Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 27, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'WIRE | ' | ' |
Entity Registrant Name | 'ENCORE WIRE CORP | ' | ' |
Entity Central Index Key | '0000850460 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,712,402 | ' |
Entity Public Float | ' | ' | $555,222,440 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $36,778 | $33,883 |
Accounts receivable, net of allowance of $2,065 and $2,064 | 215,739 | 197,980 |
Inventories | 70,780 | 63,656 |
Income taxes receivable | ' | ' |
Deferred income taxes | 4,756 | 5,790 |
Prepaid expenses and other | 2,013 | 5,541 |
Total current assets | 330,066 | 306,850 |
Property, plant and equipment - at cost: | ' | ' |
Land and land improvements | 47,324 | 18,466 |
Construction-in-progress | 12,222 | 25,434 |
Buildings and improvements | 90,930 | 90,790 |
Machinery and equipment | 224,502 | 196,838 |
Furniture and fixtures | 8,564 | 8,426 |
Total property, plant and equipment | 383,542 | 339,954 |
Accumulated depreciation | -189,288 | -175,030 |
Property, plant and equipment - net | 194,254 | 164,924 |
Other assets | 1,506 | 693 |
Total assets | 525,826 | 472,467 |
Current liabilities: | ' | ' |
Trade accounts payable | 23,465 | 20,112 |
Accrued liabilities | 23,006 | 23,438 |
Income taxes payable | 1,447 | 1,807 |
Deferred income taxes | ' | ' |
Total current liabilities | 47,918 | 45,357 |
Noncurrent deferred income taxes | 21,327 | 16,946 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value: Authorized shares - 2,000,000; none issued | ' | ' |
Common stock, $.01 par value: Authorized shares - 40,000,000; Issued shares - 26,631,653 and 26,597,753 | 266 | 266 |
Additional paid-in capital | 49,459 | 48,298 |
Treasury stock, at cost - 5,934,651 and 5,934,651 shares | -88,134 | -88,134 |
Retained earnings | 494,990 | 449,734 |
Total stockholders' equity | 456,581 | 410,164 |
Total liabilities and stockholders' equity | $525,826 | $472,467 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts receivable | $2,065 | $2,064 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 26,631,653 | 26,597,753 |
Treasury stock, shares | 5,934,651 | 5,934,651 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $1,158,252 | $1,072,348 | $1,180,474 |
Cost of goods sold | 1,023,180 | 982,021 | 1,039,619 |
Gross profit | 135,072 | 90,327 | 140,855 |
Selling, general and administrative expenses | 64,453 | 60,981 | 64,577 |
Operating income | 70,619 | 29,346 | 76,278 |
Other (income) expense: | ' | ' | ' |
Interest and other income | -329 | -343 | -239 |
Interest expense | 265 | 313 | 322 |
Income before income taxes | 70,683 | 29,376 | 76,195 |
Provision for income taxes | 23,773 | 9,565 | 26,064 |
Net income | $46,910 | $19,811 | $50,131 |
Net income per common and common equivalent share - basic | $2.27 | $0.91 | $2.15 |
Weighted average common and common equivalent shares outstanding - basic | 20,676 | 21,680 | 23,300 |
Net income per common and common equivalent share - diluted | $2.26 | $0.91 | $2.14 |
Weighted average common and common equivalent shares outstanding - diluted | 20,764 | 21,732 | 23,410 |
Cash dividends declared per share | $0.08 | $0.08 | $0.08 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2010 | $407,377 | $264 | $45,040 | ($21,294) | $383,367 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 26,367,000 | ' | ' | ' |
Net income | 50,131 | ' | ' | ' | 50,131 |
Proceeds from exercise of stock options | 1,788 | 2 | 1,786 | ' | ' |
Proceeds from exercise of stock options, Shares | ' | 220,000 | ' | ' | ' |
Tax benefit on exercise of stock options | 100 | ' | 100 | ' | ' |
Stock-based compensation | 416 | ' | 416 | ' | ' |
Dividend declared-$0.08 per share | -1,867 | ' | ' | ' | -1,867 |
Purchase of treasury stock | -202 | ' | ' | -202 | ' |
Ending Balance at Dec. 31, 2011 | 457,743 | 266 | 47,342 | -21,496 | 431,631 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 26,587,000 | ' | ' | ' |
Net income | 19,811 | ' | ' | ' | 19,811 |
Proceeds from exercise of stock options | 198 | ' | 198 | ' | ' |
Proceeds from exercise of stock options, Shares | ' | 11,000 | ' | ' | ' |
Tax benefit on exercise of stock options | 12 | ' | 12 | ' | ' |
Stock-based compensation | 746 | ' | 746 | ' | ' |
Dividend declared-$0.08 per share | -1,708 | ' | ' | ' | -1,708 |
Purchase of treasury stock | -66,638 | ' | ' | -66,638 | ' |
Ending Balance at Dec. 31, 2012 | 410,164 | 266 | 48,298 | -88,134 | 449,734 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 26,598,000 | ' | ' | ' |
Net income | 46,910 | ' | ' | ' | 46,910 |
Proceeds from exercise of stock options | 622 | ' | 622 | ' | ' |
Proceeds from exercise of stock options, Shares | 33,900 | 34,000 | ' | ' | ' |
Tax benefit on exercise of stock options | 175 | ' | 175 | ' | ' |
Stock-based compensation | 364 | ' | 364 | ' | ' |
Dividend declared-$0.08 per share | -1,654 | ' | ' | ' | -1,654 |
Ending Balance at Dec. 31, 2013 | $456,581 | $266 | $49,459 | ($88,134) | $494,990 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 26,632,000 | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends declared per share | $0.08 | $0.08 | $0.08 |
Retained Earnings [Member] | ' | ' | ' |
Cash dividends declared per share | $0.08 | $0.08 | $0.08 |
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 | $46,910 | $19,811 | $50,131 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 14,788 | 14,280 | 13,728 |
Deferred income taxes | 5,415 | -6,085 | 9,980 |
Excess tax benefits of options exercised | -175 | -12 | -100 |
Stock-based compensation | 364 | 746 | 416 |
Provision for bad debts | ' | ' | ' |
Other | -604 | -91 | -596 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -17,760 | 1,424 | -9,002 |
Inventories | -7,124 | -165 | -21,387 |
Trade accounts payable and accrued liabilities | 2,921 | 3,617 | -16,104 |
Other assets and liabilities | 2,668 | -4,110 | -106 |
Current income taxes receivable / payable | -185 | 645 | -791 |
Net cash provided by (used in) operating activities | 47,218 | 30,060 | 26,169 |
Investing Activities | ' | ' | ' |
Purchases of property, plant and equipment | -44,505 | -40,301 | -25,007 |
Proceeds from sale of assets | 1,039 | 17 | 8,061 |
Net cash provided by (used in) investing activities | -43,466 | -40,284 | -16,946 |
Financing Activities | ' | ' | ' |
Purchase of treasury stock | ' | -66,638 | -202 |
Proceeds from issuance of common stock, net | 622 | 198 | 1,788 |
Dividends paid | -1,654 | -1,763 | -1,863 |
Excess tax benefits of options exercised | 175 | 12 | 100 |
Net cash provided by (used in) financing activities | -857 | -68,191 | -177 |
Net increase (decrease) in cash and cash equivalents | 2,895 | -78,415 | 9,046 |
Cash and cash equivalents at beginning of year | 33,883 | 112,298 | 103,252 |
Cash and cash equivalents at end of year | $36,778 | $33,883 | $112,298 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
1. Significant Accounting Policies | |||||||||||||
Business | |||||||||||||
The Company conducts its business in one segment – the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal clad and armored cable for use primarily as wiring in commercial and industrial buildings. The Company sells its products primarily through 31 manufacturers’ representatives located throughout the United States and, to a lesser extent, through its own direct marketing efforts. The principal customers for Encore’s building wire are wholesale electrical distributors. | |||||||||||||
Copper, a commodity product, is the principal raw material used in the Company’s manufacturing operations. Copper accounted for 77.6%, 79.0% and 86.1% of the cost of goods sold during 2013, 2012, and 2011, respectively. The price of copper fluctuates, depending on general economic conditions and in relation to supply and demand and other factors, and has caused monthly variations in the cost of copper purchased by the Company. The Company cannot predict future copper prices or the effect of fluctuations in the cost of copper on the Company’s future operating results. As the Company continues to expand its product offerings with aluminum wire, the cost of aluminum will impact the raw materials discussion contained in this paragraph and throughout this report. During 2013, aluminum rod used to draw into aluminum wire constituted 3.3% of cost of goods sold. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. Intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue from the sale of the Company’s products is recognized when goods are shipped to the customer, title and risk of loss are transferred, pricing is fixed or determinable and collection is reasonably assured. A provision for payment discounts and customer rebates is estimated based upon historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. | |||||||||||||
