Rocky Brands (RCKY) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document Information [Line Items]
Entity Registrant Name	Rocky Brands, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Public Float	$ 6,805,289
Amendment Flag	false
Entity Central Index Key	895,456
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,484,694
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,484,694

ROCKY BRANDS, INC. AND SUBSIDIA

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 2,470,576	$ 3,407,140	$ 4,526,938
Trade receivables – net	42,188,601	44,549,207	58,073,165
Other receivables	587,779	583,479	605,019
Inventories	87,555,956	76,991,059	86,478,155
Income tax receivable	2,179,525	128,699	56,540
Deferred income taxes	1,031,818	1,031,818	1,291,907
Prepaid expenses	2,886,973	2,530,517	2,672,643
Total current assets	138,901,228	129,221,919	153,704,367
FIXED ASSETS – net	27,896,273	27,836,527	25,258,833
IDENTIFIED INTANGIBLES	36,481,414	36,547,873	36,615,202
OTHER ASSETS	245,934	258,812	269,620
TOTAL ASSETS	203,524,849	193,865,131	215,848,022
CURRENT LIABILITIES:
Accounts payable	21,892,208	9,118,555	19,436,481
Accrued expenses:
Salaries and wages	1,486,161	442,259	1,500,561
Taxes - other	622,414	533,220	521,327
Accrued freight	517,887	427,412	500,113
Commissions	420,631	378,191	555,781
Accrued duty	2,606,976	2,301,449	2,693,060
Other	1,726,498	1,547,130	1,346,625
Total current liabilities	29,272,775	14,748,216	26,553,948
LONG TERM DEBT	23,503,226	23,700,089	35,593,360
DEFERRED INCOME TAXES	13,000,609	13,000,609	12,928,048
DEFERRED LIABILITIES	227,345	295,676	389,208
TOTAL LIABILITIES	66,003,955	51,744,590	75,464,564
Common stock, no par value;
25,000,000 shares authorized; issued and outstanding June 30, 2016 - 7,481,022; December 31, 2015 - 7,567,271 and June 30, 2015 - 7,562,069	69,890,665	70,882,392	70,667,372
Retained earnings	67,630,229	71,238,149	69,716,086
Total shareholders' equity	137,520,894	142,120,541	140,383,458
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 203,524,849	$ 193,865,131	$ 215,848,022

ROCKY BRANDS, INC. AND SUBSIDI3

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Shares authorized	25,000,000	25,000,000	25,000,000
Shares Outstanding	7,481,022	7,567,271	7,562,069

ROCKY BRANDS, INC. AND SUBSIDI4

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
NET SALES	$ 62,560,094	$ 68,583,196	$ 120,090,039	$ 134,034,499
COST OF GOODS SOLD	46,296,834	45,934,563	84,915,887	89,414,556
GROSS MARGIN	16,263,260	22,648,633	35,174,152	44,619,943
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	18,807,595	19,395,298	37,939,489	38,963,245
INCOME (LOSS) FROM OPERATIONS	(2,544,335)	3,253,335	(2,765,337)	5,656,698
OTHER INCOME AND (EXPENSES):
Interest expense, net	(142,215)	(176,186)	(278,191)	(341,262)
Other – net	19,221	4,524	86,749	(58,816)
Total other - net	(122,994)	(171,662)	(191,442)	(400,078)
INCOME (LOSS) BEFORE INCOME TAXES	(2,667,329)	3,081,673	(2,956,779)	5,256,620
INCOME TAX EXPENSE (BENEFIT)	(908,000)	1,079,000	(1,006,000)	1,840,000
COMPREHENSIVE INCOME (LOSS)	$ (1,759,329)	$ 2,002,673	$ (1,950,779)	$ 3,416,620
NET INCOME (LOSS) PER SHARE
Basic (in Dollars per share)	$ (0.23)	$ 0.26	$ (0.26)	$ 0.45
Diluted (in Dollars per share)	$ (0.23)	$ 0.26	$ (0.26)	$ 0.45
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic (in Shares)	7,530,579	7,561,850	7,556,873	7,560,603
Diluted (in Shares)	7,530,579	7,578,713	7,556,873	7,572,467

