MYERS INDUSTRIES INC, 10-Q filed on 7/31/2012
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 26, 2012
Document Information [Line Items]
 
 
Entity Registrant Name
MYERS INDUSTRIES INC 
 
Entity Central Index Key
0000069488 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2012 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2012 
 
Document Fiscal Period Focus
Q2 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
33,739,541 
Condensed Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net sales
$ 181,101 
$ 177,266 
$ 379,890 
$ 372,773 
Cost of sales
133,737 
132,772 
274,528 
274,188 
Gross profit
47,364 
44,494 
105,362 
98,585 
Selling, general and administrative expenses
37,372 
35,821 
78,253 
77,543 
Operating income
9,992 
8,673 
27,109 
21,042 
Interest expense, net
1,054 
1,153 
2,135 
2,391 
Income before income taxes
8,938 
7,520 
24,974 
18,651 
Income tax expense
3,280 
2,862 
9,331 
7,274 
Net income
5,658 
4,658 
15,643 
11,377 
Comprehensive income
$ 5,046 
$ 5,482 
$ 17,048 
$ 14,011 
Income per common share:
 
 
 
 
Basic (in dollars per share)
$ 0.17 
$ 0.13 
$ 0.47 
$ 0.32 
Diluted (in dollars per share)
$ 0.17 
$ 0.13 
$ 0.46 
$ 0.32 
Dividends declared per share (in dollars per share)
$ 0.08 
$ 0.07 
$ 0.16 
$ 0.140 
Condensed Consolidated Statements of Financial Position (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current Assets
 
 
Cash
$ 35,612 
$ 6,801 
Accounts receivable-less allowances of $2,346 and $3,863, respectively
96,386 
105,830 
Inventories
 
 
Finished and in-process products
75,362 
67,721 
Raw materials and supplies
32,110 
27,496 
Inventory net
107,472 
95,217 
Prepaid expenses
9,081 
5,415 
Deferred income taxes
5,189 
5,189 
Total Current Assets
253,740 
218,452 
Other Assets
 
 
Goodwill
44,688 
44,666 
Patents and other intangible assets
15,934 
17,267 
Other
7,434 
7,438 
Total other non current assets
68,056 
69,371 
Property, Plant and Equipment, at Cost
 
 
Land
4,452 
4,540 
Buildings and leasehold improvements
57,886 
58,299 
Machinery and equipment
413,552 
412,704 
Property, Plant and Equipment, at cost
475,890 
475,543 
Less allowances for depreciation and amortization
(342,491)
(334,609)
Property, plant and equipment, net
133,399 
140,934 
Total Assets
455,195 
428,757 
Current Liabilities
 
 
Accounts payable
58,888 
64,717 
Accrued expenses
 
 
Employee compensation
14,711 
20,566 
Income taxes
204 
3,379 
Taxes, other than income taxes
1,524 
2,729 
Accrued interest
178 
161 
Other
16,222 
18,799 
Current portion of long-term debt
305 
305 
Total Current Liabilities
92,032 
110,656 
Long-term debt, less current portion
101,820 
73,725 
Other liabilities
15,129 
14,343 
Deferred income taxes
23,896 
23,893 
Shareholders' Equity
 
 
Serial Preferred Shares (authorized 1,000,000 shares; none issued and outstanding)
Common Shares, without par value (authorized 60,000,000 shares; outstanding 33,735,567 and 33,420,488; net of treasury shares of 4,084,890 and 4,492,169 respectively)
20,473 
20,312 
Additional paid-in capital
269,267 
265,000 
Accumulated other comprehensive income
8,699 
7,294 
Retained deficit
(76,121)
(86,466)
Total Shareholder's Equity
222,318 
206,140 
Total Liabilities and Shareholder's Equity
$ 455,195 
$ 428,757 
Condensed Consolidated Statements of Financial Position (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current Assets
 
 
Allowances for accounts receivable
$ 2,346 
$ 3,863 
Shareholders' Equity
 
 
Preferred Shares, shares authorized (in shares)
1,000,000 
1,000,000 
Preferred Shares, shares issued (in shares)
Preferred Shares, shares outstanding (in shares)
Common Shares, shares authorized (in shares)
60,000,000 
60,000,000 
Common Shares, shares outstanding (in shares)
33,735,567 
33,420,488 
Common shares, treasury (in shares)
4,084,890 
4,492,169 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows From Operating Activities
 
 
Net income
$ 15,643 
$ 11,377 
Items not affecting use of cash:
 
 
Depreciation
14,737 
16,064 
Impairment charges and asset write-offs
252 
Amortization of intangible assets
1,514 
1,474 
Non-cash stock compensation
1,556 
1,607 
(Recovery of) provision for loss on accounts receivable
(1,178)
1,773 
Deferred taxes
(18)
(70)
Other long-term liabilities
785 
804 
Gain on sale of property, plant and equipment
(558)
Other
50 
50 
Cash flow provided by (used for) working capital:
 
 
Accounts receivable
10,384 
(4,281)
Inventories
(12,285)
(9,247)
Prepaid expenses
(3,743)
903 
Accounts payable and accrued expenses
(18,967)
(11,955)
Net cash provided by operating activities
7,920 
8,751 
Cash Flows From Investing Activities
 
 
Additions to property, plant and equipment
(8,386)
(5,765)
Proceeds from sale of property, plant and equipment
1,805 
Other
(149)
848 
Net cash used for investing activities
(6,730)
(4,917)
Cash Flows From Financing Activities
 
