Weyco (WEYS) 10-K13 Mar 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	000-09068
Entity Registrant Name	WEYCO GROUP, INC.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0702200
Entity Address, Address Line One	333 W. Estabrook Boulevard
Entity Address, Address Line Two	P. O. Box 1188
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53201
City Area Code	414
Local Phone Number	908-1600
Title of 12(b) Security	Common Stock - $1.00 par value per share
Trading Symbol	WEYS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 145,483,000
Entity Common Stock, Shares Outstanding		9,546,327
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31
Auditor Name	Baker Tilly US, LLP
Auditor Firm ID	23
Auditor Location	Milwaukee, Wisconsin

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF EARNINGS
Net sales	$ 351,737	$ 267,641
Cost of sales	207,344	160,194
Gross earnings	144,393	107,447
Selling and administrative expenses	104,028	81,745
Earnings from operations	40,365	25,702
Interest income	361	641
Interest expense	(710)	(81)
Other (expense) income, net	(277)	1,083
Earnings before provision for income taxes	39,739	27,345
Provision for income taxes	10,199	6,790
Net earnings	$ 29,540	$ 20,555
Basic earnings per share	$ 3.09	$ 2.13
Diluted earnings per share	$ 3.07	$ 2.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 29,540	$ 20,555
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(1,813)	(733)
Pension liability adjustments	6,414	3,944
Other comprehensive income	4,601	3,211
Comprehensive income	$ 34,141	$ 23,766

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Cash and cash equivalents	$ 16,876	$ 19,711
Investments, at fair value	107	8,122
Marketable securities, at amortized cost	1,385	219
Accounts receivable, less allowances of $2,110 and $2,067, respectively	53,298	53,287
Income tax receivable	945	495
Inventories	127,976	71,026
Prepaid expenses and other current assets	5,870	4,317
Total current assets	206,457	157,177
Marketable securities, at amortized cost	7,123	9,996
Deferred income tax benefits	1,038	1,063
Property, plant and equipment, net	28,812	29,202
Operating lease right-of-use assets	13,428	9,543
Goodwill	12,317	12,317
Trademarks	33,618	34,768
Other assets	23,827	23,601
Total assets	326,620	277,667
LIABILITIES AND EQUITY:
Short-term borrowings	31,136
Accounts payable	14,946	19,234
Dividend payable	2,290
Operating lease liabilities	4,026	3,593
Accrued liabilities:
Accrued compensation and employee benefits	6,680	5,948
Sales and advertising allowances	2,254	1,934
Taxes other than income taxes	1,025	991
Other	5,178	2,808
Total current liabilities	67,535	34,508
Deferred income tax liabilities	8,530	5,026
Long-term pension liability	15,523	27,776
Operating lease liabilities	10,661	7,520
Other long-term liabilities	466	1,442
Total liabilities	102,715	76,272
Commitments and contingencies
Common stock, $1.00 par value, authorized 24,000,000 shares in 2022 and 2021, issued and outstanding 9,584,316 shares in 2022 and 9,708,730 shares in 2021	9,584	9,709
Capital in excess of par value	70,475	68,718
Reinvested earnings	164,039	147,762
Accumulated other comprehensive loss	(20,193)	(24,794)
Total equity	223,905	201,395
Total liabilities and equity	$ 326,620	$ 277,667

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, reserves (in dollars)	$ 2,110	$ 2,067
Common stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, shares authorized	24,000,000	24,000,000
Common Stock, shares issued	9,584,316	9,708,730
Common Stock, shares outstanding	9,584,316	9,708,730

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Reinvested Earnings	Accumulated Other Comprehensive Loss	Total
Balance at beginning at Dec. 31, 2020	$ 9,797	$ 67,178	$ 138,955	$ (28,005)
Net earnings	0	0	20,555	0	$ 20,555
Foreign currency translation adjustments	0	0	0	(733)	(733)
Pension liability adjustment (net of tax)	0	0	0	3,944	3,944
Cash dividends declared	0	0	(9,348)	0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	1	1	0	0
Issuance of restricted stock	36	(36)	0	0
Share-based compensation expense	0	1,575	0	0
Shares purchased and retired	(125)	0	(2,400)	0
Balance at ending at Dec. 31, 2021	9,709	68,718	147,762	(24,794)	201,395
Net earnings	0	0	29,540	0	29,540
Foreign currency translation adjustments	0	0	0	(1,813)	(1,813)
Pension liability adjustment (net of tax)	0	0	0	6,414	6,414
Cash dividends declared	0	0	(9,240)	0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	19	262	0	0
Issuance of restricted stock	28	(28)	0	0
Share-based compensation expense	0	1,523	0	0
Shares purchased and retired	(172)	0	(4,023)	0
Balance at ending at Dec. 31, 2022	$ 9,584	$ 70,475	$ 164,039	$ (20,193)	$ 223,905

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Pension liability adjustment, net of tax (in dollars)	$ 2,254	$ 1,387
Cash dividends declared (in dollars per share)	$ 0.96	$ 0.96

