Annual report pursuant to Section 13 and 15(d)

SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED

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SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY OPERATIONS - UNAUDITED SUMMARY OF QUARTERLY OPERATIONS — UNAUDITED
 
The following tables presents our unaudited summary of quarterly operations during 2019 and 2018 for each of three month periods ended March 31, June 30, September 30, and December 31 (dollar amounts in thousands, except per share information).
  For the Quarter Ended
  March 31,
2019
June 30,
2019
September 30,
2019
December 31,
2019
Net sales $ 91,272    $ 90,724    $ 88,524    $ 91,695   
Cost of sales (23,429)   (23,865)   (22,784)   (23,862)  
Gross profit 67,843    66,859    65,740    67,833   
Volume incentives 31,013    31,302    29,862    31,233   
Selling, general and administrative 33,852    31,019    31,177    32,692   
Operating income 2,978    4,538    4,701    3,908   
Other income (expense) (48)   306    (1,243)   502   
Income before income taxes 2,930    4,844    3,458    4,410   
Provision for income taxes 1,201    2,215    2,107    3,190   
Net income 1,729    2,629    1,351    1,220   
Net income (loss) attributable to noncontrolling interests (28)   (60)   34    218   
Net income attributable to common shareholders $ 1,757    $ 2,689    $ 1,317    $ 1,002   
Basic and diluted net income per common share:        
Basic earnings per share attributable to common shareholders: $ 0.09    $ 0.14    $ 0.07    $ 0.05   
Diluted earnings per share attributable to common shareholders: $ 0.09    $ 0.14    $ 0.07    $ 0.05   

Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) per share may not equal the total computed for the year.
  For the Quarter Ended
  March 31,
2018
June 30,
2018
September 30,
2018
December 31,
2018
Net sales $ 87,342    $ 91,266    $ 88,828    $ 97,374   
Cost of sales (22,713)   (24,278)   (23,161)   (25,539)  
Gross profit 64,629    66,988    65,667    71,835   
Volume incentives 31,362    31,492    30,511    31,972   
Selling, general and administrative 32,386    33,310    31,643    41,092   
Operating income (loss) 881    2,186    3,513    (1,229)  
Other income (expense), net 740    (1,807)   (353)   (731)  
Income (loss) before income taxes 1,621    379    3,160    (1,960)  
Provision for income taxes 1,288    441    1,821    852   
Net income (loss) 333    (62)   1,339    (2,812)  
Net income (loss) attributable to noncontrolling interests (165)   (129)   (158)   104   
Net income (loss) attributable to common shareholders $ 498    $ 67    $ 1,497    $ (2,916)  
Basic and diluted net income (loss) per common share:        
Basic earnings (loss) per share attributable to common shareholders: $ 0.03    $ —    $ 0.08    $ (0.15)  
Diluted earnings (loss) per share attributable to common shareholders: $ 0.03    $ —    $ 0.08    $ (0.15)  
 
Basic and diluted income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) per share may not equal the total computed for the year.