ROCKY BRANDS, INC. AND SUBSIDI5

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (1,950,779)	$ 3,416,620
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,813,161	3,591,306
Loss on disposal of fixed assets	33,611
Stock compensation expense	244,215	197,958
Change in assets and liabilities
Receivables	2,356,306	(2,394,601)
Inventories	(10,564,897)	(1,241,113)
Other current assets	(2,407,282)	(175,741)
Other assets	12,878	29,870
Accounts payable	12,415,728	4,111,475
Accrued and other liabilities	1,682,575	(3,059,298)
Net cash provided by operating activities	5,635,516	4,476,476
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	(3,504,407)	(2,309,005)
Investment in trademarks and patents		(1,176)
Proceeds from sale of fixed assets	22,273
Net cash used in investing activities	(3,482,134)	(2,310,181)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	40,195,426	36,407,387
Repayments of revolving credit facility	(40,392,289)	(37,084,400)
Proceeds from stock option exercises		8,742
Repurchases of common stock	(1,235,942)
Dividends paid on common stock	(1,657,141)	(1,587,780)
Net cash used in financing activities	(3,089,946)	(2,256,051)
DECREASE IN CASH AND CASH EQUIVALENTS	(936,564)	(89,756)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,407,140	4,616,694
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 2,470,576	$ 4,526,938

1. INTERIM FINANCIAL REPORTING

1. INTERIM FINANCIAL REPORTING	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. INTERIM FINANCIAL REPORTING In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of the financial results. All such adjustments reflected in the unaudited interim condensed consolidated financial statements are considered to be of a normal and recurring nature. The results of the operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the whole year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2015.

2. TRADE RECEIVABLES

2. TRADE RECEIVABLES	6 Months Ended
	Jun. 30, 2016
Policy Text Block [Abstract]
Trade and Other Accounts Receivable, Policy [Policy Text Block]	2. TRADE RECEIVABLES Trade receivables are presented net of the related allowance for uncollectible accounts of approximately $960,000, $820,000 and $1,053,000 at June 30, 2016, December 31, 2015 and June 30, 2015, respectively. The allowance for uncollectible accounts is calculated based on the relative age and size of trade receivable balances. Our credit policy generally provides that trade receivables will be deemed uncollectible and written-off once we have pursued all reasonable efforts to collect on the account.

3. INVENTORIES

3. INVENTORIES	6 Months Ended
	Jun. 30, 2016
Inventory Related Text [Abstract]
Inventory Related Text	3. INVENTORIES Inventories, net of reserves, are comprised of the following: June 30, December 31, June 30, 2016 2015 2015 (Unaudited) (Unaudited) Raw materials $ 19,499,464 $ 12,494,980 $ 14,307,340 Work-in-process 1,586,091 1,155,837 1,018,399 Finished goods 66,470,401 63,340,242 71,152,416 Total $ 87,555,956 $ 76,991,059 $ 86,478,155

4. SUPPLEMENTAL CASH FLOW INFOR

4. SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	4. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: (Unaudited) Six Months Ended June 30, 2016 2015 Interest $ 256,979 $ 332,387 Federal, state and local income taxes, net of refunds $ 1,042,711 $ 4,583,560 Fixed asset purchases in accounts payable $ 450,881 $ 294,363

5. PER SHARE INFORMATION

5. PER SHARE INFORMATION	6 Months Ended
	Jun. 30, 2016
Table Text Block [Abstract]
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]	5. PER SHARE INFORMATION Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. There are no adjustments to net income necessary in the calculation of basic and diluted earnings per share. A reconciliation of the shares used in the basic and diluted income per common share computation for the three and six months ended June 30, 2016 and 2015 are as follows: (Unaudited) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares outstanding 7,530,579 7,561,850 7,556,873 7,560,603 Dilutive restricted share units - 11,719 - 9,370 Dilutive stock options - 5,144 - 2,494 Dilutive weighted average shares outstanding 7,530,579 7,578,713 7,556,873 7,572,467 Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were 143,600 and 77,428 for the three months ended June 30, 2016 and 2015, respectively. Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were 143,059 and 82,374 for the six months ended June 30, 2016 and 2015, respectively. For the three and six months ended June 30, 2016, diluted earnings per share of common stock is equal to basic earnings per share of common stock due to the net loss.