 
Repayment of long term debt
(305)
(305)
Net borrowing on credit facility
28,374 
6,857 
Cash dividends paid
(4,967)
(4,715)
Proceeds from issuance of common stock
2,822 
70 
Repurchase of common stock
(3,722)
Net cash provided by (used for) financing activities
25,924 
(1,815)
Foreign Exchange Rate Effect on Cash
1,697 
212 
Net increase in cash
28,811 
2,231 
Cash at January 1
6,801 
4,705 
Cash at June 30
$ 35,612 
$ 6,936 
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)
In Thousands, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Accumulative Other Comprehensive Income
Retained Income (Deficit)
Balance at Dec. 31, 2011
$ 206,140 
$ 20,312 
$ 265,000 
$ 7,294 
$ (86,466)
Stockholders' Equity [Roll Forward]
 
 
 
 
 
Net income
15,643 
   
   
   
15,643 
Other comprehensive income
 
   
   
1,405 
   
Common stock issued
 
159 
2,663 
   
   
Stock based compensation
 
   
1,556 
   
   
Stock contribution
 
48 
   
   
Dividends declared - $.16 per share
 
   
   
   
(5,298)
Balance at Jun. 30, 2012
$ 222,318 
$ 20,473 
$ 269,267 
$ 8,699 
$ (76,121)
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Statement of Stockholders' Equity [Abstract]
 
 
 
 
Dividends declared per share (in dollars per share)
$ 0.08 
$ 0.07 
$ 0.16 
$ 0.140 
Statement of Accounting Policy
Statement of Accounting Policy
Statement of Accounting Policy
The accompanying unaudited condensed consolidated financial statements include the accounts of Myers Industries, Inc. and all wholly owned subsidiaries (collectively, the “Company”), and have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s latest annual report on Form 10-K.
In the opinion of the Company, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2012, and the results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2012 are not necessarily indicative of the results of operations that will occur for the year ending December 31, 2012.
Reclassification
Certain prior year amounts in the accompanying condensed consolidated financial statements have been reclassified in conformity with generally accepted accounting principles to conform to the current year’s presentation.
Recent Accounting Pronouncements
In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income (Topic 220) — Presentation of Comprehensive Income. ASU No. 2011-05 requires companies to present the components of net income and other comprehensive income either as one continuous statement or two separate but consecutive statements. The update eliminates the option to report other comprehensive income and its components in the statement of changes in equity. ASU No. 2011-05 was effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of this guidance on January 1, 2012 did not have a material impact on the Company’s consolidated financial statements as this guidance modifies presentation of other comprehensive income already disclosed in the financial statements.
Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income as a separate component of shareholders' equity.
Fair Value Measurement
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:
Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.
Level 3:
Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities.
The fair value of debt under the Company’s Credit Agreement approximates carrying value due to the floating interest rates and relative short maturity (less than 90 days) of the revolving borrowings under this agreement. The fair value of the Company’s $35.0 million fixed rate senior notes was estimated at $36.8 million at June 30, 2012 using market observable inputs for the Company’s comparable peers with public debt, including quoted prices in active markets and interest rate measurements which are considered level 2 inputs.
Revenue Recognition

The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured.
Accumulated Other Comprehensive Income
The balances in the Company's accumulated other comprehensive income as of June 30, 2012 and June 30, 2011 are as follows:

 
 
 
 
 
Accumulated
 
 
 
Defined
 
other
 
Foreign
 
benefit
 
comprehensive
 
currency
 
pension plan
 
income
Balance at January 1, 2011
$
12,234

 
$
(2,070
)
 
$
10,164

Current-period other comprehensive income
1,810

 

 
1,810

Balance at March 31, 2011
$
14,044

 
$
(2,070
)
 
$
11,974

Current-period other comprehensive income
824

 

 
824

Balance at June 30, 2011
$
14,868

 
$
(2,070
)
 
$
12,798

 
 
 
 
 
 
Balance at January 1, 2012
$
9,994

 
$
(2,700
)
 
$
7,294

Current-period other comprehensive income
1,385

 

 
1,385

Tax effect of pension liability from prior periods

 
632

 
632

Balance at March 31, 2012
$
11,379

 
$
(2,068
)
 
$
9,311

Current-period other comprehensive income
(612
)
 

 
(612
)
Balance at June 30, 2012
$
10,767

 
$
(2,068
)
 
$
8,699



Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal.
Inventories
Inventories
Inventories
Approximately twenty percent of the Company’s inventories use the last in first out (LIFO) method of determining cost. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management’s estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management’s control, estimated interim results are subject to change in the final year-end LIFO inventory valuation and therefore, no adjustment was recorded as of an interim period.
Acquisitions
Acquisitions
Acquisitions
The Company acquired Plasticos Novel do Nordeste S. A. ("Novel"), a Brazil-based designer and also manufacturer of reusable plastic crates and totes used for closed-loop shipping and storage, effective as of July 1, 2012. Novel produces a diverse range of plastic industrial safety products. With strong relationships with major international companies in its markets, Novel complements Myers Industries' existing material handling business in Brazil and aligns with the Company's geographic growth strategy. The purchase price was $27.5 million, which includes the assumption of debt outstanding as of the acquisition date, assumed liabilities and is subject to post-closing adjustments. The Company borrowed from its credit facility at the end of the second quarter 2012 to fund the Novel acquisition in early July. Novel's 2012 net sales are projected to be approximately $38 million. The results of Novel will be integrated into our Material Handling Segment as of July 1, 2012. The Company is currently assessing the fair value of assets and liabilities acquired. The acquisition of Novel was determined not to be significant in accordance with SEC regulations and does not require separate pro-forma financial disclosure.
In July 2011, the Company acquired tooling assets and intellectual property for a new reusable plastic container used in producing, shipping and processing bulk natural cheese from Material Improvements L.P. The total purchase price was $5.7 million, comprised of a $1.1 million cash payment and $4.6 million contingent consideration. The allocation of purchase price included $0.3 million of property, plant and equipment, amortizable intangible assets, which included $1.3 million in technology and $0.2 million for trade name, and $3.9 million in goodwill. These assets and liabilities incurred were recorded at estimated fair value as of the date of the acquisition using primarily level 3 inputs. The operating results of the business acquired have been included in our Material Handling Segment since the date of acquisition.
Goodwill
Goodwill
Goodwill
The Company is required to test for impairment on at least an annual basis. In addition, the Company tests for impairment whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Such events may include, but are not limited to, significant changes in economic and competitive conditions, the impact of the economic environment on the Company's customer base or its businesses, or a material negative change in its relationships with significant customers. The Company conducts its annual impairment assessment as of October 1.
In September 2011, the FASB issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350), effective for fiscal years beginning after December 15, 2011. The update gives companies the option to perform a qualitative assessment that may enable them to forgo the annual two-step test for impairment. ASU No. 2011-08 allows a qualitative assessment to first be performed to determine whether it is more likely than not that the fair value of a reporting units is less than its carrying value. If a company concludes that this is the case, it must perform the two-step test. Otherwise a company does not have to perform the two-step test. The ASU also includes a revised list of events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company conducted its annual impairment assessment as of October 1, 2011 which included adoption of this guidance.
The change in goodwill for the six months ended June 30, 2012 was as follows:

