SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Accounting Policies [Abstract] |
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| Schedule of Cash and Cash Equivalents |
Cash and cash equivalents at the end of each period were as follows (in thousands):
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June 30, 2016 |
|
December 31, 2015 |
Cash |
$ |
54,976 |
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|
$ |
47,431 |
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Cash equivalents |
54,673 |
|
|
57,483 |
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Total cash and cash equivalents |
$ |
109,649 |
|
|
$ |
104,914 |
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| Schedule of Accrued Expenses |
Other accrued expenses at the end of each period were as follows (in thousands):
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June 30, 2016 |
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December 31, 2015 |
Sales returns |
$ |
1,388 |
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|
$ |
1,552 |
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Employee-related |
12,888 |
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|
11,064 |
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Warehousing, inventory-related and other |
3,294 |
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|
4,087 |
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Total other accrued expenses |
$ |
17,570 |
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|
$ |
16,703 |
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| Available-for-sale Securities |
Available-for-sale investments included in cash equivalents at the end of each period were as follows (in thousands):
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June 30, 2016 |
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December 31, 2015 |
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Adjusted Cost |
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Gross Unrealized Gains |
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Fair Value |
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Adjusted Cost |
|
Gross Unrealized Gains |
|
Fair Value |
Municipal bonds and notes |
$ |
39,890 |
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|
$ |
5 |
|
|
$ |
39,895 |
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|
$ |
35,222 |
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|
$ |
2 |
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|
$ |
35,224 |
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Corporate debt securities |
1,995 |
|
|
— |
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|
1,995 |
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|
5,029 |
|
|
(5 |
) |
|
5,024 |
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Financial institution instruments |
12,783 |
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|
— |
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|
12,783 |
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|
17,235 |
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|
— |
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|
17,235 |
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Total available-for-sale investments |
$ |
54,668 |
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|
$ |
5 |
|
|
$ |
54,673 |
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|
$ |
57,486 |
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|
$ |
(3 |
) |
|
$ |
57,483 |
|
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The changes in accumulated other comprehensive loss by component for the first six months of 2016 were as follows (in thousands):
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Foreign Currency Translation Adjustment |
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Unrealized (Losses) Gains on Available-For-Sale Investments |
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Total |
Balance, December 31, 2015 |
$ |
(99 |
) |
|
$ |
(2 |
) |
|
$ |
(101 |
) |
Other comprehensive (loss) income |
(275 |
) |
|
7 |
|
|
(268 |
) |
Amounts reclassified out of accumulated other comprehensive loss |
132 |
|
|
— |
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|
132 |
|
Balance, June 30, 2016 |
$ |
(242 |
) |
|
$ |
5 |
|
|
$ |
(237 |
) |
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| Schedule of Earnings Per Share, Basic and Diluted |
The following tables illustrates the computation of basic and diluted income per share for the periods indicated (in thousands, except per share data):
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Three Months Ended June 30, |
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2016 |
|
2015 |
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Income
(Numerator)
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|
Shares
(Denominator)
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|
Per Share Amount |
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Income
(Numerator)
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|
Shares
(Denominator)
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|
Per Share Amount |
Basic EPS: |
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Net income available to common stockholders |
$ |
12,201 |
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|
11,333 |
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|
$ |
1.08 |
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|
$ |
12,273 |
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|
12,403 |
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|
$ |
0.99 |
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Effect of dilutive securities: |
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Warrants to purchase common stock |
— |
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— |
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— |
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6 |
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Non-vested restricted stock |
— |
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|
26 |
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— |
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|
52 |
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Diluted EPS: |
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Net income available to common stockholders plus assumed conversions |
$ |
12,201 |
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|
11,359 |
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$ |
1.07 |
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$ |
12,273 |
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|
12,461 |
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$ |
0.98 |
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Six Months Ended June 30, |
|
2016 |
|
2015 |
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount |
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount |
Basic EPS: |
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Net income available to common stockholders |
$ |
23,481 |
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|
11,553 |
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|
$ |
2.03 |
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|
$ |
19,011 |
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|
12,428 |
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$ |
1.53 |
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Effect of dilutive securities: |
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Warrants to purchase common stock |
— |
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|
— |
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— |
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|
39 |
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Non-vested restricted stock |
— |
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|
26 |
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— |
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|
46 |
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Diluted EPS: |
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Net income available to common stockholders plus assumed conversions |
$ |
23,481 |
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|
11,579 |
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$ |
2.03 |
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$ |
19,011 |
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|
12,513 |
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$ |
1.52 |
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