6. RECENT FINANCIAL ACCOUNTING

6. RECENT FINANCIAL ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2016
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	6. RECENT FINANCIAL ACCOUNTING STANDARDS Recently Adopted Accounting Pronouncements In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718). Some share-based payment awards that require a specific performance target to be achieved before the employee can benefit from the award, also require an employee to render service until the performance target is achieved. In some cases, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be entitled to benefit from the award regardless of whether the employee is rendering service on the date the performance target is achieved. Some entities account for those performance targets as performance conditions that affect the vesting of the award and, therefore, do not reflect the performance target in the estimate of the grant-date fair value. Others treat them as nonvesting conditions that affect the grant-date fair value of the award. The amendments apply to reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period. The update is effective for public entities for annual reporting periods beginning after December 15, 2015. The adoption of this standard did not have an effect on our consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items (Subtopic 225-20). The objective of this update is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. The adoption of this standard did not have an effect on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30). The objective of this update is to simplify presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2015. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). The adoption of this standard did not have an effect on our consolidated financial statements as ASU 2015-15 permitted debt issuance costs related to a line of credit arrangement to remain as an asset and be amortized over the remaining term of the line of credit agreement. Accounting standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14. The amendments in this update defer the effective date of Update 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). Currently, there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330). The amendments in this Update require an entity to measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments in this Update will simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update will require lessees to recognize (with the exception of short-term leases) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted for all entities upon issuance. We have not yet determined the impact this ASU will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this Update were issued as part of the FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this Update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In addition, the amendments in this Update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2016, including interim periods within those fiscal years. Earlier application is permitted for all entities upon issuance. We have not yet determined the impact this ASU will have on our consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). This Update clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The amendments in this update are effective at the same time as ASU 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements.

7. INCOME TAXES

7. INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Policy Text Block [Abstract]
Income Tax, Policy [Policy Text Block]	7. INCOME TAXES We file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. We are no longer subject to U.S. Federal tax examinations for years before 2012. In 2014, we were subjected to an IRS examination for our consolidated U.S. Federal return for the year 2011. There were no adjustments to our return as a result of that examination. State jurisdictions that remain subject to examination range from 2011 to 2015. Foreign jurisdiction tax returns that remain subject to examination range from 2010 to 2015 for Canada and from 2010 to 2015 for Puerto Rico. We do not believe we have any uncertain tax positions. Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. As of June 30, 2016, no such expenses were recognized during the quarter. We provided for income taxes at an estimated effective tax rate of 34% for the three and six month periods ended June 30, 2016. We provided for income taxes at an estimated effective tax rate of 35% for the three and six month periods ended June 30, 2015.

8. INTANGIBLE ASSETS

8. INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2016
Disclosure Text Block [Abstract]
Intangible Assets Disclosure [Text Block]	8. INTANGIBLE ASSETS A schedule of intangible assets is as follows: Gross Accumulated Carrying June 30, 2016 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,350,975 244,502 Customer relationships 2,200,000 1,206,666 993,334 Total Identified Intangibles $ 40,039,055 $ 3,557,641 $ 36,481,414 December 31, 2015 Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,324,515 270,962 Customer relationships 2,200,000 1,166,667 1,033,333 Total Identified Intangibles $ 40,039,055 $ 3,491,182 $ 36,547,873 June 30, 2015 (unaudited) Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,297,187 298,290 Customer relationships 2,200,000 1,126,666 1,073,334 Total Identified Intangibles $ 40,039,055 $ 3,423,853 $ 36,615,202 Amortization expense for intangible assets was $33,044 and $33,801 for the three months ended June 30, 2016 and 2015, respectively and $66,459 and $67,618 for the six months ended June 30, 2016 and 2015, respectively. The weighted average amortization period for patents is 15 years. Estimate of Aggregate Amortization Expense for the years ending December 31,: 2017 $ 127,612 2018 121,468 2019 113,484 2020 110,578 2021 110,578