(In thousands)
Segment
Balance at January 1, 2012
 
Acquisitions
 
Foreign
Currency
Translation
 
Impairment
 
Balance at June 30, 2012
Distribution
$
214

 
$

 
$

 
$

 
$
214

Engineered Products
707

 

 

 

 
707

Material Handling
34,279

 

 

 

 
34,279

Lawn and Garden
9,466

 

 
22

 

 
9,488

Total
$
44,666

 
$

 
$
22

 
$

 
$
44,688

Net Income Per Common Share
Net Income Per Common Share
Net Income Per Common Share
Net income per common share, as shown on the Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
33,595,637

 
35,249,616

 
33,525,444

 
35,279,504

Dilutive effect of stock options and restricted stock
677,056

 

 
596,042

 
156,608

Weighted average common shares outstanding diluted
34,272,693

 
35,249,616

 
34,121,486

 
35,436,112


Options to purchase 212,000 and 227,000 shares of common stock that were outstanding for the three months and six months ended June 30, 2012, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and their effect would be anti-dilutive. Options to purchase 1,172,729 and 1,757,404 shares of common stock that were outstanding for the three and six months ended June 30, 2011, respectively, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares, and their effect would be anti-dilutive.
Supplemental Disclosure of Cash Flow Information
Supplemental Disclosure of Cash Flow Information
Supplemental Disclosure of Cash Flow Information

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
(In thousands)
2012
 
2011
 
2012
 
2011
Interest paid
$
1,612

 
$
1,548

 
$
1,908

 
$
2,057

Income taxes paid
$
10,827

 
$
6,304

 
$
13,282

 
$
6,373

Restructuring
Restructuring
Restructuring
During the six months ended June 30, 2012 and 2011, the Company recorded total net expenses of $0.8 million and $1.2 million, respectively, for costs associated with restructuring plans including impairment of property, plant and equipment, lease obligations, severance, consulting and other related charges. Estimated lease obligations associated with closed facilities were based on level 2 inputs.
In the three and six months ended June 30, 2012, the Company recorded net expenses of $0.2 million and $0.6 million, respectively, in selling, general and administrative ("SG&A") expenses and $0.1 million and $0.2 million, respectively, in cost of goods sold for costs associated with restructuring plans including non-cancelable lease obligations, severance, consulting and other related charges.
In the three months ended June 30, 2012, restructuring costs included charges of $0.1 million in the Distribution Segment related to severance and non-cancelable lease costs offset by a gain of $0.3 million on the sale of two facilities. Restructuring charges of $0.1 million for non-cancelable lease obligations were recorded in the Engineered Products Segment. In addition, $0.4 million restructuring charges were recorded in the quarter for the Lawn and Garden Segment related to severance costs.
In the six months ended June 30, 2012, net restructuring costs of $0.2 million were recorded in the Distribution Segment. These costs were related to charges for severance of $0.3 million and consulting and other related charges of $0.2 million offset by a gain of $0.3 million on the sale of three facilities. In the Engineered Products Segment, restructuring charges of $0.2 million were recorded for the six month period ended June 30, 2012 related to non-cancelable lease costs. Lawn and Garden Segment had $0.4 million of restructuring charges through the first six months of 2012 for severance costs incurred.
In the three and six months ended June 30, 2011, the Company recorded expenses of $0.6 million and $1.2 million, respectively, related to restructuring activities. The restructuring costs included charges of $0.5 million and $0.7 million in the three and six months ended June 30, 2011, respectively, related to the Distribution Segment and a $0.3 million in the six months ended June 30, 2011 for an impairment related to an idle Lawn and Garden manufacturing facility. Impairment charges for property, plant and equipment were based on appraisals or estimated market values of similar assets which are considered level 2 inputs. In the Engineered Products Segment, restructuring charges of 0.2 million were recorded for the six month period ended June 30, 2011 related to non-cancelable lease costs.
The amounts for severance and other exit costs associated with restructuring are included in Other Accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position.

