v2.4.0.6
Document And Entity Information
9 Months Ended
Sep. 30, 2013
Oct. 31, 2013
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   10,838,791
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2013  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2013  
v2.4.0.6
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
ASSETS:    
Cash and cash equivalents $ 9,750 $ 17,288
Marketable securities, at amortized cost 5,875 8,004
Accounts receivable, net 62,189 49,048
Accrued income tax receivable 0 1,136
Inventories 52,612 65,366
Deferred income tax benefits 316 649
Prepaid expenses and other current assets 2,885 4,953
Total current assets 133,627 146,444
Marketable securities, at amortized cost 28,285 36,216
Deferred income tax benefits 1,571 792
Property, plant and equipment, net 35,579 37,218
Goodwill 11,112 11,112
Trademarks 34,748 34,748
Other assets 20,973 18,791
Total assets 265,895 285,321
LIABILITIES AND EQUITY:    
Short-term borrowings 25,000 45,000
Accounts payable 6,682 11,133
Accrued liabilities 11,617 13,888
Accrued income tax payable 434 0
Total current liabilities 43,733 70,021
Long-term pension liability 27,486 27,530
Other long-term liabilities 6,792 6,381
Equity:    
Common stock 10,837 10,831
Capital in excess of par value 31,003 26,184
Reinvested earnings 152,137 149,664
Accumulated other comprehensive loss (12,695) (12,514)
Total Weyco Group, Inc. equity 181,282 174,165
Noncontrolling interest 6,602 7,224
Total equity 187,884 181,389
Total liabilities and equity $ 265,895 $ 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 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net sales $ 83,108 $ 79,473 $ 221,739 $ 215,120
Cost of sales 51,529 49,027 137,763 133,765
Gross earnings 31,579 30,446 83,976 81,355
Selling and administrative expenses 22,993 22,338 67,022 64,012
Earnings from operations 8,586 8,108 16,954 17,343
Interest income 346 438 1,144 1,404
Interest expense (75) (143) (314) (388)
Other income and expense, net (123) 10 (750) (55)
Earnings before provision for income taxes 8,734 8,413 17,034 18,304
Provision for income taxes 3,133 2,961 6,043 6,245
Net earnings 5,601 5,452 10,991 12,059
Net earnings attributable to noncontrolling interest 209 260 194 779
Net earnings attributable to Weyco Group, Inc. 5,392 5,192 10,797 11,280
Weighted average shares outstanding        
Basic (in shares) 10,786 10,827 10,770 10,860
Diluted (in shares) 10,873 10,911 10,840 10,974
Earnings per share        
Basic (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.04
Diluted (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.03
Cash dividends declared (per share) (in dollars per share) $ 0.18 $ 0.17 $ 0.36 $ 0.50
Comprehensive income 6,340 6,058 10,204 13,036
Comprehensive income (loss) attributable to noncontrolling interest 268 323 (412) 1,119
Comprehensive income attributable to Weyco Group, Inc. $ 6,072 $ 5,735 $ 10,616 $ 11,917
v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 10,991 $ 12,059
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities -    
Depreciation 2,967 2,442
Amortization 280 249
Bad debt expense 121 173
Deferred income taxes (945) (1,381)
Net gain on remeasurement of contingent consideration 0 (1,681)
Net foreign currency transaction losses 425 83
Stock-based compensation 948 896
Pension contribution (1,282) 0
Pension expense 2,766 2,638
Other-than-temporary investment impairment 200 0
Increase in cash surrender value of life insurance (250) (250)
Changes in operating assets and liabilities -    
Accounts receivable (13,267) (15,163)
Inventories 12,648 (145)
Prepaids and other assets 3,303 848
Accounts payable (4,451) (3,401)
Accrued liabilities and other (2,144) 365
Accrued income taxes 1,563 2,217
Net cash provided by (used for) operating activities 13,873 (51)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of marketable securities (22) 0
Proceeds from maturities of marketable securities 9,833 5,947
Life insurance premiums paid (155) (155)
Investment in real estate (3,206) 0
Purchase of property, plant and equipment (1,912) (5,411)
Net cash provided by investing activities 4,538 381
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (3,881) (5,351)
Shares purchased and retired (4,623) (5,684)
Proceeds from stock options exercised 3,558 2,216
Payment of contingent consideration (1,270) 0
Payment of indemnification holdback 0 (2,000)
Proceeds from bank borrowings 11,000 22,000
Repayments of bank borrowings (31,000) (15,000)
Income tax benefits from stock-based compensation 514 643
Net cash used for financing activities (25,702) (3,176)
Effect of exchange rate changes on cash and cash equivalents (247) 46
Net decrease in cash and cash equivalents (7,538) (2,800)
CASH AND CASH EQUIVALENTS at beginning of period 17,288 10,329
CASH AND CASH EQUIVALENTS at end of period 9,750 7,529
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net of refunds 4,784 4,665
Interest paid $ 266 $ 309
v2.4.0.6
Financial Statements
9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2013 are not necessarily indicative of the results for the full year.
v2.4.0.6
Reclassifications
9 Months Ended
Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reclassifications [Text Block]
2.     Reclassifications
 
