Consolidated Statements of Earnings

For the years ended December 31 (In thousands, except per share data) 2013 2012 2011
Net sales
Product sales $2,074,967 $1,710,759 $1,690,064
Service sales 435,804 386,957 326,678
Total net sales 2,510,771 2,097,716 2,016,742
Cost of sales
Cost of product sales 1,412,621 1,178,115 1,143,828
Cost of service sales 287,057 260,858 215,967
Total cost of sales 1,699,678 1,438,973 1,359,795
Gross profit $811,093 $658,743 $656,947
Research and development expenses (68,874) (59,712) (62,115)
Selling expenses (153,336) (125,201) (119,438)
General and administrative expenses (355,264) (312,384) (288,540)
Operating income $233,619 $161,446 $186,854
Interest expense (37,020) (26,329) (20,834)
Other income, net 1,354 245 862
Earnings before income taxes $197,953 $135,362 $166,882
Provision for income taxes (59,972) (43,073) (48,262)
Earnings from continuing operations $137,981 $92,289 $118,620
Discontinued operations, net of taxes
Earnings from discontinued operations $3,043 $7,769
Gain on divestiture 18,512
Earnings from discontinued operations $21,555 $7,769
Net earnings $137,981 $113,844 $126,389
Basic earnings per share:
Earnings from continuing operations $2.94 $1.98 $2.56
Earnings from discontinued operations 0.46 0.17
Total $2.94 $2.44 $2.73
Diluted earnings per share:
Earnings from continuing operations $2.88 $1.95 $2.52
Earnings from discontinued operations 0.45 0.17
Total $2.88 $2.40 $2.69
Dividends per share $0.39 $0.35 $0.32
Weighted average shares outstanding:
Basic 46,991 46,743 46,372
Diluted 47,912 47,412 47,013

 

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