 
Severance and
Other
 
(Dollars in thousands)
Personnel
Exit Costs
Total
Balance at January 1, 2012
$

$
605

$
605

Provision
651

402

1,053

Less: Payments
(651
)
(532
)
(1,183
)
Balance at June 30, 2012
$

$
475

$
475


As a result of restructuring activity including plant closures, approximately $5.7 million of property, plant, and equipment has been classified as held for sale at both June 30, 2012 and December 31, 2011, and is included in other assets in the Condensed Consolidated Statements of Financial Position. The Company is actively pursuing the sale of these facilities.
Stock Compensation
Stock Compensation
Stock Compensation
The Company’s 2008 Incentive Stock Plan (the “2008 Plan”) authorizes the Compensation Committee of the Board of Directors to issue up to 3,000,000 shares of various types of stock based awards including stock options, restricted stock and stock appreciation rights to key employees and directors. In general, options granted and outstanding vest over a three year period and expire ten years from the date of grant.
Stock compensation expense reduced income before taxes approximately $0.9 million and $1.0 million for the three months ended June 30, 2012 and 2011, respectively. Stock compensation expense reduced income before taxes approximately $1.6 million for both the six month periods ended June 30, 2012 and 2011. These expenses are included in selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited). Total unrecognized compensation cost related to non-vested share based compensation arrangements at June 30, 2012 was approximately $4.3 million which will be recognized over the next three years.
On March 2, 2012, stock options for 323,950 shares were granted with a three year vesting period. The fair value of options granted is estimated using a binomial lattice option pricing model based on assumptions set forth in the following table. The Company uses historical data to estimate employee exercise and departure behavior. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and through the expected term. The dividend yield rate is based on the Company’s historical dividend yield. The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole.

 
 
Model
 
Risk free interest rate
2.00
%
Expected dividend yield
2.20
%
Expected life of award (years)
5.4

Expected volatility
50.00
%
Fair value per option share
$
4.93


 
The following table provides a summary of stock option activity for the period ended June 30, 2012:

 
Shares
 
Average
Exercise
Price
 
Weighted
Average
Life
Outstanding at January 1, 2012
1,997,778

 
$
11.33

 
 
Options Granted
323,950

 
12.96

 
 
Options Exercised
(265,662
)
 
10.86

 
 
Cancelled or Forfeited
(23,516
)
 
10.05

 
 
Outstanding at June 30, 2012
2,032,550

 
$
11.61

 
6.82 years
Exercisable at June 30, 2012
1,376,244

 
$
11.62

 
 

The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of all stock options exercised during the six months ended June 30, 2012 and 2011 was approximately $1,380 thousand and $4 thousand, respectively.
On March 2, 2012, 90,495 shares of restricted stock were granted with a three year vesting period. The restricted stock had a grant date fair value of $12.96 per share, which was the closing price of the common stock on the date of grant.
The following table provides a summary of restricted stock activity for the period ended June 30, 2012:
 
Shares
 
Average Grant-Date Fair Value
Unvested shares at January 1, 2012
288,500

 
 
Granted
90,495

 
$
12.96

Vested
(40,500
)
 

Forfeited
(5,000
)
 
10.03

Unvested shares at June 30, 2012
333,495

 
$
11.01


The restricted stock awards are rights to receive shares of common stock, subject to forfeiture and other restrictions, which generally vest over a three to four year period. Restricted shares are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. Restricted shares are valued based on the market price of the underlying shares on the grant date. At June 30, 2012, shares of restricted stock had vesting periods up through March 2015.
Contingencies
Contingencies
Contingencies
The Company is a defendant in various lawsuits and a party to various other legal proceedings, in the ordinary course of business, some of which are covered in whole or in part by insurance.
Other
In October 2009, an employee was fatally wounded while performing maintenance at the Company’s manufacturing facility in Springfield, Missouri. On February 22, 2011, the family of the deceased filed a civil complaint against the manufacturer of the press involved in the incident and the Buckhorn Inc. employee involved in the incident. The Company has been brought into the lawsuit by the plaintiff as an additional defendant. The manufacturer of the press has filed a cross claim for indemnity against Buckhorn. At this time the Company is not able to determine whether this proceeding or the incident will result in legal exposure to the Company, or if any such liability that results would be material to the Company’s financial statements. The Company believes that it has adequate insurance to resolve any claims resulting from this incident.
When management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the estimated loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable of occurrence than another. As additional information becomes available, any potential liability related to these matters will be assessed and the estimates will be revised, if necessary.

Based on current available information, management believes that the ultimate outcome of these matters will not have a material adverse effect on our financial position or overall trends in our results of operations. However, these matters are subject to inherent uncertainties, and unfavorable rulings could occur. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which the ruling occurs, or in future periods.
Retirement Plans
Retirement Plans
Retirement Plans
The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s frozen defined benefit pension plan ("The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02") provides benefits primarily based upon a fixed amount for each year of service as defined.
Net periodic pension cost for the three and six months ended June 30, 2012 and 2011, respectively, are as follows:

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
Service cost
$
18

 
$
18

 
$
35

 
$
36

Interest cost
72

 
76

 
144

 
152

Expected return on assets
(77
)
 
(77
)
 
(153
)
 
(154
)
Amortization of actuarial net loss
25

 
16

 
50

 
32

Net periodic pension cost
$
38

 
$
33

 
$
76

 
$
66

Company contributions
$
123

 
$
76

 
$
199

 
$
152



The Company anticipates contributions totaling $661 to its pension plan in 2012.

Effective January 1, 2012, the Company changed its profit sharing and 401(k) plan which includes an increase in the Company's matching contributions and the frequency of the Company's match. The Myers Industries Profit Sharing and 401(k) Plan is maintained for the Company's U.S. based employees, not covered under defined benefit plans, who have met eligibility service requirements.
Income Taxes
Income Taxes
Income Taxes
The total amount of gross unrecognized tax benefits that would reduce the Company's effective tax rates was $0.5 million at June 30, 2012 and $1.1 million at December 31, 2011. The amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position as of June 30, 2012 and December 31, 2011 was $0.1 million. In 2012, the Company recognized approximately $0.6 million of previously reserved tax benefits, based on the settlement of various state and federal tax issues. The tax benefit related to this recognition was essentially offset by tax expense on pension liability previously recognized in other comprehensive income.
As of June 30, 2012, the Company and its significant subsidiaries are subject to examination for the years after 2005 in Brazil, after 2006 in Canada, and after 2007 in the United States. The Company and its subsidiaries are subject to examination in certain states within the United States starting after 2006 and in the remaining states after 2007.
The Company is currently under examination of Federal income tax returns for 2009 and 2010 in the United States and for 2008 and 2007 in Canada, as well as certain states. The Company does not expect any significant changes to its unrecognized tax benefits in the next 12 months.
Segment Information
Segment Information
Segment Information
Using the criteria of ASC 280 Segment Reporting, the Company has four operating segments: Material Handling, Lawn and Garden, Distribution, and Engineered Products. Each of these operating segments is also a reportable segment under the ASC 280 criteria.
None of the reportable segments include operating segments that have been aggregated. Some of these segments contain individual business components that have been aggregated on the basis of common management, customers, products, production processes and economic characteristics. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.
Income before income taxes for each business segment is based on net sales less cost of products sold, and the related selling, administrative and general expenses. In computing business segment operating income, general corporate overhead expenses and interest expenses are not included.
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Net Sales
2012
 