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 29,540	$ 20,555
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities -
Depreciation	2,485	2,490
Amortization	282	307
Bad debt expense	151	198
Deferred income taxes	1,297	910
Net foreign currency transaction losses (gains)	43	(233)
Share-based compensation expense	1,523	1,575
Pension settlement charge	894	0
Pension expense (benefit)	178	(26)
Impairment of long-lived assets	0	1,131
Impairment of trademark	1,150	0
Loss on disposal of fixed assets	117	44
Gain from fair value measurement of contingent consideration	(857)	0
Increase in cash surrender value of life insurance	(690)	(636)
Changes in operating assets and liabilities, net of effects from acquisition
Accounts receivable	(282)	(18,717)
Inventories	(56,963)	(11,349)
Prepaid expenses and other assets	(1,429)	71
Accounts payable	(4,293)	10,755
Accrued liabilities and other	(2,553)	(1,567)
Accrued income taxes	(497)	884
Net cash (used for) provided by operating activities	(29,904)	6,392
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business	0	(2,550)
Proceeds from maturities of marketable securities	1,719	4,791
Purchases of investment securities	0	(35,000)
Proceeds from sale of investment securities	8,049	26,878
Life insurance premiums paid	0	(111)
Purchases of property, plant and equipment	(2,342)	(1,007)
Net cash provided by (used for) investing activities	7,426	(6,999)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(6,951)	(9,345)
Shares purchased and retired	(4,195)	(2,525)
Net proceeds from stock options exercised	293	2
Taxes paid related to the net share settlement of equity awards	(12)	0
Proceeds from bank borrowings	120,608	0
Repayments of bank borrowings	(89,472)	0
Net cash provided by (used for) financing activities	20,271	(11,868)
Effect of exchange rate changes on cash and cash equivalents	(628)	(290)
Net decrease in cash and cash equivalents	(2,835)	(12,765)
CASH AND CASH EQUIVALENTS at beginning of year	19,711	32,476
CASH AND CASH EQUIVALENTS at end of year	16,876	19,711
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	9,441	5,806
Interest paid	$ 710	$ 80

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Dec. 31, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Weyco Group, Inc. (“we,” “our,” “us” and the “Company”) designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. We have two reportable segments, North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). In the wholesale segment, our products are sold to leading footwear, department, and specialty stores, as well as e-commerce retailers, primarily in the United States and Canada. We also have licensing agreements with third parties who sell our branded apparel, accessories and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. Licensing revenues are included in our wholesale segment. Our retail segment consists of e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Our “other” operations include our wholesale and retail businesses in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe (“Florsheim Europe”). However, as previously disclosed, we closed Florsheim Europe in 2021. As a result, the 2022 operating results of the “other” category reflect only that of Florsheim Australia. The majority of our operations are in the United States and our results are primarily affected by the economic conditions and retail environment in the United States.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Use of Estimates Cash and Cash Equivalents Investments Investments – Debt and Equity Securities, Accounts Receivable – Inventories Property, Plant and Equipment and Depreciation Impairment of Long-Lived Assets Leases - ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. As our leases generally do not provide an implicit rate, we used our incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of our future lease payments. We used a portfolio approach and applied a single discount rate to all of our leases. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 8. Goodwill - Intangible Assets (excluding Goodwill) Life Insurance – Income Taxes - Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayments terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities. Shipping and Handling Fees Selling and Administrative Expenses Cost of Sales Selling and Administrative Expenses - Advertising Costs - Foreign Currency Translations Foreign Currency Matters Foreign Currency Transactions - Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2022 and 2021, realized gains and losses on foreign exchange contracts were not material to our financial statements. Earnings Per Share Comprehensive Income – Share-Based Compensation - Compensation – Stock Compensation Concentration of Credit Risk New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments instruments, based on historical experience, current conditions, and reasonable forecasts, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to reinvested earnings in the period of adoption. We adopted this standard in first quarter of 2023. The adoption of this standard did not have a material impact our consolidated financial statements or related disclosures. On January 1, 2021, we adopted ASU 2019-12 Simplifying the Accounting for Income Taxes

ACQUISITION

ACQUISITION	12 Months Ended
ACQUISITION	Dec. 31, 2022
ACQUISITION
ACQUISITION	3. ACQUISITION On June 7, 2021, we acquired substantially all operating assets and certain liabilities of Forsake, Inc. (“Forsake”) a distributor of outdoor footwear, under the brand name “Forsake.” The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.6 million, plus contingent payments. At the acquisition date, our estimate of the fair value of the contingent payments was approximately $1.3 million in total. For more information regarding the contingent payments, including an estimate of the fair value as of December 31, 2022, see Note 12. The fair values assigned to the assets acquired and liabilities assumed were: (Dollars in thousands) Accounts receivable, net $ 143 Inventories 619 Prepaid expenses and other current assets 72 Property, plant and equipment, net 17 Goodwill 1,205 Trademark 1,900 Accrued liabilities (48) $ 3,908 We recorded $3.1 million of intangible assets, including $1.2 million of goodwill, which was allocated to the wholesale and retail segments as of the acquisition date. Goodwill reflects the excess purchase price over the fair value of net assets. All of this goodwill is deductible for tax purposes. The trademark is not amortized, but instead tested for impairment on an annual basis and more frequently when events or changes in circumstances indicate that the carrying value may not be recoverable. For more information regarding the intangible assets acquired, including an estimate of the fair value of the Forsake trademark as of December 31, 2022, see Note 9. The accompanying consolidated financial statements include the results of Forsake from the date of acquisition through December 31, 2022. For the year ended December 31, 2022, Forsake's net sales totaled approximately $2.9 million, of which $1.7 million was recognized in the wholesale segment and $1.2 million was recognized in the retail segment. From June 7, 2021 (the date of acquisition) to December 31, 2021, Forsake's net sales totaled $2.1 million, of which $1.2 million was recognized in the wholesale segment and $0.9 million was recognized in the retail segment. Pro forma financial information is not presented as the effects of this acquisition are not material to our results of operations or financial position.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, ● Level 1 - unadjusted quoted market prices in active markets for identical assets or liabilities that are publicly accessible. ● Level 2 - quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. ● Level 3 - unobservable inputs that reflect our assumptions, consistent with reasonably available assumptions made by other market participants. The carrying amounts of all short-term financial instruments, except marketable securities and foreign exchange contracts, approximate fair value due to the short-term nature of those instruments. Marketable securities are carried at amortized cost. The fair value disclosures of marketable securities are Level 2 valuations as defined by ASC 820, consisting of quoted prices for identical or similar assets in markets that are not active. See Note 5. Foreign exchange contracts are carried at fair value. The fair value measurements of foreign exchange contracts are based on observable market transactions of spot and forward rates, and thus represent Level 2 valuations as defined by ASC 820.

