v2.4.0.6
Document And Entity Information
3 Months Ended
Mar. 31, 2014
Apr. 30, 2014
Document Information [Line Items]    
Entity Registrant Name WEYCO GROUP INC  
Entity Central Index Key 0000106532  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Trading Symbol WEYS  
Entity Common Stock, Shares Outstanding   10,880,534
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2014  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2014  
v2.4.0.6
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
ASSETS:    
Cash and cash equivalents $ 16,142 $ 15,969
Marketable securities, at amortized cost 5,544 5,196
Accounts receivable, net 53,921 48,530
Accrued income tax receivable 0 1,055
Inventories 49,823 63,196
Prepaid expenses and other current assets 3,520 6,136
Total current assets 128,950 140,082
Marketable securities, at amortized cost 25,822 25,024
Property, plant and equipment, net 34,653 35,112
Goodwill 11,112 11,112
Trademarks 34,748 34,748
Other assets 21,309 21,455
Total assets 256,594 267,533
LIABILITIES AND EQUITY:    
Short-term borrowings 8,991 12,000
Accounts payable 6,411 13,956
Dividend payable 0 1,949
Accrued liabilities 9,912 10,902
Accrued income tax payable 85 0
Deferred income tax liabilities 1,149 849
Total current liabilities 26,548 39,656
Deferred income tax liabilities 1,776 1,993
Long-term pension liability 22,295 21,901
Other long-term liabilities 7,052 6,991
Equity:    
Common stock 10,881 10,876
Capital in excess of par value 32,238 31,729
Reinvested earnings 158,151 156,983
Accumulated other comprehensive loss (9,380) (9,422)
Total Weyco Group, Inc. equity 191,890 190,166
Noncontrolling interest 7,033 6,826
Total equity 198,923 196,992
Total liabilities and equity $ 256,594 $ 267,533
v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Net sales $ 74,929 $ 73,590
Cost of sales 47,565 45,891
Gross earnings 27,364 27,699
Selling and administrative expenses 22,494 23,011
Earnings from operations 4,870 4,688
Interest income 289 412
Interest expense (42) (127)
Other expense, net (115) (89)
Earnings before provision for income taxes 5,002 4,884
Provision for income taxes 1,752 1,759
Net earnings 3,250 3,125
Net earnings (loss) attributable to noncontrolling interest 45 (75)
Net earnings attributable to Weyco Group, Inc. 3,205 3,200
Weighted average shares outstanding    
Basic (in shares) 10,833 10,760
Diluted (in shares) 10,930 10,835
Earnings per share    
Basic (in dollars per share) $ 0.30 $ 0.30
Diluted (in dollars per share) $ 0.29 $ 0.30
Cash dividends declared (per share) (in dollars per share) $ 0.18 $ 0
Comprehensive income 3,454 2,882
Comprehensive income (loss) attributable to noncontrolling interest 207 (147)
Comprehensive income attributable to Weyco Group, Inc. $ 3,247 $ 3,029
v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 3,250 $ 3,125
Adjustments to reconcile net earnings to net cash provided by operating activities -    
Depreciation 953 953
Amortization 54 85
Bad debt expense 112 36
Deferred income taxes 7 (428)
Net foreign currency transaction losses 65 124
Stock-based compensation 338 316
Pension expense 678 825
Increase in cash surrender value of life insurance (135) (135)
Changes in operating assets and liabilities -    
Accounts receivable (5,528) (7,272)
Inventories 13,422 11,750
Prepaids and other assets 2,799 1,716
Accounts payable (7,551) (4,742)
Accrued liabilities and other (1,309) (4,338)
Accrued income taxes 1,146 1,669
Net cash provided by operating activities 8,301 3,684
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of marketable securities (3,528) 0
Proceeds from maturities of marketable securities 2,416 2,819
Purchase of property, plant and equipment (300) (561)
Net cash (used for) provided by investing activities (1,412) 2,258
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (3,899) 0
Shares purchased and retired (81) (4,099)
Proceeds from stock options exercised 165 2,499
Payment of contingent consideration 0 (1,270)
Proceeds from bank borrowings 4,815 2,000
Repayments of bank borrowings (7,824) (9,000)
Income tax benefits from stock-based compensation 14 411
Net cash used for financing activities (6,810) (9,459)
Effect of exchange rate changes on cash and cash equivalents 94 11
Net increase (decrease) in cash and cash equivalents 173 (3,506)
CASH AND CASH EQUIVALENTS at beginning of period 15,969 17,288
CASH AND CASH EQUIVALENTS at end of period 16,142 13,782
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net of refunds 490 560
Interest paid $ 30 $ 123
v2.4.0.6
Financial Statements
3 Months Ended
Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting [Text Block]
1.
Financial Statements
 
