Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.3.0.814
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Income Statement [Abstract]        
Net sales $ 80,779 $ 31,833 $ 191,204 $ 89,184
Cost of sales 16,001 6,756 39,025 19,517
Gross profit 64,778 25,077 152,179 69,667
Operating expenses:        
Commissions expense 40,036 14,509 93,443 40,390
Selling, general and administrative expenses (including stock-based compensation expense of $21 and $8 during the three months ended September 30, 2015 and 2014, respectively, and $56 and $42 during the nine months ended September 30, 2015 and 2014, respectively) 9,867 5,076 24,571 14,454
Depreciation and amortization 72 28 181 72
Total operating expenses 49,975 19,613 118,195 54,916
Income from operations 14,803 5,464 33,984 14,751
Other expense, net (135) (31) (112) (39)
Income before income taxes 14,668 5,433 33,872 14,712
Income tax provision 137 46 330 144
Net income 14,531 5,387 33,542 14,568
Preferred stock dividends 0 (2) 0 (9)
Net income available to common stockholders $ 14,531 $ 5,385 $ 33,542 $ 14,559
Income per common share:        
Basic (in dollars per share) $ 1.19 $ 0.43 $ 2.71 $ 1.22
Diluted (in dollars per share) $ 1.18 $ 0.42 $ 2.70 $ 1.16
Weighted-average number of common shares outstanding:        
Basic (in shares) 12,239 12,455 12,364 11,883
Diluted (in shares) 12,284 12,774 12,439 12,424
Cash dividends declared per share:        
Common (in dollars per share) $ 0.040 $ 0.010 $ 0.090 $ 0.020
Series A preferred stock (in dollars per share) $ 0 $ 0.027 $ 0 $ 0.862