West Marine (WMAR) 10-Q 3 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 03, 2015	Oct. 26, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	WEST MARINE INC
Entity Central Index Key	912,833
Current Fiscal Year End Date	--01-02
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Oct. 3, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		24,696,473

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Current assets:
Cash and cash equivalents	$ 60,486	$ 45,675	$ 63,603
Trade receivables, net	8,565	6,843	8,460
Merchandise inventories	236,984	214,298	215,232
Deferred income taxes	5,597	5,585	5,666
Other current assets	18,167	25,791	16,370
Total current assets	329,799	298,192	309,331
Property and equipment, net	78,980	79,447	79,950
Long-term deferred income taxes	3,580	3,993	4,055
Other assets	3,348	3,869	3,577
TOTAL ASSETS	415,707	385,501	396,913
Current liabilities:
Accounts payable	38,203	33,244	34,451
Accrued expenses and other	47,302	40,922	46,325
Total current liabilities	85,505	74,166	80,776
Deferred rent and other	20,852	20,327	15,984
Total liabilities	$ 106,357	$ 94,493	$ 96,760
Commitments and contingencies - see Note 5
Stockholders' equity:
Preferred stock, $.001 par value: 1,000,000 shares authorized; no shares outstanding	$ 0	$ 0	$ 0
Common stock, $.001 par value: 50,000,000 shares authorized; 25,384,450 shares issued and 24,695,561 shares outstanding at October 3, 2015; 25,092,550 shares issued and 24,403,661 shares outstanding at January 3, 2015; and 25,014,180 shares issued and 24,325,291 shares outstanding at September 27, 2014	25	25	25
Treasury stock	(9,285)	(9,171)	(9,171)
Additional paid-in capital	210,743	207,863	206,700
Accumulated other comprehensive loss	(567)	(564)	(534)
Retained earnings	108,434	92,855	103,133
Total stockholders' equity	309,350	291,008	300,153
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 415,707	$ 385,501	$ 396,913

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 03, 2015	Jan. 03, 2015	Sep. 27, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000	50,000,000
Common stock, shares issued	25,384,450	25,092,550	25,015,180
Common stock, shares outstanding	24,695,561	24,403,661	24,325,291

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Income Statement [Abstract]
Net revenues	$ 194,375	$ 196,510	$ 574,620	$ 546,331
Cost of goods sold	138,115	138,124	400,618	380,744
Gross profit	56,260	58,386	174,002	165,587
Selling, general and administrative expense	47,576	48,511	146,044	142,267
Income from operations	8,684	9,875	27,958	23,320
Interest expense	107	99	338	322
Income before income taxes	8,577	9,776	27,620	22,998
Provision for income taxes	3,685	4,839	12,041	10,772
Net income	$ 4,892	$ 4,937	$ 15,579	$ 12,226
Net income per common and common equivalent share:
Basic	$ 0.20	$ 0.20	$ 0.63	$ 0.51
Diluted	$ 0.20	$ 0.20	$ 0.63	$ 0.50
Weighted average common and common equivalent shares outstanding:
Basic	24,694	24,323	24,599	24,202
Diluted	24,718	24,341	24,709	24,393

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 4,892	$ 4,937	$ 15,579	$ 12,226
Other comprehensive income, net of tax
Foreign currency translation adjustment, net of tax	(8)	21	(3)	30
Total comprehensive income	$ 4,884	$ 4,958	$ 15,576	$ 12,256

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
OPERATING ACTIVITIES:
Net income	$ 15,579	$ 12,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,385	13,378
Share-based compensation	2,154	2,376
Excess tax benefit from share-based compensation	0	(223)
Deferred income taxes	878	(603)
Provision for doubtful accounts	62	82
Lower of cost or market inventory adjustments	2,128	1,112
Loss on asset disposals	716	325
Changes in assets and liabilities:
Trade receivables	(1,784)	(2,101)
Merchandise inventories	(24,814)	(13,308)
Other current assets	7,624	2,990
Other assets	308	(261)
Accounts payable	5,070	12,594
Accrued expenses and other	5,622	9,104
Deferred items and other non-current liabilities	95	1,180
Net cash provided by operating activities	29,023	38,871
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment	29	36
Purchases of property and equipment	(15,640)	(20,832)
Net cash used in investing activities	(15,611)	(20,796)
FINANCING ACTIVITIES:
Borrowings on line of credit	816	2,087
Repayments on line of credit	(816)	(2,087)
Proceeds from exercise of stock options	1,141	1,314
Proceeds from sale of common stock pursuant to Associates Stock Buying Plan	296	318
Excess tax benefit from share-based compensation	0	223
Treasury shares acquired	(114)	(4,766)
Net cash provided by (used in) financing activities	1,323	(2,911)
Effect of exchange rate changes on cash	76	31
NET INCREASE IN CASH	14,811	15,195
CASH AT BEGINNING OF PERIOD	45,675	48,408
CASH AT END OF PERIOD	60,486	63,603
Other cash flow information:
Cash paid for interest	220	227
Cash paid for income taxes, net of refunds of $80 and $1,391	44	2,067
Non-cash investing activities
Property and equipment additions in accounts payable	$ 836	$ 1,326