In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for the three month period ended March 31, 2014, are not necessarily indicative of the results for the full year.
v2.4.0.6
Reclassifications
3 Months Ended
Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reclassifications [Text Block]
2.
Reclassifications
 
Certain immaterial line items on the prior year’s Consolidated Condensed Statements of Cash Flows (Unaudited) related to net losses (gains) on disposals and proceeds from the sale of property, plant and equipment were consolidated into other line items to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net income or equity.
v2.4.0.6
Earnings Per Share
3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
3.
Earnings Per Share
 
The following table sets forth the computation of earnings per share and diluted earnings per share:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,205
 
$
3,200
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,833
 
 
10,760
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Employee stock-based awards
 
 
97
 
 
75
 
Diluted weighted average shares outstanding
 
 
10,930
 
 
10,835
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.30
 
$
0.30
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.29
 
$
0.30
 
  
Diluted weighted average shares outstanding for the three months ended March 31, 2014, exclude anti-dilutive stock options totaling 331,800 shares of common stock at a weighted average price of $28.50. Diluted weighted average shares outstanding for the three months ended March 31, 2013, exclude anti-dilutive stock options totaling 853,780 shares of common stock at a weighted average price of $24.81.
v2.4.0.6
Investments
3 Months Ended
Mar. 31, 2014
Investments [Abstract]  
Cost and Equity Method Investments Disclosure [Text Block]
4.
Investments
 
As noted in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2013, all of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity.
 
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
5,544
 
$
5,608
 
$
5,196
 
$
5,264
 
Due from one through five years
 
 
15,498
 
 
16,372
 
 
17,636
 
 
18,527
 
Due from six through ten years
 
 
9,829
 
 
10,269
 
 
7,388
 
 
7,777
 
Due from eleven through twenty years
 
 
495
 
 
491
 
 
-
 
 
-
 
Total
 
$
31,366
 
$
32,740
 
$
30,220
 
$
31,568
 
 
The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,395
 
$
21
 
$
1,348
 
$
-
 
 
The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2014, and determined that no other-than-temporary market value impairment exists.
v2.4.0.6
Intangible Assets
3 Months Ended
Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
5.
Intangible Assets
 
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of March 31, 2014:
 
 
 
 
 
March 31, 2014
 
 
 
Weighted
 
Gross
 
 
 
 
 
 
 
 
 
Average
 
Carrying
 
Accumulated
 
 
 
 
 
 
Life (Yrs)
 
Amount
 
Amortization
 
Net
 
 
 
 
 
(Dollars in thousands)
 
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
$
11,112
 
$
-
 
$
11,112
 
Trademarks
 
 
 
 
34,748
 
 
-
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
$
45,860
 
$
-
 
$
45,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortizable intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Non-compete agreement
 
5
 
$
200
 
$
(123)
 
$
77
 
Customer relationships
 
15
 
 
3,500
 
 
(719)
 
 
2,781
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(842)
 
$
2,858
 
  
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2013:
 
 
 
 
 
December 31, 2013
 
 
 
Weighted
 
Gross
 
 
 
 
 
 
 
 
 
Average
 
Carrying
 
Accumulated
 
 
 
 
 
 
Life (Yrs)
 
Amount
 
Amortization
 
Net
 
 
 
 
 
(Dollars in thousands)
 
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
$
11,112
 
$
-
 
$
11,112
 
Trademarks
 
 
 
 
34,748
 
 
-
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
$
45,860
 
$
-
 
$
45,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortizable intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Non-compete agreement
 
5
 
$
200
 
$
(113)
 
$
87
 
Customer relationships
 
15
 
 
3,500
 
 
(661)
 
 
2,839
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(774)
 
$
2,926
 
 
The Company’s amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets (Unaudited).
v2.4.0.6
Segment Information
3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
6.
Segment Information
 
The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three months ended March 31, 2014 and 2013, was as follows:
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
56,061
 
$
5,206
 
$
13,013
 
$
74,280
 
Licensing revenues
 
 
649
 
 
-
 
 
-
 
 
649
 
Net sales
 
$
56,710
 
$
5,206
 
$
13,013
 
$
74,929
 
Earnings from operations
 
$
3,568
 
$
418
 
$
884
 
$
4,870
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
54,649
 
$
5,748
 
$
12,599
 
$
72,996
 
Licensing revenues
 
 
594
 
 
-
 
 
-
 
 
594
 
Net sales
 
$
55,243
 
$
5,748
 
$
12,599
 
$
73,590
 
Earnings from operations
 
$
3,732
 
$
442
 
$
514
 
$
4,688
 
v2.4.0.6
Employee Retirement Plans
3 Months Ended
Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
7.
Employee Retirement Plans
 
The components of the Company’s net pension expense were as follows:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
391
 
$
385
 
Interest cost on projected benefit obligation
 
 
663
 
 
578
 
Expected return on plan assets
 
 
(573)
 
 
(519)
 
Net amortization and deferral
 
 
197
 
 
381
 
Net pension expense
 
$
678
 
$
825
 
v2.4.0.6
Stock-Based Compensation Plans
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
8.
Stock-Based Compensation Plans
 
During the three months ended March 31, 2014, the Company recognized approximately $338,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2010 through 2013. During the three months ended March 31, 2013, the Company recognized approximately $316,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2009 through 2012.
 