INVESTMENTS

INVESTMENTS	12 Months Ended
INVESTMENTS	Dec. 31, 2022
INVESTMENTS
INVESTMENTS	5. INVESTMENTS Investments, at fair value At December 31, 2022 and 2021, we had $0.1 million and $8.1 million, respectively, of cash invested in highly liquid taxable bond funds. We classify these investments as trading securities and report them at fair value. There were no significant unrealized gains or losses on these investments in 2022 and 2021. The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a Level 1 valuation as defined by ASC 820 . Marketable securities, at amortized cost We also invest in marketable securities. Our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of our marketable securities as of December 31, 2022 and 2021. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2022 2021 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 1,385 $ 1,381 $ 219 $ 223 Due from one through five years 3,977 3,950 6,503 6,805 Due from six through ten years 2,347 2,455 2,479 2,790 Due from eleven through twenty years 799 773 1,014 1,102 Total $ 8,508 $ 8,559 $ 10,215 $ 10,920 The unrealized gains and losses on marketable securities at December 31, 2022 and 2021 were as follows: 2022 2021 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 145 $ (94) $ 705 $ — At each reporting date, we review our investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, we consider all available evidence, including our overall financial condition, the severity and duration of the decline in fair value, and our intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, we record a reduction in the carrying value to the estimated fair value. We reviewed our portfolio of investments as of December 31, 2022 and 2021 and determined that no other-than-temporary market value impairment exists.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2022
INVENTORIES
INVENTORIES	6. INVENTORIES At December 31, 2022 and 2021, inventories consisted of: 2022 2021 (Dollars in thousands) Finished shoes $ 151,370 $ 99,244 LIFO reserve (23,394) (28,218) Total inventories $ 127,976 $ 71,026 Finished shoes included inventory in-transit of $33.2 million and $52.6 million at December 31, 2022 and 2021, respectively. At December 31, 2022, approximately 94% of our inventories were valued by the LIFO method of accounting while approximately 6% were valued by the FIFO method of accounting. At December 31, 2021, approximately 90% of our inventories were valued by the LIFO method of accounting while approximately 10% were valued by the FIFO method of accounting. During 2022, there were no liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2022 purchases. During 2021, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2021 purchases; the effect of the liquidations decreased cost of sales by $181,000.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	7. PROPERTY, PLANT AND EQUIPMENT, NET At December 31, 2022 and 2021, property, plant and equipment consisted of: 2022 2021 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,793 Buildings and improvements 32,204 32,191 Machinery and equipment 36,820 36,031 Retail fixtures and leasehold improvements 4,623 3,732 Construction in progress 322 701 Property, plant and equipment 77,812 76,448 Less: Accumulated depreciation (49,000) (47,246) Property, plant and equipment, net $ 28,812 $ 29,202

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2022
LEASES
LEASES	8. LEASES We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2023 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of our operating lease costs were as follows: Twelve Months Ended December 31, 2022 2021 (Dollars in thousands) Operating lease costs $ 5,233 $ 5,045 Variable lease costs (1) 1 82 Total lease costs $ 5,234 $ 5,127 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. Short-term lease costs, which were excluded from the above table, are not material to our financial statements. The following is a schedule of maturities of operating lease liabilities as of December 31, 2022: Operating Leases (Dollars in thousands) 2023 $ 4,320 2024 3,544 2025 2,760 2026 2,352 2027 1,272 Thereafter 1,020 Total lease payments 15,268 Less imputed interest (581) Present value of lease liabilities $ 14,687 The operating lease liabilities were classified in the Consolidated Balance Sheets as follows: December 31, December 31, 2022 2021 (Dollars in thousands) Operating lease liabilities - current $ 4,026 $ 3,593 Operating lease liabilities - non-current 10,661 7,520 Total $ 14,687 $ 11,113 We determined the present value of our lease liabilities using a weighted-average discount rate of 4.25%. As of December 31, 2022, our leases had a weighted-average remaining lease term of 4.3 years. Supplemental cash flow information related to our operating leases is as follows: Twelve Months Ended December 31, 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,732 $ 4,888 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 7,941 $ 5,334

