v2.4.0.6
Document And Entity Information
6 Months Ended
Jun. 30, 2013
Aug. 01, 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   10,828,541
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2013  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
v2.4.0.6
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
ASSETS:    
Cash and cash equivalents $ 7,048 $ 17,288
Marketable securities, at amortized cost 6,981 8,004
Accounts receivable, net 42,717 49,048
Accrued income tax receivable 2,628 1,136
Inventories 52,332 65,366
Deferred income tax benefits 396 649
Prepaid expenses and other current assets 5,298 4,953
Total current assets 117,400 146,444
Marketable securities, at amortized cost 30,915 36,216
Deferred income tax benefits 1,440 792
Property, plant and equipment, net 35,706 37,218
Goodwill 11,112 11,112
Trademarks 34,748 34,748
Other assets 21,666 18,791
Total assets 252,987 285,321
LIABILITIES AND EQUITY:    
Short-term borrowings 20,000 45,000
Accounts payable 4,524 11,133
Dividend payable 1,938 0
Accrued liabilities 9,013 13,888
Total current liabilities 35,475 70,021
Long-term pension liability 28,216 27,530
Other long-term liabilities 6,695 6,381
Equity:    
Common stock 10,804 10,831
Capital in excess of par value 29,932 26,184
Reinvested earnings 148,696 149,664
Accumulated other comprehensive loss (13,375) (12,514)
Total Weyco Group, Inc. equity 176,057 174,165
Noncontrolling interest 6,544 7,224
Total equity 182,601 181,389
Total liabilities and equity $ 252,987 $ 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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net sales $ 65,041 $ 60,333 $ 138,631 $ 135,647
Cost of sales 40,343 37,455 86,234 84,738
Gross earnings 24,698 22,878 52,397 50,909
Selling and administrative expenses 21,018 19,476 44,029 41,674
Earnings from operations 3,680 3,402 8,368 9,235
Interest income 386 483 798 966
Interest expense (112) (116) (239) (245)
Other expense, net (538) (123) (627) (65)
Earnings before provision for income taxes 3,416 3,646 8,300 9,891
Provision for income taxes 1,151 1,094 2,910 3,284
Net earnings 2,265 2,552 5,390 6,607
Net earnings (loss) attributable to noncontrolling interest 60 333 (15) 519
Net earnings attributable to Weyco Group, Inc. 2,205 2,219 5,405 6,088
Weighted average shares outstanding        
Basic (in shares) 10,763 10,865 10,762 10,877
Diluted (in shares) 10,813 10,982 10,824 11,005
Earnings per share        
Basic (in dollars per share) $ 0.20 $ 0.20 $ 0.50 $ 0.56
Diluted (in dollars per share) $ 0.20 $ 0.20 $ 0.50 $ 0.55
Cash dividends declared (per share) (in dollars per share) $ 0.18 $ 0.17 $ 0.18 $ 0.33
Comprehensive income 982 2,088 3,864 6,978
Comprehensive (loss) income attributable to noncontrolling interest (533) 151 (680) 796
Comprehensive income attributable to Weyco Group, Inc. $ 1,515 $ 1,937 $ 4,544 $ 6,182
v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 5,390 $ 6,607
Adjustments to reconcile net earnings to net cash provided by operating activities -    
Depreciation 1,985 1,603
Amortization 171 184
Bad debt expense 87 152
Deferred income taxes (727) (841)
Net gain on remeasurement of contingent consideration 0 (1,219)
Net foreign currency transaction losses 580 90
Stock-based compensation 633 598
Pension contribution (110) 0
Pension expense 1,796 1,869
Increase in cash surrender value of life insurance (115) (115)
Changes in operating assets and liabilities -    
Accounts receivable 6,278 5,244
Inventories 12,960 2,082
Prepaids and other assets 99 376
Accounts payable (6,628) (8,547)
Accrued liabilities and other (5,004) (1,096)
Accrued income taxes (1,493) (392)
Net cash provided by operating activities 15,902 6,595
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of marketable securities (12) 0
Proceeds from maturities of marketable securities 6,308 2,905
Life insurance premiums paid (155) (155)
Investment in real estate (3,206) 0
Purchase of property, plant and equipment (1,125) (2,128)
Net cash provided by investing activities 1,810 622
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid 0 (3,496)
Shares purchased and retired (4,623) (3,812)
Proceeds from stock options exercised 2,828 1,566
Payment of contingent consideration (1,270) 0
Proceeds from bank borrowings 2,000 9,000
Repayments of bank borrowings (27,000) (12,000)
Income tax benefits from stock-based compensation 455 469
Net cash used for financing activities (27,610) (8,273)
Effect of exchange rate changes on cash and cash equivalents (342) (7)
Net decrease in cash and cash equivalents (10,240) (1,063)
CASH AND CASH EQUIVALENTS at beginning of period 17,288 10,329
CASH AND CASH EQUIVALENTS at end of period 7,048 9,266
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net of refunds 4,527 4,010
Interest paid $ 206 $ 191
v2.4.0.6
Financial Statements
6 Months Ended
Jun. 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 six months ended June 30, 2013 are not necessarily indicative of the results for the full year.
v2.4.0.6
Reclassifications
6 Months Ended
Jun. 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
6 Months Ended
Jun. 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 
June 30,
 