The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (Years)
 
Value*
 
Outstanding at December 31, 2013
 
1,260,866
 
$
24.41
 
 
 
 
 
 
Exercised
 
(7,550)
 
$
21.83
 
 
 
 
 
 
Forfeited or expired
 
-
 
$
-
 
 
 
 
 
 
Outstanding at March 31, 2014
 
1,253,316
 
$
24.42
 
3.5
 
$
3,744,000
 
Exercisable at March 31, 2014
 
573,531
 
$
22.39
 
1.9
 
$
2,653,000
 
 
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
 
The following table summarizes the Company’s stock option activity for the three months ended March 31, 2014 and 2013:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
37
 
$
1,055
 
Cash received from stock option exercises
 
$
165
 
$
2,499
 
Income tax benefit from the exercise of stock options
 
$
14
 
$
411
 
 
The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
Shares of
 
Average
 
Remaining
 
Aggregate
 
 
 
Restricted
 
Grant Date
 
Contractual
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
Term (Years)
 
Value*
 
Non-vested at December 31, 2013
 
47,500
 
$
25.86
 
 
 
 
 
 
 
Issued
 
-
 
 
-
 
 
 
 
 
 
 
Vested
 
-
 
 
-
 
 
 
 
 
 
 
Forfeited
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at March 31, 2014
 
47,500
 
$
25.86
 
 
2.8
 
$
1,283,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Short-Term Borrowings
3 Months Ended
Mar. 31, 2014
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
9.
Short-Term Borrowings
 
At March 31, 2014, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. At March 31, 2014, outstanding borrowings were approximately $9 million at an interest rate of 0.90%. The highest balance on the line of credit during the quarter was $12 million.
v2.4.0.6
Contingent Consideration
3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]  
Contingencies Disclosures [Text Block]
10.
Contingent Consideration
 
Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. The first contingent payment was due in 2013 and was paid on March 28, 2013, in the amount of $1,270,000. The second payment is due in March 2016. In accordance with ASC 805, Business Combinations (“ASC 805”), the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings.
 
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was approximately $5.1 million as of March 31, 2014, and December 31, 2013. The balance was recorded within other long-term liabilities in the Consolidated Condensed Balance Sheets (Unaudited).
 
The following table summarizes the activity during 2014 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):
 
 
 
2014
 
Beginning balance
 
$
5,064
 
Interest expense
 
 
13
 
Ending balance
 
$
5,077
 
 
The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. 
v2.4.0.6
Financial Instruments
3 Months Ended
Mar. 31, 2014
Investments, All Other Investments [Abstract]  
Financial Instruments Disclosure [Text Block]
11.
Financial Instruments
 
At March 31, 2014, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.8 million U.S. dollars at a price of approximately $7.6 million Australian dollars. During the first quarter of 2014, the Company also entered into forward exchange contracts to buy $8.0 million Canadian dollars at a price of approximately $7.2 million U.S. dollars. Based on quarter-end exchange rates, there were no significant gains or losses on the outstanding contracts.
v2.4.0.6
Comprehensive Income
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Comprehensive Income (Loss) Note [Text Block]
12.
Comprehensive Income
 
Comprehensive income for the three months ended March 31, 2014 and 2013, was as follows:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
3,250
 
$
3,125
 
Foreign currency translation adjustments
 
 
84
 
 
(476)
 
Pension liability, net of tax of $77 and $148, respectively
 
 
120
 
 
233
 
Total comprehensive income
 
$
3,454
 
$
2,882
 
 
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:
 
 
 
March 31,
 
December 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(1,012)
 
$
(934)
 
Pension liability, net of tax
 
 
(8,368)
 
 
(8,488)
 
Total accumulated other comprehensive loss
 
$
(9,380)
 
$
(9,422)
 
 
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014:
 
 
 
Foreign Currency Translation 
Adjustments
 
Defined Benefit Pension Items
 
Total
 
Beginning Balance, December 31, 2013
 
$
(934)
 
$
(8,488)
 
$
(9,422)
 
Other comprehensive loss before reclassifications
 
 
(78)
 