9. CAPITAL STOCK

9. CAPITAL STOCK	6 Months Ended
	Jun. 30, 2016
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	9. CAPITAL STOCK On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan includes 500,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of June 30, 2016, we were authorized to issue 280,367 shares under this plan. Service Based Restricted Stock In the first quarter of 2016, we issued 30,000 restricted stock units to certain members of our management that will be settled in one share of common stock of the company per unit. These restricted stock units vest in increments of 25% per year over the next four years. We valued the units at an average fair value of $11.56 per unit, which was the closing price of our stock on the last trading date prior to the grant date. Also in the first quarter of 2016, we issued an additional 2,000 restricted stock units to a member of management. These units vest the same as the first issuance. We valued the units at an average fair value of $10.29 per unit, which was the closing price of our stock on the last trading date prior to the grant date. In the first quarter of 2015, we issued 28,000 restricted stock units to certain members of our management that will be settled in one share of common stock of the company per unit. These restricted stock units vest in increments of 25% per year from the grant date. We valued the units at a fair value of $13.42 per unit, which was the closing price of our stock on the last trading date prior to the grant date. For the three months ended June 30, 2016 and 2015, we recorded expense of $62,691 and $41,109, respectively, related to restricted stock units. For the six months ended June 30, 2016 and 2015, we recorded expense of $125,382 and $82,219, respectively, related to restricted stock units. Performance Based Restricted Stock In the first quarter of 2016, we made available up to 43,000 performance based restricted stock units to certain members of our management. Shares underlying the performance based restricted stock units will be issued upon achieving certain established EPS goals at the end of fiscal year 2017. In the first quarter of 2015, we made available up to 32,000 performance based restricted stock units to certain members of our management. Shares underlying the performance based restricted stock units will be issued upon achieving certain established EPS goals at the end of fiscal year 2016. For the three and six months ended June 30, 2016 and 2015, we did not record any expense related to these performance based restricted stock units as it is uncertain if we will reach the performance goals. Stock Options In the first quarter of 2016, we issued 30,000 stock options to certain members of our management. These stock options vest in increments of 20% per year over the next five years. The options are exercisable at $11.56 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $3.41 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculations consist of an expected life of 6.5 years, historical volatility of 42.32%, a risk free interest rate of 2.06%, a dividend yield of 3.81% and an initial employee forfeiture rate of 7.7%. Our expected life estimate is based on the sum of the vesting terms divided by the number of vesting tranches. Also in the first quarter of 2016, we issued an additional 2,000 stock options to a member of our management. These units vest the same as the first issuance. The options are exercisable at $10.29 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $2.84 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculations consist of an expected life of 6.5 years, historical volatility of 42.32%, a risk free interest rate of 1.88%, a dividend yield of 4.30% and an initial employee forfeiture rate of 7.7%. In the first quarter of 2015, we issued 28,000 stock options to certain members of our management. These stock options vest in increments of 20% per year from the grant date. The options are exercisable at $13.42 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $4.70 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculations consist of an expected life of 6.5 years, historical volatility of 46.20%, a risk free interest rate of 1.92%, a dividend yield of 2.99% and an initial employee forfeiture rate of 3.8%. Our expected life estimate is based on the sum of the vesting terms divided by the number of vesting tranches. The following summarizes stock option transactions from January 1, 2016 through June 30, 2016: Shares Weighted Options outstanding at January 1, 2016 51,600 $ 14.08 Issued 32,000 $ 11.48 Exercised - $ - Forfeited (3,000 ) $ 12.80 Options outstanding at June 30, 2016 80,600 $ 13.10 Options exercisable at: January 1, 2016 4,000 $ 14.57 June 30, 2016 14,000 $ 14.25 Unvested options at June 30, 2016 66,600 $ 12.86 During the three and six months ended June 30, 2016, we issued 3,294 and 6,924 shares, respectively, of common stock to members of our Board of Directors. During the three and six months ended June 30, 2016, we recorded compensation expense of $42,000 and $84,000, respectively, which was the fair market value of the shares on the grant dates. These shares are fully vested. In March 2016, our Board of Directors authorized the repurchase of up to $7,500,000 of common shares outstanding in open market or privately negotiated transactions over the next 12 months. Purchases of stock under this program were funded with borrowings from our amended and restated revolving credit facility. During the three and six months ended June 30, 2016, there were 106,171 shares repurchased and retired for $1,235,942 .