2011
 
2012
 
2011
Material Handling
$
60,260

 
$
67,008

 
$
125,481

 
$
132,738

Lawn and Garden
42,482

 
41,819

 
101,666

 
108,973

Distribution
44,188

 
46,091

 
86,926

 
87,725

Engineered Products
38,642

 
27,897

 
75,869

 
55,822

Intra-segment elimination
(4,471
)
 
(5,549
)
 
(10,052
)
 
(12,485
)
Net Sales
$
181,101

 
$
177,266

 
$
379,890

 
$
372,773


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Income Before Income Taxes
2012
 
2011
 
2012
 
2011
Material Handling
$
9,223

 
$
8,396

 
$
22,373

 
$
18,657

Lawn and Garden
(1,942
)
 
(1,619
)
 
(724
)
 
2,259

Distribution
4,298

 
4,014

 
7,809

 
7,087

Engineered Products
4,660

 
2,591

 
9,251

 
5,380

Corporate
(6,247
)
 
(4,709
)
 
(11,600
)
 
(12,341
)
Interest expense-net
(1,054
)
 
(1,153
)
 
(2,135
)
 
(2,391
)
Income before income taxes
$
8,938

 
$
7,520

 
$
24,974

 
$
18,651

Statement of Accounting Policy Statement of Accounting Policy (Policies)
Translation of Foreign Currencies

All asset and liability accounts of consolidated foreign subsidiaries are translated at the current exchange rate as of the end of the accounting period and income statement items are translated monthly at an average currency exchange rate for the period. The resulting translation adjustment is recorded in other comprehensive income as a separate component of shareholders' equity.
Fair Value Measurement
The Company follows guidance included in ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, as required. The guidance established a common definition for fair value to be applied to U.S. GAAP requiring the use of fair value, established a framework for measuring fair value, and expanded disclosure requirements about such fair value measurements. The guidance did not require any new fair value measurements, but rather applied to all other accounting pronouncements that require or permit fair value measurements. Under ASC 820, the hierarchy that prioritizes the inputs to valuation techniques used to measure fair value is divided into three levels:
Level 1:
Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2:
Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs that are observable either directly or indirectly.
Level 3:
Unobservable inputs for which there is little or no market data or which reflect the entity’s own assumptions.
The fair value of the Company’s cash, accounts receivable, accounts payable and accrued expenses are considered to have a fair value which approximates carrying value due to the nature and relative short maturity of these assets and liabilities.
Revenue Recognition

The Company recognizes revenues from the sale of products, net of actual and estimated returns, at the point of passage of title and risk of loss, which is generally at time of shipment, and collectability of the fixed or determinable sales price is reasonably assured.
Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal.
Statement of Accounting Policy (Tables)
The balances in the Company's accumulated other comprehensive income
The balances in the Company's accumulated other comprehensive income as of June 30, 2012 and June 30, 2011 are as follows:

 
 
 
 
 
Accumulated
 
 
 
Defined
 
other
 
Foreign
 
benefit
 
comprehensive
 
currency
 
pension plan
 
income
Balance at January 1, 2011
$
12,234

 
$
(2,070
)
 
$
10,164

Current-period other comprehensive income
1,810

 

 
1,810

Balance at March 31, 2011
$
14,044

 
$
(2,070
)
 
$
11,974

Current-period other comprehensive income
824

 

 
824

Balance at June 30, 2011
$
14,868

 
$
(2,070
)
 
$
12,798

 
 
 
 
 
 
Balance at January 1, 2012
$
9,994

 
$
(2,700
)
 
$
7,294

Current-period other comprehensive income
1,385

 

 
1,385

Tax effect of pension liability from prior periods

 
632

 
632

Balance at March 31, 2012
$
11,379

 
$
(2,068
)
 
$
9,311

Current-period other comprehensive income
(612
)
 

 
(612
)
Balance at June 30, 2012
$
10,767

 
$
(2,068
)
 
$
8,699

Goodwill (Tables)
The change in goodwill
The change in goodwill for the six months ended June 30, 2012 was as follows:

(In thousands)
Segment
Balance at January 1, 2012
 
Acquisitions
 
Foreign
Currency
Translation
 
Impairment
 
Balance at June 30, 2012
Distribution
$
214

 
$

 
$

 
$

 
$
214

Engineered Products
707

 

 

 

 
707

Material Handling
34,279

 

 

 

 
34,279

Lawn and Garden
9,466

 

 
22

 

 
9,488

Total
$
44,666

 
$

 
$
22

 
$

 
$
44,688

Net Income Per Common Share (Tables)
Weighted average number of common shares outstanding during the period
Net income per common share, as shown on the Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
33,595,637

 
35,249,616

 
33,525,444

 
35,279,504

Dilutive effect of stock options and restricted stock
677,056

 

 
596,042

 
156,608

Weighted average common shares outstanding diluted
34,272,693

 
35,249,616

 
34,121,486

 
35,436,112

Supplemental Disclosure of Cash Flow Information (Tables)
Supplemental Disclosure of Cash Flow Information
 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
(In thousands)
2012
 
2011
 
2012
 
2011
Interest paid
$
1,612

 
$
1,548

 
$
1,908

 
$
2,057

Income taxes paid
$
10,827

 
$
6,304

 
$
13,282

 
$
6,373

Restructuring (Tables)
Restructuring Reserve
The amounts for severance and other exit costs associated with restructuring are included in Other Accrued expenses on the accompanying Condensed Consolidated Statements of Financial Position.