 
-
 
 
(78)
 
Amounts reclassified from accumulated other comprehensive loss
 
 
-
 
 
120
 
 
120
 
Net current period other comprehensive (loss) income
 
 
(78)
 
 
120
 
 
42
 
Ending Balance, March 31, 2014
 
$
(1,012)
 
$
(8,368)
 
$
(9,380)
 
 
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014:
 
 
 
Amounts reclassified
from other accumulated
comprehensive loss for
the three months ended
March 31, 2014
 
Affected line item in the
statement where net
income is presented
 
 
 
 
 
 
 
 
Amortization of defined benefit pension items
 
 
 
 
 
 
Prior service cost
 
$
(28)
 
(1)
 
Actuarial losses
 
 
225
 
(1)
 
Total before tax
 
 
197
 
 
 
Tax benefit
 
 
(77)
 
 
 
Net of tax
 
$
120
 
 
 
 
(1)
These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.
v2.4.0.6
Equity
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
13.
Equity
 
A reconciliation of the Company’s equity for the three months ended March 31, 2014, is as follows:
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
Capital in
 
 
 
 
Other
 
 
 
 
 
Common
 
Excess of
 
Reinvested
 
Comprehensive
 
Noncontrolling
 
 
 
Stock
 
Par Value
 
Earnings
 
Loss
 
Interest
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2013
 
$
10,876
 
$
31,729
 
$
156,983
 
$
(9,422)
 
$
6,826
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
-
 
 
-
 
 
3,205
 
 
-
 
 
45
 
Foreign currency translation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
adjustments
 
 
-
 
 
-
 
 
-
 
 
(78)
 
 
162
 
Pension liability adjustment,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
net of tax
 
 
-
 
 
-
 
 
-
 
 
120
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(1,959)
 
 
-
 
 
-
 
Stock options exercised
 
 
8
 
 
157
 
 
-
 
 
-
 
 
-
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
expense
 
 
-
 
 
338
 
 
-
 
 
-
 
 
-
 
Income tax benefit from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
stock options exercised
 
 
-
 
 
14
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(3)
 
 
-
 
 
(78)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2014
 
$
10,881
 
$
32,238
 
$
158,151
 
$
(9,380)
 
$
7,033
 
v2.4.0.6
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the computation of earnings per share and diluted earnings per share:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
3,205
 
$
3,200
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,833
 
 
10,760
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Employee stock-based awards
 
 
97
 
 
75
 
Diluted weighted average shares outstanding
 
 
10,930
 
 
10,835
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.30
 
$
0.30
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.29
 
$
0.30
 
v2.4.0.6
Investments (Tables)
3 Months Ended
Mar. 31, 2014
Investments [Abstract]  
Held-to-maturity Securities [Table Text Block]
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of March 31, 2014, and December 31, 2013.
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
5,544
 
$
5,608
 
$
5,196
 
$
5,264
 
Due from one through five years
 
 
15,498
 
 
16,372
 
 
17,636
 
 
18,527
 
Due from six through ten years
 
 
9,829
 
 
10,269
 
 
7,388
 
 
7,777
 
Due from eleven through twenty years
 
 
495
 
 
491
 
 
-
 
 
-
 
Total
 
$
31,366
 
$
32,740
 
$
30,220
 
$
31,568
 
Unrealized Gain (Loss) on Investments [Table Text Block]
The unrealized gains and losses on investment securities at March 31, 2014, and at December 31, 2013, were as follows:
 
 
 
March 31, 2014
 
December 31, 2013
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,395
 
$
21
 
$
1,348
 
$
-
 
v2.4.0.6
Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of March 31, 2014:
 
 
 
 
 
March 31, 2014
 
 
 
Weighted
 
Gross
 
 
 
 
 
 
 
 
 
Average
 
Carrying
 
Accumulated
 
 
 
 
 
 
Life (Yrs)
 
Amount
 
Amortization
 
Net
 
 
 
 
 
(Dollars in thousands)
 
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
$
11,112
 
$
-
 
$
11,112
 
Trademarks
 
 
 
 
34,748
 
 
-
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
$
45,860
 
$
-
 
$
45,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortizable intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Non-compete agreement
 
5
 
$
200
 
$
(123)
 
$
77
 
Customer relationships
 
15
 
 
3,500
 
 
(719)
 
 
2,781
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(842)
 
$
2,858
 
  
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following as of December 31, 2013:
 
 
 
 
 
December 31, 2013
 
 
 
Weighted
 
Gross
 
 
 
 
 
 
 
 
 
Average
 
Carrying
 
Accumulated
 
 
 
 
 
 
Life (Yrs)
 
Amount
 
Amortization
 
Net
 
 
 