10. SEGMENT INFORMATION

10. SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2016
Table Text Block [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	10. SEGMENT INFORMATION We have identified three reportable segments: Wholesale, Retail and Military. Wholesale includes sales of footwear and accessories to several classifications of retailers, including sporting goods stores, outdoor specialty stores, mail order catalogs, independent retailers, mass merchants, retail uniform stores, and specialty safety shoe stores. Retail includes all sales from our consumer websites, stores and all sales in our Lehigh division. Military includes sales to the U.S. Military. The following is a summary of segment results for the Wholesale, Retail, and Military segments. (Unaudited) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 NET SALES: Wholesale $ 41,493,744 $ 53,939,378 $ 81,684,798 $ 104,919,071 Retail 10,397,582 10,181,252 21,933,966 22,036,011 Military 10,668,768 4,462,566 16,471,275 7,079,417 Total Net Sales $ 62,560,094 $ 68,583,196 $ 120,090,039 $ 134,034,499 GROSS MARGIN: Wholesale $ 11,490,555 $ 17,511,084 $ 24,461,592 $ 33,814,108 Retail 4,627,106 4,543,506 9,772,050 9,891,951 Military 145,599 594,043 940,510 913,884 Total Gross Margin $ 16,263,260 $ 22,648,633 $ 35,174,152 $ 44,619,943 Segment asset information is not prepared or used to assess segment performance.

11. LONG-TERM DEBT

11. LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2016
Long-term Debt, Description [Abstract]
Long-term Debt, Description	11. LONG-TERM DEBT In October 2010, we entered into a financing agreement with PNC Bank (“PNC”) to provide a $70 million credit facility. In December 2014, we amended and restated the credit facility to increase the facility to $75 million and extend the term of the facility an additional five years. The credit facility’s base interest rate is the current prime rate less 0.25%, however the credit facility provides us the option to borrow on up to eight fixed loans at LIBOR plus 1.25% in accordance with the 2014 amended and restated credit agreement. The LIBOR rate is determined based on the fixed loan maturities, which vary from 30, 60, 90, or 180 days. As of June 30, 2016, December 31, 2015 and June 30, 2015, we had approximately $22.0 million, $17.0 million and $31.0 million, respectively, in fixed LIBOR borrowings under the credit facility. The amended and restated credit facility matures in November 2019. The total amount available under our amended and restated revolving credit facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of June 30, 2016, we had $23.5 million in borrowings under this facility and total capacity of $63.1 million. Our amended and restated credit facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio. This restrictive covenant is only in effect upon a triggering event taking place (as defined in the amended and restated credit facility agreement). At June 30, 2016, there was no triggering event and the covenant was not in effect. We have no other long-term debt maturities.

