v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
 3 Months Ended
Mar. 31, 2013
Apr. 30, 2013
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   10,802,916
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2013  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
v2.4.0.6
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
ASSETS:    
Cash and cash equivalents $ 13,782 $ 17,288
Marketable securities, at amortized cost 7,017 8,004
Accounts receivable, net 56,282 49,048
Accrued income tax receivable 0 1,136
Inventories 53,619 65,366
Deferred income tax benefits 351 649
Prepaid expenses and other current assets 3,318 4,953
Total current assets 134,369 146,444
Marketable securities, at amortized cost 34,369 36,216
Deferred income tax benefits 1,369 792
Property, plant and equipment, net 36,827 37,218
Goodwill 11,112 11,112
Trademarks 34,748 34,748
Other assets 18,776 18,791
Total assets 271,570 285,321
LIABILITIES AND EQUITY:    
Short-term borrowings 38,000 45,000
Accounts payable 6,393 11,133
Accrued liabilities 8,900 13,888
Accrued income tax payable 532 0
Total current liabilities 53,825 70,021
Long-term pension liability 27,885 27,530
Other long-term liabilities 6,462 6,381
Equity:    
Common stock 10,807 10,831
Capital in excess of par value 29,261 26,184
Reinvested earnings 148,938 149,664
Accumulated other comprehensive loss (12,685) (12,514)
Total Weyco Group, Inc. equity 176,321 174,165
Noncontrolling interest 7,077 7,224
Total equity 183,398 181,389
Total liabilities and equity $ 271,570 $ 285,321
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, 2013
Mar. 31, 2012
Net sales $ 73,590 $ 75,314
Cost of sales 45,891 47,283
Gross earnings 27,699 28,031
Selling and administrative expenses 23,011 22,198
Earnings from operations 4,688 5,833
Interest income 412 483
Interest expense (127) (129)
Other income and expense, net (89) 58
Earnings before provision for income taxes 4,884 6,245
Provision for income taxes 1,759 2,190
Net earnings 3,125 4,055
Net (loss) earnings attributable to noncontrolling interest (75) 186
Net earnings attributable to Weyco Group, Inc. 3,200 3,869
Weighted average shares outstanding    
Basic (in shares) 10,760 10,888
Diluted (in shares) 10,835 11,028
Earnings per share    
Basic (in dollars per share) $ 0.30 $ 0.36
Diluted (in dollars per share) $ 0.30 $ 0.35
Cash dividends declared (per share) (in dollars per share) $ 0 $ 0.16
Comprehensive income 2,882 4,890
Comprehensive (loss) income attributable to noncontrolling interest (147) 645
Comprehensive income attributable to Weyco Group, Inc. $ 3,029 $ 4,245
v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 3,125 $ 4,055
Adjustments to reconcile net earnings to net cash provided by operating activities -    
Depreciation 953 800
Amortization 85 94
Bad debt expense 36 78
Deferred income taxes (428) (442)
Net gains on remeasurement of contingent consideration 0 (518)
Net foreign currency transaction losses (gains) 124 (51)
Stock-based compensation 316 299
Pension expense 825 989
Net losses (gains) on disposal of property, plant and equipment 3 (3)
Increase in cash surrender value of life insurance (135) (135)
Changes in operating assets and liabilities, net of effects from acquisitions -    
Accounts receivable (7,272) (10,554)
Inventories 11,750 11,351
Prepaids and other assets 1,716 315
Accounts payable (4,742) (7,021)
Accrued liabilities and other (4,341) (1,155)
Accrued income taxes 1,669 2,233
Net cash provided by operating activities 3,684 335
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of marketable securities 2,819 431
Proceeds from the sale of property, plant and equipment 3 0
Purchase of property, plant and equipment (564) (891)
Net cash provided by (used for) investing activities 2,258 (460)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid 0 (1,748)
Shares purchased and retired (4,099) (133)
Proceeds from stock options exercised 2,499 136
Payment of contingent consideration (1,270) 0
Proceeds from bank borrowings 2,000 2,000
Repayments of bank borrowings (9,000) 0
Income tax benefits from stock-based compensation 411 22
Net cash (used for) provided by financing activities (9,459) 277
Effect of exchange rate changes on cash and cash equivalents 11 62
Net (decrease) increase in cash and cash equivalents (3,506) 214
CASH AND CASH EQUIVALENTS at beginning of period 17,288 10,329
CASH AND CASH EQUIVALENTS at end of period 13,782 10,543
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net of refunds 560 419
Interest paid $ 123 $ 103
v2.4.0.6
Financial Statements
 3 Months Ended
Mar. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations [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 are not necessarily indicative of the results for the full year.
v2.4.0.6
Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
2. Earnings Per Share

