6.47 | ' |
Number of shares vested and exercisable | ' | 99,525 | ' |
Options vested and exercisable weighted average remaining contractual life | ' | '2 years 10 months 10 days | ' |
Options vested and exercisable weighted average exercise price | ' | $5.36 | ' |
Options vested and exercisable intrinsic value | ' | 851 | ' |
$6.81 - 8.65 | ' | ' | ' |
Range of exercise prices, lower range | ' | $6.81 | ' |
Range of exercise prices, upper range | ' | $8.65 | ' |
Number of shares vested and exercisable | ' | 202,575 | ' |
Options vested and exercisable weighted average remaining contractual life | ' | '5 years 2 months 19 days | ' |
Options vested and exercisable weighted average exercise price | ' | $7.19 | ' |
Options vested and exercisable intrinsic value | ' | 1,362 | ' |
$9.13 - 12.20 | ' | ' | ' |
Range of exercise prices, lower range | ' | $9.13 | ' |
Range of exercise prices, upper range | ' | $12.20 | ' |
Number of shares vested and exercisable | ' | 75,150 | ' |
Options vested and exercisable weighted average remaining contractual life | ' | '7 years 10 months 10 days | ' |
Options vested and exercisable weighted average exercise price | ' | $10.42 | ' |
Options vested and exercisable intrinsic value | ' | 263 | ' |
$4.30 - 4.81 | ' | ' | ' |
Range of exercise prices, lower range | ' | ' | $4.30 |
Range of exercise prices, upper range | ' | ' | $4.81 |
Number of shares vested and exercisable | ' | ' | 122,775 |
Options vested and exercisable weighted average remaining contractual life | ' | ' | '2 years 5 months 1 day |
Options vested and exercisable weighted average exercise price | ' | ' | $4.61 |
Options vested and exercisable intrinsic value | ' | ' | 1,111 |
$5.02 - 7.11 | ' | ' | ' |
Range of exercise prices, lower range | ' | ' | $5.02 |
Range of exercise prices, upper range | ' | ' | $7.11 |
Number of shares vested and exercisable | ' | ' | 230,850 |
Options vested and exercisable weighted average remaining contractual life | ' | ' | '5 years |
Options vested and exercisable weighted average exercise price | ' | ' | $6.37 |
Options vested and exercisable intrinsic value | ' | ' | 1,682 |
$7.17 - 9.19 | ' | ' | ' |
Range of exercise prices, lower range | ' | ' | $7.17 |
Range of exercise prices, upper range | ' | ' | $9.19 |
Number of shares vested and exercisable | ' | ' | 171,300 |
Options vested and exercisable weighted average remaining contractual life | ' | ' | '5 years 1 month 17 days |
Options vested and exercisable weighted average exercise price | ' | ' | $8.08 |
Options vested and exercisable intrinsic value | ' | ' | 957 |
$10.34 - 12.20 | ' | ' | ' |
Range of exercise prices, lower range | ' | ' | $10.34 |
Range of exercise prices, upper range | ' | ' | $12.20 |
Number of shares vested and exercisable | ' | ' | 24,300 |
Options vested and exercisable weighted average remaining contractual life | ' | ' | '8 years 6 months |
Options vested and exercisable weighted average exercise price | ' | ' | $10.61 |
Options vested and exercisable intrinsic value | ' | ' | $74 |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Stock Option Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Shares | ' |
Outstanding, beginning of period (in shares) | 1,115,513 |
Granted (in shares) | 47,500 |
Exercised (in shares) | -180,935 |
Forfeited or Expired (in shares) | -50,025 |
Outstanding, end of period (in shares) | 932,053 |
Exercisable, end of period (in shares) | 388,743 |
Weighted Average Exercise Price | ' |
Outstanding, beginning of period (weighted average exercise price) | $10.15 |
Granted (weighted average exercise price) | $17.70 |
Exercised (weighted average exercise price) | $8.11 |
Forfeited or Expired (weighted average exercise price) | $11.82 |
Outstanding, end of period (weighted average exercise price) | $10.84 |
Exercisable, end of period (weighted average exercise price) | $8.62 |
ShareBased_Compensation_Summar3
Share-Based Compensation - Summary of Unvested Restricted Stock Awards (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested, beginning of period (in shares) | 96,116 |
Granted (in shares) | 98,429 |
Vested (in shares) | -35,876 |
Forfeited (in shares) | -1,315 |
Unvested, end of period (in shares) | 157,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Unvested, beginning of period (weighted average grant date fair value) | $12.11 |
