KAYDON CORP

CIK:0000740694|SEC Filings

Earnings Per Share

6 Months Ended

Jun. 29, 2013

(5)

Earnings Per Share:

The following table sets forth the computation of basic and diluted earnings per share for the periods presented with amounts in thousands, except per share data:


	Three Months Ended
	June 29, 2013			June 30, 2012
Earnings per share - Basic
Net income	$	11,687		$	11,694
Less: Net earnings allocated to participating securities – Basic		(110	)		(100	)

Income available to common shareholders – Basic	$	11,577		$	11,594
Weighted average common shares outstanding – Basic		31,818			31,755

Earnings per share – Basic	$	0.36		$	0.37

Earnings per share - Diluted
Net income	$	11,687		$	11,694
Less: Net earnings allocated to participating securities – Diluted		(110	)		(100	)

Income available to common shareholders – Diluted	$	11,577		$	11,594

Weighted average common shares outstanding – Diluted
Weighted average common shares outstanding – Basic		31,818			31,755
Potential dilutive shares		29			21

Weighted average common shares outstanding – Diluted		31,847			31,776

Earnings per share – Diluted	$	0.36		$	0.36


	Six Months Ended
	June 29, 2013			June 30, 2012
Earnings per share - Basic
Net income	$	22,361		$	23,815
Less: Net earnings allocated to participating securities – Basic		(216	)		(225	)

Income available to common shareholders – Basic	$	22,145		$	23,590
Weighted average common shares outstanding – Basic		31,815			31,744

Earnings per share – Basic	$	0.70		$	0.74

Earnings per share - Diluted
Net income	$	22,361		$	23,815
Less: Net earnings allocated to participating securities – Diluted		(216	)		(225	)

Income available to common shareholders – Diluted	$	22,145		$	23,590

Weighted average common shares outstanding – Diluted
Weighted average common shares outstanding – Basic		31,815			31,744
Potential dilutive shares		28			25

Weighted average common shares outstanding – Diluted		31,843			31,769

Earnings per share – Diluted	$	0.70		$	0.74

Certain options granted to purchase shares of common stock were excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in thousands):

Three Months Ended

Six Months Ended

June 29, 2013

June 30, 2012

June 29, 2013

June 30, 2012

Shares excluded

453

581

453

416

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 29, 2013	Jun. 30, 2012
Cash Flows from Operating Activities:
Net income	$ 22,361	$ 23,815
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	7,736	10,175
Amortization of intangible assets	1,924	1,578
Amortization of stock awards	1,607	1,795
Stock option compensation expense	379	1,335
Excess tax benefits from stock-based compensation	156	(673)
Deferred financing fees	246	470
Contributions to qualified pension plans	(566)	(2,169)
Net change in receivables, inventories and trade payables	4,692	(16,320)
Net change in other assets and liabilities	8,781	3,940
Net cash from operating activities	47,316	23,946
Cash Flows from Investing Activities:
Capital expenditures	(5,023)	(8,122)
Dispositions of property, plant and equipment	711	1,961
Acquisition of business, net of cash acquired	0	(51,567)
Net cash used in investing activities	(4,312)	(57,728)
Cash Flows from Financing Activities:
Cash dividends paid	(12,843)	(348,892)
Purchase of treasury stock	(678)	(1,199)
Proceeds from long-term borrowings	0	200,000
Repayments of long-term borrowings	(11,687)	(1,874)
Debt issuance costs	0	(1,357)
Excess tax benefits from stock-based compensation	(156)	673
Proceeds from exercise of stock options	0	112
Net cash used in financing activities	(25,364)	(152,537)
Effect of exchange rate changes on cash and cash equivalents	(1,259)	(156)
Net increase (decrease) in cash and cash equivalents	16,381	(186,475)
Cash and cash equivalents - Beginning of period	53,556	225,214
Cash and cash equivalents - End of period	$ 69,937	$ 38,739

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 29, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 69,937	$ 53,556
Accounts receivable, net	74,580	71,410
Inventories, net	97,345	97,933
Other current assets	17,189	20,354
Total current assets	259,051	243,253
Property, plant and equipment, net	115,595	121,233
Assets held for sale	7,850	6,530
Goodwill, net	189,196	190,323
Other intangible assets, net	47,201	49,177
Other assets	4,558	4,646
Total assets	623,451	615,162
Current Liabilities:
Accounts payable	23,713	15,555
Accrued expenses	24,569	21,539
Current portion long-term debt	8,438	10,313
Total current liabilities	56,720	47,407
Long-term debt	156,250	166,062
Long-term postretirement and postemployment benefit obligations	48,003	48,039
Other long-term liabilities	23,735	22,878
Total long-term liabilities	227,988	236,979
Shareholders' Equity:
Common stock	3,693	3,693
Paid-in capital	108,713	109,574
Retained earnings	381,560	372,072
Less: Treasury stock	(112,426)	(114,461)
Accumulated other comprehensive income (loss)	(42,797)	(40,102)
Total shareholders' equity	338,743	330,776
Total liabilities and shareholders' equity	$ 623,451	$ 615,162