 

The following table sets forth the computation of earnings per share and diluted earnings per share:

 

    Three Months Ended March 31,  
    2013     2012  
    (In thousands, except per share amounts)  
Numerator:                
Net earnings attributable to Weyco Group, Inc.   $ 3,200     $ 3,869  
                 
Denominator:                
Basic weighted average shares outstanding     10,760       10,888  
Effect of dilutive securities:                
Employee stock-based awards     75       140  
Diluted weighted average shares outstanding     10,835       11,028  
                 
Basic earnings per share   $ 0.30     $ 0.36  
                 
Diluted earnings per share   $ 0.30     $ 0.35  

 

Diluted weighted average shares outstanding for the three months ended March 31, 2013 exclude anti-dilutive unvested restricted stock and outstanding stock options totaling 853,780 shares of common stock at a weighted average price of $24.81. Diluted weighted average shares outstanding for the three months ended March 31, 2012 exclude anti-dilutive unvested restricted stock and outstanding stock options totaling 717,030 shares of common stock at a weighted average price of $25.67.
v2.4.0.6
Investments
 3 Months Ended
Mar. 31, 2013
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
3. Investments

 

As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, all of the Company’s 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 security investments to maturity.

 

The amortized cost of all marketable securities as of March 31, 2013 and December 31, 2012 as reported in the Consolidated Condensed Balance Sheets (Unaudited) was $41.4 million and $44.2 million, respectively. The estimated fair market value of those marketable securities at March 31, 2013 and December 31, 2012 was $43.5 million and $46.5 million, respectively.

 

The unrealized gains and losses on investment securities at March 31, 2013 and December 31, 2012 were as follows:

  

    March 31, 2013     December 31, 2012  
    Unrealized     Unrealized     Unrealized     Unrealized  
    Gains     Losses     Gains     Losses  
    (Dollars in thousands)  
Municipal bonds   $ 2,268     $ 200     $ 2,473     $ 200  

 

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, 2013 and determined that no other-than-temporary market value impairment exists.
v2.4.0.6
Intangible Assets
 3 Months Ended
Mar. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
4. 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, 2013:

  

          March 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     $ (83 )   $ 117  
Customer relationships     15       3,500       (486 )     3,014  
Total amortizable intangible assets           $ 3,700     $ (569 )   $ 3,131  

 

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, 2012:

 

          December 31, 2012  
    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     $ (73 )   $ 127  
Customer relationships     15       3,500       (428 )     3,072  
Total amortizable intangible assets           $ 3,700     $ (501 )   $ 3,199  

 

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, 2013
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
5. 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, 2013 and 2012 was:

 

Three Months Ended                        
March 31,   Wholesale     Retail     Other     Total  
    (Dollars in thousands)  
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  
                                 
2012                                
Product sales   $ 55,902     $ 5,660     $ 13,027     $ 74,589  
Licensing revenues     725       -       -       725  
Net sales   $ 56,627     $ 5,660     $ 13,027     $ 75,314  
Earnings from operations   $ 4,470     $ (5 )   $ 1,368     $ 5,833  
v2.4.0.6
Employee Retirement Plans
 3 Months Ended
Mar. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
6. Employee Retirement Plans

 

The components of the Company’s net pension expense were:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Benefits earned during the period   $ 385     $ 399  
Interest cost on projected benefit obligation     578       602  
Expected return on plan assets     (519 )     (482 )
Net amortization and deferral     381       470  
 Net pension expense   $ 825     $ 989
v2.4.0.6
Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7. Stock-Based Compensation Plans

 

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. During the three months ended March 31, 2012, the Company recognized approximately $299,000 of compensation expense associated with stock option and restricted stock awards granted in the years 2008 through 2011.