 
 
(Dollars in thousands)
 
Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
$
11,112
 
$
-
 
$
11,112
 
Trademarks
 
 
 
 
34,748
 
 
-
 
 
34,748
 
Total indefinite-lived intangible assets
 
 
 
$
45,860
 
$
-
 
$
45,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortizable intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
Non-compete agreement
 
5
 
$
200
 
$
(113)
 
$
87
 
Customer relationships
 
15
 
 
3,500
 
 
(661)
 
 
2,839
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(774)
 
$
2,926
 
v2.4.0.6
Segment Information (Tables)
3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized segment data for the three months ended March 31, 2014 and 2013, was as follows:
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
56,061
 
$
5,206
 
$
13,013
 
$
74,280
 
Licensing revenues
 
 
649
 
 
-
 
 
-
 
 
649
 
Net sales
 
$
56,710
 
$
5,206
 
$
13,013
 
$
74,929
 
Earnings from operations
 
$
3,568
 
$
418
 
$
884
 
$
4,870
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
54,649
 
$
5,748
 
$
12,599
 
$
72,996
 
Licensing revenues
 
 
594
 
 
-
 
 
-
 
 
594
 
Net sales
 
$
55,243
 
$
5,748
 
$
12,599
 
$
73,590
 
Earnings from operations
 
$
3,732
 
$
442
 
$
514
 
$
4,688
 
v2.4.0.6
Employee Retirement Plans (Tables)
3 Months Ended
Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The components of the Company’s net pension expense were as follows:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
391
 
$
385
 
Interest cost on projected benefit obligation
 
 
663
 
 
578
 
Expected return on plan assets
 
 
(573)
 
 
(519)
 
Net amortization and deferral
 
 
197
 
 
381
 
Net pension expense
 
$
678
 
$
825
 
v2.4.0.6
Stock-Based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following table summarizes the Company’s stock option activity for the three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term (Years)
 
Value*
 
Outstanding at December 31, 2013
 
1,260,866
 
$
24.41
 
 
 
 
 
 
Exercised
 
(7,550)
 
$
21.83
 
 
 
 
 
 
Forfeited or expired
 
-
 
$
-
 
 
 
 
 
 
Outstanding at March 31, 2014
 
1,253,316
 
$
24.42
 
3.5
 
$
3,744,000
 
Exercisable at March 31, 2014
 
573,531
 
$
22.39
 
1.9
 
$
2,653,000
 
 
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
The following table summarizes the Company’s stock option activity for the three months ended March 31, 2014 and 2013:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
37
 
$
1,055
 
Cash received from stock option exercises
 
$
165
 
$
2,499
 
Income tax benefit from the exercise of stock options
 
$
14
 
$
411
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2014:
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
Weighted
 
Average
 
 
 
 
 
 
Shares of
 
Average
 
Remaining
 
Aggregate
 
 
 
Restricted
 
Grant Date
 
Contractual
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
Term (Years)
 
Value*
 
Non-vested at December 31, 2013
 
47,500
 
$
25.86
 
 
 
 
 
 
 
Issued
 
-
 
 
-
 
 
 
 
 
 
 
Vested
 
-
 
 
-
 
 
 
 
 
 
 
Forfeited
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at March 31, 2014
 
47,500
 
$
25.86
 
 
2.8
 
$
1,283,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Contingent Consideration (Tables)
3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]  
Schedule Of Business Acquisitions By Acquisition Contingent Payments [Table Text Block]
The following table summarizes the activity during 2014 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands):
 
 
 
2014
 
Beginning balance
 
$
5,064
 
Interest expense
 
 
13
 
Ending balance
 
$
5,077
 
v2.4.0.6
Comprehensive Income (Tables)
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
Comprehensive income for the three months ended March 31, 2014 and 2013, was as follows:
 
 
 
Three Months Ended March 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
3,250
 
$
3,125
 
Foreign currency translation adjustments
 
 
84
 
 
(476)
 
Pension liability, net of tax of $77 and $148, respectively
 
 
120
 
 
233
 
Total comprehensive income
 
$
3,454
 
$
2,882
 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:
 
 
 
March 31,
 
December 31,
 
 
 
2014
 
2013
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(1,012)
 
$
(934)
 
Pension liability, net of tax
 
 
(8,368)
 
 
(8,488)
 
Total accumulated other comprehensive loss
 
$
(9,380)
 
$
(9,422)
 
Changes In Accumulated Other Comprehensive Loss [Table Text Block]
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2014:
 
 
 
Foreign Currency Translation 
Adjustments
 
Defined Benefit Pension Items
 
Total
 
Beginning Balance, December 31, 2013
 
$
(934)
 
$
(8,488)
 
$
(9,422)
 