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014
Supplemental Cash Flow Elements [Abstract]
Net refunds from income taxes	$ 80	$ 1,391

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 03, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared from the records of West Marine, Inc. and its subsidiaries (collectively, the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary to fairly state the financial position, results of operations and cash flows for the interim periods presented, have been included. The condensed consolidated balance sheet at January 3, 2015 presented herein has been derived from the audited consolidated financial statements of the Company that were included in the Company's Annual Report on Form 10-K for the year ended January 3, 2015 (the “2014 Form 10-K”). These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, for the fiscal year ended January 3, 2015 that were included in the 2014 Form 10-K. Accounting policies followed by the Company are described in Note 1 in the audited consolidated financial statements for the year ended January 3, 2015 . Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted for purposes of the condensed consolidated interim financial statements presented herein. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the 13-week and 39-week periods ended October 3, 2015 are not necessarily indicative of the results to be expected for any other interim period or for the fiscal year ending January 2, 2016 . Historically, the Company's revenues and net income are higher in the second and third quarters and are lower in the first and fourth quarters of the fiscal year. The increase in revenues and earnings, principally during the period from April through August, is representative of the peak months for boat buying, usage and maintenance in most of the Company's retail markets. The Company's fiscal year consists of 52 or 53 weeks, ending on the Saturday closest to December 31. The 2015 fiscal year consists of 52 weeks ending on January 2, 2016 , and the 2014 fiscal year consisted of 53 weeks that ended on January 3, 2015 . All quarters of both fiscal years 2015 and 2014 consist of 13 weeks, other than the fourth quarter of 2014, which consisted of 14 weeks. All references to years relate to fiscal years rather than calendar years. Cash and Cash Equivalents The Company's cash and cash equivalents consist of cash on hand, bank deposits and amounts in transit from banks for customer credit card and debit card transactions. As of October 3, 2015 , January 3, 2015 and September 27, 2014 cash balances were $60.5 million , $45.7 million and $63.6 million , respectively. Reportable Segment West Marine is an omni-channel retail organization operating one reporting segment in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280, Segment Reporting . The metrics used by our Chief Executive Officer (as the Company's chief operating decision maker) to assess the performance of the Company and the process he uses to allocate resources focus on viewing the business as a single integrated business. The Company has integrated systems and has commingled sales channel payroll expense, inventories, merchandise procurement and distribution networks to concentrate its strategy as an omni-channel retailer. Revenues from customers are derived from merchandise sales and the Company does not rely on any individual major customers. The Company considers its merchandise expansion strategy to be extremely important to the future success of the Company and is providing the following product category information. The Company's merchandise mix for the periods ended October 3, 2015 and September 27, 2014 , respectively, is reflected in the table below: 13 Weeks Ended 39 Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Core boating products 79.1 % 80.6 % 80.1 % 82.0 % Merchandise expansion products 20.9 % 19.4 % 19.9 % 18.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % The Company considers core boating products to be maintenance related products, electronics, sailboat hardware, anchors/docking/moorings, engine systems, safety, electrical, plumbing, boats, outboards, ventilation, deck hardware/fasteners, navigation, trailering, seating/boat covers and barbecues/appliances. The Company considers its merchandise expansion products to be apparel, footwear, clothing accessories, fishing, watersports, paddlesports, coolers, bikes and cabin/galley. Recently Issued Accounting Pronouncements In April 2014, FASB issued Accounting Standards Update ("ASU") 2014-08, Reporting of Discontinued Operations and Disclosures of Disposals of Components of an Entity . ASU 2014-08 provides a narrower definition of discontinued operations. The new guidance requires that only disposal of a component of an entity, or a group of components of an entity, that represents a strategic shift that has, or will have, a major effect on the reporting entity's operations and financial results should be reported in the financial statements as discontinued operations. ASU 2014-08 also provides guidance on the financial statement presentations and disclosures of discontinued operations. ASU 2014-08 became effective for disposals (or classifications as held for disposal) of components of an entity that occur in annual or interim periods beginning after December 15, 2014. The provisions of this guidance did not have a material impact on the Company's consolidated financial statements. In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers . ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and requires entities to recognize revenue in a way that depicts 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, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which defers the effective date of ASU 2014-09 to December 15, 2017 for annual reporting periods beginning after that date. FASB also approved permitting early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the new standard, and has not concluded whether the adoption of ASU 2014-09 will have a material impact on the Company's consolidated financial statements.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 03, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company calculates its interim income tax provision by estimating the annual effective tax rate and applying that rate to its year-to-date ordinary earnings. The Company's effective income tax rate for the 13-week period ended October 3, 2015 was 43.0% , which resulted in a provision of $3.7 million , while the effective tax rate for the 13-week period ended September 27, 2014 was 49.5% , which resulted in a provision of $4.8 million . The Company's effective income tax rate for the 39-week period ended October 3, 2015 was 43.6% , which resulted in a provision of $12.0 million , while the effective tax rate for the 39-week period ended September 27, 2014 was 46.8% , which resulted in a provision of $10.8 million . The decrease in the effective tax rate was due largely to a change in valuation allowances. The Company maintains a valuation allowances against its California Enterprise Zone credits in the amount of $3.9 million , against its South Carolina state tax credits in the amount of $0.9 million , and against its Canadian net deferred tax assets in the amount of $1.4 million . The Company continues to monitor and adjust these valuation allowances based on current evaluations of its ability to realize these deferred tax assets. During the 13-week period ended October 3, 2015 , the Company recognized less than $0.1 million expense related to uncertain tax positions, including accrued interest and penalties. The Company files income tax returns in the U.S. federal jurisdiction, various states and cities, Puerto Rico and Canada. The Company has substantially settled all federal income tax matters through 2011, as well as all state and foreign jurisdictions through 2010 and 2007, respectively.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Oct. 03, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The Company recognized share-based compensation expense of $0.7 million for the 13-week period ended October 3, 2015 and $0.6 million for the 13-week period ended September 27, 2014 , the majority of which was recorded as selling, general and administrative ("SG&A") expense. The Company recognized share-based compensation expense of $2.2 million for the 39-week period ended October 3, 2015 and $2.4 million for the 39-week period ended September 27, 2014 , the majority of which was recorded as SG&A expense. The Company received no excess tax benefit associated with share-based compensation expense for the 13-week and 39-week periods ended October 3, 2015 . The tax benefit associated with share-based compensation expense for the 13-week and 39-week periods ended September 27, 2014 were less than $0.1 million and $0.2 million , respectively, and were recognized as excess tax benefit in additional paid-in capital. The Manager Share Appreciation Plan ("MSAP") compensation expense for the 13-week and 39-week periods ended October 3, 2015 was minimal and a credit to expense of $0.4 million due to fluctuation in the Company's share price. The corresponding liability at October 3, 2015 was $0.1 million . The MSAP compensation expense for both the 13-week and 39-week periods ended September 27, 2014 was minimal. The corresponding liability at September 27, 2014 was $0.1 million .