 

The following table summarizes the stock option activity under the Company’s plans for the three month period ended March 31, 2013:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Shares     Price     Term (Years)     Value*  
Outstanding at December 31, 2012     1,265,792     $ 22.76                  
Exercised     (148,626 )   $ 16.81                  
Forfeited or expired     (700 )   $ 24.27                  
Outstanding at March 31, 2013     1,116,466     $ 23.55       3.3     $ 1,760,000  
Exercisable at March 31, 2013     557,837     $ 23.24       1.9     $ 1,398,000  

 

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value at March 28, 2013, the last trading day of the quarter, of $24.51 and the exercise price.

 

The following table summarizes stock option activity for the three months ended March 31, 2013 and 2012:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Total intrinsic value of stock options exercised   $ 1,055     $ 57  
Cash received from stock option exercises   $ 2,499     $ 136  
Income tax benefit from the exercise of stock options   $ 411     $ 22  

 

The following table summarizes the Company’s restricted stock award activity for three month period ended March 31, 2013:

 

                Weighted        
          Weighted     Average        
    Shares of     Average     Remaining     Aggregate  
    Restricted     Grant Date     Contractual     Intrinsic  
    Stock     Fair Value     Term (Years)     Value*  
Non-vested at December 31, 2012     42,575     $ 23.87                  
Issued     -       -                  
Vested     -       -                  
Forfeited     -       -                  
Non-vested at March 31, 2013     42,575     $ 23.87       2.8   $ 1,044,000  

 

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on March 28, 2013, the last trading day of the quarter, of $24.51 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Short-Term Borrowings
 3 Months Ended
Mar. 31, 2013
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
8. Short-Term Borrowings

 

At March 31, 2013, the Company had a $60 million unsecured revolving line of credit. At the end of the first quarter, the Company had $38 million of bank borrowings outstanding at an interest rate of approximately 1.2%. The Company’s borrowing facility includes one financial covenant that specifies a minimum level of net worth. The Company was in compliance with the covenant at March 31, 2013. The line of credit agreement expired on April 30, 2013 and was renewed for another term that expires April 30, 2014, at essentially the same terms as the prior agreement.
v2.4.0.6
Contingent Consideration
 3 Months Ended
Mar. 31, 2013
Business Combination, Contingent Consideration Arrangements [Abstract]  
Contingencies Disclosure [Text Block]
9. Contingent Consideration

 

Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of Bogs, two and five years following the Bogs acquisition date (in 2013 and 2016). The 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 payment was paid to the former owners on March 28, 2013. In accordance with 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 as follows:

 

    March 31,     December 31,  
    2013     2012  
    (Dollars in thousands)  
Current portion   $ -     $ 1,270  
Long-term portion     5,003       4,991  
Total contingent consideration   $ 5,003     $ 6,261  

 

The fair value of the contingent payments was recorded at present value. Accordingly, the two components of the change in contingent consideration between December 31, 2012 and March 31, 2013 were the payment to the former owners of $1,270,000 and interest expense of $12,000.

 

The current portion of contingent consideration was recorded within accrued liabilities in the Consolidated Condensed Balance Sheets (Unaudited). The long-term portion was recorded within other long-term liabilities in the Consolidated Condensed Balance Sheets (Unaudited).