Certain reclassifications have been made in the prior year’s financial statements 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
9 Months Ended
Sep. 30, 2013
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 September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
5,392
 
$
5,192
 
$
10,797
 
$
11,280
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,786
 
 
10,827
 
 
10,770
 
 
10,860
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock-based awards
 
 
87
 
 
84
 
 
70
 
 
114
 
Diluted weighted average shares outstanding
 
 
10,873
 
 
10,911
 
 
10,840
 
 
10,974
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.50
 
$
0.48
 
$
1.00
 
$
1.04
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.50
 
$
0.48
 
$
1.00
 
$
1.03
 
 
Diluted weighted average shares outstanding for the three and nine months ended September 30, 2013 exclude anti-dilutive stock options totaling 218,075 shares of common stock at a weighted average price of $27.50. Diluted weighted average shares outstanding for the three and nine months ended September 30, 2012 exclude anti-dilutive stock options totaling 711,330 shares of common stock at a weighted average price of $25.68.
v2.4.0.6
Investments
9 Months Ended
Sep. 30, 2013
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, 2012, 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 as of September 30, 2013 and December 31, 2012.
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
5,875
 
$
5,949
 
$
8,004
 
$
8,117
 
Due from one through five years
 
 
19,941
 
 
20,900
 
 
25,384
 
 
26,620
 
Due from six through ten years
 
 
8,344
 
 
8,797
 
 
10,832
 
 
11,756
 
Total
 
$
34,160
 
$
35,646
 
$
44,220
 
$
46,493
 
 
The unrealized gains and losses on investment securities as of September 30, 2013 and December 31, 2012 were as follows:
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,486
 
$
-
 
$
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 regularly reviews its investments to determine whether a decline in fair value below the cost basis is other-than-temporary. To determine if a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. In the third quarter of 2013, the Company reviewed its investments and concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. The Company had been monitoring the status of the bond. In September 2013, a public notice was issued by the municipality that caused the Company to doubt the ultimate collectability of the bond. Considering this, all prior public information regarding the bond, and the duration of the loss, the Company determined the unrealized loss on the bond was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. The loss was included within other income and expense, net in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). 
 
On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. This building serves as the Company’s Canadian office and distribution center. This real estate investment is accounted for as an equity-method investment under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”) and is included within other assets in the Consolidated Condensed Balance Sheets (Unaudited).
v2.4.0.6
Intangible Assets
9 Months Ended
Sep. 30, 2013
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 September 30, 2013:
 
 
 
 
 
September 30, 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
 
$
(103)
 
$
97
 
Customer relationships
 
15
 
 
3,500
 
 
(603)
 
 
2,897
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(706)
 
$
2,994
 
 
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
9 Months Ended
Sep. 30, 2013
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 tables 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 and nine months ended September 30, 2013 and 2012 was as follows:
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
63,914
 