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	9. INTANGIBLE ASSETS Our indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2022 2021 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,618 34,768 Total $ 45,935 $ 47,085 We evaluate goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2022 and 2021, we completed a qualitative assessment noting no indicators of impairment. Accordingly, we did not record goodwill impairment charges for any of our reporting units in 2022 or 2021. During 2022, we wrote-down the Forsake contingent consideration liability (see Note 12). We determined that the circumstances surrounding this write-down constituted a triggering event such that impairment assessments were performed for the Forsake trademark during the third and fourth quarters of 2022. The impairment assessments indicated that the carrying value of the Forsake trademark exceeded its fair value, primarily due to decreases in Forsake's sales projections. Accordingly, we wrote down the carrying value of the Forsake trademark from its original value of $1.9 million to its estimated fair value of $750,000 as of December 31, 2022. The related impairment charges, totaling $1.2 million in 2022, were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. In evaluating our other trademarks, we completed qualitative assessments as of December 31, 2022 and 2021 noting no indicators of impairment. Therefore, no impairment charges were recorded on our other trademarks in 2022 and 2021. Our amortizable intangible assets, which were included within other assets in the Consolidated Balance Sheets, consisted of the following: December 31, 2022 December 31, 2021 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,761) $ 739 $ 3,500 $ (2,528) $ 972 Total amortizable intangible assets $ 3,500 $ (2,761) $ 739 $ 3,500 $ (2,528) $ 972 Amortization expense related to the intangible assets was $233,000 in both 2022 and 2021. Excluding the impact of any future acquisitions, we anticipate future amortization expense will be $233,000 in each of the years 2023 through 2025

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2022
OTHER ASSETS
OTHER ASSETS	10. OTHER ASSETS Other assets included the following amounts at December 31, 2022 and 2021: 2022 2021 (Dollars in thousands) Cash surrender value of life insurance $ 19,884 $ 19,194 Amortizable intangible assets, net (See Note 9) 739 972 Investment in real estate 1,926 2,118 Other 1,278 1,317 Total other assets $ 23,827 $ 23,601 We have five life insurance policies on current and former executives. Upon death of the insured executives, the approximate benefit we would receive is $21.3 million in aggregate as of December 31, 2022. On May 1, 2013, we purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which is classified as an investment in real estate in the above table, serves as our Canadian office and distribution center. The purchase was accounted for as an equity-method investment under ASC 323, Investments – Equity Method and Joint Ventures

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS	12 Months Ended
SHORT-TERM BORROWINGS	Dec. 31, 2022
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS	11. SHORT-TERM BORROWINGS On September 28, 2022, we amended our line of credit agreement. The amendment (“Amended Credit Agreement”) extended the maturity of our credit facility to September 28, 2023, increased our available borrowing limit from $40.0 million to $50.0 million, and replaced the London Interbank Offered Rate (“LIBOR”) benchmark used for determining interest rate on outstanding advances. Under the terms of the Amended Credit Agreement, amounts outstanding bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 145 basis points. The Amended Credit Agreement is secured by a security interest in our general business assets, and contains customary representations, warranties and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At December 31, 2022, outstanding borrowings on the line of credit were approximately $31.1 million at an interest rate of 5.77%, and we were in compliance with all financial covenants. At December 31, 2021, there were no amounts outstanding on our line of credit.