Other comprehensive loss before reclassifications
 
 
(78)
 
 
-
 
 
(78)
 
Amounts reclassified from accumulated other comprehensive loss
 
 
-
 
 
120
 
 
120
 
Net current period other comprehensive (loss) income
 
 
(78)
 
 
120
 
 
42
 
Ending Balance, March 31, 2014
 
$
(1,012)
 
$
(8,368)
 
$
(9,380)
 
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2014:
 
 
 
Amounts reclassified
from other accumulated
comprehensive loss for
the three months ended
March 31, 2014
 
Affected line item in the
statement where net
income is presented
 
 
 
 
 
 
 
 
Amortization of defined benefit pension items
 
 
 
 
 
 
Prior service cost
 
$
(28)
 
(1)
 
Actuarial losses
 
 
225
 
(1)
 
Total before tax
 
 
197
 
 
 
Tax benefit
 
 
(77)
 
 
 
Net of tax
 
$
120
 
 
 
 
(1)
These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.
v2.4.0.6
Equity (Tables)
3 Months Ended
Mar. 31, 2014
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
A reconciliation of the Company’s equity for the three months ended March 31, 2014, is as follows:
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
Capital in
 
 
 
 
Other
 
 
 
 
 
Common
 
Excess of
 
Reinvested
 
Comprehensive
 
Noncontrolling
 
 
 
Stock
 
Par Value
 
Earnings
 
Loss
 
Interest
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2013
 
$
10,876
 
$
31,729
 
$
156,983
 
$
(9,422)
 
$
6,826
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
 
-
 
 
-
 
 
3,205
 
 
-
 
 
45
 
Foreign currency translation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
adjustments
 
 
-
 
 
-
 
 
-
 
 
(78)
 
 
162
 
Pension liability adjustment,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
net of tax
 
 
-
 
 
-
 
 
-
 
 
120
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(1,959)
 
 
-
 
 
-
 
Stock options exercised
 
 
8
 
 
157
 
 
-
 
 
-
 
 
-
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
expense
 
 
-
 
 
338
 
 
-
 
 
-
 
 
-
 
Income tax benefit from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
stock options exercised
 
 
-
 
 
14
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(3)
 
 
-
 
 
(78)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2014
 
$
10,881
 
$
32,238
 
$
158,151
 
$
(9,380)
 
$
7,033
 
v2.4.0.6
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Numerator:    
Net earnings attributable to Weyco Group, Inc. $ 3,205 $ 3,200
Denominator:    
Basic weighted average shares outstanding (in shares) 10,833 10,760
Effect of dilutive securities:    
Employee stock-based awards (in shares) 97 75
Diluted weighted average shares outstanding (in shares) 10,930 10,835
Basic earnings per share (in dollars per share) $ 0.30 $ 0.30
Diluted earnings per share (in dollars per share) $ 0.29 $ 0.30
v2.4.0.6
Earnings Per Share (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 331,800 853,780
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) $ 28.50 $ 24.81
v2.4.0.6
Investments (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 31,366 $ 30,220
Market Value 32,740 31,568
Municipal Bonds, Current [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 5,544 5,196
Market Value 5,608 5,264
Municipal Bonds, Due from One Through Five Years [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 15,498 17,636
Market Value 16,372 18,527
Municipal Bonds, Due from Six Through Ten Years [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 9,829 7,388
Market Value 10,269 7,777
Municipal Bonds, Due from Eleven through Twenty years [Member]
   
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 495 0
Market Value $ 491 $ 0
v2.4.0.6
Investments (Details 1) (Municipal Bonds [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Municipal Bonds [Member]
   
Net Investment Income [Line Items]    
Unrealized Gains $ 1,395 $ 1,348
Unrealized Losses $ 21 $ 0
v2.4.0.6
Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Indefinite-lived intangible assets:    
Gross Carrying Amount $ 45,860 $ 45,860
Accumulated Amortization 0 0
Net 45,860 45,860
Amortizable intangible assets:    
Gross Carrying Amount 3,700 3,700
Accumulated Amortization (842) (774)
Net 2,858 2,926
Goodwill [Member]
   
Indefinite-lived intangible assets:    
Gross Carrying Amount 11,112 11,112
Accumulated Amortization 0 0
Net 11,112 11,112
Trademarks [Member]
   
Indefinite-lived intangible assets:    
Gross Carrying Amount 34,748 34,748
Accumulated Amortization 0 0
Net 34,748 34,748
Noncompete Agreements [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Years) 5 years 5 years
Gross Carrying Amount 200 200
Accumulated Amortization (123) (113)
Net 77 87
Customer Relationships [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Years) 15 years 15 years
Gross Carrying Amount 3,500 3,500
Accumulated Amortization (719) (661)
Net $ 2,781 $ 2,839
v2.4.0.6
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Segment Reporting Information [Line Items]    
Product sales $ 74,280 $ 72,996
Licensing revenues 649 594
Net sales 74,929 73,590
Earnings from operations 4,870 4,688
Wholesale [Member]
   