Freight Expenses | |||||||||||||
The Company classifies shipping and handling costs as a component of selling, general and administrative expenses. Shipping and handling costs were approximately $21.7 million, $20.1 million and $18.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain items are required to be measured at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: | |||||||||||||
Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. | |||||||||||||
Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | |||||||||||||
Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | |||||||||||||
At December 31, 2013 and 2012, the Company had no financial instruments that were required to be measured at fair value on a recurring basis. | |||||||||||||
At December 31, 2013 and 2012, the Company’s fair value of cash equivalents of $36.8 million and $33.9 million respectively, approximated carrying value due to the short maturity of these financial instruments. | |||||||||||||
Concentrations of Credit Risk and Accounts Receivable | |||||||||||||
Accounts receivable represent amounts due from customers (primarily wholesale electrical distributors, manufactured housing suppliers and retail home improvement centers) related to the sale of the Company’s products. Such receivables are uncollateralized and are generally due from a diverse group of customers located throughout the United States. The Company establishes an allowance for losses based upon the makeup of the current portfolio, past bad debt experience and current market conditions. | |||||||||||||
Allowance for Losses Progression (In Thousands of Dollars) | 2013 | 2012 | 2011 | ||||||||||
Beginning balance January 1 | $ | 2,064 | $ | 2,102 | $ | 2,582 | |||||||
(Write offs) of bad debts, net of collections of previous write offs | 1 | (38 | ) | (480 | ) | ||||||||
Bad debt provision | — | — | — | ||||||||||
Ending balance at December 31 | $ | 2,065 | $ | 2,064 | $ | 2,102 | |||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At December 31, 2013 and 2012, the Company’s cash equivalents consisted of investments in money market accounts with the Company’s banks. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost, using the last-in, first-out (LIFO) method, or market. The Company evaluates the market value of its raw materials, work-in-process and finished goods inventory primarily based upon current raw material and finished goods prices at the end of each period. | |||||||||||||
Property, Plant, and Equipment | |||||||||||||
Depreciation of property, plant and equipment for financial reporting is provided on the straight-line method over the estimated useful lives of the respective assets as follows: buildings and improvements, 15 to 39 years; machinery and equipment, 3 to 15 years; and furniture and fixtures, 3 to 15 years. Accelerated cost recovery methods are used for tax purposes. Repairs and maintenance costs are expensed as incurred. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company follows the fair value based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the related service period. Excess tax benefits on stock-based compensation are recognized as an increase to additional paid-in capital and as a part of cash flows from financing activities. | |||||||||||||
Earnings Per Share | |||||||||||||
Earnings per common and common equivalent share is computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. The dilutive effects of stock options, which are common stock equivalents, are calculated using the treasury stock method. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are provided for based on the liability method, resulting in deferred income tax assets and liabilities arising due to temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. There were no differences between comprehensive income and reported income in the periods presented. Accounting Standards Update (ASU) 2011-5, Comprehensive Income, is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2011, with early adoption permitted and retrospective application required. Under ASU 2011-5, for companies that report items of other comprehensive income, there is a requirement to present comprehensive income along with net income in either a single continuous statement or two separate but consecutive statements. The Company has early adopted the provisions of ASU 2011-5 in fiscal 2011. However, as there were no differences between comprehensive income and reported income, the adoption did not have an effect on the Company’s financial statements as of December 31, 2013 and 2012, or for the three fiscal years ended December 31, 2013. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2. Inventories | |||||||||
Inventories consist of the following as of December 31: | |||||||||
In Thousands of Dollars | 2013 | 2012 | |||||||
Raw materials | $ | 28,293 | $ | 26,013 | |||||
Work-in-process | 21,881 | 22,309 | |||||||
Finished goods | 82,997 | 88,750 | |||||||
Total | 133,171 | 137,072 | |||||||
Adjust to LIFO cost | (62,391 | ) | (73,416 | ) | |||||
Lower of cost or market adjustment | — | — | |||||||
Inventory, net | $ | 70,780 | $ | 63,656 | |||||
During 2013 and 2012 the Company did not liquidate any LIFO inventory layers established in prior years. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
3. Accrued Liabilities | |||||||||
Accrued liabilities consist of the following as of December 31: | |||||||||
In Thousands of Dollars | 2013 | 2012 | |||||||
Sales volume discounts payable | $ | 15,898 | $ | 13,940 | |||||
Property taxes payable | 3,226 | 2,937 | |||||||
Commissions payable | 2,027 | 1,768 | |||||||
Accrued salaries | 1,314 | 4,235 | |||||||
Other accrued liabilities | 541 | 558 | |||||||
Total accrued liabilities | $ | 23,006 | $ | 23,438 | |||||
Debt
Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
4. Debt | |
At December 31, 2013 and December 31, 2012, the Company had no debt outstanding. | |
The Company is party to a Credit Agreement with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association as syndication agent (the “Credit Agreement”). The Credit Agreement extends through October 1, 2017, and provides for maximum borrowings of the lesser of $150.0 million or the amount of eligible accounts receivable plus the amount of eligible finished goods and raw materials, less any reserves established by the banks. Additionally, at our request and subject to certain conditions, the commitments under the Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. The calculated maximum borrowing amount available at December 31, 2013, as computed under the Credit Agreement, was $149.5 million. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.25% (depending upon the Leverage Ratio). A commitment fee ranging from 0.15% to 0.30% (depending upon the Leverage Ratio) is payable on the unused line of credit. At December 31, 2013, there were no borrowings outstanding under the Credit Agreement. Obligations under the Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. | |
Obligations under the Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of December 31, 2013. | |
The Company paid interest totaling $265,000, $313,000 and $322,000 in 2013, 2012 and 2011, respectively. The Company did not capitalize any interest in 2013, 2012 and 2011. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
5. Income Taxes | |||||||||||||||||
The provisions for income tax expense are summarized as follows for the years ended December 31: | |||||||||||||||||
In Thousands of Dollars | 2013 | 2012 | 2011 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 17,011 | $ | 14,609 | $ | 15,098 | |||||||||||
State | 1,347 | 1,041 | 986 | ||||||||||||||
Deferred | 5,415 | (6,085 | ) | 9,980 | |||||||||||||
Total Income Tax Expense | $ | 23,773 | $ | 9,565 | $ | 26,064 | |||||||||||
