Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income allocated to common shareholders $ 21,606 $ 13,487
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 6,205 6,123
Inventory step up of acquired business included in cost of sales   1,956
Amortization of deferred financing costs and debt discount 363 335
Stock-based compensation 1,736 1,981
Provision for losses on accounts receivable 151 113
Deferred income taxes 1,625 3,918
Earnout liability 132 394
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 939 (805)
Inventories (8,712) (17,493)
Prepaid and other assets 4,446 (339)
Accounts payable (366) 848
Accrued expenses and other current liabilities (1,065) 1,242
Benefit obligations and other long-term liabilities 1,230 (1,329)
Net cash provided by operating activities 28,290 10,431
Investing activities    
Capital expenditures (4,794) (3,284)
Acquisition of business   (7,931)
Net cash used in investing activities (4,794) (11,215)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes   (27)
Dividends paid (10,724) (10,085)
Repayment of long-term debt (950) (950)
Net cash provided by (used in) financing activities (11,674) (11,062)
Change in cash and cash equivalents 11,822 (11,846)
Cash and cash equivalents at beginning of year 36,844 36,844
Cash and cash equivalents at end of year $ 48,666 $ 12,349