$
5,232
 
$
13,124
 
$
82,270
 
Licensing revenues
 
 
838
 
 
-
 
 
-
 
 
838
 
Net sales
 
$
64,752
 
$
5,232
 
$
13,124
 
$
83,108
 
Earnings from operations
 
$
7,073
 
$
512
 
$
1,001
 
$
8,586
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
60,198
 
$
5,521
 
$
12,916
 
$
78,635
 
Licensing revenues
 
 
838
 
 
-
 
 
-
 
 
838
 
Net sales
 
$
61,036
 
$
5,521
 
$
12,916
 
$
79,473
 
Earnings from operations
 
$
6,559
 
$
322
 
$
1,227
 
$
8,108
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
165,421
 
$
16,363
 
$
37,897
 
$
219,681
 
Licensing revenues
 
 
2,058
 
 
-
 
 
-
 
 
2,058
 
Net sales
 
$
167,479
 
$
16,363
 
$
37,897
 
$
221,739
 
Earnings from operations
 
$
12,984
 
$
1,538
 
$
2,432
 
$
16,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
159,175
 
$
16,771
 
$
37,072
 
$
213,018
 
Licensing revenues
 
 
2,102
 
 
-
 
 
-
 
 
2,102
 
Net sales
 
$
161,277
 
$
16,771
 
$
37,072
 
$
215,120
 
Earnings from operations
 
$
13,121
 
$
355
 
$
3,867
 
$
17,343
 
v2.4.0.6
Employee Retirement Plans
9 Months Ended
Sep. 30, 2013
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 September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
447
 
$
352
 
$
1,279
 
$
1,120
 
Interest cost on projected benefit obligation
 
 
608
 
 
571
 
 
1,794
 
 
1,746
 
Expected return on plan assets
 
 
(525)
 
 
(510)
 
 
(1,569)
 
 
(1,484)
 
Net amortization and deferral
 
 
440
 
 
356
 
 
1,262
 
 
1,256
 
Net pension expense
 
$
970
 
$
769
 
$
2,766
 
$
2,638
 
 
The Company made approximately $1.3 million in pension contributions during the nine months ended September 30, 2013. No additional cash contributions are expected for the remainder of 2013.
v2.4.0.6
Stock-Based Compensation Plans
9 Months Ended
Sep. 30, 2013
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 and nine months ended September 30, 2013, the Company recognized approximately $315,000 and $948,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012. During the three and nine months ended September 30, 2012, the Company recognized approximately $298,000 and $896,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2008 through 2011.
 
The following table summarizes the Company’s stock option activity for the nine-month period ended September 30, 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
 
 
(201,251)
 
$
17.68
 
 
 
 
 
 
 
Forfeited or expired
 
 
(7,250)
 
$
24.91
 
 
 
 
 
 
 
Outstanding at September 30, 2013
 
 
1,057,291
 
$
23.71
 
 
2.9
 
$
5,136,000
 
Exercisable at September 30, 2013
 
 
503,712
 
$
23.55
 
 
1.5
 
$
2,664,000
 
 
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
 
The following table summarizes stock option activity for the three and nine months ended September 30, 2013 and 2012:
 
 
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
151
 
$
446
 
$
1,317
 
$
1,650
 
Cash received from stock option exercises
 
$
730
 
$
650
 
$
3,558
 
$
2,216
 
Income tax benefit from the exercise of stock options
 
$
59
 
$
174
 
$
514
 
$
643
 
 
The following table summarizes the Company’s restricted stock activity for the nine-month period ended September 30, 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 September 30, 2013
 
 
42,575
 
$
23.87
 
 
2.4
 
$
1,206,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Short-Term Borrowings
9 Months Ended
Sep. 30, 2013
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
9.
Short-Term Borrowings
 
At September 30, 2013, the Company had a $60 million unsecured revolving line of credit with BMO Harris Bank, N.A. (“BMO Harris Bank”) expiring April 30, 2014. At the end of the third quarter, the Company had $25 million of borrowings outstanding at an interest rate of approximately 1.2%, which was the highest balance during the quarter. The Company’s borrowing facility includes one financial covenant that specifies a minimum level of net worth. The Company was in compliance with this covenant at September 30, 2013.
 