 

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
Comprehensive Income
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Comprehensive Income (Loss) Note [Text Block]
10. Comprehensive Income

 

Comprehensive income for the three months ended March 31, 2013 and 2012 was as follows:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Net earnings   $ 3,125     $ 4,055  
Foreign currency translation adjustments     (476 )     549  
Pension liability, net of tax of $148 and $183, respectively     233       286  
Total comprehensive income   $ 2,882     $ 4,890  

 

The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:

  

    March 31,     December 31,  
    2013     2012  
    (Dollars in thousands)  
Foreign currency translation adjustments   $ 277     $ 681  
Pension liability, net of tax     (12,962 )     (13,195 )
Total accumulated other comprehensive loss   $ (12,685 )   $ (12,514 )
v2.4.0.6
Equity
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
11. Equity

 

A reconciliation of the Company’s equity for the three months ended March 31, 2013 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, 2012   $ 10,831     $ 26,184     $ 149,664     $ (12,514 )   $ 7,224  
                                         
Net earnings (loss)     -       -       3,200       -       (75 )
Foreign currency translation adjustments     -       -       -       (404 )     (72 )
Pension liability adjustment, net of tax     -       -       -       233       -  
Stock options exercised     149       2,350       -       -       -  
Stock-based compensation expense     -       316       -       -       -  
Income tax benefit from stock options exercised     -       411       -       -       -  
Shares purchased and retired     (173 )     -       (3,926 )     -       -  
                                         
Balance, March 31, 2013   $ 10,807   $ 29,261   $ 148,938   $ (12,685 )   $ 7,077
v2.4.0.6
Subsequent Events
 3 Months Ended
Mar. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
12. Subsequent Events

 

On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for $3.4 million. The Company previously leased this facility, which is used as its Canadian office and distribution center.
v2.4.0.6
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2013
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,  
    2013     2012  
    (In thousands, except per share amounts)  
Numerator:                
Net earnings attributable to Weyco Group, Inc.   $ 3,200     $ 3,869  
                 
Denominator:                
Basic weighted average shares outstanding     10,760       10,888  
Effect of dilutive securities:                
Employee stock-based awards     75       140  
Diluted weighted average shares outstanding     10,835       11,028  
                 
Basic earnings per share   $ 0.30     $ 0.36  
                 
Diluted earnings per share   $ 0.30     $ 0.35
v2.4.0.6
Investments (Tables)
 3 Months Ended
Mar. 31, 2013
Investments [Abstract]  
Unrealized Gains (Losses) on Held-to-maturity Securities [Table Text Block]

The unrealized gains and losses on investment securities at March 31, 2013 and December 31, 2012 were as follows:

  

    March 31, 2013     December 31, 2012  
    Unrealized     Unrealized     Unrealized     Unrealized  
    Gains     Losses     Gains     Losses  
    (Dollars in thousands)  
Municipal bonds   $ 2,268     $ 200     $ 2,473     $ 200
v2.4.0.6
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Definite and Indefinite Lived Intangible Assets Including 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, 2013:

  

          March 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     $ (83 )   $ 117  
Customer relationships     15       3,500       (486 )     3,014  
Total amortizable intangible assets           $ 3,700     $ (569 )   $ 3,131  

 

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, 2012:

 

          December 31, 2012  
    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     $ (73 )   $ 127  
Customer relationships     15       3,500       (428 )     3,072  
Total amortizable intangible assets           $ 3,700     $ (501 )   $ 3,199
v2.4.0.6
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized segment data for the three months ended March 31, 2013 and 2012 was:

 

Three Months Ended                        
March 31,   Wholesale     Retail     Other     Total  
    (Dollars in thousands)  
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  
                                 
2012                                
Product sales   $ 55,902     $ 5,660     $ 13,027     $ 74,589  
Licensing revenues     725       -       -       725  
Net sales   $ 56,627     $ 5,660     $ 13,027     $ 75,314  
Earnings from operations   $ 4,470     $ (5 )   $ 1,368     $ 5,833
v2.4.0.6
Employee Retirement Plans (Tables)
 3 Months Ended
Mar. 31, 2013
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]