Granted (weighted average grant date fair value) | $23.42 |
Vested (weighted average grant date fair value) | $12.17 |
Forfeited (weighted average grant date fair value) | $13.95 |
Unvested, end of period (weighted average grant date fair value) | $19.16 |
ShareBased_Compensation_Summar4
Share-Based Compensation - Summary of Grant Date Fair Value of Awards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Options | $841 | $2,569 | $632 |
Restricted stock | 2,306 | 830 | 325 |
Total | $3,147 | $3,399 | $957 |
ShareBased_Compensation_Summar5
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Options | $1,170 | $958 | $389 |
Restricted stock | 593 | 336 | 291 |
Total | $1,763 | $1,294 | $680 |
ShareBased_Compensation_Summar6
Share-Based Compensation - Summary of Income Tax Benefit Related to Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Options | $715 | $370 | $154 |
Restricted stock | 128 | 23 | 57 |
Total | $843 | $393 | $211 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details Narrative) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of options exercised during period | $2.70 | $4 | $1.10 |
Cash received from options exercised during period | 1.5 | 2 | 0.5 |
Unrecognized pre-tax compensation cost | 1.4 | ' | ' |
Weighted average recognition period (in years) | '2 years 1 month 2 days | ' | ' |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, exercisable period | '2 years | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, exercisable period | '10 years | ' | ' |
All Other Options Granted [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual vesting, percentage | 20.00% | ' | ' |
Director [Member] | Options Granted Prior to May 25, 2004 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, exercisable period | '9 years | ' | ' |
Vesting period | '1 year | ' | ' |
Director [Member] | Options Granted on or after May 25, 2004 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual vesting, percentage | 33.33% | ' | ' |
1992 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock authorized to be issued under plan (in shares) | 9,900,000 | ' | ' |
Exercise price of shares granted may not be less than fair market value (percentage) | 85.00% | ' | ' |
2007 Long-Term Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock authorized to be issued under plan (in shares) | 1,687,500 | ' | ' |
Exercise price of shares granted may not be less than fair market value (percentage) | 100.00% | ' | ' |
Vesting term | 'Since inception of the LTIP, non-qualified stock options and restricted stock awards have been granted with the same vesting schedule as the previous plan.B B | ' | ' |
Restricted Stock [Member] | Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual vesting, percentage | 33.33% | ' | ' |
Restricted Stock [Member] | 2007 Long-Term Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual vesting, percentage | 20.00% | ' | ' |
Unrecognized pre-tax compensation cost | $1.60 | ' | ' |
Weighted average recognition period (in years) | '2 years 5 months 23 days | ' | ' |
Employee_Benefits_Details_Narr
Employee Benefits (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Company 401K plan contribution (percentage) | 1.50% | 6.00% | ' | ' | ' |
Employee salary deferral contributions percentage vested | ' | ' | 100.00% | ' | ' |
Employer contribution annual vesting percentage | ' | ' | 20.00% | ' | ' |
Employer matching contribution, percent of match | ' | 100.00% | ' | ' | ' |
Maximum annual contributions per employee, percent | ' | 6.00% | ' | ' | ' |
Employer contribution vesting period | ' | ' | 'years two through six of employment | ' | ' |
Employer matching contributions | ' | ' | $3 | $2.40 | $2.20 |
Administrative expenses | ' | ' | 0.2 | 0.1 | 0.1 |
Profits sharing, percent of pre-tax profit paid to eligible employees on quarterly basis | ' | ' | 10.00% | ' | ' |
Profit sharing expense | ' | ' | $6.40 | $4.90 | $2.40 |
Amended Plan | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Company 401K plan contribution (percentage) | ' | 3.00% | ' | ' | ' |
Amended Plan | Over Two Years | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Company 401K plan contribution (percentage) | ' | 3.00% | ' | ' | ' |
Shareholders_Equity_Details_Na