Segment Reporting Information [Line Items]    
Product sales 56,061 54,649
Licensing revenues 649 594
Net sales 56,710 55,243
Earnings from operations 3,568 3,732
Retail [Member]
   
Segment Reporting Information [Line Items]    
Product sales 5,206 5,748
Licensing revenues 0 0
Net sales 5,206 5,748
Earnings from operations 418 442
Other Segment [Member]
   
Segment Reporting Information [Line Items]    
Product sales 13,013 12,599
Licensing revenues 0 0
Net sales 13,013 12,599
Earnings from operations $ 884 $ 514
v2.4.0.6
Employee Retirement Plans (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]    
Benefits earned during the period $ 391 $ 385
Interest cost on projected benefit obligation 663 578
Expected return on plan assets (573) (519)
Net amortization and deferral 197 381
Net pension expense $ 678 $ 825
v2.4.0.6
Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $)
3 Months Ended
Mar. 31, 2014
Employee Stock Option [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, Outstanding at December 31, 2013 1,260,866
Shares, Exercised (7,550)
Shares, Forfeited or expired 0
Shares, Outstanding at March 31, 2014 1,253,316
Shares, Exercisable at March 31, 2014 573,531
Weighted Average Exercise Price, Outstanding at December 31, 2013 $ 24.41
Weighted Average Exercise Price, Exercised $ 21.83
Weighted Average Exercise Price, Forfeited or expired $ 0
Weighted Average Exercise Price, Outstanding at March 31, 2014 $ 24.42
Weighted Average Exercise Price, Exercisable at March 31, 2014 $ 22.39
Weighted Average Remaining Contractual Term (Years), Outstanding at March 31, 2014 3 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable at March 31, 2014 1 year 10 months 24 days
Aggregate Intrinsic Value, Outstanding at March 31, 2014 $ 3,744,000 [1]
Aggregate Intrinsic Value, Exercisable at March 31, 2014 $ 2,653,000 [1]
[1] The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
v2.4.0.6
Stock-Based Compensation Plans (Details 1) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total intrinsic value of stock options exercised $ 37 $ 1,055
Cash received from stock option exercises 165 2,499
Income tax benefit from the exercise of stock options $ 14 $ 411
v2.4.0.6
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)
3 Months Ended
Mar. 31, 2014
Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares of Restricted Stock, Non-vested at December 31, 2013 47,500
Shares of Restricted Stock, Issued 0
Shares of Restricted Stock, Vested 0
Shares of Restricted Stock, Forfeited 0
Shares of Restricted Stock, Non-vested at March 31, 2014 47,500
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2013 $ 25.86
Weighted Average Grant Date Fair Value, Issued $ 0
Weighted Average Grant Date Fair Value, Vested $ 0
Weighted Average Grant Date Fair Value, Forfeited $ 0
Weighted Average Grant Date Fair Value, Non-vested at March 31, 2014 $ 25.86
Weighted Average Remaining Contractual Term (Years), Non-vested at March 31, 2014 2 years 9 months 18 days
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at March 31, 2014 $ 1,283,000 [1]
[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the closing price of the Company's stock on March 31, 2014, the last trading day of the quarter, of $27.02 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Stock-Based Compensation Plans (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Allocated Share-based Compensation Expense $ 338,000 $ 316,000
Share Price $ 27.02  
v2.4.0.6
Short-Term Borrowings (Details Textual) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Short-term Debt [Line Items]  
Line of Credit Facility, Maximum Amount Outstanding During Period $ 12
Debt Instrument, Interest Rate at Period End 0.90%
Line of Credit Facility, Amount Outstanding 9
Revolving Credit Facility [Member]
 