12. FINANCIAL INSTRUMENTS

12. FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	12. FINANCIAL INSTRUMENTS Generally accepted accounting standards establish a framework for measuring fair value. The fair value accounting standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This standard clarifies how to measure fair value as permitted under other accounting pronouncements. The fair value accounting standard defines fair value as the exchange price that would be received for 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 at the measurement date. This standard also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair values of cash, accounts receivable, other receivables and accounts payable approximated their carrying values because of the short-term nature of these instruments. Accounts receivable consists primarily of amounts due from our customers, net of allowances. Other receivables consist primarily of amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our revolving line of credit and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year .

3. INVENTORIES (Tables)

3. INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Related Text [Abstract]
Inventory Disclosure [Text Block]	Inventories, net of reserves, are comprised of the following: June 30, December 31, June 30, 2016 2015 2015 (Unaudited) (Unaudited) Raw materials $ 19,499,464 $ 12,494,980 $ 14,307,340 Work-in-process 1,586,091 1,155,837 1,018,399 Finished goods 66,470,401 63,340,242 71,152,416 Total $ 87,555,956 $ 76,991,059 $ 86,478,155

4. SUPPLEMENTAL CASH FLOW INF19

4. SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information Related Text	Supplemental cash flow information is as follows: (Unaudited) Six Months Ended June 30, 2016 2015 Interest $ 256,979 $ 332,387 Federal, state and local income taxes, net of refunds $ 1,042,711 $ 4,583,560 Fixed asset purchases in accounts payable $ 450,881 $ 294,363

5. PER SHARE INFORMATION (Table

5. PER SHARE INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
Table Text Block [Abstract]
Earnings Per Share, Policy [Policy Text Block]	(Unaudited) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares outstanding 7,530,579 7,561,850 7,556,873 7,560,603 Dilutive restricted share units - 11,719 - 9,370 Dilutive stock options - 5,144 - 2,494 Dilutive weighted average shares outstanding 7,530,579 7,578,713 7,556,873 7,572,467

8. INTANGIBLE ASSETS (Tables)

8. INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure Text Block [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Gross Accumulated Carrying June 30, 2016 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,350,975 244,502 Customer relationships 2,200,000 1,206,666 993,334 Total Identified Intangibles $ 40,039,055 $ 3,557,641 $ 36,481,414 December 31, 2015 Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,324,515 270,962 Customer relationships 2,200,000 1,166,667 1,033,333 Total Identified Intangibles $ 40,039,055 $ 3,491,182 $ 36,547,873 June 30, 2015 (unaudited) Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,297,187 298,290 Customer relationships 2,200,000 1,126,666 1,073,334 Total Identified Intangibles $ 40,039,055 $ 3,423,853 $ 36,615,202
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2017 $ 127,612 2018 121,468 2019 113,484 2020 110,578 2021 110,578

9. CAPITAL STOCK (Tables)

9. CAPITAL STOCK (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Stock Options Roll Forward [Table Text Block]	Shares Weighted Options outstanding at January 1, 2016 51,600 $ 14.08 Issued 32,000 $ 11.48 Exercised - $ - Forfeited (3,000 ) $ 12.80 Options outstanding at June 30, 2016 80,600 $ 13.10 Options exercisable at: January 1, 2016 4,000 $ 14.57 June 30, 2016 14,000 $ 14.25 Unvested options at June 30, 2016 66,600 $ 12.86

10. SEGMENT INFORMATION (Tables

10. SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
Table Text Block [Abstract]
Segment Reporting Disclosure [Text Block]	(Unaudited) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 NET SALES: Wholesale $ 41,493,744 $ 53,939,378 $ 81,684,798 $ 104,919,071 Retail 10,397,582 10,181,252 21,933,966 22,036,011 Military 10,668,768 4,462,566 16,471,275 7,079,417 Total Net Sales $ 62,560,094 $ 68,583,196 $ 120,090,039 $ 134,034,499 GROSS MARGIN: Wholesale $ 11,490,555 $ 17,511,084 $ 24,461,592 $ 33,814,108 Retail 4,627,106 4,543,506 9,772,050 9,891,951 Military 145,599 594,043 940,510 913,884 Total Gross Margin $ 16,263,260 $ 22,648,633 $ 35,174,152 $ 44,619,943