Six Months Ended June 
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
2,205
 
$
2,219
 
$
5,405
 
$
6,088
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,763
 
 
10,865
 
 
10,762
 
 
10,877
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock-based awards
 
 
50
 
 
117
 
 
62
 
 
128
 
Diluted weighted average shares outstanding
 
 
10,813
 
 
10,982
 
 
10,824
 
 
11,005
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.20
 
$
0.20
 
$
0.50
 
$
0.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.20
 
$
0.20
 
$
0.50
 
$
0.55
 
 
Diluted weighted average shares outstanding for the three and six months ended June 30, 2013 exclude anti-dilutive stock options totaling 773,150 shares of common stock at a weighted average price of $24.99. Diluted weighted average shares outstanding for the three and six months ended June 30, 2012 exclude anti-dilutive stock options totaling 805,000 shares of common stock at a weighted average price of $25.38.
v2.4.0.6
Investments
6 Months Ended
Jun. 30, 2013
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) 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 security 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 June 30, 2013 and December 31, 2012.
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
6,981
 
$
7,049
 
$
8,004
 
$
8,117
 
Due from one through five years
 
 
22,569
 
 
23,586
 
 
25,384
 
 
26,620
 
Due from six through ten years
 
 
8,346
 
 
8,963
 
 
10,832
 
 
11,756
 
Total
 
$
37,896
 
$
39,598
 
$
44,220
 
$
46,493
 
 
The unrealized gains and losses on investment securities as of June 30, 2013 and December 31, 2012 were as follows:
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,902
 
$
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 June 30, 2013 and determined that no other-than-temporary market value impairment exists.
 
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 was 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
6 Months Ended
Jun. 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 June 30, 2013: 
 
 
 
 
 
June 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
 
$
(93)
 
$
107
 
Customer relationships
 
 
15
 
 
3,500
 
 
(545)
 
 
2,955
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
$
(638)
 
$
3,062
 
 
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
6 Months Ended
Jun. 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 six months ended June 30, 2013 and 2012 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
46,858
 
$
5,383
 
$
12,174
 
$
64,415
 
Licensing revenues
 
 
626
 
 
-
 
 
-
 
 
626
 
Net sales
 
$
47,484
 
$
5,383
 
$
12,174
 
$
65,041
 
Earnings from operations
 
$
2,179
 
$
584
 
$
917
 
$
3,680
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
43,076
 
$
5,589
 
$
11,129
 
$
59,794
 
Licensing revenues
 
 
539
 
 
-
 
 
-
 
 
539
 
Net sales
 
$
43,615
 
$
5,589
 
$
11,129
 
$
60,333
 
Earnings from operations
 
$
2,092
 
$
37
 
$
1,273
 
$
3,402
 
 
Six Months Ended
June 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
101,507
 
