SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 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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September 30, 2016 |
|
December 31, 2015 |
Cash |
$ |
57,130 |
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|
$ |
47,431 |
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Cash equivalents |
57,370 |
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|
57,483 |
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Total cash and cash equivalents |
$ |
114,500 |
|
|
$ |
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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September 30, 2016 |
|
December 31, 2015 |
Sales returns |
$ |
1,215 |
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|
$ |
1,552 |
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Employee-related |
14,140 |
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|
11,064 |
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Warehousing, inventory-related and other |
3,088 |
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|
4,087 |
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Total other accrued expenses |
$ |
18,443 |
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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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September 30, 2016 |
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December 31, 2015 |
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Adjusted Cost |
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Gross Unrealized Losses |
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Fair Value |
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Adjusted Cost |
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Gross Unrealized Gains (Losses) |
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Fair Value |
Municipal bonds and notes |
$ |
36,785 |
|
|
$ |
(3 |
) |
|
$ |
36,782 |
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|
$ |
35,222 |
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|
$ |
2 |
|
|
$ |
35,224 |
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Corporate debt securities |
7,035 |
|
|
(3 |
) |
|
7,032 |
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|
5,029 |
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|
(5 |
) |
|
5,024 |
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Financial institution instruments |
13,556 |
|
|
— |
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|
13,556 |
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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 |
$ |
57,376 |
|
|
$ |
(6 |
) |
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$ |
57,370 |
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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 nine months of 2016 were as follows (in thousands):
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Foreign Currency Translation Adjustment |
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Unrealized Losses on Available-For-Sale Investments |
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Total |
Balance, December 31, 2015 |
$ |
(99 |
) |
|
$ |
(2 |
) |
|
$ |
(101 |
) |
Other comprehensive loss |
(329 |
) |
|
(4 |
) |
|
(333 |
) |
Amounts reclassified out of accumulated other comprehensive loss |
132 |
|
|
— |
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|
132 |
|
Balance, September 30, 2016 |
$ |
(296 |
) |
|
$ |
(6 |
) |
|
$ |
(302 |
) |
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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 September 30, |
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2016 |
|
2015 |
|
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 |
$ |
12,557 |
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|
11,209 |
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|
$ |
1.12 |
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|
$ |
14,531 |
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|
12,239 |
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|
$ |
1.19 |
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Effect of dilutive securities: |
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Non-vested restricted stock |
— |
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|
23 |
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— |
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|
45 |
|
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Diluted EPS: |
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Net income available to common stockholders plus assumed conversions |
$ |
12,557 |
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|
11,232 |
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$ |
1.12 |
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$ |
14,531 |
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|
12,284 |
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$ |
1.18 |
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Nine Months Ended September 30, |
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2016 |
|
2015 |
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Income
(Numerator) |
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Shares
(Denominator) |
|
Per Share Amount |
|
Income
(Numerator) |
|
Shares
(Denominator) |
|
Per Share Amount |
Basic EPS: |
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Net income available to common stockholders |
$ |
36,038 |
|
|
11,437 |
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|
$ |
3.15 |
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|
$ |
33,542 |
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|
12,364 |
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|
$ |
2.71 |
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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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|
27 |
|
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Non-vested restricted stock |
— |
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|
26 |
|
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— |
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|
48 |
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Diluted EPS: |
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Net income available to common stockholders plus assumed conversions |
$ |
36,038 |
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|
11,463 |
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$ |
3.14 |
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$ |
33,542 |
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|
12,439 |
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$ |
2.70 |
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