2. TRADE RECEIVABLES (Details)

2. TRADE RECEIVABLES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Policy Text Block [Abstract]
Allowance for Doubtful Accounts Receivable	$ 960,000	$ 820,000	$ 1,053,000

3. INVENTORIES (Details) - Inv

3. INVENTORIES (Details) - Inventory Detail - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Inventory Detail [Abstract]
Raw materials	$ 19,499,464	$ 12,494,980	$ 14,307,340
Work-in-process	1,586,091	1,155,837	1,018,399
Finished goods	66,470,401	63,340,242	71,152,416
Total	$ 87,555,956	$ 76,991,059	$ 86,478,155

4. SUPPLEMENTAL CASH FLOW INFO

4. SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Supplemental Cash Flow Information - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Interest	$ 256,979	$ 332,387
Federal, state and local income taxes, net of refunds	1,042,711	4,583,560
Fixed asset purchases in accounts payable	$ 450,881	$ 294,363

5. PER SHARE INFORMATION (Detai

5. PER SHARE INFORMATION (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Table Text Block [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	143,600	77,428	143,059	82,374

5. PER SHARE INFORMATION (Deta

5. PER SHARE INFORMATION (Details) - Reconciliation of Diluted Shares - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of Diluted Shares [Abstract]
Weighted average shares outstanding	7,530,579	7,561,850	7,556,873	7,560,603
Dilutive restricted share units		11,719		9,370
Dilutive stock options		5,144		2,494
Dilutive weighted average shares outstanding	7,530,579	7,578,713	7,556,873	7,572,467

8. INTANGIBLE ASSETS (Details)

8. INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure Text Block [Abstract]
Amortization of Intangible Assets	$ 33,044	$ 33,801	$ 66,459	$ 67,618

8. INTANGIBLE ASSETS (Details)

8. INTANGIBLE ASSETS (Details) - Intangible Assets - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Wholesale (Member)
Trademarks:
Indefinite Lived-Intangible Assets	$ 32,343,578	$ 32,343,578	$ 32,343,578
Retail (Member)
Trademarks:
Indefinite Lived-Intangible Assets	2,900,000	2,900,000	2,900,000
Carrying Amount (Member) | Wholesale (Member)
Trademarks:
Indefinite Lived-Intangible Assets	32,343,578	32,343,578	32,343,578
Carrying Amount (Member) | Retail (Member)
Trademarks:
Indefinite Lived-Intangible Assets	2,900,000	2,900,000	2,900,000
Patents [Member]
Trademarks:
Finite Lived Intangible Assets	2,595,477	2,595,477	2,595,477
Patents [Member] | Accumulated Amortization (Member)
Trademarks:
Finite Lived Intangible Assets	2,350,975	2,324,515	2,297,187
Patents [Member] | Carrying Amount (Member)
Trademarks:
Finite Lived Intangible Assets	244,502	270,962	298,290
Customer Relationships [Member]
Trademarks:
Finite Lived Intangible Assets	2,200,000	2,200,000	2,200,000
Total Identified Intangibles	40,039,055	40,039,055	40,039,055
Customer Relationships [Member] | Accumulated Amortization (Member)
Trademarks:
Finite Lived Intangible Assets	1,206,666	1,166,667	1,126,666
Total Identified Intangibles	3,557,641	3,491,182	3,423,853
Customer Relationships [Member] | Carrying Amount (Member)
Trademarks:
Finite Lived Intangible Assets	993,334	1,033,333	1,073,334
Total Identified Intangibles	$ 36,481,414	$ 36,547,873	$ 36,615,202

8. INTANGIBLE ASSETS (Detail31

8. INTANGIBLE ASSETS (Details) - Estimate of Aggregate Amortization Expense for the years ending December 31,: - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Estimate of Aggregate Amortization Expense for the years ending December 31,: [Abstract]
2,017					$ 127,612
2,018				$ 121,468
2,019			$ 113,484
2,020		$ 110,578
2,021	$ 110,578