$
11,131
 
$
24,773
 
$
137,411
 
Licensing revenues
 
 
1,220
 
 
-
 
 
-
 
 
1,220
 
Net sales
 
$
102,727
 
$
11,131
 
$
24,773
 
$
138,631
 
Earnings from operations
 
$
5,911
 
$
1,026
 
$
1,431
 
$
8,368
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
98,978
 
$
11,249
 
$
24,156
 
$
134,383
 
Licensing revenues
 
 
1,264
 
 
-
 
 
-
 
 
1,264
 
Net sales
 
$
100,242
 
$
11,249
 
$
24,156
 
$
135,647
 
Earnings from operations
 
$
6,562
 
$
32
 
$
2,641
 
$
9,235
 
v2.4.0.6
Employee Retirement Plans
6 Months Ended
Jun. 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
June 30,
 
Six Months Ended June
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
447
 
$
369
 
$
832
 
$
768
 
Interest cost on projected benefit obligation
 
 
608
 
 
573
 
 
1,186
 
 
1,175
 
Expected return on plan assets
 
 
(525)
 
 
(492)
 
 
(1,044)
 
 
(974)
 
Net amortization and deferral
 
 
441
 
 
430
 
 
822
 
 
900
 
Net pension expense
 
$
971
 
$
880
 
$
1,796
 
$
1,869
 
 
The Company expects to make pension contributions totaling approximately $1.6 million during 2013.
v2.4.0.6
Stock-Based Compensation Plans
6 Months Ended
Jun. 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 six months ended June 30, 2013, the Company recognized approximately $317,000 and $633,000, respectively , of compensation expense associated with stock option and restricted stock awards granted in years 2009 through 2012. During the three and six months ended June 30, 2012, the Company recognized approximately $299,000 and $598,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2008 through 2011.
 
The following table summarizes the stock option activity under the Company’s plans for the six month period ended June 30, 2013:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
Weighted
 
Remaining
 
 
 
 
 
 
 
 
 
 
Average
 
Contractual
 
 
Aggregate
 
 
 
 
 
 
Exercise
 
Term 
 
 
Intrinsic
 
 
 
Shares
 
Price
 
(Years)
 
 
Value*
 
Outstanding at December 31, 2012
 
 
1,265,792
 
$
22.76
 
 
 
 
 
 
 
 
Exercised
 
 
(168,176)
 
$
16.82
 
 
 
 
 
 
 
 
Forfeited or expired
 
 
(4,700)
 
$
24.07
 
 
 
 
 
 
 
 
Outstanding at June 30, 2013
 
 
1,092,916
 
$
23.67
 
 
3.1
 
 
$
2,287,000
 
Exercisable at June 30, 2013
 
 
537,787
 
$
23.47
 
 
1.8
 
 
$
1,543,000
 
 
* 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 June  28, 2013, the last trading day of the quarter, of $25.20 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
 
The following table summarizes the Company’s stock option activity for the three and six months ended June 30, 2013 and 2012:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended June
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
111
 
$
1,147
 
$
1,166
 
$
1,204
 
Cash received from stock option exercises
 
$
329
 
$
1,430
 
$
2,828
 
$
1,566
 
Income tax benefit from the exercise of stock options
 
$
44
 
$
447
 
$
455
 
$
469
 
 
The following table summarizes the Company’s restricted stock award activity for six month period ended June 30, 2013:
 
 
 
 
 
 
Weighted
 
Weighted
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
Shares of
 
Grant
 
Contractual
 
Aggregate
 
 
 
Restricted
 
Date
 
Term 
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
(Years)
 
Value*
 
Non-vested at December 31, 2012
 
 
42,575
 
$
23.87
 
 
 
 
 
 
 
Issued
 
 
-
 
 
-
 
 
 
 
 
 
 
Vested
 
 
-
 
 
-
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at June 30, 2013
 
 
42,575
 
$
23.87
 
 
2.6
 
$
1,073,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on June 28, 2013, the last trading day of the quarter, of 25.20 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Short-Term Borrowings
6 Months Ended
Jun. 30, 2013
Short-term Debt [Abstract]  
Short-term Debt [Text Block]
9.
Short-Term Borrowings
 
At June 30, 2013, the Company had a $60 million unsecured revolving line of credit, with $20 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 June 30, 2013. The line of credit agreement expired on April 30, 2013 and was renewed for another term that expires on April 30, 2014, at essentially the same terms as the prior agreement.
v2.4.0.6
Contingent Consideration
6 Months Ended
Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
Contingencies 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”) two and five years following the Bogs acquisition date (in 2013 and 2016). 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 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:
 
 
 
June 30,
 
December
31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Current portion
 
$
-
 
$
1,270
 
Long-term portion
 
 
5,015
 
 
4,991
 
Total contingent consideration
 
$
5,015
 
$
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 June 30, 2013 were the payment to the former owners of $1,270,000 and interest expense of $24,000.
 