The differences between the provision for income taxes and income taxes computed using the federal income tax rate are as follows for the years ended December 31: | |||||||||||||||||
In Thousands of Dollars | 2013 | 2012 | 2011 | ||||||||||||||
Amount computed using the statutory rate | $ | 24,739 | $ | 10,282 | $ | 26,668 | |||||||||||
State income taxes, net of federal tax benefit | 1,063 | 463 | 990 | ||||||||||||||
Qualified domestic production activity deduction | (1,797 | ) | (1,522 | ) | (1,511 | ) | |||||||||||
Other items | (232 | ) | 342 | (83 | ) | ||||||||||||
Total Income Tax Expense | $ | 23,773 | $ | 9,565 | $ | 26,064 | |||||||||||
In October 2004, the American Jobs Creation Act of 2004 (“the Act”) was passed, which provides a deduction for income from qualified domestic production activities. This deduction lowered the Company’s effective tax rate by approximately 2.5%, 5.1% and 2.0% for 2013, 2012 and 2011, respectively. | |||||||||||||||||
The tax effect of each type of temporary difference giving rise to the net deferred tax liability at December 31, 2013 and 2012 is as follows: | |||||||||||||||||
Deferred Tax Asset (Liability) | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In Thousands of Dollars | Current | Non-current | Current | Non-current | |||||||||||||
Depreciation | $ | — | $ | (21,327 | ) | $ | — | $ | (16,945 | ) | |||||||
Inventory | 3,104 | — | 4,313 | — | |||||||||||||
Allowance for doubtful accounts | 749 | — | 748 | — | |||||||||||||
Uniform capitalization rules | 309 | — | 350 | — | |||||||||||||
Other | 594 | — | 378 | — | |||||||||||||
Deferred income tax asset (liability) | $ | 4,756 | $ | (21,327 | ) | $ | 5,789 | $ | (16,945 | ) | |||||||
The Company made income tax payments of $18.5 million in 2013, $15.0 million in 2012 and $16.9 million in 2011. | |||||||||||||||||
The Company’s federal income tax returns for the years subsequent to December 31, 2009 remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2008. The Company has no reserves for uncertain tax positions as of December 31, 2013. Interest and penalties resulting from audits by tax authorities have been immaterial and are included in the provision for income taxes in the consolidated statements of income. | |||||||||||||||||
The American Taxpayer Relief Act of 2012 was enacted on January 2, 2013. Included within this legislation was an extension of the research and development credit which had previously expired on December 31, 2011. This legislation retroactively reinstated and extended the credit from the previous expiration date through December 31, 2013. The income tax impact of the 2013 research and development credit was a benefit of $32,000. As the legislation was not enacted until 2013, the income tax impact of the retroactive reinstatement and extension related to 2012 was not recognized until the first quarter of 2013. If the tax impact of the research and development credit had been recognized in 2012, it would have represented a $77,000 tax benefit. | |||||||||||||||||
In addition, the American Taxpayer Relief Act of 2012 renewed the alternative fuels tax credit. The income tax impact of the 2013 alternative fuels tax credit was a benefit of $150,000. The income tax impact of the retroactive reinstatement and extension related to 2012 was not recognized until the first quarter of 2013. If the tax impact of the alternative fuels tax credit had been recognized in 2012, it would have represented a $127,000 tax benefit. |
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Options | ' | ||||||||||||||||
6. Stock Options | |||||||||||||||||
In 2010, the Board of Directors adopted a new stock option plan called the Encore Wire 2010 Stock Option Plan (the “2010 Stock Option Plan”) which was approved by the Company’s stockholders at the 2010 Annual Meeting of Stockholders. Similar to the “1999 Stock Option Plan”, which expired on June 28, 2009, the 2010 Stock Option Plan permits the grant of stock options to directors, officers and employees of the Company. The Company granted stock option awards in 2012 with exercise prices equal to the fair market value of its stock on the date of grant of the options. These options vest ratably over a period of five years from the time the options were granted. No options were granted in 2013 or 2011. The maximum term of any option granted under the 1999 or 2010 Stock Option Plan is ten years. As of December 31, 2013, 345,500 options were available to be granted in the future under the 2010 Stock Option Plan. | |||||||||||||||||
During 2013, 2012 and 2011, the Company recorded $364,000, $746,000 and $416,000, respectively, of stock based compensation included in selling, general and administrative expenses. The income tax benefit realized in excess of book deductions associated with stock based compensation totaled $175,000, $12,000 and $100,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The following presents a summary of stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic Value | ||||||||||||||
Shares | Exercise | Remaining | (In Thousands) | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2013 | 345,150 | $ | 25.03 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (33,900 | ) | 18.37 | ||||||||||||||
Forfeited/Cancelled | (2,000 | ) | 28.74 | ||||||||||||||
Outstanding at December 31, 2013 | 309,250 | $ | 25.73 | 5.76 | $ | 8,804 | |||||||||||
Vested and exercisable at December 31, 2013 | 189,950 | $ | 24.26 | 4.37 | $ | 5,686 | |||||||||||
The fair value of stock options granted during the years ended December 31, 2013, 2012, and 2011, was estimated on the date of grant using a Black-Scholes options pricing model and the following weighted average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | n/a | 0.78 | % | n/a | |||||||||||||
Expected dividend yield | n/a | 0.28 | % | n/a | |||||||||||||
Expected volatility | n/a | 44.9 | % | n/a | |||||||||||||
Expected lives | n/a | 5.0 years | n/a | ||||||||||||||
We base expected volatilities on historical volatilities of our common stock. The expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting periods and management’s consideration of historical exercise patterns. The risk free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding to the expected life of the option. The expected dividend yield is based on the annualized dividend payment paid on common shares. | |||||||||||||||||
ASC 718 requires the estimation of forfeitures when recognizing compensation expense and adjustment of the estimated forfeiture rate over the requisite service period should actual forfeitures differ from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change and impacts the amount of un-recognized compensation expense to be recorded in future periods. | |||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the weighted average grant date fair value of options granted was n/a, $11.11 and n/a, respectively, and the total intrinsic value of options exercised was $0.8 million, $0.1 million and $3.1 million, respectively. As of December 31, 2013, total unrecognized compensation cost related to non-vested stock options of $0.9 million was expected to be recognized over a weighted average period of 2.90 years. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
7. Earnings Per Share | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 46,910 | $ | 19,811 | $ | 50,131 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 20,676 | 21,680 | 23,300 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options | 88 | 52 | 110 | ||||||||||
Denominator for diluted earnings per share –weighted average shares | 20,764 | 21,732 | 23,410 | ||||||||||
Stock options to purchase common stock at exercise prices in excess of the average actual stock price for the period that were anti-dilutive and that were excluded from the determination of diluted earnings per share are as follows: | |||||||||||||
In Thousands, Except Per Share Data | 2013 | 2012 | 2011 | ||||||||||
Weighted average anti-dilutive stock options | 191 | 179 | 80 | ||||||||||
Weighted average exercise price per share | $ | 31.16 | $ | 31.37 | $ | 31.28 |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
8. Stockholders’ Equity | |