On November 5, 2013, the Company cancelled its line of credit with BMO Harris Bank and concurrently entered into a new $60 million unsecured revolving line of credit with PNC Bank. The new line of credit bears interest at LIBOR plus 0.75% and expires on November 5, 2014. All other terms and conditions of the new line of credit remain essentially the same as the prior agreement, except there are no financial covenants in the new agreement.
v2.4.0.6
Contingent Consideration
9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Business Combination Disclosure [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”). 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 consideration payment was due in 2013 and was paid on March 28, 2013. 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 as follows:
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Current portion
 
$
-
 
$
1,270
 
Long-term portion
 
 
5,028
 
 
4,991
 
Total contingent consideration
 
$
5,028
 
$
6,261
 
 
The following table summarizes the activity during 2013 related to the contingent payments as recorded in the accompanying unaudited financial statements (dollars in thousands):
 
Balance as of December 31, 2012
 
$
6,261
 
Payment to the former shareholders of Bogs
 
 
(1,270)
 
Interest expense
 
 
37
 
Balance as of September 30, 2013
 
$
5,028
 
 
The current portion of the 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 total contingent consideration was assigned to the Company’s wholesale segment.
 
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
9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Comprehensive Income (Loss) Note [Text Block]
11.
Comprehensive Income
 
Comprehensive income for the three and nine months ended September 30, 2013 and 2012 was as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
5,601
 
$
5,452
 
$
10,991
 
$
12,059
 
Foreign currency translation adjustments
 
 
470
 
 
405
 
 
(1,557)
 
 
211
 
Pension liability, net of tax of $172, $129, $492, and $490, respectively
 
 
269
 
 
201
 
 
770
 
 
766
 
Total comprehensive income
 
$
6,340
 
$
6,058
 
$
10,204
 
$
13,036
 
 
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(270)
 
$
681
 
Pension liability, net of tax
 
 
(12,425)
 
 
(13,195)
 
Total accumulated other comprehensive loss
 
$
(12,695)
 
$
(12,514)
 
v2.4.0.6
Equity
9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
12.  Equity
 
A reconciliation of the Company’s equity for the nine months ended September 30, 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
 
 
-
 
 
-
 
 
10,797
 
 
-
 
 
194
 
Foreign currency translation
    adjustments
 
 
-
 
 
-
 
 
-
 
 
(951)
 
 
(606)
 
Pension liability adjustment,
    net of tax
 
 
-
 
 
-
 
 
-
 
 
770
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(3,896)
 
 
-
 
 
-
 
Cash dividends declared to
    noncontrolling interest
 
 
-
 
 
-
 
 
-
 
 
-
 
 
(210)
 
Stock options exercised
 
 
201
 
 
3,357
 
 
-
 
 
-
 
 
-
 
Stock-based compensation
    expense
 
 
-
 
 
948
 
 
-
 
 
-
 
 
-
 
Income tax benefit from
    stock options exercised
 
 
-
 
 
514
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(195)
 
 
-
 
 
(4,428)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, September 30, 2013
 
$
10,837
 
$
31,003
 
$
152,137
 
$
(12,695)
 
$
6,602
 
v2.4.0.6
Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 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 September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
5,392
 
$
5,192
 
$
10,797
 
$
11,280
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,786
 
 
10,827
 
 
10,770
 
 
10,860
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock-based awards
 
 
87
 
 
84
 
 
70
 
 
114
 
Diluted weighted average shares outstanding
 
 
10,873
 
 
10,911
 
 
10,840
 
 
10,974
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.50
 
$
0.48
 
$
1.00
 
$
1.04
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.50
 
$
0.48
 
$
1.00
 
$
1.03
 
v2.4.0.6
Investments (Tables)
9 Months Ended
Sep. 30, 2013
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 as of September 30, 2013 and December 31, 2012.
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
5,875
 