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 total contingent consideration has been 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
6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Comprehensive Income (Loss) Note [Text Block]
11.
Comprehensive Income
 
Comprehensive income for the three and six months ended June 30, 2013 and 2012 was as follows:
 
 
 
Three Months Ended June 30,
 
 Six Months Ended June 30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
2,265
 
$
2,552
 
$
5,390
 
$
6,607
 
Foreign currency translation adjustments
 
 
(1,551)
 
 
(743)
 
 
(2,027)
 
 
(194)
 
Pension liability, net of tax of $172, $178, $320, and $361, respectively
 
 
268
 
 
279
 
 
501
 
 
565
 
Total comprehensive income
 
$
982
 
$
2,088
 
$
3,864
 
$
6,978
 
 
The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows:
  
 
 
June 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(681)
 
$
681
 
Pension liability, net of tax
 
 
(12,694)
 
 
(13,195)
 
Total accumulated other comprehensive loss
 
$
(13,375)
 
$
(12,514)
 
v2.4.0.6
Equity
6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
12.
Equity
 
A reconciliation of the Company’s equity for the six months ended June 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
 
 
-
 
 
-
 
 
5,405
 
 
-
 
 
(15)
 
Foreign currency translation
   adjustments
 
 
-
 
 
-
 
 
-
 
 
(1,362)
 
 
(665)
 
Pension liability adjustment, net of tax
 
 
-
 
 
-
 
 
-
 
 
501
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(1,945)
 
 
-
 
 
-
 
Stock options exercised
 
 
168
 
 
2,660
 
 
-
 
 
-
 
 
-
 
Stock-based compensation expense
 
 
-
 
 
633
 
 
-
 
 
-
 
 
-
 
Income tax benefit from stock options
   exercised
 
 
-
 
 
455
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(195)
 
 
-
 
 
(4,428)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2013
 
$
10,804
 
$
29,932
 
$
148,696
 
$
(13,375)
 
$
6,544
 
v2.4.0.6
Earnings Per Share (Tables)
6 Months Ended
Jun. 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 
June 30,
 
Six Months Ended June 
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(In thousands, except per share amounts)
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings attributable to Weyco Group, Inc.
 
$
2,205
 
$
2,219
 
$
5,405
 
$
6,088
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
10,763
 
 
10,865
 
 
10,762
 
 
10,877
 
Effect of dilutive securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee stock-based awards
 
 
50
 
 
117
 
 
62
 
 
128
 
Diluted weighted average shares outstanding
 
 
10,813
 
 
10,982
 
 
10,824
 
 
11,005
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.20
 
$
0.20
 
$
0.50
 
$
0.56
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.20
 
$
0.20
 
$
0.50
 
$
0.55
 
v2.4.0.6
Investments (Tables)
6 Months Ended
Jun. 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 June 30, 2013 and December 31, 2012.
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Amortized
 
Market
 
Amortized
 
Market
 
 
 
Cost
 
Value
 
Cost
 
Value
 
 
 
(Dollars in thousands)
 
Municipal bonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
6,981
 
$
7,049
 
$
8,004
 
$
8,117
 
Due from one through five years
 
 
22,569
 
 
23,586
 
 
25,384
 
 
26,620
 
Due from six through ten years
 
 
8,346
 
 
8,963
 
 
10,832
 
 
11,756
 
Total
 
$
37,896
 
$
39,598
 
$
44,220
 
$
46,493
 
Unrealized Gains (Losses) on Held-to-maturity Securities [Table Text Block]
The unrealized gains and losses on investment securities as of June 30, 2013 and December 31, 2012 were as follows:
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
Unrealized
 
Unrealized
 
Unrealized
 
Unrealized
 
 
 
Gains
 
Losses
 
Gains
 
Losses
 
 
 
(Dollars in thousands)
 