The components of the Company’s net pension expense were:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Benefits earned during the period   $ 385     $ 399  
Interest cost on projected benefit obligation     578       602  
Expected return on plan assets     (519 )     (482 )
Net amortization and deferral     381       470  
 Net pension expense   $ 825     $ 989
v2.4.0.6
Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2013
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 stock option activity under the Company’s plans for the three month period ended March 31, 2013:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Shares     Price     Term (Years)     Value*  
Outstanding at December 31, 2012     1,265,792     $ 22.76                  
Exercised     (148,626 )   $ 16.81                  
Forfeited or expired     (700 )   $ 24.27                  
Outstanding at March 31, 2013     1,116,466     $ 23.55       3.3     $ 1,760,000  
Exercisable at March 31, 2013     557,837     $ 23.24       1.9     $ 1,398,000  

 

* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value at March 28, 2013, the last trading day of the quarter, of $24.51 and the exercise price.
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]

The following table summarizes stock option activity for the three months ended March 31, 2013 and 2012:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Total intrinsic value of stock options exercised   $ 1,055     $ 57  
Cash received from stock option exercises   $ 2,499     $ 136  
Income tax benefit from the exercise of stock options   $ 411     $ 22
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, 2013:

 

                Weighted        
          Weighted     Average        
    Shares of     Average     Remaining     Aggregate  
    Restricted     Grant Date     Contractual     Intrinsic  
    Stock     Fair Value     Term (Years)     Value*  
Non-vested at December 31, 2012     42,575     $ 23.87                  
Issued     -       -                  
Vested     -       -                  
Forfeited     -       -                  
Non-vested at March 31, 2013     42,575     $ 23.87       2.8   $ 1,044,000  

 

* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on March 28, 2013, the last trading day of the quarter, of $24.51 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Contingent Consideration (Tables)
 3 Months Ended
Mar. 31, 2013
Business Combination, Contingent Consideration Arrangements [Abstract]  
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Condensed Balance Sheets (Unaudited) was as follows:

 

    March 31,     December 31,  
    2013     2012  
    (Dollars in thousands)  
Current portion   $ -     $ 1,270  
Long-term portion     5,003       4,991  
Total contingent consideration   $ 5,003     $ 6,261
v2.4.0.6
Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Comprehensive income for the three months ended March 31, 2013 and 2012 was as follows:

 

    Three Months Ended March 31,  
    2013     2012  
    (Dollars in thousands)  
Net earnings   $ 3,125     $ 4,055  
Foreign currency translation adjustments     (476 )     549  
Pension liability, net of tax of $148 and $183, respectively     233       286  
Total comprehensive income   $ 2,882     $ 4,890
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,  
    2013     2012  
    (Dollars in thousands)  
Foreign currency translation adjustments   $ 277     $ 681  
Pension liability, net of tax     (12,962 )     (13,195 )
Total accumulated other comprehensive loss   $ (12,685 )   $ (12,514 )
v2.4.0.6
Equity (Tables)
 3 Months Ended
Mar. 31, 2013
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, 2013 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, 2012   $ 10,831     $ 26,184     $ 149,664     $ (12,514 )   $ 7,224  
                                         
Net earnings (loss)     -       -       3,200       -       (75 )
Foreign currency translation adjustments     -       -       -       (404 )     (72 )
Pension liability adjustment, net of tax     -       -       -       233       -  
Stock options exercised     149       2,350       -       -       -  
Stock-based compensation expense     -       316       -       -       -  
Income tax benefit from stock options exercised     -       411       -       -       -  
Shares purchased and retired     (173 )     -       (3,926 )     -       -  
                                         