CONTINGENT CONSIDERATION

CONTINGENT CONSIDERATION	12 Months Ended
CONTINGENT CONSIDERATION	Dec. 31, 2022
CONTINGENT CONSIDERATION
CONTINGENT CONSIDERATION	12. CONTINGENT CONSIDERATION As disclosed in Note 3, there was an earn-out component of the Forsake purchase price, in which contingent payments were to be paid to the former owners of Forsake annually, over a period of five years, if certain performance thresholds were met. At the acquisition date, our estimate of the fair value of the contingent consideration was approximately $1.3 million in total. This estimate was based on Forsake achieving certain levels of gross margins dollars during a five-year earnout period: August 1, 2021 to July 31, 2026. We remeasured the contingent consideration quarterly and concluded in the third quarter of 2022 that the gross margin thresholds for the first earn out period were not met. We also reduced our sales projections for the brand in the fourth quarter of 2022. The net gains from the revaluation of contingent consideration from approximately $1.3 million to $500,000 totaled $857,000 in 2022. These gains were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. Subsequent to December 31, 2022, we reached an agreement with the former owners of Forsake to settle the contingent consideration liability, which was paid in early 2023.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS	13. EMPLOYEE RETIREMENT PLANS We have a defined benefit pension plan which was frozen effective December 31, 2016. No benefits have been accrued under the plan subsequent to that date. We also have an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. Our funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at fair value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. We follow ASC 715, Compensation – Retirement Benefits, Our pension plan’s weighted average asset allocation at December 31, 2022 and 2021, by asset category, was as follows: Plan Assets at December 31, 2022 2021 Asset Category: Equity Securities 57 % 60 % Fixed Income Securities 31 % 30 % Other 12 % 10 % Total 100 % 100 % We have a Retirement Plan Committee, consisting of the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% - 80%; fixed income securities: 20% - 80%; and other, principally cash: 0% - 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives. To develop the expected long-term rate of return on assets assumption, we considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of 6.75% and 7.00% as the long-term rate of return on assets assumptions for 2022 and 2021, respectively. The following discount rates were used to determine the funded status of the pension plans as of December 31, 2022 and 2021: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 Discount rate for determining funded status 5.41 % 2.83 % 5.44 % 2.86 % The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2022 and 2021: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 52,507 $ 56,026 $ 20,343 $ 21,125 Service cost 445 382 — — Interest cost 1,243 1,047 511 440 Plan settlement — — (4,276) — Actuarial gain (12,028) (2,366) (3,864) (840) Benefits paid (2,558) (2,582) (342) (382) Projected benefit obligation, end of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Change in plan assets Fair value of plan assets, beginning of year $ 44,582 $ 43,144 $ — $ — Actual return on plan assets (5,652) 4,402 — — Administrative expenses (445) (382) — — Contributions — — 4,618 382 Plan settlement — — (4,276) — Benefits paid (2,558) (2,582) (342) (382) Fair value of plan assets, end of year $ 35,927 $ 44,582 $ — $ — Funded status of plan $ (3,682) $ (7,925) $ (12,372) $ (20,343) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (531) $ (492) Long-term pension liability (3,682) (7,925) (11,841) (19,851) Net amount recognized $ (3,682) $ (7,925) $ (12,372) $ (20,343) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $3,382, $4,331, $672, and $1,976, respectively $ 9,629 $ 12,328 $ 1,914 $ 5,624 Prior service cost net of income tax benefit of $0, $0, $19 and $20, respectively — — 54 59 Net amount recognized $ 9,629 $ 12,328 $ 1,968 $ 5,683 As noted above, benefit accruals under the pension plan were frozen, effective December 31, 2016. Therefore, the accumulated benefit obligation of the defined benefit pension plan and supplemental pension plan were equal to the respective plans’ projected benefit obligations, as shown in the above table, at December 31, 2022 and 2021. The decrease in the plans’ projected benefit obligations in 2022 was primarily due to an increase in the discount rates. The projected benefit obligation of the supplemental pension plan was also impacted by a partial plan settlement that occurred during the year as a result of a lump-sum benefit payment, as described below. In December 2022, in accordance with the terms of the supplemental pension plan, we made a lump-sum benefit payment of $4.3 million to a former executive of the Company using cash on hand. As total benefit payments during the year ended December 31, 2022 exceeded the sum of the service and interest cost, we were required to remeasure the liabilities of the plans and recognize a pension settlement charge of $894,000, in accordance with ASC 715. This charge was recorded within “other (expense) income, net” in the Consolidated Statements of Earnings. Assumptions used in determining pension expense for the years ended December 31, 2022 and 2021 were: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 Discount rate for projected benefit obligation 2.83 % 2.47 % 2.86 % 2.51 % Discount rate for determining interest cost 2.39 % 1.91 % 2.54 % 2.10 % Long-term rate of return on plan assets 6.75 % 7.00 % — — The components of pension expense (benefit) for the years ended December 31, 2022 and 2021, were: 2022 2021 (Dollars in thousands) Service cost $ 445 $ 382 Interest