Short-term Debt [Line Items]  
Line of Credit Facility, Amount, Total $ 60
Line of Credit Facility, Expiration Date Nov. 05, 2014
Line of Credit Facility, Interest Rate Description LIBOR plus 0.75%
v2.4.0.6
Contingent Consideration (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Business Acquisition, Contingent Consideration [Line Items]  
Beginning balance $ 5,064
Interest expense 13
Ending balance $ 5,077
v2.4.0.6
Contingent Consideration (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Business Acquisition, Contingent Consideration [Line Items]      
Business Combination, Contingent Consideration Arrangements, Description Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of The Combs Company (Bogs) related to the Companys acquisition of Bogs in 2011. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015.    
Payment of Contingent Consideration $ 0 $ 1,270  
Business Combination, Contingent Consideration, Liability $ 5,077   $ 5,064
v2.4.0.6
Financial Instruments (Details Textual)
In Millions, unless otherwise specified
Mar. 31, 2014
Forward Exchange Contracts, Australian [Member]
USD ($)
Mar. 31, 2014
Forward Exchange Contracts, Australian [Member]
AUD
Mar. 31, 2014
Forward Exchange Contracts, Canadian [Member]
USD ($)
Mar. 31, 2014
Forward Exchange Contracts, Canadian [Member]
CAD
Financial Instruments [Line Items]        
Forward Exchange Contracts Outstanding $ 6.8 7.6 $ 7.2 8.0
v2.4.0.6
Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net earnings $ 3,250 $ 3,125
Foreign currency translation adjustments 84 (476)
Pension liability, net of tax of $77 and $148, respectively 120 233
Total comprehensive income $ 3,454 $ 2,882
v2.4.0.6
Comprehensive Income (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Foreign currency translation adjustments $ (1,012) $ (934)
Pension liability, net of tax (8,368) (8,488)
Total accumulated other comprehensive loss $ (9,380) $ (9,422)
v2.4.0.6
Comprehensive Income (Details 2) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Foreign Currency Translation Adjustments, Beginning Balance, December 31, 2013 $ (934)  
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications (78)  
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss 0  
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income (78)  
Foreign Currency Translation Adjustments, Ending Balance, March 31, 2014 (1,012)  
Defined Benefit Pension Items, Beginning Balance, December 31, 2013 (8,488)  
Defined Benefit Pension Items, Other comprehensive loss before reclassifications 0  
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss 120  
Defined Benefit Pension Items, Net current period other comprehensive (loss) income 120 233
Defined Benefit Pension Items, Ending Balance, March 31, 2014 (8,368)  
Beginning Balance, December 31, 2013 (9,422)  
Other comprehensive loss before reclassifications (78)  
Amounts reclassified from accumulated other comprehensive loss 120  
Net current period other comprehensive (loss) income 42  
Ending Balance, March 31, 2014 $ (9,380)  
v2.4.0.6
Comprehensive Income (Details 3) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Amortization of defined benefit pension items  
Amortization of defined benefit pension items, Prior service cost $ (28) [1]
Amortization of defined benefit pension items, Actuarial losses 225 [1]
Amortization of defined benefit pension items, Total before tax 197
Amortization of defined benefit pension items, Tax benefit (77)
Amortization of defined benefit pension items, Net of tax $ 120
[1] These amounts were included in the computation of net periodic pension cost. See Note 7 for additional details.
v2.4.0.6
Comprehensive Income (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax $ 77 $ 148
v2.4.0.6
Equity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Stockholders Equity Note [Line Items]    
Beginning Balance $ 196,992  
Net earnings 3,250 3,125
Foreign currency translation adjustments 84 (476)
Pension liability adjustment, net of tax 120 233
Ending Balance 198,923  
Common Stock [Member]
   
Stockholders Equity Note [Line Items]    
Beginning Balance 10,876  
Net earnings 0  
Foreign currency translation adjustments 0  
Pension liability adjustment, net of tax 0  
Cash dividends declared 0  
Stock options exercised 8  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired (3)  
Ending Balance 10,881  
Capital in Excess of Par Value [Member]
   
Stockholders Equity Note [Line Items]    
Beginning Balance 31,729  
Net earnings 0  
Foreign currency translation adjustments 0  
Pension liability adjustment, net of tax 0  
Cash dividends declared 0  
Stock options exercised 157  
Stock-based compensation expense 338  
Income tax benefit from stock options exercised 14  
Shares purchased and retired 0  
Ending Balance 32,238  
Reinvested Earnings [Member]
   
Stockholders Equity Note [Line Items]    
Beginning Balance 156,983  
Net earnings 3,205  
Foreign currency translation adjustments 0  
Pension liability adjustment, net of tax 0  
Cash dividends declared (1,959)  
Stock options exercised 0  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired (78)  
Ending Balance 158,151  
Accumulated Other Comprehensive Income (Loss) [Member]
   
Stockholders Equity Note [Line Items]    
Beginning Balance (9,422)  
Net earnings 0  
Foreign currency translation adjustments (78)  
Pension liability adjustment, net of tax 120  
Stock options exercised 0  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired 0  
Ending Balance (9,380)  
Noncontrolling Interest [Member]
   
Stockholders Equity Note [Line Items]    
Beginning Balance 6,826  
Net earnings 45  
Foreign currency translation adjustments 162  
Pension liability adjustment, net of tax 0  
Stock options exercised 0  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired 0  
Ending Balance $ 7,033