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 |