$
5,949
 
$
8,004
 
$
8,117
 
Due from one through five years
 
 
19,941
 
 
20,900
 
 
25,384
 
 
26,620
 
Due from six through ten years
 
 
8,344
 
 
8,797
 
 
10,832
 
 
11,756
 
Total
 
$
34,160
 
$
35,646
 
$
44,220
 
$
46,493
 
Unrealized Gain (Loss) on Investments [Table Text Block]
The unrealized gains and losses on investment securities as of September 30, 2013 and December 31, 2012 were as follows:
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,486
 
$
-
 
$
2,473
 
$
200
 
v2.4.0.6
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2013
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 September 30, 2013:
 
 
 
 
 
September 30, 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
 
$
(103)
 
$
97
 
Customer relationships
 
15
 
 
3,500
 
 
(603)
 
 
2,897
 
Total amortizable intangible assets
 
 
 
$
3,700
 
$
(706)
 
$
2,994
 
 
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)
9 Months Ended
Sep. 30, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized segment data for the three and nine months ended September 30, 2013 and 2012 was as follows:
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
63,914
 
$
5,232
 
$
13,124
 
$
82,270
 
Licensing revenues
 
 
838
 
 
-
 
 
-
 
 
838
 
Net sales
 
$
64,752
 
$
5,232
 
$
13,124
 
$
83,108
 
Earnings from operations
 
$
7,073
 
$
512
 
$
1,001
 
$
8,586
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
60,198
 
$
5,521
 
$
12,916
 
$
78,635
 
Licensing revenues
 
 
838
 
 
-
 
 
-
 
 
838
 
Net sales
 
$
61,036
 
$
5,521
 
$
12,916
 
$
79,473
 
Earnings from operations
 
$
6,559
 
$
322
 
$
1,227
 
$
8,108
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
165,421
 
$
16,363
 
$
37,897
 
$
219,681
 
Licensing revenues
 
 
2,058
 
 
-
 
 
-
 
 
2,058
 
Net sales
 
$
167,479
 
$
16,363
 
$
37,897
 
$
221,739
 
Earnings from operations
 
$
12,984
 
$
1,538
 
$
2,432
 
$
16,954
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
159,175
 
$
16,771
 
$
37,072
 
$
213,018
 
Licensing revenues
 
 
2,102
 
 
-
 
 
-
 
 
2,102
 
Net sales
 
$
161,277
 
$
16,771
 
$
37,072
 
$
215,120
 
Earnings from operations
 
$
13,121
 
$
355
 
$
3,867
 
$
17,343
 
v2.4.0.6
Employee Retirement Plans (Tables)
9 Months Ended
Sep. 30, 2013
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 September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
447
 
$
352
 
$
1,279
 
$
1,120
 
Interest cost on projected benefit obligation
 
 
608
 
 
571
 
 
1,794
 
 
1,746
 
Expected return on plan assets
 
 
(525)
 
 
(510)
 
 
(1,569)
 
 
(1,484)
 
Net amortization and deferral
 
 
440
 
 
356
 
 
1,262
 
 
1,256
 
Net pension expense
 
$
970
 
$
769
 
$
2,766
 
$
2,638
 
v2.4.0.6
Stock-Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 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 Company’s stock option activity for the nine-month period ended September 30, 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
 
 
(201,251)
 
$
17.68
 
 
 
 
 
 
 
Forfeited or expired
 
 
(7,250)
 
$
24.91
 
 
 
 
 
 
 
Outstanding at September 30, 2013
 
 
1,057,291
 
$
23.71
 
 
2.9
 
$
5,136,000
 
Exercisable at September 30, 2013
 
 
503,712
 
$
23.55
 
 
1.5
 
$
2,664,000
 
 
* The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 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 stock option activity for the three and nine months ended September 30, 2013 and 2012:
 
 
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
151
 
$
446
 
$
1,317
 
$
1,650
 
Cash received from stock option exercises
 
$
730
 
$
650
 
$
3,558
 
$
2,216
 
Income tax benefit from the exercise of stock options
 
$
59
 
$
174
 
$
514
 
$
643
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
The following table summarizes the Company’s restricted stock activity for the nine-month period ended September 30, 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 September 30, 2013
 