cost 1,754 1,487 Expected return on plan assets (2,896) (2,907) Pension settlement charge 894 — Net amortization and deferral 875 1,012 Pension expense (benefit) $ 1,072 $ (26) The components of pension expense (benefit) other than the service cost component were included in “other (expense) income, net” in the Consolidated Statements of Earnings. The increase in expense in 2022 was primarily due to the pension settlement charge of $894,000, as described above. It is our intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in our defined benefit retirement plan in future years. At this time, we expect that any cash contributions necessary to satisfy these requirements in 2023 would not be material. Projected benefit payments for the plans at December 31, 2022, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2023 $ 2,996 $ 531 2024 $ 2,999 $ 601 2025 $ 2,979 $ 724 2026 $ 2,967 $ 782 2027 $ 3,005 $ 837 2028 - 2032 $ 14,425 $ 5,024 The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1) The following table summarizes the fair value of pension plan assets at December 31, 2021, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2021 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 18,493 $ 1,934 $ — $ 20,427 Preferred stocks 247 31 — 278 Exchange traded funds 6,324 — — 6,324 Corporate obligations — 4,795 — 4,795 State and municipal obligations — 512 — 512 Pooled fixed income funds 6,953 — — 6,953 U.S. government securities — 659 — 659 Cash and cash equivalents 4,573 — — 4,573 Subtotal $ 36,590 $ 7,931 $ — $ 44,521 Other assets (1) 61 Total $ 44,582 (1) We also have a defined contribution plan covering substantially all employees. We contributed $1.0 million and $850,000 to this plan in 2022 and 2021, respectively.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	12 Months Ended
COMPREHENSIVE INCOME	Dec. 31, 2022
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	14. COMPREHENSIVE INCOME The components of accumulated other comprehensive loss as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2022 2021 (Dollars in thousands) Foreign currency translation adjustments $ (8,596) $ (6,783) Pension liability, net of tax (11,597) (18,011) Total accumulated other comprehensive loss $ (20,193) $ (24,794) The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2022 and 2021 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2020 $ (6,050) $ (21,955) $ (28,005) Other comprehensive (loss) income before reclassifications (733) 3,196 2,463 Amounts reclassified from accumulated other comprehensive loss — 748 748 Net current period other comprehensive (loss) income (733) 3,944 3,211 Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2022 and 2021 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net 2022 2021 income is presented Amortization of defined benefit pension items Prior service cost $ 6 (1) $ (62) (1) Other (expense) income, net Actuarial losses 869 (1) 1,074 (1) Other (expense) income, net Total before tax 875 1,012 Tax benefit (228) (264) Net of tax $ 647 $ 748 (1) These amounts were included in the computation of pension expense (benefit). See Note 13 for additional details.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The provision for income taxes included the following components for the years ended December 31, 2022 and 2021: 2022 2021 (Dollars in thousands) Current: Federal $ 6,263 $ 3,656 State 1,934 1,235 Foreign 705 989 Total 8,902 5,880 Deferred 1,297 910 Total provision $ 10,199 $ 6,790 The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows for the years ended December 31, 2022 and 2021: 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 2.9 3.3 Foreign income tax rate differences 0.7 1.6 Other 1.1 (1.1) Effective tax rate 25.7 % 24.8 % The foreign component of pretax earnings was $4.6 million and $3.5 million in 2022 and 2021, respectively. The components of deferred taxes at December 31, 2022 and 2021 were as follows: 2022 2021 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 284 $ 269 Pension liability 4,174 7,350 Accrued liabilities 1,874 1,578 Operating lease liabilities 3,871 2,848 Foreign currency losses on intercompany loans 54 57 10,257 12,102 Deferred income tax liabilities: Inventory and related reserves (2,998) (3,011) Cash value of life insurance (615) (545) Property, plant and equipment (1,162) (1,199) Intangible assets (9,112) (8,539) Prepaid expenses and other assets (367) (356) Operating lease right-of-use assets (3,495) (2,415) (17,749) (16,065) Net deferred income tax liabilities $ (7,492) $ (3,963) The net deferred income tax liabilities are classified in the Consolidated Balance Sheets as follows: 2022 2021 (Dollars in thousands) Non-current deferred income tax benefits $ 1,038 $ 1,063 Non-current deferred income tax liabilities (8,530) (5,026) Net deferred income tax liabilities $ (7,492) $ (3,963) Uncertain Tax Positions We account for our uncertain tax positions in accordance with ASC 740, Income Taxes . The following table summarizes the activity related to our unrecognized tax benefits: 2022 2021 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 155 $ 833 Increases related to current year tax positions 228 8 Decreases due to settlements of tax positions — (250) Decreases due to lapsing of statute of limitations (78) (436) Unrecognized tax benefits balance at December 31, $ 305 $ 155 The unrecognized tax benefits at December 31, 2022 and 2021, include $30,000 and $26,000, respectively, of interest related to such positions. The unrecognized tax benefits, if ultimately recognized, would reduce our annual effective tax rate. The liabilities for potential interest are included in the Consolidated Balance Sheets at December 31, 2022 and 2021. We file a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2019 through 2021 tax years remain subject to examination by those taxing authorities.