On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 1,000,000 shares of its common stock through December 31, 2007 on the open market or through privately negotiated transactions at prices determined by the President of the Company. The Company’s Board of Directors has subsequently authorized increases and annual extensions of this stock repurchase program. As of December 31, 2013, the repurchase authorization had 1,225,750 shares remaining authorized through March 31, 2015. The Company did not repurchase any shares of its stock in 2013. On May 14, 2012, the Company repurchased 2,774,250 shares of common stock owned by Capital Southwest Venture Corporation at an aggregate purchase price of $66,638,000, based on a price of $24.02 per share. Appropriate consents to the repurchase were also obtained from lenders under the Company’s Financing Agreement. The repurchase represented approximately 11.8% of the Company’s outstanding shares as of the purchase date and was the only repurchase in 2012. Other than the Company’s repurchase of 2,774,250 shares of common stock owned by Capital Southwest Venture Corporation on May 14, 2012, all shares purchased under the program were purchased on the open market by the Company’s broker pursuant to a Rule 10b5-1 plan announced on November 28, 2007. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
9. Contingencies | |
On July 7, 2009, Southwire Company, a Delaware corporation (“Southwire”), filed a complaint for patent infringement against the Company and Cerro Wire, Inc. (“Cerro”) in the United States District Court for the Eastern District of Texas. In the complaint, Southwire alleged that the Company infringed one or more claims of United States Patent No. 7,557,301 (the “‘301 patent”), entitled “Method of Manufacturing Electrical Cable Having Reduced Required Force for Installation,” by making and selling electrical cables, including the Company’s Super Slick cables. The case has been transferred to the Northern District of Georgia and the parties have agreed to stay it pending reexamination of the ‘301 patent by the United States Patent and Trademark Office (the “USPTO”). On June 23, 2011, the USPTO issued an office action in the reexamination finally rejecting all the claims of the ‘301 patent. Southwire responded to these final rejections on August 8, 2011 by submitting substantially amended claims. The examiner determined that the amended claims captured patentable subject matter and on September 21, 2011 issued a notice that a reexamination certificate would be issued evidencing the patentability of the amended claims. The reexamination certificate was issued on the ‘301 patent on December 27, 2011. Subsequent to the issuance of the ‘301 reexamination certificate, a new inter partes reexamination proceeding was instituted by Cerro Wire against the reexamined ‘301 patent. At this time all of the claims of the reexamined ‘301 patent have been rejected by the USPTO. This decision is not final. | |
On July 2, 2010, the Company filed a complaint against Southwire in the Northern District of Georgia. The complaint alleged that Southwire was using a deceptively misdescriptive trademark on its SimPull products, and that Southwire had made false statements about the Company’s Slick Wire products. Southwire’s United States Patent No. 7,749,024 (“the ‘024 patent”) issued on July 6, 2010. The morning the patent issued, the Company amended its complaint to seek a declaratory judgment that the Company’s Slick Wire products do not infringe the ‘024 patent. Later that same day, Southwire filed a separate complaint against the Company and Cerro Wire in the Eastern District of Texas alleging infringement of the ‘024 patent. The Company’s complaint against Southwire was stayed by agreement on April 11, 2011. The case will remain stayed until the USPTO issues a certificate of reexamination of the ‘024 patent. The complaint filed by Southwire in the Eastern District of Texas has been voluntarily dismissed and Southwire will have the option to pursue its claims against the Company in the Northern District of Georgia, once the reexamination is completed. On October 8, 2010, the Company filed a request with the USPTO for an inter partes reexamination of the ‘024 patent. On November 9, 2010, the USPTO ordered the reexamination of the ‘024 patent. In ordering reexamination of Southwire’s ‘024 patent, the USPTO determined that the Company’s submission of prior art raised a substantial new question of patentability of the claims of the ‘024 patent. On December 3, 2010, the USPTO issued a non-final office action rejecting all of the claims of the ‘024 Patent. Southwire filed a response to the non-final office action on February 3, 2011, which included legal arguments and supporting technical declarations. The Company filed its comments to the Southwire response on March 3, 2011, including points and authorities, legal arguments, and supporting technical declarations. On July 9, 2012, the Examiner issued an Action Closing Prosecution (“ACP”) finally rejecting patent claims 4-7 and 9-12 in the reexamination of the ‘024 patent. On August 15, 2012, Southwire filed a response to the ACP, which included extensive proposed claim amendments and arguments supporting the patentability of the proposed amended claims. The Company filed its comments to the Southwire response to the ACP on September 13, 2012, including points and authorities, legal arguments, and a supporting technical declaration. The Examiner refused entry of Southwire’s proposed amendments and maintained the rejection of all the claims under reexamination in a Right of Appeal Notice mailed September 28, 2012. On October 17, 2012 Southwire filed two petitions requesting that the reexamination be reopened or, in the alternative, that the proposed amendments presented in its September 13, 2012 response to ACP be entered into the record. These petitions were denied by the USPTO in a decision mailed April 5, 2013. Southwire filed a Notice of Appeal on October 29, 2012 and its Appellant’s Brief on December 31, 2012, followed by the Company filing its Respondent’s Brief on January 25, 2013. The Examiner’s Brief was mailed on July 16, 2013. Southwire filed its Rebuttal Brief on August 16, 2013, and the case now stands in front of the Patent Trial and Appeal Board awaiting a decision. | |
The ‘024 patent was also subject to parallel Inter Partes Reexamination Control No. 95/000,594, instituted by Cerro on November 11, 2010 (“the ‘594 reexamination”). The ‘024 patent exam proceeded with the ‘594 reexamination and ultimately all the claims were finally rejected by the Examiner in an ACP mailed August 10, 2012. In response to a right of appeal notice mailed by the Examiner on October 25, 2012, Southwire filed a notice of appeal on November 26, 2012 and filed an appeal brief on January 28, 2013. Southwire’s appeal brief exceeded the page limitations allowed for patent owner’s appeal briefs during reexaminations, and therefore the USPTO mailed a notice of defective appeal brief on February 20, 2013. Although Southwire was given at least one month to file a corrected appeal brief, Southwire filed a petition with the Patent Trial and Appeal Board (“PTAB”) on March 5, 2013, requesting a waiver of the page limit on appeal brief length. On June 24, 2013, the PTAB denied the petition to waive the appeal brief page limit and, since the time limit to file a corrected appeal brief had expired, also dismissed Southwire’s appeal. On July 12, 2013, the Examiner mailed a Notice of Intent to Issue Inter Partes Reexamination Certificate, cancelling all claims of the ‘024 patent. On August 6, 2013, Southwire petitioned for revival of the ‘024 Patent and re-opening of the ‘594 Reexamination on the grounds that its failure to timely file an Appellant’s Brief was unintentional. This petition was accompanied by a corrected Appellant’s Brief. Southwire’s petition to revive the ‘024 Patent was granted on October 24, 2013 and the ‘594 Reexamination was re-opened at the appeals stage. With the re-opening of the ‘594 Reexamination, Cerro filed their Respondent’s Brief on November 25, 2013, which was followed by the Examiner’s Answer to Southwire’s Appellant’s Brief on December 4, 2013. On January 6, 2014, both Southwire and Cerro submitted Rebuttal Briefs in response to the Examiner’s Answer. Once any remaining briefs are filed by the parties, the appeal will be submitted to the PTAB for a decision. Southwire’s complaints sought unspecified damages and injunctive relief. At this time, all pending litigation between Encore and Southwire has been dismissed or stayed by agreement of the parties. | |