Balance, March 31, 2013   $ 10,807   $ 29,261   $ 148,938   $ (12,685 )   $ 7,077
v2.4.0.6
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Numerator:    
Net earnings attributable to Weyco Group, Inc. $ 3,200 $ 3,869
Denominator:    
Basic weighted average shares outstanding (in shares) 10,760 10,888
Effect of dilutive securities:    
Employee stock-based awards (in shares) 75 140
Diluted weighted average shares outstanding (in shares) 10,835 11,028
Basic earnings per share (in dollars per share) $ 0.30 $ 0.36
Diluted earnings per share (in dollars per share) $ 0.30 $ 0.35
v2.4.0.6
Earnings Per Share (Details Textual) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 853,780 717,030
Weighted Average Price of Common Stock (in dollars per share) $ 24.81 $ 25.67
v2.4.0.6
Investments (Details) (Municipal Bonds [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Municipal Bonds [Member]
    
Unrealized Gains $ 2,268 $ 2,473
Unrealized Losses $ 200 $ 200
v2.4.0.6
Investments (Details Textual) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Amortized Cost $ 41.4 $ 44.2
Market Value $ 43.5 $ 46.5
v2.4.0.6
Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
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 (569) (501)
Net 3,131 3,199
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 (Yrs) 5 years 5 years
Gross Carrying Amount 200 200
Accumulated Amortization (83) (73)
Net 117 127
Customer Relationships [Member]
    
Amortizable intangible assets:    
Weighted Average Life (Yrs) 15 years 15 years
Gross Carrying Amount 3,500 3,500
Accumulated Amortization (486) (428)
Net $ 3,014 $ 3,072
v2.4.0.6
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Product sales $ 72,996 $ 74,589
Licensing revenues 594 725
Net sales 73,590 75,314
Earnings from operations 4,688 5,833
Wholesale [Member]
    
Product sales 54,649 55,902
Licensing revenues 594 725
Net sales 55,243 56,627
Earnings from operations 3,732 4,470
Retail [Member]
    
Product sales 5,748 5,660
Licensing revenues 0 0
Net sales 5,748 5,660
Earnings from operations 442 (5)
Other Segment [Member]
    
Product sales 12,599 13,027
Licensing revenues 0 0
Net sales 12,599 13,027
Earnings from operations $ 514 $ 1,368
v2.4.0.6
Employee Retirement Plans (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Benefits earned during the period $ 385 $ 399
Interest cost on projected benefit obligation 578 602
Expected return on plan assets (519) (482)
Net amortization and deferral 381 470
Net pension expense $ 825 $ 989
v2.4.0.6
Stock-Based Compensation Plans (Details) (Stock Options [Member], USD $)
 3 Months Ended
Mar. 31, 2013
Stock Options [Member]
  
Shares, Outstanding at December 31, 2012 1,265,792
Shares, Exercised (148,626)
Shares, Forfeited or expired (700)
Shares, Outstanding at March 31, 2013 1,116,466
Shares, Exercisable at March 31, 2013 557,837
Weighted Average Exercise Price, Outstanding at December 31, 2012 $ 22.76
Weighted Average Exercise Price,Exercised $ 16.81
Weighted Average Exercise Price, Forfeited or expired $ 24.27
Weighted Average Exercise Price, Outstanding at March 31, 2013 $ 23.55
Weighted Average Exercise Price, Exercisable at March 31, 2013 $ 23.24
Weighted Average Remaining Contractual Term (Years), Outstanding at March 31, 2013 3 years 3 months 18 days
Weighted Average Remaining Contractual Term (Years), Exercisable at March 31, 2013 1 year 10 months 24 days
Aggregate Intrinsic Value, Outstanding at March 31, 2013 $ 1,760,000 [1]
Aggregate Intrinsic Value, Exercisable at March 31, 2013 $ 1,398,000 [1]
[1] The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value at March 28, 2013, the last trading day of the quarter, of $24.51 and the exercise price.
v2.4.0.6
Stock-Based Compensation Plans (Details 1) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Total intrinsic value of stock options exercised $ 1,055 $ 57
Cash received from stock option exercises 2,499 136
Income tax benefit from the exercise of stock options $ 411 $ 22
v2.4.0.6
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)
 3 Months Ended
Mar. 31, 2013
Restricted Stock [Member]
  