Shareholders' Equity (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 43 Months Ended | 102 Months Ended | 86 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 07, 2012 | Nov. 06, 2013 | 21-May-13 | Nov. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Special Dividend | Regular Semi-Annual Dividend | Regular Semi-Annual Dividend | Regular Semi-Annual Dividend | 2010 Stock Repurchase Program | 2010 Stock Repurchase Program | 2005 401(k) Stock Repurchase Program | 2006 Director and Officer Repurchase Program | ||||||||
Schedule of Shareholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock repurchased during period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,100,000 | 3,100,000 | 1,200,000 | |||
Aggregate price of shares repurchased since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.50 | $31.10 | $13.20 | |||
Average price of shares repurchased since inception (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.69 | $10.10 | $11.22 | |||
Stock repurchase program authorized percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | |||
Stock repurchase program amount authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | |||
Dividends declared (per share) | ' | $0.20 | [1] | $0.24 | [1],[2] | $0.16 | [1] | $0.08 | $0.10 | $0.10 | $0.08 | ' | ' | ' | ' |
Stock split, conversion ratio | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash dividends paid | ' | $7.40 | $8.80 | $5.90 | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Reflects three-for-two stock split effective July 2, 2013 | ||||||||||||||
[2] | Includes special dividend of $0.08 per common share paid on December 24, 2012. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | contract |
Commitments and Contingencies Disclosure [Abstract] | ' |
Number of contracts | 1 |
Contractual obligation | $1.40 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income | ' | $7,766 | $10,522 | $12,119 | $7,140 | $7,578 | $6,007 | $9,297 | $4,567 | $37,547 | $27,449 | $13,986 | |||||||||||
Basic weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,746,100 | [1] | 36,825,170 | [1] | 37,034,778 | [1] | ||||||||
Effect of dilutive stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312,154 | [1] | 223,656 | [1] | 286,941 | [1] | ||||||||
Diluted weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,058,254 | [1] | 37,048,826 | [1] | 37,321,719 | [1] | ||||||||
Basic (usd per share) | ' | $0.21 | [1] | $0.29 | [1] | $0.33 | [1] | $0.19 | [1] | $0.21 | [1] | $0.16 | [1] | $0.25 | [1] | $0.13 | [1] | $1.02 | [1] | $0.75 | [1] | $0.38 | [1] |
Diluted (usd per share) | ' | $0.21 | [1] | $0.28 | [1] | $0.33 | [1] | $0.19 | [1] | $0.21 | [1] | $0.16 | [1] | $0.25 | [1] | $0.12 | [1] | $1.01 | [1] | $0.74 | [1] | $0.37 | [1] |
Anti-dilutive shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,509 | [1] | 619,913 | [1] | 256,875 | [1] | ||||||||
Stock split, conversion ratio | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | Reflects three-for-two stock split effective July 2, 2013 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 02, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | $73,376 | $89,690 | $91,241 | $66,833 | $78,008 | $76,816 | $83,333 | $64,957 | $321,140 | $303,114 | $266,220 | |||||||||||
Gross profit | ' | 20,188 | 26,616 | 27,676 | 15,312 | 18,729 | 17,149 | 21,103 | 13,518 | 89,792 | 70,499 | 46,281 | |||||||||||
Net income | ' | $7,766 | $10,522 | $12,119 | $7,140 | $7,578 | $6,007 | $9,297 | $4,567 | $37,547 | $27,449 | $13,986 | |||||||||||
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (usd per share) | ' | $0.21 | [1] | $0.29 | [1] | $0.33 | [1] | $0.19 | [1] | $0.21 | [1] | $0.16 | [1] | $0.25 | [1] | $0.13 | [1] | $1.02 | [1] | $0.75 | [1] | $0.38 | [1] |
Diluted (usd per share) | ' | $0.21 | [1] | $0.28 | [1] | $0.33 | [1] | $0.19 | [1] | $0.21 | [1] | $0.16 | [1] | $0.25 | [1] | $0.12 | [1] | $1.01 | [1] | $0.74 | [1] | $0.37 | [1] |
Stock split, conversion ratio | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | Reflects three-for-two stock split effective July 2, 2013 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 06, 2014 |
plot | |
acre | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Plots of land acquired | 2 |
Area of land | 38 |
Payments to acquire land | $0.80 |