 
42,575
 
$
23.87
 
 
2.4
 
$
1,206,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Contingent Consideration (Tables)
9 Months Ended
Sep. 30, 2013
Commitments and Contingencies Disclosure [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:
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Current portion
 
$
-
 
$
1,270
 
Long-term portion
 
 
5,028
 
 
4,991
 
Total contingent consideration
 
$
5,028
 
$
6,261
 
 
The following table summarizes the activity during 2013 related to the contingent payments as recorded in the accompanying unaudited financial statements (dollars in thousands):
 
Balance as of December 31, 2012
 
$
6,261
 
Payment to the former shareholders of Bogs
 
 
(1,270)
 
Interest expense
 
 
37
 
Balance as of September 30, 2013
 
$
5,028
 
v2.4.0.6
Comprehensive Income (Tables)
9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Comprehensive income for the three and nine months ended September 30, 2013 and 2012 was as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
5,601
 
$
5,452
 
$
10,991
 
$
12,059
 
Foreign currency translation adjustments
 
 
470
 
 
405
 
 
(1,557)
 
 
211
 
Pension liability, net of tax of $172, $129, $492, and $490, respectively
 
 
269
 
 
201
 
 
770
 
 
766
 
Total comprehensive income
 
$
6,340
 
$
6,058
 
$
10,204
 
$
13,036
 
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:
 
 
 
September 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(270)
 
$
681
 
Pension liability, net of tax
 
 
(12,425)
 
 
(13,195)
 
Total accumulated other comprehensive loss
 
$
(12,695)
 
$
(12,514)
 
v2.4.0.6
Equity (Tables)
9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
A reconciliation of the Company’s equity for the nine months ended September 30, 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
 
 
-
 
 
-
 
 
10,797
 
 
-
 
 
194
 
Foreign currency translation
    adjustments
 
 
-
 
 
-
 
 
-
 
 
(951)
 
 
(606)
 
Pension liability adjustment,
    net of tax
 
 
-
 
 
-
 
 
-
 
 
770
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(3,896)
 
 
-
 
 
-
 
Cash dividends declared to
    noncontrolling interest
 
 
-
 
 
-
 
 
-
 
 
-
 
 
(210)
 
Stock options exercised
 
 
201
 
 
3,357
 
 
-
 
 
-
 
 
-
 
Stock-based compensation
    expense
 
 
-
 
 
948
 
 
-
 
 
-
 
 
-
 
Income tax benefit from
    stock options exercised
 
 
-
 
 
514
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(195)
 
 
-
 
 
(4,428)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, September 30, 2013
 
$
10,837
 
$
31,003
 
$
152,137
 
$
(12,695)
 
$
6,602
 
v2.4.0.6
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Numerator:        
Net earnings attributable to Weyco Group, Inc. $ 5,392 $ 5,192 $ 10,797 $ 11,280
Denominator:        
Basic weighted average shares outstanding (in shares) 10,786 10,827 10,770 10,860
Effect of dilutive securities:        
Employee stock-based awards (in shares) 87 84 70 114
Diluted weighted average shares outstanding (in shares) 10,873 10,911 10,840 10,974
Basic earnings per share (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.04
Diluted earnings per share (in dollars per share) $ 0.50 $ 0.48 $ 1.00 $ 1.03
v2.4.0.6
Earnings Per Share (Details Textual) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 218,075 711,330 218,075 711,330
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) $ 27.50 $ 25.68 $ 27.50 $ 25.68
v2.4.0.6
Investments (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Amortized Cost $ 34,160 $ 44,220
Market Value 35,646 46,493
Municipal Bonds, Current [Member]
   
Amortized Cost 5,875 8,004
Market Value 5,949 8,117
Municipal Bonds, Due from One Through Five Years [Member]
   
Amortized Cost 19,941 25,384
Market Value 20,900 26,620
Municipal Bonds, Due from Six Through Ten Years [Member]
   
Amortized Cost 8,344 10,832
Market Value $ 8,797 $ 11,756
v2.4.0.6
Investments (Details 1) (Municipal Bonds [Member], USD $)
In Thousands, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Municipal Bonds [Member]
   