 
Severance and
Other
 
(Dollars in thousands)
Personnel
Exit Costs
Total
Balance at January 1, 2012
$

$
605

$
605

Provision
651

402

1,053

Less: Payments
(651
)
(532
)
(1,183
)
Balance at June 30, 2012
$

$
475

$
475

Stock Compensation (Tables)
The expected volatility is derived from historical volatility of the Company’s shares and those of similar companies measured against the market as a whole.

 
 
Model
 
Risk free interest rate
2.00
%
Expected dividend yield
2.20
%
Expected life of award (years)
5.4

Expected volatility
50.00
%
Fair value per option share
$
4.93

The following table provides a summary of stock option activity for the period ended June 30, 2012:

 
Shares
 
Average
Exercise
Price
 
Weighted
Average
Life
Outstanding at January 1, 2012
1,997,778

 
$
11.33

 
 
Options Granted
323,950

 
12.96

 
 
Options Exercised
(265,662
)
 
10.86

 
 
Cancelled or Forfeited
(23,516
)
 
10.05

 
 
Outstanding at June 30, 2012
2,032,550

 
$
11.61

 
6.82 years
Exercisable at June 30, 2012
1,376,244

 
$
11.62

 
 
The following table provides a summary of restricted stock activity for the period ended June 30, 2012:
 
Shares
 
Average Grant-Date Fair Value
Unvested shares at January 1, 2012
288,500

 
 
Granted
90,495

 
$
12.96

Vested
(40,500
)
 

Forfeited
(5,000
)
 
10.03

Unvested shares at June 30, 2012
333,495

 
$
11.01

Retirement Plans (Tables)
Net periodic pension cost
Net periodic pension cost for the three and six months ended June 30, 2012 and 2011, respectively, are as follows:

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
2012
 
2011
 
2012
 
2011
Service cost
$
18

 
$
18

 
$
35

 
$
36

Interest cost
72

 
76

 
144

 
152

Expected return on assets
(77
)
 
(77
)
 
(153
)
 
(154
)
Amortization of actuarial net loss
25

 
16

 
50

 
32

Net periodic pension cost
$
38

 
$
33

 
$
76

 
$
66

Company contributions
$
123

 
$
76

 
$
199

 
$
152

Segment Information (Tables)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Net Sales
2012
 
2011
 
2012
 
2011
Material Handling
$
60,260

 
$
67,008

 
$
125,481

 
$
132,738

Lawn and Garden
42,482

 
41,819

 
101,666

 
108,973

Distribution
44,188

 
46,091

 
86,926

 
87,725

Engineered Products
38,642

 
27,897

 
75,869

 
55,822

Intra-segment elimination
(4,471
)
 
(5,549
)
 
(10,052
)
 
(12,485
)
Net Sales
$
181,101

 
$
177,266

 
$
379,890

 
$
372,773


 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
Income Before Income Taxes
2012
 
2011
 
2012
 
2011
Material Handling
$
9,223

 
$
8,396

 
$
22,373

 
$
18,657

Lawn and Garden
(1,942
)
 
(1,619
)
 
(724
)
 
2,259

Distribution
4,298

 
4,014

 
7,809

 
7,087

Engineered Products
4,660

 
2,591

 
9,251

 
5,380

Corporate
(6,247
)
 
(4,709
)
 
(11,600
)
 
(12,341
)
Interest expense-net
(1,054
)
 
(1,153
)
 
(2,135
)
 
(2,391
)
Income before income taxes
$
8,938

 
$
7,520

 
$
24,974

 
$
18,651

Statement of Accounting Policy The balances in the Company's accumulated other comprehensive income (Details) (USD $)
3 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2012
Foreign Currency
Mar. 31, 2012
Foreign Currency
Jun. 30, 2011
Foreign Currency
Mar. 31, 2011
Foreign Currency
Jun. 30, 2012
Defined Benefit Pension Plans [Member]
Mar. 31, 2012
Defined Benefit Pension Plans [Member]
Jun. 30, 2011
Defined Benefit Pension Plans [Member]
Mar. 31, 2011
Defined Benefit Pension Plans [Member]
Jun. 30, 2012
Accumulative Other Comprehensive Income
Mar. 31, 2012
Accumulative Other Comprehensive Income
Jun. 30, 2011
Accumulative Other Comprehensive Income
Mar. 31, 2011
Accumulative Other Comprehensive Income
Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Senior Notes [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Notes
$ 35,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt instrument
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36,800,000 
Accumlated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
8,699,000 
7,294,000 
11,379,000 
9,994,000 
14,044,000 
12,234,000 
(2,068,000)
(2,700,000)
(2,070,000)
(2,070,000)
9,311,000 
7,294,000 
11,974,000 
10,164,000 
 
Current-period other comprehensive income
 
 
(612,000)
 
824,000 
1,810,000 
 
(612,000)
 
824,000 
1,810,000 
 
Current-period other comprehensive income
 
 
 
1,385,000 
 
 
 
 
 
 
1,385,000 
 
 
 
Tax effect of pension liability from prior periods
 
 
 
 
 
 
632,000 
 
 
 
632,000 
 
 
 