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2022
COMMITMENTS
COMMITMENTS	16. COMMITMENTS At December 31, 2022, we had commitments to purchase $48.7 million of inventory, all of which were due in less than one year.

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	12 Months Ended
SHARE REPURCHASE PROGRAM	Dec. 31, 2022
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM	17. SHARE REPURCHASE PROGRAM In 1998, our share repurchase program was established. On several occasions since the program’s inception, our Board of Directors increased the number of shares authorized for repurchase under the program. In total, 8.5 million shares have been authorized for repurchase. This includes the additional 1.0 million shares that were authorized for repurchase on May 3, 2022. In 2022, we purchased 171,397 shares at a total cost of $4.2 million through our share repurchase program. In 2021, we purchased 125,204 shares at a total cost of $2.5 million through our share repurchase program. As of December 31, 2022, there were 1,039,179 authorized shares remaining under the program.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	18. EARNINGS PER SHARE The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2022 and 2021: 2022 2021 (In thousands, except per share amounts) Numerator: Net earnings $ 29,540 $ 20,555 Denominator: Basic weighted average shares outstanding 9,555 9,662 Effect of dilutive securities: Employee share-based awards 69 31 Diluted weighted average shares outstanding 9,624 9,693 Basic earnings per share $ 3.09 $ 2.13 Diluted earnings per share $ 3.07 $ 2.12 Diluted weighted average shares outstanding for 2022 exclude anti-dilutive share-based awards totaling 916,000 shares at a weighted average price of $27.27. Diluted weighted average shares outstanding for 2021 exclude anti-dilutive share-based awards totaling 1,109,000 shares at a weighted average price of $26.49. Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest. As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	19. SEGMENT INFORMATION We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes our wholesale and retail operations in Australia, South Africa, Asia Pacific, and Europe, which do not meet the criteria for separate reportable segment classification. In the wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in our wholesale segment. We have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. In 2022 and 2021, there was no single customer with sales of 10% or more of our total sales. In the retail segment, we operate e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Retail stores sell our branded footwear, primarily Florsheim, and accessories. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2022 and 2021 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342 2021 Product sales $ 203,649 $ 31,595 $ 30,660 $ 265,904 Licensing revenues 1,737 — — 1,737 Net sales 205,386 31,595 30,660 267,641 Depreciation 1,995 4 491 2,490 Earnings (loss) from operations 19,455 6,651 (404) 25,702 Total assets 246,983 6,263 24,421 277,667 Capital expenditures 453 17 537 1,007 All North American corporate office assets are included in the wholesale segment. Transactions between segments primarily consist of sales between the wholesale and retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table. Geographic Segments Financial information relating to our business by geographic area was as follows for the years ended December 31, 2022 and 2021: 2022 2021 (Dollars in thousands) Net Sales United States $ 292,441 $ 215,754 Canada 27,488 21,227 Europe — 2,309 Australia 25,196 21,218 Asia 3,472 3,198 South Africa 3,140 3,935 Total $ 351,737 $ 267,641 Long-Lived Assets United States $ 76,530 $ 79,486 Other 14,310 9,434 $ 90,840 $ 88,920 Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
SHARE-BASED COMPENSATION PLANS	Dec. 31, 2022
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	20. SHARE-BASED COMPENSATION PLANS At December 31, 2022 we had two share-based compensation plans: the 2014 Incentive Plan and the 2017 Incentive Plan (collectively, “the Plans”). Awards are no longer granted under the 2014 Incentive Plan; however, awards previously granted under such plan continue in accordance with their terms. Options to purchase common stock were granted to officers and key employees at exercise prices not less than the fair market value of our Company’s common stock on the date of the grant, and we also grant restricted stock awards. We issue new common stock to satisfy stock option exercises as well as the issuance of restricted stock awards. Stock options and restricted stock awards were granted in both 2022 and 2021. Stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. Stock options granted in 2022 and 2021 vest ratably over five years and expire 10 years from the grant date. Restricted stock granted in 2022 and 2021 vests ratably over four years. As of December 31, 2022, there were approximately 269,000 shares remaining available for share-based awards under the 2017 Incentive Plan. Stock option exercises can be net share settled such that we withhold shares with value equivalent to the exercise price of the stock option awards plus the employees’ minimum statutory obligation for the applicable income and other employment taxes. The net share settlement has the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued. In 2022, approximately 42,000 shares were withheld , and were based on the value of the stock on the exercise dates. Total payments made by the Company for the employees’ tax obligations to the taxing authorities were $12,000 in 2022 and nominal in 2021; such payments are generally reflected as a financing activity within the consolidated statements of cash flows. In accordance with ASC 718, share-based compensation expense of approximately $1.5 million and $1.6 million was recognized in 2022 and 2021, respectively, for stock options and restricted stock awards granted since 2015. An estimate of forfeitures, based on historical data, was included in the calculation of share-based compensation. During 2021, our Board of Directors approved extending the expiration date of stock options granted in years 2015 and 2016. The original expiration date of the stock options granted in 2015 was August 25, 2021, and was extended by two years to August 25, 2023. The original expiration date of the stock options granted in 2016 was August 25, 2022, and was extended by one year to August 25, 2023. We recorded an additional $232,000 of compensation expense in 2021 due to the extension of the exercise periods. At December 31, 2022, there was $1.8 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2018 through 2022 which is expected to be recognized over the weighted-average remaining vesting period of 3.7 years. At December 31, 2021, there was $1.8 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2017 through 2021 which was expected to be recognized over the weighted-average remaining vesting period of 3.5 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2022 and 2021: 2022 2021 Risk-free interest rate 3.08 % 1.13 % Expected dividend yield 3.33 % 4.00 % Expected term 8.0 8.0 Expected volatility 28.5 % 28.5 % The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on our expected annual dividend as a percentage of the market value of our Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award. The following tables summarize our stock option activity during the years ended December 31, 2022 and 2021: Stock Options Years ended December 31, 2022 2021 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,279,833 $ 25.44 1,125,383 $ 25.62 Granted 143,500 28.83 186,900 24.00 Exercised (60,914) 24.96 (1,300) 18.00 Forfeited or expired (17,050) 24.79 (31,150) 24.06 Outstanding at end of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Exercisable at end of year 891,733 $ 26.36 768,522 $ 26.58 Weighted average fair market value of options granted $ 6.78 $ 4.16 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2022 5.3 $ 532,000 Exercisable - December 31, 2022 3.7 $ 234,000 The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our Company’s common stock on December 31, 2022 of $21.16 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2020 485,371 $ 24.08 $ 3.48 Granted 186,900 24.00 4.16 Vested (137,180) 25.65 3.83 Forfeited (23,780) 23.97 3.48 Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55 The following table summarizes information about outstanding and exercisable stock options at December 31, 2022: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 168,320 7.7 $ 18.00 74,150 $ 18.00 $23.38 to $25.86 736,466 3.9 $ 24.71 540,776 $ 25.03 $27.94 to $37.22 440,583 6.5 $ 30.71 276,807 $ 31.19 1,345,369 5.3 $ 25.83 891,733 $ 26.36 The following table summarizes our stock option activity for the years ended December 31: 2022 2021 (Dollars in thousands) Total intrinsic value of stock options exercised $ 251 $ 8 Net proceeds from stock option exercises $ 293 $ 2 Income tax benefit from the exercise of stock options $ 65 $ 2 Total fair value of stock options vested $ 734 $ 525 Restricted Stock The following table summarizes our restricted stock award activity during the years ended December 31, 2021 and 2022: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2020 72,490 $ 23.77 Issued 36,325 24.00 Vested (30,345) 25.75 Forfeited — — Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67 At December 31, 2022, we expected 71,808 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.7 years. These shares had an aggregate intrinsic value of $1.5 million at December 31, 2022. The aggregate intrinsic value was calculated using the market value of our Company’s common stock on December 31, 2022 of $21.16 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was $247,000 in 2022 and $184,000 in 2021.

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS	Dec. 31, 2022
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS	21. VALUATION AND QUALIFYING ACCOUNTS Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2020 $ 1,425 $ 1,241 $ 2,666 Add - Additions charged to earnings 198 2,997 3,195 Deduct - Charges for purposes for which reserves were established (316) (3,478) (3,794) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Investments	Investments Investments – Debt and Equity Securities,
Accounts Receivable	Accounts Receivable –
Inventories	Inventories
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Leases	Leases - ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. As our leases generally do not provide an implicit rate, we used our incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of our future lease payments. We used a portfolio approach and applied a single discount rate to all of our leases. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 8.
Goodwill	Goodwill -
Intangible Assets (excluding Goodwill)	Intangible Assets (excluding Goodwill)
Life Insurance	Life Insurance –
Income Taxes	Income Taxes -
Revenue Recognition	Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayments terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities.
Shipping and Handling Fees	Shipping and Handling Fees Selling and Administrative Expenses
Cost of Sales	Cost of Sales
Selling and Administrative Expenses	Selling and Administrative Expenses -
Advertising Costs	Advertising Costs -
Foreign Currency Translations	Foreign Currency Translations Foreign Currency Matters
Foreign Currency Transactions	Foreign Currency Transactions -
Financial Instruments	Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2022 and 2021, realized gains and losses on foreign exchange contracts were not material to our financial statements.
Earnings Per Share	Earnings Per Share
Comprehensive Income	Comprehensive Income –
Share-Based Compensation	Share-Based Compensation - Compensation – Stock Compensation
Concentration of Credit Risk	Concentration of Credit Risk
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments instruments, based on historical experience, current conditions, and reasonable forecasts, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to reinvested earnings in the period of adoption. We adopted this standard in first quarter of 2023. The adoption of this standard did not have a material impact our consolidated financial statements or related disclosures. On January 1, 2021, we adopted ASU 2019-12 Simplifying the Accounting for Income Taxes