Unrealized Gains $ 1,486 $ 2,473
Unrealized Losses $ 0 $ 200
v2.4.0.6
Investments (Details Textual) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Percentage of Property Acquired 50.00%  
Payments to Acquire Real Estate Held-for-investment $ 3,206 $ 0
Other than Temporary Impairment Losses, Investments $ 200 $ 0
v2.4.0.6
Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 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 (706) (501)
Net 2,994 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 (103) (73)
Net 97 127
Customer Relationships [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Yrs) 15 years 15 years
Gross Carrying Amount 3,500 3,500
Accumulated Amortization (603) (428)
Net $ 2,897 $ 3,072
v2.4.0.6
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Product sales $ 82,270 $ 78,635 $ 219,681 $ 213,018
Licensing revenues 838 838 2,058 2,102
Net sales 83,108 79,473 221,739 215,120
Earnings from operations 8,586 8,108 16,954 17,343
Wholesale [Member]
       
Product sales 63,914 60,198 165,421 159,175
Licensing revenues 838 838 2,058 2,102
Net sales 64,752 61,036 167,479 161,277
Earnings from operations 7,073 6,559 12,984 13,121
Retail [Member]
       
Product sales 5,232 5,521 16,363 16,771
Licensing revenues 0 0 0 0
Net sales 5,232 5,521 16,363 16,771
Earnings from operations 512 322 1,538 355
Other Segment [Member]
       
Product sales 13,124 12,916 37,897 37,072
Licensing revenues 0 0 0 0
Net sales 13,124 12,916 37,897 37,072
Earnings from operations $ 1,001 $ 1,227 $ 2,432 $ 3,867
v2.4.0.6
Employee Retirement Plans (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Benefits earned during the period $ 447 $ 352 $ 1,279 $ 1,120
Interest cost on projected benefit obligation 608 571 1,794 1,746
Expected return on plan assets (525) (510) (1,569) (1,484)
Net amortization and deferral 440 356 1,262 1,256
Net pension expense $ 970 $ 769 $ 2,766 $ 2,638
v2.4.0.6
Employee Retirement Plans (Details Textual) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Defined Benefit Plan, Expected Contributions in Current Fiscal Year, Total $ 1.3
v2.4.0.6
Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $)
9 Months Ended
Sep. 30, 2013
Employee Stock Option [Member]
 
Shares, Outstanding at December 31, 2012 1,265,792
Shares, Exercised (201,251)
Shares, Forfeited or expired (7,250)
Shares, Outstanding at September 30, 2013 1,057,291
Shares, Exercisable at September 30, 2013 503,712
Weighted Average Exercise Price, Outstanding at December 31, 2012 $ 22.76
Weighted Average Exercise Price, Exercised $ 17.68
Weighted Average Exercise Price, Forfeited or expired $ 24.91
Weighted Average Exercise Price, Outstanding at September 30, 2013 $ 23.71
Weighted Average Exercise Price, Exercisable at September 30, 2013 $ 23.55
Weighted Average Remaining Contractual Term (Years), Outstanding at September 30, 2013 2 years 10 months 24 days
Weighted Average Remaining Contractual Term (Years), Exercisable at September 30, 2013 1 year 6 months
Aggregate Intrinsic Value, Outstanding at September 30, 2013 $ 5,136,000 [1]
Aggregate Intrinsic Value, Exercisable at September 30, 2013 $ 2,664,000 [1]
[1] The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 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 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Total intrinsic value of stock options exercised $ 151 $ 446 $ 1,317 $ 1,650
Cash received from stock option exercises 730 650 3,558 2,216
Income tax benefit from the exercise of stock options $ 59 $ 174 $ 514 $ 643
v2.4.0.6
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)
9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2013 $ 23.87
Weighted Average Remaining Contractual Term (Years), Non-vested at September 30, 2013 2 years 4 months 24 days
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at September 30, 2013 $ 1,206,000 [1]
[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on September 30, 2013, the last trading day of the quarter, of $28.32 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Stock-Based Compensation Plans (Details Textual) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Allocated Share-based Compensation Expense $ 315,000 $ 298,000 $ 948,000 $ 896,000
Share Price $ 28.32   $ 28.32  
v2.4.0.6
Short-Term Borrowings (Details Textual) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Line of Credit, Current $ 25
Debt Instrument, Interest Rate at Period End 1.20%
Revolving Credit Facility [Member] | BMO Harris Bank [Member]
 