Municipal bonds
 
$
1,902
 
$
200
 
$
2,473
 
$
200
 
v2.4.0.6
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2013: 
 
 
 
 
 
June 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
 
$
(93)
 
$
107
 
Customer relationships
 
 
15
 
 
3,500
 
 
(545)
 
 
2,955
 
Total amortizable intangible assets
 
 
 
 
$
3,700
 
$
(638)
 
$
3,062
 
 
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)
6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized segment data for the three and six months ended June 30, 2013 and 2012 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
46,858
 
$
5,383
 
$
12,174
 
$
64,415
 
Licensing revenues
 
 
626
 
 
-
 
 
-
 
 
626
 
Net sales
 
$
47,484
 
$
5,383
 
$
12,174
 
$
65,041
 
Earnings from operations
 
$
2,179
 
$
584
 
$
917
 
$
3,680
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
43,076
 
$
5,589
 
$
11,129
 
$
59,794
 
Licensing revenues
 
 
539
 
 
-
 
 
-
 
 
539
 
Net sales
 
$
43,615
 
$
5,589
 
$
11,129
 
$
60,333
 
Earnings from operations
 
$
2,092
 
$
37
 
$
1,273
 
$
3,402
 
 
Six Months Ended
June 30,
 
Wholesale
 
Retail
 
Other
 
Total
 
 
 
(Dollars in thousands)
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
101,507
 
$
11,131
 
$
24,773
 
$
137,411
 
Licensing revenues
 
 
1,220
 
 
-
 
 
-
 
 
1,220
 
Net sales
 
$
102,727
 
$
11,131
 
$
24,773
 
$
138,631
 
Earnings from operations
 
$
5,911
 
$
1,026
 
$
1,431
 
$
8,368
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
Product sales
 
$
98,978
 
$
11,249
 
$
24,156
 
$
134,383
 
Licensing revenues
 
 
1,264
 
 
-
 
 
-
 
 
1,264
 
Net sales
 
$
100,242
 
$
11,249
 
$
24,156
 
$
135,647
 
Earnings from operations
 
$
6,562
 
$
32
 
$
2,641
 
$
9,235
 
v2.4.0.6
Employee Retirement Plans (Tables)
6 Months Ended
Jun. 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
June 30,
 
Six Months Ended June
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Benefits earned during the period
 
$
447
 
$
369
 
$
832
 
$
768
 
Interest cost on projected benefit obligation
 
 
608
 
 
573
 
 
1,186
 
 
1,175
 
Expected return on plan assets
 
 
(525)
 
 
(492)
 
 
(1,044)
 
 
(974)
 
Net amortization and deferral
 
 
441
 
 
430
 
 
822
 
 
900
 
Net pension expense
 
$
971
 
$
880
 
$
1,796
 
$
1,869
 
v2.4.0.6
Stock-Based Compensation Plans (Tables)
6 Months Ended
Jun. 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 stock option activity under the Company’s plans for the six month period ended June 30, 2013:
 
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
Weighted
 
Remaining
 
 
 
 
 
 
 
 
 
 
Average
 
Contractual
 
 
Aggregate
 
 
 
 
 
 
Exercise
 
Term 
 
 
Intrinsic
 
 
 
Shares
 
Price
 
(Years)
 
 
Value*
 
Outstanding at December 31, 2012
 
 
1,265,792
 
$
22.76
 
 
 
 
 
 
 
 
Exercised
 
 
(168,176)
 
$
16.82
 
 
 
 
 
 
 
 
Forfeited or expired
 
 
(4,700)
 
$
24.07
 
 
 
 
 
 
 
 
Outstanding at June 30, 2013
 
 
1,092,916
 
$
23.67
 
 
3.1
 
 
$
2,287,000
 
Exercisable at June 30, 2013
 
 
537,787
 
$
23.47
 
 
1.8
 
 
$
1,543,000
 
 
* 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 June  28, 2013, the last trading day of the quarter, of $25.20 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
The following table summarizes the Company’s stock option activity for the three and six months ended June 30, 2013 and 2012:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended June
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Total intrinsic value of stock options exercised
 