The parties convened on March 21, 2012 and August 27, 2012 for settlement conferences regarding the ‘301 patent lawsuit. Such settlement conferences did not result in any negotiation, agreement, decision or other development that the Company believed is material to such lawsuit. Settlement discussions continue between the parties. The potentially applicable factual and legal issues related to the above claims asserted against the Company have not been resolved. The Company disputes all of Southwire’s claims and alleged damages and intends to vigorously defend the lawsuits and vigorously pursue its own claims against Southwire if and when the litigation resumes. The Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. Any such accruals are reviewed at least quarterly and adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts and other information and events pertaining to a particular matter. To the extent there is a reasonable possibility (within the meaning of ASC 450) that probable losses could exceed amounts already accrued, if any, and the additional loss or range of loss is able to be estimated, management discloses the additional loss or range of loss. | |
For matters where the Company has evaluated that a loss is not probable, but is reasonably possible, the Company will disclose an estimate of the possible loss or range of loss or make a statement that such an estimate cannot be made. In some instances, for reasonably possible losses, the Company cannot estimate the possible loss or range of loss. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the early stages of a proceeding; damages sought that are unspecified, unsupportable, unexplained or uncertain; discovery is incomplete; the complexity of the facts that are in dispute; the difficulty of assessing novel claims; the parties not having engaged in any meaningful settlement discussions; the possibility that other parties may share in any ultimate liability; and/or the often slow pace of litigation. | |
At this time, given the status of the proceedings, the complexities of the facts in dispute and the multiple claims involved, the Company has not concluded that a probable loss exists with respect to the Southwire litigation. Accordingly, no accrual has been made. Additionally, given the aforementioned uncertainties, the Company is unable to estimate any possible loss or range of losses for disclosure purposes. |
Encore_Wire_Corporation_401k_P
Encore Wire Corporation 401(k) Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Encore Wire Corporation 401(k) Profit Sharing Plan | ' |
10. Encore Wire Corporation 401(k) Profit Sharing Plan | |
The Company sponsors a tax qualified 401(k) profit sharing plan known as the Encore Wire Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”) that is intended to provide participating employees an opportunity to save money for retirement. Employees are eligible to participate in the 401(k) Plan and to receive matching contributions after attaining age 21 and completing one year of service (as defined in the 401(k) Plan). | |
Eligible employees may elect to contribute between 1% and 50% of eligible compensation to the 401(k) Plan on a pre-tax basis, up to IRS limits. These employee contributions are called elective deferral contributions. The Company matches a portion of the elective deferral contributions made to the 401(k) Plan by eligible employees. The 401(k) Plan provides for a safe-harbor matching contribution equal to 100% of the first 3% of an employee’s eligible compensation contributed to the 401(k) Plan and 50% of the next 2% of eligible compensation contributed by such employee to the 401(k) Plan for the year. Employer safe harbor matching contributions are 100% vested when paid. | |
The Company’s matching contributions were $0.9 million, $0.7 million and $0.6 million in years 2013, 2012 and 2011, respectively. | |
At the discretion of its Board of Directors, the Company may, but is not required to, make profit-sharing contributions to the 401(k) Plan on behalf of its employees. The Company made no profit-sharing contributions for 2013, 2012 or 2011. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
11. Related Party Transactions | |
The Company purchases certain finished goods inventory components from a company that is partially owned by a family member of an individual serving on its Board of Directors. The Company purchases these products from this company, which totaled approximately $12.0 million, $8.1 million and $6.9 million in 2013, 2012 and 2011, respectively, at prices that we believe are no less favorable than prices available from non-affiliated parties. Additionally, for a minor portion of its freight requirements, the Company uses a freight carrier that is owned by a family member of one of the Company’s executive officers. During fiscal years 2013, 2012 and 2011, amounts paid to the affiliated freight carrier were not significant. The Company obtains quotes and purchases these items from other vendors at prices that confirm that the Company is obtaining prices that are no less favorable than prices available from non-affiliated parties. Each of these transactions was approved by the Audit Committee pursuant to Encore Wire Corporation’s Related Party Transactions Policy. | |
In February 2012, the Company entered into a Registration Rights Agreement with Capital Southwest Corporation and Capital Southwest Venture Corporation (together, “Capital Southwest”), pursuant to which the Company agreed to register the offer and sale of 4,086,750 shares of common stock of the Company held by Capital Southwest on a registration statement on Form S-3 (the “Registration Statement”). In exchange for registration of the offer and sale of such shares, Capital Southwest agreed to reimburse the Company for all costs, fees and expenses incurred by the Company in connection with such registration, unless the Registration Statement did not become effective solely due to the actions or omissions of the Company and without fault of Capital Southwest. The disinterested members of the board of directors of the Company approved the Company entering into the Registration Rights Agreement. | |
On May 14, 2012, the Company repurchased 2,774,250 shares of common stock owned by Capital Southwest Venture Corporation at an aggregate purchase price of $66,638,000, based on a price of $24.02 per share. A special committee of the board of directors comprised of disinterested members of the board approved the Company repurchasing such shares. | |
Neither the Company’s registration of the shares owned by Capital Southwest pursuant to the Registration Statement nor the Company’s repurchase of shares owned by Capital Southwest Venture Corporation necessarily means that Capital Southwest will offer or sell the remaining shares covered by the Registration Statement. The Company cannot predict if, when or in what amounts Capital Southwest may sell any of the remaining shares covered by the Registration Statement. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
12. Quarterly Financial Information (Unaudited) | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the two years ended December 31, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
2013 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net sales | $ | 265,351 | $ | 289,460 | $ | 309,927 | $ | 293,514 | |||||||||
Gross profit | 24,301 | 40,151 | 37,904 | 32,716 | |||||||||||||
Net income (loss) | 6,395 | 15,502 | 13,802 | 11,212 | |||||||||||||
Net income (loss) per common share – basic | 0.31 | 0.75 | 0.67 | 0.54 | |||||||||||||
Net income (loss) per common share – diluted | 0.31 | 0.75 | 0.66 | 0.54 | |||||||||||||
Three Months Ended | |||||||||||||||||
2012 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net sales | $ | 280,466 | $ | 264,730 | $ | 269,152 | $ | 258,000 | |||||||||
Gross profit | 24,461 | 19,391 | 24,136 | 22,339 | |||||||||||||
Net income (loss) | 6,694 | 2,370 | 5,527 | 5,220 | |||||||||||||
Net income (loss) per common share – basic | 0.29 | 0.11 | 0.27 | 0.25 | |||||||||||||