9. CAPITAL STOCK (Details)

9. CAPITAL STOCK (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2014	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Share-based Arrangements with Employees and Nonemployees [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)		500,000			500,000	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)		280,367			280,367	280,367
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)					30,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					25.00%		20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in Dollars per share)					$ 11.56	$ 10.29	$ 13.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)					30,000	2,000	28,000
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum					25.00%
Restricted Stock or Unit Expense (in Dollars)		$ 62,691	$ 41,109		$ 125,382		$ 82,219
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in Shares)	32,000				43,000
Stock_Option_Vesting					20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (in Dollars per share)					$ 11.56	$ 10.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)					$ 3.41
Fair Value Assumptions, Expected Term					6 years 6 months	6 years 6 months
Fair Value Assumptions, Expected Volatility Rate					42.32%	42.32%	46.20%
Fair Value Assumptions, Risk Free Interest Rate					2.06%	1.88%	1.92%
Fair Value Assumptions, Expected Dividend Rate					3.81%	4.30%	2.99%
Forfeiture_Rate					7.70%	7.70%	3.80%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares)					32,000	2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)						$ 2.84
Allocated Share-based Compensation Expense (in Dollars)		$ 17,417	$ 12,370		$ 34,833		$ 24,739
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares)		3,294		3	6,924
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures (in Dollars)		$ 42,000			$ 84,000
Stock Repurchased During Period, Shares (in Shares)					106,171
Stock Repurchased During Period, Value (in Dollars)					$ 1,235,942

9. CAPITAL STOCK (Details) - S

9. CAPITAL STOCK (Details) - Stock Option Rollforward - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jan. 01, 2016
Stock Option Rollforward [Abstract]
Options outstanding at January 1, 2016			51,600
Options outstanding at January 1, 2016	$ 13.10	$ 13.10	$ 14.08
Issued	2,000	32,000
Issued		$ 11.48
Forfeited		(3,000)
Forfeited		$ 12.80
Options outstanding at June 30, 2016	80,600	80,600
Options outstanding at June 30, 2016	$ 13.10	$ 13.10	$ 14.08
Options exercisable at:
January 1, 2016	14,000	14,000	4,000
January 1, 2016			$ 14.57
June 30, 2016	14,000	14,000	4,000
June 30, 2016	$ 14.25	$ 14.25
Unvested options at June 30, 2016	66,600	66,600
Unvested options at June 30, 2016	$ 12.86	$ 12.86

10. SEGMENT INFORMATION (Detai

10. SEGMENT INFORMATION (Details) - Segment Information - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Wholesale (Member)
NET SALES:
Net Sales	$ 41,493,744	$ 53,939,378	$ 81,684,798	$ 104,919,071
GROSS MARGIN:
Gross Margin	11,490,555	17,511,084	24,461,592	33,814,108
Retail (Member)
NET SALES:
Net Sales	10,397,582	10,181,252	21,933,966	22,036,011
GROSS MARGIN:
Gross Margin	4,627,106	4,543,506	9,772,050	9,891,951
Military (Member)
NET SALES:
Net Sales	10,668,768	4,462,566	16,471,275	7,079,417
Total Net Sales	62,560,094	68,583,196	120,090,039	134,034,499
GROSS MARGIN:
Gross Margin	145,599	594,043	940,510	913,884
Total Gross Margin	$ 16,263,260	$ 22,648,633	$ 35,174,152	$ 44,619,943

11. LONG-TERM DEBT (Details)

11. LONG-TERM DEBT (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Long-term Debt, Description [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75			$ 70
Line of Credit Facility, Interest Rate at Period End	0.25%
Line of Credit Facility, Interest Rate During Period	1.25%
Libor_Loan	$ 22	$ 17	$ 31
Long-term Line of Credit	23.5
Line of Credit Facility, Current Borrowing Capacity	$ 63.1