$
111
 
$
1,147
 
$
1,166
 
$
1,204
 
Cash received from stock option exercises
 
$
329
 
$
1,430
 
$
2,828
 
$
1,566
 
Income tax benefit from the exercise of stock options
 
$
44
 
$
447
 
$
455
 
$
469
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
The following table summarizes the Company’s restricted stock award activity for six month period ended June 30, 2013:
 
 
 
 
 
 
Weighted
 
Weighted
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
Shares of
 
Grant
 
Contractual
 
Aggregate
 
 
 
Restricted
 
Date
 
Term 
 
Intrinsic
 
 
 
Stock
 
Fair Value
 
(Years)
 
Value*
 
Non-vested at December 31, 2012
 
 
42,575
 
$
23.87
 
 
 
 
 
 
 
Issued
 
 
-
 
 
-
 
 
 
 
 
 
 
Vested
 
 
-
 
 
-
 
 
 
 
 
 
 
Forfeited
 
 
-
 
 
-
 
 
 
 
 
 
 
Non-vested at June 30, 2013
 
 
42,575
 
$
23.87
 
 
2.6
 
$
1,073,000
 
 
* The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on June 28, 2013, the last trading day of the quarter, of 25.20 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Contingent Consideration (Tables)
6 Months Ended
Jun. 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:
 
 
 
June 30,
 
December
31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Current portion
 
$
-
 
$
1,270
 
Long-term portion
 
 
5,015
 
 
4,991
 
Total contingent consideration
 
$
5,015
 
$
6,261
 
v2.4.0.6
Comprehensive Income (Tables)
6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Comprehensive income for the three and six months ended June 30, 2013 and 2012 was as follows:
 
 
 
Three Months Ended
June 30,
 
 Six Months Ended June
30,
 
 
 
2013
 
2012
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Net earnings
 
$
2,265
 
$
2,552
 
$
5,390
 
$
6,607
 
Foreign currency translation adjustments
 
 
(1,551)
 
 
(743)
 
 
(2,027)
 
 
(194)
 
Pension liability, net of tax of $172, $178, $320, and
   $361, respectively
 
 
268
 
 
279
 
 
501
 
 
565
 
Total comprehensive income
 
$
982
 
$
2,088
 
$
3,864
 
$
6,978
 
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:
  
 
 
June 30,
 
December 31,
 
 
 
2013
 
2012
 
 
 
(Dollars in thousands)
 
Foreign currency translation adjustments
 
$
(681)
 
$
681
 
Pension liability, net of tax
 
 
(12,694)
 
 
(13,195)
 
Total accumulated other comprehensive loss
 
$
(13,375)
 
$
(12,514)
 
v2.4.0.6
Equity (Tables)
6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
A reconciliation of the Company’s equity for the six months ended June 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
 
 
-
 
 
-
 
 
5,405
 
 
-
 
 
(15)
 
Foreign currency translation
   adjustments
 
 
-
 
 
-
 
 
-
 
 
(1,362)
 
 
(665)
 
Pension liability adjustment, net of tax
 
 
-
 
 
-
 
 
-
 
 
501
 
 
-
 
Cash dividends declared
 
 
-
 
 
-
 
 
(1,945)
 
 
-
 
 
-
 
Stock options exercised
 
 
168
 
 
2,660
 
 
-
 
 
-
 
 
-
 
Stock-based compensation expense
 
 
-
 
 
633
 
 
-
 
 
-
 
 
-
 
Income tax benefit from stock options
   exercised
 
 
-
 
 
455
 
 
-
 
 
-
 
 
-
 
Shares purchased and retired
 
 
(195)
 
 
-
 
 
(4,428)
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2013
 
$
10,804
 
$
29,932
 
$
148,696
 
$
(13,375)
 
$
6,544
 
v2.4.0.6
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Numerator:        
Net earnings attributable to Weyco Group, Inc. $ 2,205 $ 2,219 $ 5,405 $ 6,088
Denominator:        
Basic weighted average shares outstanding (in shares) 10,763 10,865 10,762 10,877
Effect of dilutive securities:        
Employee stock-based awards (in shares) 50 117 62 128
Diluted weighted average shares outstanding (in shares) 10,813 10,982 10,824 11,005
Basic earnings per share (in dollars per share) $ 0.20 $ 0.20 $ 0.50 $ 0.56
Diluted earnings per share (in dollars per share) $ 0.20 $ 0.20 $ 0.50 $ 0.55
v2.4.0.6
Earnings Per Share (Details Textual) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 773,150 805,000 773,150 805,000
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) $ 24.99 $ 25.38 $ 24.99 $ 25.38
v2.4.0.6
Investments (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Amortized Cost $ 37,896 $ 44,220
Market Value 39,598 46,493
Municipal Bonds, Current [Member]
   