Comprehensive Income (Loss)

Comprehensive Income (Loss)	9 Months Ended
	Oct. 03, 2015
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)	COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes income, expenses, gains and losses that bypass the income statement and are reported directly as a separate component of equity. The Company’s comprehensive income consists of net income and foreign currency translation adjustments for all periods presented.

Contingencies

Contingencies	9 Months Ended
	Oct. 03, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES In October 2014, a putative class action was filed against the Company in the Superior Court of the State of California, County of San Diego, by a California former hourly employee claiming violations of the California Labor Code and the California Business and Professions Code. The complaint sought unspecified damages and attorney’s fees, alleging the Company's failure to pay overtime to hourly California store employees who earned bonus wages or commissions during pay periods in which they worked overtime, and the derivative claims of failure to provide accurate wage statements and all wages owed upon termination of employment. Although the Company continued to vigorously defend the claims underlying the lawsuit, on October 16, 2015, the parties agreed in principle to settle this matter on an individual and class-wide basis to avoid the uncertainty and costs associated with protracted litigation. The Company’s estimated aggregate obligation, including settlement funds, plaintiff’s attorneys’ fees and costs and settlement administration costs had no material impact on the Company's financial statements. This settlement is subject to the court’s preliminary and final approval and the parties expect to file a motion seeking preliminary approval in November 2015. The Company also is involved in various other legal and administrative proceedings, claims and litigation and regulatory compliance audits arising in the ordinary course of business. Accordingly, material adverse developments, settlements or resolutions may occur and negatively impact our results in the quarter and/or fiscal year in which such developments, settlements or resolutions are reached. Based on the facts currently available, the Company does not believe that the disposition of any claims, regulatory compliance audits, legal or administrative proceedings that are pending or asserted, individually and in the aggregate, will have a material adverse effect on the Company's financial position. However, an adverse judgment by a court, administrative or regulatory agency, arbitrator or a settlement could adversely impact the Company's results of operations in any given period. For the class action lawsuit and for any other claims, regulatory compliance audits, legal or administrative proceedings where the Company has determined that a loss is probable, there is no material difference between the amount accrued and the reasonably possible amount of loss. For any such matters where a loss is reasonably possible, the range of estimated loss is not material individually and in aggregate.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Oct. 03, 2015
Earnings Per Share [Abstract]
Net Income Per Share	NET INCOME PER SHARE Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if unvested restricted shares and outstanding options to purchase common stock were exercised. Options to purchase approximately 0.6 million and 1.2 million shares of common stock that were outstanding for the quarters ended October 3, 2015 and September 27, 2014 , respectively, have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. Options to purchase approximately 0.6 million and 0.3 million shares of common stock that were outstanding for the first 39-weeks ended October 3, 2015 and September 27, 2014 , respectively, have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands): 13 Weeks Ended October 3, 2015 September 27, 2014 Shares Net Income Per Share Shares Net Income Per Share Basic 24,694 $ 0.20 24,323 $ 0.20 Effect of dilutive stock options 24 — 18 — Diluted 24,718 $ 0.20 24,341 $ 0.20 39 Weeks Ended October 3, 2015 September 27, 2014 Shares Net Income Per Share Net Income Per Share Basic 24,599 $ 0.63 24,202 $ 0.51 Effect of dilutive stock options 110 — 191 (0.01 ) Diluted 24,709 $ 0.63 24,393 $ 0.50