Shares of Restricted Stock, Non-vested at December 31, 2012 42,575
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, 2013 42,575
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2012 $ 23.87
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, 2013 $ 23.87
Weighted Average Remaining Contractual Term (Years), Non-vested at March 31, 2013 2 years 9 months 18 days
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at March 31, 2013 $ 1,044,000 [1]
[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on March 28, 2013, the last trading day of the quarter, of $24.51 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, 2013
Mar. 31, 2012
Allocated Share-based Compensation Expense $ 316,000 $ 299,000
Market Value of Common Stock $ 24.51  
v2.4.0.6
Short-Term Borrowings (Details Textual) (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Bank Loans $ 38
Debt Instrument, Interest Rate at Period End 1.20%
Line of Credit Facility, Description The line of credit agreement expired on April 30, 2013 and was renewed for another term that expires April 30, 2014, at essentially the same terms as the prior agreement.
Revolving Credit Facility [Member]
  
Line of Credit Facility, Amount, Total (in dollars) $ 60
v2.4.0.6
Contingent Consideration (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Current portion $ 0 $ 1,270
Long-term portion 5,003 4,991
Total contingent consideration $ 5,003 $ 6,261
v2.4.0.6
Contingent Consideration (Details Textual) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Interest Expenses on Contingent Consideration $ 12,000  
Payment of contingent consideration 1,270,000 0
Former Owners [Member]
    
Payment of contingent consideration $ 1,270,000  
v2.4.0.6
Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net earnings $ 3,125 $ 4,055
Foreign currency translation adjustments (476) 549
Pension liability, net of tax of $148 and $183, respectively 233 286
Total comprehensive income $ 2,882 $ 4,890
v2.4.0.6
Comprehensive Income (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Foreign currency translation adjustments $ 277 $ 681
Pension liability, net of tax (12,962) (13,195)
Total accumulated other comprehensive loss $ (12,685) $ (12,514)
v2.4.0.6
Comprehensive Income (Details Textual) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ 148 $ 183
v2.4.0.6
Equity (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Balance, December 31, 2012 $ 181,389  
Net earnings (loss) 3,125 4,055
Balance, March 31, 2013 183,398  
Common Stock [Member]
    
Balance, December 31, 2012 10,831  
Net earnings (loss) 0  
Foreign currency translation adjustments 0  
Pension liability adjustment, net of tax 0  
Stock options exercised 149  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired (173)  
Balance, March 31, 2013 10,807  
Capital in Excess of Par Value [Member]
    
Balance, December 31, 2012 26,184  
Net earnings (loss) 0  
Foreign currency translation adjustments 0  
Pension liability adjustment, net of tax 0  
Stock options exercised 2,350  
Stock-based compensation expense 316  
Income tax benefit from stock options exercised 411  
Shares purchased and retired 0  
Balance, March 31, 2013 29,261  
Reinvested Earnings [Member]
    
Balance, December 31, 2012 149,664  
Net earnings (loss) 3,200  
Foreign currency translation adjustments 0  
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 (3,926)  
Balance, March 31, 2013 148,938  
Accumulated Other Comprehensive Income (Loss) [Member]
    
Balance, December 31, 2012 (12,514)  
Net earnings (loss) 0  
Foreign currency translation adjustments (404)  
Pension liability adjustment, net of tax 233  
Stock options exercised 0  
Stock-based compensation expense 0  
Income tax benefit from stock options exercised 0  
Shares purchased and retired 0  
Balance, March 31, 2013 (12,685)  
Noncontrolling Interest [Member]
    
Balance, December 31, 2012 7,224  
Net earnings (loss) (75)  
Foreign currency translation adjustments (72)  
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  
Balance, March 31, 2013 $ 7,077  
v2.4.0.6
Subsequent Events (Details Textual) (Subsequent Event [Member])
 3 Months Ended
Mar. 31, 2013
Subsequent Event [Member]
  
Subsequent Event, Description On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for $3.4 million. The Company previously leased this facility, which is used as its Canadian office and distribution center.