| For the Year Ended December 31, |
|||
| 2011 | 2010 | 2009 | |
| Cash flows from operating activities: | |||
| Net earnings | $ 51,142 | $ 35,611 | $ 24,995 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
|||
| Depreciation and amortization | 23,191 | 20,484 | 16,104 |
| Accretion of convertible notes discount | 1,679 | 172 | — |
| Change in allowance for doubtful accounts | (528 ) | 574 | 113 |
| Net (gain) loss on sale of assets | 270 | (447) | 4 |
| Goodwill impairment | — | 6,371 | — |
| Change in amount Due to Commonwealth of Australia, net of gain (loss) on derivative instruments |
279 | (1,012) | 1,483 |
| Stock compensation expense | 6,806 | 4,458 | 3,084 |
| Excess tax (expense) benefit from share-based compensation arrangements |
(779) | (341) | 55 |
| Deferred income taxes | 5,472 | 12,855 | (1,102) |
| Changes in assets and liabilities, excluding effects of acquisitions/divestures: |
|||
| Accounts receivable | (3,057) | (18,504) | (712) |
| Inventories | (12,547) | (19,695) | 24,229 |
| Income tax receivable | 1,893 | (2,420) | 3,450 |
| Other current assets | 6,848 | (681) | 944 |
| Accounts payable-trade | 1,365 | 11,133 | (7,216) |
| Other accrued expenses and payables | (19,883) | 14,617 | (6,260) |
| Income taxes payable | 44 | (4,285) | 3,797 |
| Pension liabilities | (14,150) | (22,510) | 6,581 |
| Other long-term liabilities | (3,202) | 976 | 905 |
| Net cash provided by (used in) operating activities | 44,843 | 37,356 | 70,454 |
| Cash flows from investing activities: | |||
| Proceeds from sale of assets | 356 | 1,104 | 59 |
| Expenditures for property, plant & equipment | (28,833) | (21,507) | (13,567) |
| Acquisition of businesses including earn out adjustments, net of cash received | (77,672) | (66,549) | (704) |
| Other, net | 17 | 22 | (2,055) |
| Cash provided by (used in) investing activities | (106,132) | (86,930) | (16,267) |
| Cash flows from financing activities: | |||
| Net borrowings (repayments) under revolving credit agreements |
60,924 | (12,936) | (25,777) |
| Debt repayment | (5,000) | (5,000) | (5,000) |
| Proceeds from issuance of convertible notes | — | 115,000 | — |
| Proceeds from issuance of warrants | — | 1,886 | — |
| Purchase of call options related to convertible notes | — | (13,225) | — |
| Net change in book overdraft | 4,375 | (2,295) | 1,444 |
| Proceeds from exercise of employee stock awards | 5,458 | 2,555 | 1,844 |
| Purchase of treasury shares | (5,583) | — | — |
| Dividends paid | (15,199) | (14,501) | (14,338) |
| Debt issuance costs | (715) | (5,878) | (3,404) |
| Windfall tax (expense) benefit | 779 | 341 | (55) |
| Other | (660) | (638) | 133 |
| Cash provided by (used in) financing activities | 44,379 | 65,309 | (45,153) |
| Net increase (decrease) in cash and cash equivalents | (16,910) | 15,735 | 9,034 |
| Effect of exchange rate changes on cash and cash equivalents | (337) | (1,510) | 812 |
| Cash and cash equivalents at beginning of period | 32,232 | 18,007 | 8,161 |
| Cash and cash equivalents at end of period | $ 14,985 | $ 32,232 | $ 18,007 |
See accompanying notes to consolidated financial statements.