Ending balance
$ 8,699,000 
$ 7,294,000 
$ 10,767,000 
$ 11,379,000 
$ 14,868,000 
$ 14,044,000 
$ (2,068,000)
$ (2,068,000)
$ (2,070,000)
$ (2,070,000)
$ 8,699,000 
$ 9,311,000 
$ 12,798,000 
$ 11,974,000 
 
Inventories (Details)
Jun. 30, 2012
Inventory Disclosure [Abstract]
 
Percentage of LIFO Inventory
20.00% 
Acquisitions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Jul. 9, 2012
Palsticos Novel S.A. [Member]
Dec. 31, 2011
Material Improvements L.P. [Member]
Dec. 31, 2011
Material Improvements L.P. [Member]
Technology [Member]
Dec. 31, 2011
Material Improvements L.P. [Member]
Trade Names [Member]
Dec. 31, 2012
Forecasted [Member]
Palsticos Novel S.A. [Member]
Business Acquisition [Line Items]
 
 
 
 
 
Business acquisition, total purchase price
$ 27.5 
$ 5.7 
 
 
 
Revenue, Net
 
 
 
 
38 
Business acquisition, cash paid
 
1.1 
 
 
 
Business acquisition, contingent consideration
 
4.6 
 
 
 
Business acquisition, property, plant, and equipment
 
0.3 
 
 
 
Business acquisition, amortizable intangible assets
 
 
1.3 
0.2 
 
Business acquisition, goodwill
 
$ 3.9 
 
 
 
Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Goodwill [Roll Forward]
 
Balance at January 1, 2012
$ 44,666 
Acquisitions
Foreign Currency Translation
22 
Impairment
Balance at June 30, 2012
44,688 
Distribution [Member]
 
Goodwill [Roll Forward]
 
Balance at January 1, 2012
214 
Acquisitions
Foreign Currency Translation
Impairment
Balance at June 30, 2012
214 
Engineered Products [Member]
 
Goodwill [Roll Forward]
 
Balance at January 1, 2012
707 
Acquisitions
Foreign Currency Translation
Impairment
Balance at June 30, 2012
707 
Material Handling [Member]
 
Goodwill [Roll Forward]
 
Balance at January 1, 2012
34,279 
Acquisitions
Foreign Currency Translation
Impairment
Balance at June 30, 2012
34,279 
Lawn And Garden [Member]
 
Goodwill [Roll Forward]
 
Balance at January 1, 2012
9,466 
Acquisitions
Foreign Currency Translation
22 
Impairment
Balance at June 30, 2012
$ 9,488 
Net Income Per Common Share Weighted average number of common shares outstanding during the period (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Earnings Per Share [Abstract]
 
 
 
 
Options to purchase common stock outstanding (in shares)
212,000 
1,172,729 
227,000 
1,757,404 
Weighted average common shares outstanding
 
 
 
 
Basic (in shares)
33,595,637 
35,249,616 
33,525,444 
35,279,504 
Dilutive effect of stock options and restricted stock (in shares)
677,056 
596,042 
156,608 
Weighted average common shares outstanding diluted (in shares)
34,272,693 
35,249,616 
34,121,486 
35,436,112 
Supplemental Disclosure of Cash Flow Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Supplemental Cash Flow Information [Abstract]
 
 
 
 
Interest paid
$ 1,612 
$ 1,548 
$ 1,908 
$ 2,057 
Income taxes paid
$ 10,827 
$ 6,304 
$ 13,282 
$ 6,373 
Restructuring (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2011
Distribution [Member]
Jun. 30, 2011
Distribution [Member]
Jun. 30, 2011
Lawn And Garden [Member]
Jun. 30, 2012
Impairment [Member]
Distribution [Member]
Jun. 30, 2012
Severance and Non-Cancelable Lease Costs [Member]
Distribution [Member]
Jun. 30, 2012
Non-Cancelable Lease Obligations [Member]
Engineered Products [Member]
Jun. 30, 2012
Non-Cancelable Lease Obligations [Member]
Engineered Products [Member]
Jun. 30, 2011
Non-Cancelable Lease Obligations [Member]
Engineered Products [Member]
Jun. 30, 2012
Severance [Member]
Distribution [Member]
Jun. 30, 2012
Severance [Member]
Lawn And Garden [Member]
Jun. 30, 2012
Severance and Conulting and Other Related Charges [Member]
Distribution [Member]
Jun. 30, 2012
Consulting and Other Related Costs [Member]
Distribution [Member]
Jun. 30, 2012
Selling, General and Administrative (SG&A) [Member]
Jun. 30, 2012
Selling, General and Administrative (SG&A) [Member]
Jun. 30, 2012
Cost of Goods Sold [Member]
Jun. 30, 2012
Cost of Goods Sold [Member]
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring Charges
$ 600,000 
$ 800,000 
$ 1,200,000 
$ 500,000 
$ 700,000 
$ 300,000 
$ 300,000 
$ 100,000 
$ 100,000 
$ 200,000 
$ 200,000 
$ 300,000 
$ 400,000 
$ 200,000 
$ 200,000 
$ 200,000 
$ 600,000 
$ 100,000 
$ 200,000 
Gain (Loss) on Sale of Property Plant Equipment
 
$ (558,000)
$ 0 
 
 
 
 
$ (300,000)
 
 
 
 
 
 
 
 
 
 
 
Restructuring Reserve (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Restructuring Cost and Reserve [Line Items]
 
 
Property, plant and equipment classfied as held for sale
$ 5,700,000 
$ 0 
Restructuring Reserve [Roll Forward]
 
 
Balance at January 1, 2011
605,000 
 
Provision
1,053,000 
 
Less: Payments
(1,183,000)
 
Balance at June 30, 2012
475,000 
 
Severance & Personnel [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Balance at January 1, 2011
 
Provision
651,000 
 
Less: Payments
(651,000)
 
Balance at June 30, 2012
 
Other Exit Costs [Member]
 
 
Restructuring Reserve [Roll Forward]
 