Net income (loss) per common share – diluted | 0.29 | 0.11 | 0.27 | 0.25 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Business | ' | ||||||||||||
Business | |||||||||||||
The Company conducts its business in one segment – the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal clad and armored cable for use primarily as wiring in commercial and industrial buildings. The Company sells its products primarily through 31 manufacturers’ representatives located throughout the United States and, to a lesser extent, through its own direct marketing efforts. The principal customers for Encore’s building wire are wholesale electrical distributors. | |||||||||||||
Copper, a commodity product, is the principal raw material used in the Company’s manufacturing operations. Copper accounted for 77.6%, 79.0% and 86.1% of the cost of goods sold during 2013, 2012, and 2011, respectively. The price of copper fluctuates, depending on general economic conditions and in relation to supply and demand and other factors, and has caused monthly variations in the cost of copper purchased by the Company. The Company cannot predict future copper prices or the effect of fluctuations in the cost of copper on the Company’s future operating results. As the Company continues to expand its product offerings with aluminum wire, the cost of aluminum will impact the raw materials discussion contained in this paragraph and throughout this report. During 2013, aluminum rod used to draw into aluminum wire constituted 3.3% of cost of goods sold. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. Intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue from the sale of the Company’s products is recognized when goods are shipped to the customer, title and risk of loss are transferred, pricing is fixed or determinable and collection is reasonably assured. A provision for payment discounts and customer rebates is estimated based upon historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. | |||||||||||||
Freight Expenses | ' | ||||||||||||
Freight Expenses | |||||||||||||
The Company classifies shipping and handling costs as a component of selling, general and administrative expenses. Shipping and handling costs were approximately $21.7 million, $20.1 million and $18.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain items are required to be measured at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: | |||||||||||||
Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. | |||||||||||||
Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | |||||||||||||
Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | |||||||||||||
At December 31, 2013 and 2012, the Company had no financial instruments that were required to be measured at fair value on a recurring basis. | |||||||||||||
At December 31, 2013 and 2012, the Company’s fair value of cash equivalents of $36.8 million and $33.9 million respectively, approximated carrying value due to the short maturity of these financial instruments. | |||||||||||||
Concentrations of Credit Risk and Accounts Receivable | ' | ||||||||||||
Concentrations of Credit Risk and Accounts Receivable | |||||||||||||
Accounts receivable represent amounts due from customers (primarily wholesale electrical distributors, manufactured housing suppliers and retail home improvement centers) related to the sale of the Company’s products. Such receivables are uncollateralized and are generally due from a diverse group of customers located throughout the United States. The Company establishes an allowance for losses based upon the makeup of the current portfolio, past bad debt experience and current market conditions. | |||||||||||||
Allowance for Losses Progression (In Thousands of Dollars) | 2013 | 2012 | 2011 | ||||||||||
Beginning balance January 1 | $ | 2,064 | $ | 2,102 | $ | 2,582 | |||||||
(Write offs) of bad debts, net of collections of previous write offs | 1 | (38 | ) | (480 | ) | ||||||||
Bad debt provision | — | — | — | ||||||||||
Ending balance at December 31 | $ | 2,065 | $ | 2,064 | $ | 2,102 | |||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. At December 31, 2013 and 2012, the Company’s cash equivalents consisted of investments in money market accounts with the Company’s banks. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost, using the last-in, first-out (LIFO) method, or market. The Company evaluates the market value of its raw materials, work-in-process and finished goods inventory primarily based upon current raw material and finished goods prices at the end of each period. | |||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||
Property, Plant, and Equipment | |||||||||||||
Depreciation of property, plant and equipment for financial reporting is provided on the straight-line method over the estimated useful lives of the respective assets as follows: buildings and improvements, 15 to 39 years; machinery and equipment, 3 to 15 years; and furniture and fixtures, 3 to 15 years. Accelerated cost recovery methods are used for tax purposes. Repairs and maintenance costs are expensed as incurred. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company follows the fair value based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the related service period. Excess tax benefits on stock-based compensation are recognized as an increase to additional paid-in capital and as a part of cash flows from financing activities. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Earnings per common and common equivalent share is computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. The dilutive effects of stock options, which are common stock equivalents, are calculated using the treasury stock method. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are provided for based on the liability method, resulting in deferred income tax assets and liabilities arising due to temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. There were no differences between comprehensive income and reported income in the periods presented. Accounting Standards Update (ASU) 2011-5, Comprehensive Income, is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2011, with early adoption permitted and retrospective application required. Under ASU 2011-5, for companies that report items of other comprehensive income, there is a requirement to present comprehensive income along with net income in either a single continuous statement or two separate but consecutive statements. The Company has early adopted the provisions of ASU 2011-5 in fiscal 2011. However, as there were no differences between comprehensive income and reported income, the adoption did not have an effect on the Company’s financial statements as of December 31, 2013 and 2012, or for the three fiscal years ended December 31, 2013. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Allowance for Losses Progression | ' | ||||||||||||
Allowance for Losses Progression (In Thousands of Dollars) | 2013 | 2012 | 2011 | ||||||||||
Beginning balance January 1 | $ | 2,064 | $ | 2,102 | $ | 2,582 | |||||||
(Write offs) of bad debts, net of collections of previous write offs | 1 | (38 | ) | (480 | ) | ||||||||
Bad debt provision | — | — | — | ||||||||||
Ending balance at December 31 | $ | 2,065 | $ | 2,064 | $ | 2,102 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consist of the following as of December 31: | |||||||||
In Thousands of Dollars | 2013 | 2012 | |||||||
Raw materials | $ | 28,293 | $ | 26,013 | |||||
Work-in-process | 21,881 | 22,309 | |||||||
Finished goods | 82,997 | 88,750 | |||||||
Total | 133,171 | 137,072 | |||||||
Adjust to LIFO cost | (62,391 | ) | (73,416 | ) | |||||
Lower of cost or market adjustment | — | — | |||||||
Inventory, net | $ | 70,780 | $ | 63,656 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following as of December 31: | |||||||||
In Thousands of Dollars | 2013 | 2012 | |||||||
Sales volume discounts payable | $ | 15,898 | $ | 13,940 | |||||
Property taxes payable | 3,226 | 2,937 | |||||||
Commissions payable | 2,027 | 1,768 | |||||||
Accrued salaries | 1,314 | 4,235 | |||||||
Other accrued liabilities | 541 | 558 | |||||||
Total accrued liabilities | $ | 23,006 | $ | 23,438 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Income Tax Expenses | ' | ||||||||||||||||