Amortized Cost 6,981 8,004
Market Value 7,049 8,117
Municipal Bonds, Due from One Through Five Years [Member]
   
Amortized Cost 22,569 25,384
Market Value 23,586 26,620
Municipal Bonds, Due from Six Through Ten Years [Member]
   
Amortized Cost 8,346 10,832
Market Value $ 8,963 $ 11,756
v2.4.0.6
Investments (Details 1) (Municipal Bonds [Member], USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Municipal Bonds [Member]
   
Unrealized Gains $ 1,902 $ 2,473
Unrealized Losses $ 200 $ 200
v2.4.0.6
Investments (Details Textual) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Percentage of Property Acquired 50.00%  
Payments to Acquire Real Estate Held-for-investment $ 3,206 $ 0
v2.4.0.6
Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 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 (638) (501)
Net 3,062 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 (93) (73)
Net 107 127
Customer Relationships [Member]
   
Amortizable intangible assets:    
Weighted Average Life (Yrs) 15 years 15 years
Gross Carrying Amount 3,500 3,500
Accumulated Amortization (545) (428)
Net $ 2,955 $ 3,072
v2.4.0.6
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Product sales $ 64,415 $ 59,794 $ 137,411 $ 134,383
Licensing revenues 626 539 1,220 1,264
Net sales 65,041 60,333 138,631 135,647
Earnings from operations 3,680 3,402 8,368 9,235
Wholesale [Member]
       
Product sales 46,858 43,076 101,507 98,978
Licensing revenues 626 539 1,220 1,264
Net sales 47,484 43,615 102,727 100,242
Earnings from operations 2,179 2,092 5,911 6,562
Retail [Member]
       
Product sales 5,383 5,589 11,131 11,249
Licensing revenues 0 0 0 0
Net sales 5,383 5,589 11,131 11,249
Earnings from operations 584 37 1,026 32
Other Segment [Member]
       
Product sales 12,174 11,129 24,773 24,156
Licensing revenues 0 0 0 0
Net sales 12,174 11,129 24,773 24,156
Earnings from operations $ 917 $ 1,273 $ 1,431 $ 2,641
v2.4.0.6
Employee Retirement Plans (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Benefits earned during the period $ 447 $ 369 $ 832 $ 768
Interest cost on projected benefit obligation 608 573 1,186 1,175
Expected return on plan assets (525) (492) (1,044) (974)
Net amortization and deferral 441 430 822 900
Net pension expense $ 971 $ 880 $ 1,796 $ 1,869
v2.4.0.6
Employee Retirement Plans (Details Textual) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Defined Benefit Plan, Expected Contributions in Current Fiscal Year $ 1.6
v2.4.0.6
Stock-Based Compensation Plans (Details) (Employee Stock Option [Member], USD $)
6 Months Ended
Jun. 30, 2013
Employee Stock Option [Member]
 