Line of Credit Facility, Amount, Total 60
Line of Credit Facility, Expiration Date Apr. 30, 2014
Revolving Credit Facility [Member] | PNC Bank [Member] | Subsequent Event [Member]
 
Line of Credit Facility, Amount, Total $ 60
Line of Credit Facility, Description The new line of credit bears interest at LIBOR plus 0.75% and expires on November 5, 2014.
v2.4.0.6
Contingent Consideration (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Current portion $ 0 $ 1,270
Long-term portion 5,028 4,991
Total contingent consideration $ 5,028 $ 6,261
v2.4.0.6
Contingent Consideration (Details 1) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Balance as of December 31, 2012 $ 6,261  
Payment to the former shareholders of Bogs (1,270) 0
Interest expense 37  
Ending Balance $ 5,028  
v2.4.0.6
Contingent Consideration (Details Textual)
9 Months Ended
Sep. 30, 2013
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). 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.
v2.4.0.6
Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net earnings $ 5,601 $ 5,452 $ 10,991 $ 12,059
Foreign currency translation adjustments 470 405 (1,557) 211
Pension liability, net of tax of $172, $129, $492, and $490, respectively 269 201 770 766
Total comprehensive income $ 6,340 $ 6,058 $ 10,204 $ 13,036
v2.4.0.6
Comprehensive Income (Details 1) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Foreign currency translation adjustments $ (270) $ 681
Pension liability, net of tax (12,425) (13,195)
Total accumulated other comprehensive loss $ (12,695) $ (12,514)
v2.4.0.6
Comprehensive Income (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ 172 $ 129 $ 492 $ 490
v2.4.0.6
Equity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Balance, December 31, 2012     $ 181,389  
Net earnings 5,601 5,452 10,991 12,059
Balance, September 30, 2013 187,884   187,884  
Common Stock [Member]
       
Balance, December 31, 2012     10,831  
Net earnings     0  
Foreign currency translation adjustments     0  
Pension liability adjustment, net of tax     0  
Cash dividends declared     0  
Cash dividends declared to noncontrolling interest     0  
Stock options exercised     201  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     (195)  
Balance, September 30, 2013 10,837   10,837  
Capital in Excess of Par Value [Member]
       
Balance, December 31, 2012     26,184  
Net earnings     0  
Foreign currency translation adjustments     0  
Pension liability adjustment, net of tax     0  
Cash dividends declared     0  
Cash dividends declared to noncontrolling interest     0  
Stock options exercised     3,357  
Stock-based compensation expense     948  
Income tax benefit from stock options exercised     514  
Shares purchased and retired     0  
Balance, September 30, 2013 31,003   31,003  
Reinvested Earnings [Member]
       
Balance, December 31, 2012     149,664  
Net earnings     10,797  
Foreign currency translation adjustments     0  
Pension liability adjustment, net of tax     0  
Cash dividends declared     (3,896)  
Cash dividends declared to noncontrolling interest     0  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     (4,428)  
Balance, September 30, 2013 152,137   152,137  
Accumulated Other Comprehensive Income (Loss) [Member]
       
Balance, December 31, 2012     (12,514)  
Net earnings     0  
Foreign currency translation adjustments     (951)  
Pension liability adjustment, net of tax     770  
Cash dividends declared     0  
Cash dividends declared to noncontrolling interest     0  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     0  
Balance, September 30, 2013 (12,695)   (12,695)  
Noncontrolling Interest [Member]
       
Balance, December 31, 2012     7,224  
Net earnings     194  
Foreign currency translation adjustments     (606)  
Pension liability adjustment, net of tax     0  
Cash dividends declared     0  
Cash dividends declared to noncontrolling interest     (210)  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     0  
Balance, September 30, 2013 $ 6,602   $ 6,602