The provisions for income tax expense are summarized as follows for the years ended December 31: | |||||||||||||||||
In Thousands of Dollars | 2013 | 2012 | 2011 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 17,011 | $ | 14,609 | $ | 15,098 | |||||||||||
State | 1,347 | 1,041 | 986 | ||||||||||||||
Deferred | 5,415 | (6,085 | ) | 9,980 | |||||||||||||
Total Income Tax Expense | $ | 23,773 | $ | 9,565 | $ | 26,064 | |||||||||||
Summary of Differences Between Provision for Income Taxes and Income Taxes Computed Using Federal Income Tax Rate | ' | ||||||||||||||||
The differences between the provision for income taxes and income taxes computed using the federal income tax rate are as follows for the years ended December 31: | |||||||||||||||||
In Thousands of Dollars | 2013 | 2012 | 2011 | ||||||||||||||
Amount computed using the statutory rate | $ | 24,739 | $ | 10,282 | $ | 26,668 | |||||||||||
State income taxes, net of federal tax benefit | 1,063 | 463 | 990 | ||||||||||||||
Qualified domestic production activity deduction | (1,797 | ) | (1,522 | ) | (1,511 | ) | |||||||||||
Other items | (232 | ) | 342 | (83 | ) | ||||||||||||
Total Income Tax Expense | $ | 23,773 | $ | 9,565 | $ | 26,064 | |||||||||||
Summary of Net Deferred Tax Liability | ' | ||||||||||||||||
The tax effect of each type of temporary difference giving rise to the net deferred tax liability at December 31, 2013 and 2012 is as follows: | |||||||||||||||||
Deferred Tax Asset (Liability) | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
In Thousands of Dollars | Current | Non-current | Current | Non-current | |||||||||||||
Depreciation | $ | — | $ | (21,327 | ) | $ | — | $ | (16,945 | ) | |||||||
Inventory | 3,104 | — | 4,313 | — | |||||||||||||
Allowance for doubtful accounts | 749 | — | 748 | — | |||||||||||||
Uniform capitalization rules | 309 | — | 350 | — | |||||||||||||
Other | 594 | — | 378 | — | |||||||||||||
Deferred income tax asset (liability) | $ | 4,756 | $ | (21,327 | ) | $ | 5,789 | $ | (16,945 | ) | |||||||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following presents a summary of stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||
of | Average | Average | Intrinsic Value | ||||||||||||||
Shares | Exercise | Remaining | (In Thousands) | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at January 1, 2013 | 345,150 | $ | 25.03 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (33,900 | ) | 18.37 | ||||||||||||||
Forfeited/Cancelled | (2,000 | ) | 28.74 | ||||||||||||||
Outstanding at December 31, 2013 | 309,250 | $ | 25.73 | 5.76 | $ | 8,804 | |||||||||||
Vested and exercisable at December 31, 2013 | 189,950 | $ | 24.26 | 4.37 | $ | 5,686 | |||||||||||
Stock Options Valuation Assumptions | ' | ||||||||||||||||
The fair value of stock options granted during the years ended December 31, 2013, 2012, and 2011, was estimated on the date of grant using a Black-Scholes options pricing model and the following weighted average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | n/a | 0.78 | % | n/a | |||||||||||||
Expected dividend yield | n/a | 0.28 | % | n/a | |||||||||||||
Expected volatility | n/a | 44.9 | % | n/a | |||||||||||||
Expected lives | n/a | 5.0 years | n/a |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31: | |||||||||||||
In Thousands | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 46,910 | $ | 19,811 | $ | 50,131 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share – weighted average shares | 20,676 | 21,680 | 23,300 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options | 88 | 52 | 110 | ||||||||||
Denominator for diluted earnings per share – weighted average shares | 20,764 | 21,732 | 23,410 | ||||||||||
Anti-dilutive Excluded from Diluted Earnings Per Share | ' | ||||||||||||
Stock options to purchase common stock at exercise prices in excess of the average actual stock price for the period that were anti-dilutive and that were excluded from the determination of diluted earnings per share are as follows: | |||||||||||||
In Thousands, Except Per Share Data | 2013 | 2012 | 2011 | ||||||||||
Weighted average anti-dilutive stock options | 191 | 179 | 80 | ||||||||||
Weighted average exercise price per share | $ | 31.16 | $ | 31.37 | $ | 31.28 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Unaudited Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the two years ended December 31, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
2013 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net sales | $ | 265,351 | $ | 289,460 | $ | 309,927 | $ | 293,514 | |||||||||
Gross profit | 24,301 | 40,151 | 37,904 | 32,716 | |||||||||||||
Net income (loss) | 6,395 | 15,502 | 13,802 | 11,212 | |||||||||||||
Net income (loss) per common share – basic | 0.31 | 0.75 | 0.67 | 0.54 | |||||||||||||
Net income (loss) per common share – diluted | 0.31 | 0.75 | 0.66 | 0.54 | |||||||||||||
Three Months Ended | |||||||||||||||||
2012 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Net sales | $ | 280,466 | $ | 264,730 | $ | 269,152 | $ | 258,000 | |||||||||
Gross profit | 24,461 | 19,391 | 24,136 | 22,339 | |||||||||||||
Net income (loss) | 6,694 | 2,370 | 5,527 | 5,220 | |||||||||||||
Net income (loss) per common share – basic | 0.29 | 0.11 | 0.27 | 0.25 | |||||||||||||
Net income (loss) per common share – diluted | 0.29 | 0.11 | 0.27 | 0.25 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Representatives | |||
BusinessSegments | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of business segments | 1 | ' | ' |
Number of manufacturers' representatives | 31 | ' | ' |
Percentage of copper use in relation to cost of goods sold | 77.60% | 79.00% | 86.10% |
Percentage of aluminum use in relation to cost of goods sold | 3.30% | ' | ' |
Shipping and handling cost | $21,700,000 | $20,100,000 | $18,400,000 |
Financial instruments measured at fair value on a recurring basis | 0 | 0 | ' |
Fair value of cash equivalents | $36,800,000 | $33,900,000 | ' |
Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '15 years | ' | ' |
Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '39 years | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '3 years | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '15 years | ' | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment | '15 years | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Summary of Allowance for Losses Progression (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Beginning balance January 1 | $2,064 | $2,102 | $2,582 |
(Write offs) of bad debts, net of collections of previous write offs | 1 | -38 | -480 |
Bad debt provision | ' | ' | ' |
Ending balance at December 31 | $2,065 | $2,064 | $2,102 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials | $28,293 | $26,013 |
Work-in-process | 21,881 | 22,309 |
Finished goods | 82,997 | 88,750 |
Total | 133,171 | 137,072 |
Adjust to LIFO cost | -62,391 | -73,416 |
Lower of cost or market adjustment | ' | ' |
Inventory, net | $70,780 | $63,656 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ' | ' |
Sales volume discounts payable | $15,898 | $13,940 |
Property taxes payable | 3,226 | 2,937 |
Commissions payable | 2,027 | 1,768 |
Accrued salaries | 1,314 | 4,235 |
Other accrued liabilities | 541 | 558 |
Total accrued liabilities | $23,006 | $23,438 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Bank | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt outstanding | $0 | $0 | ' |
Number of banks to which Company is party to a Credit Agreement | 2 | ' | ' |
Credit Agreement expiration date | 1-Oct-17 | ' | ' |
Feature of financial agreement | 'Maximum borrowings of the lesser of $150.0 million or the amount of eligible accounts receivable plus the amount of eligible finished goods and raw materials, less any reserves established by the banks | ' | ' |
Available increase in borrowings under Credit Agreement | 100,000,000 | ' | ' |
Calculated maximum borrowings | 150,000,000 | ' | ' |
Calculated maximum borrowing amount available in current year | 149,500,000 | ' | ' |
Outstanding borrowings | 0 | ' | ' |
Total interest paid | 265,000 | 313,000 | 322,000 |
Total interest capitalized | $0 | $0 | $0 |
Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of credit facility, interest rate description | 'LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.25% (depending upon the Leverage Ratio). | ' | ' |