Shares, Outstanding at December 31, 2012 1,265,792
Shares, Exercised (168,176)
Shares, Forfeited or expired (4,700)
Shares, Outstanding at June 30, 2013 1,092,916
Shares, Exercisable at June 30, 2013 537,787
Weighted Average Exercise Price, Outstanding at December 31, 2012 $ 22.76
Weighted Average Exercise Price, Exercised $ 16.82
Weighted Average Exercise Price, Forfeited or expired $ 24.07
Weighted Average Exercise Price, Outstanding at June 30, 2013 $ 23.67
Weighted Average Exercise Price, Exercisable at June 30, 2013 $ 23.47
Weighted Average Remaining Contractual Term (Years), Outstanding at June 30, 2013 3 years 1 month 6 days
Weighted Average Remaining Contractual Term (Years), Exercisable at June 30, 2013 1 year 9 months 18 days
Aggregate Intrinsic Value, Outstanding at June 30, 2013 $ 2,287,000 [1]
Aggregate Intrinsic Value, Exercisable at June 30, 2013 $ 1,543,000 [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 June 28, 2013, the last trading day of the quarter, of $25.20 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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Total intrinsic value of stock options exercised $ 111 $ 1,147 $ 1,166 $ 1,204
Cash received from stock option exercises 329 1,430 2,828 1,566
Income tax benefit from the exercise of stock options $ 44 $ 447 $ 455 $ 469
v2.4.0.6
Stock-Based Compensation Plans (Details 2) (Restricted Stock [Member], USD $)
6 Months Ended
Jun. 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 June 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 June 30, 2013 $ 23.87
Weighted Average Remaining Contractual Term (Years), Non-vested at June 30, 2013 2 years 7 months 6 days
Aggregate Intrinsic Value, Non-vested (in dollars) Non-vested at June 30, 2013 $ 1,073,000 [1]
[1] The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on on June 28, 2013, the last trading day of the quarter, of 25.20 multiplied by the number of non-vested restricted shares outstanding.
v2.4.0.6
Stock-Based Compensation Plans (Details Textual) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Allocated Share-based Compensation Expense $ 317,000 $ 299,000 $ 633,000 $ 598,000
Market Value of Common Stock $ 25.20   $ 25.20  
v2.4.0.6
Short-Term Borrowings (Details Textual) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Bank Loans $ 20
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 on 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
Jun. 30, 2013
Dec. 31, 2012
Current portion $ 0 $ 1,270
Long-term portion 5,015 4,991
Total contingent consideration $ 5,015 $ 6,261
v2.4.0.6
Contingent Consideration (Details Textual) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Interest Expenses on Contingent Consideration $ 24,000  
Payment of contingent consideration 1,270,000 0
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 Bogs two and five years following the Bogs acquisition date (in 2013 and 2016). 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.  
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 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net earnings $ 2,265 $ 2,552 $ 5,390 $ 6,607
Foreign currency translation adjustments (1,551) (743) (2,027) (194)
Pension liability, net of tax of $172, $178, $320, and $361, respectively 268 279 501 565
Total comprehensive income $ 982 $ 2,088 $ 3,864 $ 6,978
v2.4.0.6
Comprehensive Income (Details 1) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Foreign currency translation adjustments $ (681) $ 681
Pension liability, net of tax (12,694) (13,195)
Total accumulated other comprehensive loss $ (13,375) $ (12,514)
v2.4.0.6
Comprehensive Income (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Total $ 172 $ 178 $ 320 $ 361
v2.4.0.6
Equity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Balance, December 31, 2012     $ 181,389  
Net earnings 2,265 2,552 5,390 6,607
Balance, June 30, 2013 182,601   182,601  
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  
Stock options exercised     168  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     (195)  
Balance, June 30, 2013 10,804   10,804  
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  
Stock options exercised     2,660  
Stock-based compensation expense     633  
Income tax benefit from stock options exercised     455  
Shares purchased and retired     0  
Balance, June 30, 2013 29,932   29,932  
Reinvested Earnings [Member]
       
Balance, December 31, 2012     149,664  
Net earnings     5,405  
Foreign currency translation adjustments     0  
Pension liability adjustment, net of tax     0  
Cash dividends declared     (1,945)  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     (4,428)  
Balance, June 30, 2013 148,696   148,696  
Accumulated Other Comprehensive Income (Loss) [Member]
       
Balance, December 31, 2012     (12,514)  
Net earnings     0  
Foreign currency translation adjustments     (1,362)  
Pension liability adjustment, net of tax     501  
Cash dividends declared     0  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     0  
Balance, June 30, 2013 (13,375)   (13,375)  
Noncontrolling Interest [Member]
       
Balance, December 31, 2012     7,224  
Net earnings     (15)  
Foreign currency translation adjustments     (665)  
Pension liability adjustment, net of tax     0  
Cash dividends declared     0  
Stock options exercised     0  
Stock-based compensation expense     0  
Income tax benefit from stock options exercised     0  
Shares purchased and retired     0  
Balance, June 30, 2013 $ 6,544   $ 6,544