 
Balance at January 1, 2011
605,000 
 
Provision
402,000 
 
Less: Payments
(532,000)
 
Balance at June 30, 2012
$ 475,000 
 
Stock Compensation (Details) (USD $)
0 Months Ended 3 Months Ended 6 Months Ended
Mar. 2, 2012
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Share based compensation expense allocation
 
$ 900,000 
$ 1,000,000 
$ 1,600,000 
$ 1,600,000 
Total unrecognized compensation cost related to non-vested share based compensation arrangements
 
4,300,000 
 
4,300,000 
 
Options Granted (in shares)
 
 
 
323,950 
 
Vesting period, in years
3 years 
 
 
3 years 
 
Expiration period, in years
 
 
 
10 years 
 
The total intrinsic value of all stock options exercised
 
 
 
$ 1,380,000 
$ 4,000 
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term
 
 
 
3 years 
 
Restricted Stock [Member]
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Vesting period, in years
 
 
 
3 years 
 
Granted (in shares)
 
 
 
90,495 
 
Granted, Average Grant Date Fair Value (in dollars per share)
 
 
 
$ 12.96 
 
Restricted Stock [Member] |
Minimum [Member]
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Vesting period, in years
 
 
 
3 years 
 
Restricted Stock [Member] |
Maximum [Member]
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Vesting period, in years
 
 
 
4 years 
 
2008 Plan [Member]
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
Shares authorized for grant under plan (in shares)
 
3,000,000 
 
3,000,000 
 
Stock Compensation Fair Value of stock options granted assumptions used (Details)
6 Months Ended
Jun. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
Risk free interest rate
2.00% 
Expected dividend yield
2.20% 
Expected life of award (in years)
5 years 4 months 24 days 
Expected volatility
50.00% 
Fair value per option share (in dollars per share)
$ 4.93 
Stock Compensation Summary of stock option activity for the period (Details) (USD $)
6 Months Ended
Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
Outstanding at January 1, 2012 (in shares)
1,997,778 
Outstanding at January 1, 2012 Average Price (in dollars per share)
$ 11.33 
Options Granted (in shares)
323,950 
Options Granted, Average Exercise Price (in dollars per share)
$ 12.96 
Options Exercised, Shares (in shares)
(265,662)
Options Exercised, Average Exercise Price (in dollars per share)
$ 10.86 
Cancelled or Forfeited (in shares)
(23,516)
Cancelled or Forfeited, Average Exercise Price (in dollars per share)
$ 10.05 
Outstanding at June 30, 2012 (in shares)
2,032,550 
Outstanding at June 30, 2012 Average Price (in dollars per share)
$ 11.61 
Outstanding at June 30, 2012 Weighted Average Life (in years)
6 years 9 months 26 days 
Exercisable at June 30, 2012 (in shares)
1,376,244 
Exercisable at June 30, 2012, Average Exercise Price (in dollars per share)
$ 11.62 
Stock Compensation Summary of restricted stock activity (Details) (Restricted Stock [Member], USD $)
6 Months Ended
Jun. 30, 2012
Restricted Stock [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Unvested shares at January 1, 2012 (in shares)
288,500 
Granted (in shares)
90,495 
Granted, Average Grant Date Fair Value (in dollars per share)
$ 12.96 
Vested (in shares)
(40,500)
Vested, Average Grant Date Fair Value (in dollars per share)
$ 0 
Forfeited (in shares)
(5,000)
Forfeited, Average Grant Date Fair Value (in dollars per share)
$ 10.03 
Unvested shares at June 30, 2012 (in shares)
333,495 
Unvested shares at June 30, 2012, Average Grant Date Fair Value (in dollars per share)
$ 11.01 
Retirement Plans (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Company Contributions
$ 661 
 
$ 661 
 
Pension Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
Service cost
18 
18 
35 
36 
Interest cost
72 
76 
144 
152 
Expected return on assets
(77)
(77)
(153)
(154)
Amortization of actuarial net loss
25 
16 
50 
32 
Net periodic pension cost
38 
33 
76 
66 
Defined Benefit Plan, Contributions by Employer
$ 123 
$ 76 
$ 199 
$ 152 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Income Tax Disclosure [Abstract]
 
 
Unrecognized tax benefits
$ 0.5 
$ 1.1 
Amount of accrued interest expense included as a liability within the Company's Condensed Consolidated Statements of Financial Position
0.1 
0.1 
Recognition of previously reserved tax benefits
$ 0.6 
 
Segment Information Schedule of Net Sales by Segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Segments
Jun. 30, 2011
Segment Reporting Information [Line Items]
 
 
 
 
Segment Reporting, Number of Business Segments
 
 
 
Net Sales
$ 181,101 
$ 177,266 
$ 379,890 
$ 372,773 
Material Handling [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
60,260 
67,008 
125,481 
132,738 
Lawn And Garden [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
42,482 
41,819 
101,666 
108,973 
Distribution [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
44,188 
46,091 
86,926 
87,725 
Engineered Products [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
38,642 
27,897 
75,869 
55,822 
Intra-segment Elimination [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net Sales
$ (4,471)
$ (5,549)
$ (10,052)
$ (12,485)
Segment Information Schedule of Income Before Income Taxes by Segment (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
$ 9,992 
$ 8,673 
$ 27,109 
$ 21,042 
Interest Expense
(1,054)
(1,153)
(2,135)
(2,391)
Income before income taxes
8,938 
7,520 
24,974 
18,651 
Material Handling [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
9,223 
8,396 
22,373 
18,657 
Lawn And Garden [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
(1,942)
(1,619)
(724)
2,259 
Distribution [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
4,298 
4,014 
7,809 
7,087 
Engineered Products [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
4,660 
2,591 
9,251 
5,380 
Corporate [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Operating income
$ (6,247)
$ (4,709)
$ (11,600)
$ (12,341)