Percentage of federal funds rate | 'Highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0% | ' | ' |
Minimum [Member] | Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt instrument basis spread on variable rate | 0.88% | ' | ' |
Percentage of commitment fee | 0.15% | ' | ' |
Debt instrument basis spread on base rate | 0.00% | ' | ' |
Maximum [Member] | Credit Agreement [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt instrument basis spread on variable rate | 1.75% | ' | ' |
Percentage of commitment fee | 0.30% | ' | ' |
Debt instrument basis spread on base rate | 0.25% | ' | ' |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $17,011 | $14,609 | $15,098 |
State | 1,347 | 1,041 | 986 |
Deferred | 5,415 | -6,085 | 9,980 |
Total Income Tax Expense | $23,773 | $9,565 | $26,064 |
Income_Taxes_Summary_of_Differ
Income Taxes - Summary of Differences Between Provision for Income Taxes and Income Taxes Computed Using Federal Income Tax Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Amount computed using the statutory rate | $24,739 | $10,282 | $26,668 |
State income taxes, net of federal tax benefit | 1,063 | 463 | 990 |
Qualified domestic production activity deduction | -1,797 | -1,522 | -1,511 |
Other items | -232 | 342 | -83 |
Total Income Tax Expense | $23,773 | $9,565 | $26,064 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Percent reduction of effective tax rate due to Qualified Domestic Production Activities | 2.50% | 5.10% | 2.00% |
Income tax payments | $18,500,000 | $15,000,000 | $16,900,000 |
Reserve for uncertain tax positions | 0 | ' | ' |
Research and development tax credit | 32,000 | 77,000 | ' |
Date of enactment of American Taxpayer Relief Act | 2-Jan-13 | ' | ' |
Extended expiry date | 31-Dec-13 | ' | ' |
Expiry date | 31-Dec-11 | ' | ' |
Alternative fuel tax credit | $150,000 | $127,000 | ' |
Income_Taxes_Summary_of_Net_De
Income Taxes - Summary of Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Current | $4,756 | $5,789 |
Deferred income tax asset (liability), Non-current | -21,327 | -16,945 |
Depreciation [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Non-current | -21,327 | -16,945 |
Inventory [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Current | 3,104 | 4,313 |
Allowance for doubtful accounts [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Current | 749 | 748 |
Uniform capitalization rules [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Current | 309 | 350 |
Other [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Deferred income tax asset (liability), Current | $594 | $378 |
Stock_Options_Additional_Infor
Stock Options - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Stock option vested period | '5 years | ' | ' |
Stock option expiration period | '10 years | ' | ' |
Options available to be granted | 345,500 | ' | ' |
Stock based compensation included in selling, general and administrative expenses | $364,000 | $746,000 | $416,000 |
Excess tax benefits of options exercised | 175,000 | 12,000 | 100,000 |
Weighted average grant date fair value of options | ' | $11.11 | ' |
Total intrinsic value of options exercised | 800,000 | 100,000 | 3,100,000 |
Total unrecognized compensation cost related to non-vested stock options | $900,000 | ' | ' |
Weighted average period of compensation cost | '2 years 10 months 24 days | ' | ' |
Stock_Options_Summary_of_Stock
Stock Options - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares Outstanding Beginning Balance, Shares | 345,150 |
Number of Shares Granted, Shares | 0 |
Number of Shares Exercised, Shares | -33,900 |
Number of Shares Forfeited/Cancelled, Shares | -2,000 |
Number of Shares Outstanding Ending Balance, Shares | 309,250 |
Number of Shares, Vested and Exercisable | 189,950 |
Weighted Average Exercise Price Outstanding Beginning Balance, Shares | $25.03 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Exercised | $18.37 |
Weighted Average Exercise Price, Forfeited/Cancelled | $28.74 |
Weighted Average Exercise Price Outstanding Ending Balance, Shares | $25.73 |
Weighted Average Exercise Price Vested Exercisable | $24.26 |
Weighted Average Remaining Contractual Term Ending Balance | '5 years 9 months 4 days |
Weighted Average Exercise Price Vested and Exercisable | '4 years 4 months 13 days |
Aggregate Intrinsic Value Ending Balance | $8,804 |
Aggregate Intrinsic Value Vested and Exercisable | $5,686 |
Stock_Options_Stock_Options_Va
Stock Options - Stock Options Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | ' | 0.78% | ' |
Expected dividend yield | ' | 0.28% | ' |
Expected volatility | ' | 44.90% | ' |
Expected lives | ' | '5 years | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | 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 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $11,212 | $13,802 | $15,502 | $6,395 | $5,220 | $5,527 | $2,370 | $6,694 | $46,910 | $19,811 | $50,131 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 20,676 | 21,680 | 23,300 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 52 | 110 |
Denominator for diluted earnings per share - weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 20,764 | 21,732 | 23,410 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive Excluded from Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Diluted Other Disclosures [Abstract] | ' | ' | ' |
Weighted average anti-dilutive stock options | 191 | 179 | 80 |
Weighted average exercise price per share | $31.16 | $31.37 | $31.28 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | 14-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 10, 2006 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Stock authorized to be repurchased under share repurchase program, Shares | ' | ' | ' | ' | 1,000,000 |
Repurchase of common stock authorized remaining, Shares | ' | 1,225,750 | ' | ' | ' |
Repurchase of common stock, Shares | 2,774,250 | 0 | ' | ' | ' |
Aggregate purchase price of repurchased shares | $66,638 | ' | $66,638 | $202 | ' |
Repurchase of common stock, per share | $24.02 | ' | ' | ' | ' |
Shares repurchased, percentage of outstanding stock | 11.80% | ' | ' | ' | ' |
Encore_Wire_Corporation_401k_P1
Encore Wire Corporation 401(k) Profit Sharing Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Elective deferral contribution of employee, minimum percent | 1.00% | ' | ' |
Elective deferral contribution of employee, maximum percent | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match Level One | 100.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Level One | 3.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match Level Two | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Level Two | 2.00% | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Vested Percentage | 100.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | $0.90 | $0.70 | $0.60 |
Profit-sharing contributions | $0 | $0 | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
14-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 29, 2012 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Purchase of finished goods inventory | ' | $12,000,000 | $8,100,000 | $6,900,000 | ' |
Offer and sale of common stock | ' | ' | ' | ' | 4,086,750 |
Repurchase of common stock | 2,774,250 | 0 | ' | ' | ' |
Repurchase price of common stock | $66,638,000 | ' | $66,638,000 | $202,000 | ' |
Repurchase of common stock, per share | $24.02 | ' | ' | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Summary of Unaudited Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | 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 | $293,514 | $309,927 | $289,460 | $265,351 | $258,000 | $269,152 | $264,730 | $280,466 | $1,158,252 | $1,072,348 | $1,180,474 |
Gross profit | 32,716 | 37,904 | 40,151 | 24,301 | 22,339 | 24,136 | 19,391 | 24,461 | 135,072 | 90,327 | 140,855 |
Net income (loss) | $11,212 | $13,802 | $15,502 | $6,395 | $5,220 | $5,527 | $2,370 | $6,694 | $46,910 | $19,811 | $50,131 |
Net income (loss) per common share - basic | $0.54 | $0.67 | $0.75 | $0.31 | $0.25 | $0.27 | $0.11 | $0.29 | $2.27 | $0.91 | $2.15 |
Net income (loss) per common share - diluted | $0.54 | $0.66 | $0.75 | $0.31 | $0.25 | $0.27 | $0.11 | $0.29 | $2.26 | $0.91 | $2.14 |