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Oct. 03, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Merchandise Product Categories [Table Text Block]	The Company's merchandise mix for the periods ended October 3, 2015 and September 27, 2014 , respectively, is reflected in the table below: 13 Weeks Ended 39 Weeks Ended October 3, 2015 September 27, 2014 October 3, 2015 September 27, 2014 Core boating products 79.1 % 80.6 % 80.1 % 82.0 % Merchandise expansion products 20.9 % 19.4 % 19.9 % 18.0 % Total 100.0 % 100.0 % 100.0 % 100.0 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Oct. 03, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands): 13 Weeks Ended October 3, 2015 September 27, 2014 Shares Net Income Per Share Shares Net Income Per Share Basic 24,694 $ 0.20 24,323 $ 0.20 Effect of dilutive stock options 24 — 18 — Diluted 24,718 $ 0.20 24,341 $ 0.20 39 Weeks Ended October 3, 2015 September 27, 2014 Shares Net Income Per Share Net Income Per Share Basic 24,599 $ 0.63 24,202 $ 0.51 Effect of dilutive stock options 110 — 191 (0.01 ) Diluted 24,709 $ 0.63 24,393 $ 0.50

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014	Jan. 03, 2015	Dec. 28, 2013
Schedule of Merchandise Product Categories [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 60,486	$ 63,603	$ 60,486	$ 63,603	$ 45,675	$ 48,408
Merchandise product categories	100.00%	100.00%	100.00%	100.00%
Core Boating Products [Member]
Schedule of Merchandise Product Categories [Line Items]
Merchandise product categories	79.10%	80.60%	80.10%	82.00%
Merchandise Expansion Products [Member]
Schedule of Merchandise Product Categories [Line Items]
Merchandise product categories	20.90%	19.40%	19.90%	18.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Valuation Allowance [Line Items]
Effective Income Tax Rate, Continuing Operations	43.00%	49.50%	43.60%	46.80%
Provision for income taxes	$ 3,685	$ 4,839	$ 12,041	$ 10,772
CALIFORNIA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	3,900		3,900
SOUTH CAROLINA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	900		900
CANADA
Valuation Allowance [Line Items]
Deferred Tax Assets, Valuation Allowance	1,400		$ 1,400
Maximum [Member]
Valuation Allowance [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 100

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 700	$ 600	$ 2,154	$ 2,376
Excess Tax Benefit from Share-based Compensation, Operating Activities			0	223
Manager Share Appreciation Plan Compensation			(400)
Manager Share Appreciation Plan, Liabilities	$ 100	100	$ 100	$ 100
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess Tax Benefit from Share-based Compensation, Operating Activities		$ 100

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 03, 2015	Sep. 27, 2014	Oct. 03, 2015	Sep. 27, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	627,284	1,247,476	625,257	276,685
Weighted Average Number of Shares Outstanding, Basic	24,694,000	24,323,000	24,599,000	24,202,000
Earnings Per Share, Basic	$ 0.20	$ 0.20	$ 0.63	$ 0.51
Weighted Average Number Diluted Shares Outstanding Adjustment	24,000	18,000	110,000	191,000
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	$ 0	$ 0	$ 0	$ (0.01)
Weighted Average Number of Shares Outstanding, Diluted	24,718,000	24,341,000	24,709,000	24,393,000
Earnings Per Share, Diluted	$ 0.20	$ 0.20	$ 0.63	$ 0.50