ACQUISITION (Tables)

ACQUISITION (Tables)	12 Months Ended
ACQUISITION (Tables)	Dec. 31, 2022
ACQUISITION
Schedule of fair values assigned to the assets acquired and liabilities assumed as of the acquisition date	(Dollars in thousands) Accounts receivable, net $ 143 Inventories 619 Prepaid expenses and other current assets 72 Property, plant and equipment, net 17 Goodwill 1,205 Trademark 1,900 Accrued liabilities (48) $ 3,908

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
INVESTMENTS (Tables)	Dec. 31, 2022
INVESTMENTS
Schedule of marketable securities	2022 2021 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 1,385 $ 1,381 $ 219 $ 223 Due from one through five years 3,977 3,950 6,503 6,805 Due from six through ten years 2,347 2,455 2,479 2,790 Due from eleven through twenty years 799 773 1,014 1,102 Total $ 8,508 $ 8,559 $ 10,215 $ 10,920
Schedule of unrealized gains on marketable securities	2022 2021 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 145 $ (94) $ 705 $ —

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2022
INVENTORIES
Schedule of Inventory	2022 2021 (Dollars in thousands) Finished shoes $ 151,370 $ 99,244 LIFO reserve (23,394) (28,218) Total inventories $ 127,976 $ 71,026

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of Property, Plant and Equipment	2022 2021 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,793 Buildings and improvements 32,204 32,191 Machinery and equipment 36,820 36,031 Retail fixtures and leasehold improvements 4,623 3,732 Construction in progress 322 701 Property, plant and equipment 77,812 76,448 Less: Accumulated depreciation (49,000) (47,246) Property, plant and equipment, net $ 28,812 $ 29,202

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2022
LEASES
Schedule of operating lease costs	Twelve Months Ended December 31, 2022 2021 (Dollars in thousands) Operating lease costs $ 5,233 $ 5,045 Variable lease costs (1) 1 82 Total lease costs $ 5,234 $ 5,127 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.
Schedule of maturities of operating lease liabilities	Operating Leases (Dollars in thousands) 2023 $ 4,320 2024 3,544 2025 2,760 2026 2,352 2027 1,272 Thereafter 1,020 Total lease payments 15,268 Less imputed interest (581) Present value of lease liabilities $ 14,687 December 31, December 31, 2022 2021 (Dollars in thousands) Operating lease liabilities - current $ 4,026 $ 3,593 Operating lease liabilities - non-current 10,661 7,520 Total $ 14,687 $ 11,113
Schedule of supplemental cash flow information	Twelve Months Ended December 31, 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,732 $ 4,888 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 7,941 $ 5,334

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2022
INTANGIBLE ASSETS
Schedule of indefinite-lived intangible assets	December 31, December 31, 2022 2021 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,618 34,768 Total $ 45,935 $ 47,085
Schedule of company's amortizable intangible assets	December 31, 2022 December 31, 2021 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,761) $ 739 $ 3,500 $ (2,528) $ 972 Total amortizable intangible assets $ 3,500 $ (2,761) $ 739 $ 3,500 $ (2,528) $ 972

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2022
OTHER ASSETS
Schedule of Other Assets	Other assets included the following amounts at December 31, 2022 and 2021: 2022 2021 (Dollars in thousands) Cash surrender value of life insurance $ 19,884 $ 19,194 Amortizable intangible assets, net (See Note 9) 739 972 Investment in real estate 1,926 2,118 Other 1,278 1,317 Total other assets $ 23,827 $ 23,601

EMPLOYEE RETIREMENT PLANS (Tabl

EMPLOYEE RETIREMENT PLANS (Tables)	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Tables)	Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS
Schedule of pension plan weighted average assets allocation	Our pension plan’s weighted average asset allocation at December 31, 2022 and 2021, by asset category, was as follows: Plan Assets at December 31, 2022 2021 Asset Category: Equity Securities 57 % 60 % Fixed Income Securities 31 % 30 % Other 12 % 10 % Total 100 % 100 %
Schedule of funded status of pension plans	The following discount rates were used to determine the funded status of the pension plans as of December 31, 2022 and 2021: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 Discount rate for determining funded status 5.41 % 2.83 % 5.44 % 2.86 %
Schedule of change in benefit obligation and plan assets	The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2022 and 2021: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 52,507 $ 56,026 $ 20,343 $ 21,125 Service cost 445 382 — — Interest cost 1,243 1,047 511 440 Plan settlement — — (4,276) — Actuarial gain (12,028) (2,366) (3,864) (840) Benefits paid (2,558) (2,582) (342) (382) Projected benefit obligation, end of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Change in plan assets Fair value of plan assets, beginning of year $ 44,582 $ 43,144 $ — $ — Actual return on plan assets (5,652) 4,402 — — Administrative expenses (445) (382) — — Contributions — — 4,618 382 Plan settlement — — (4,276) — Benefits paid (2,558) (2,582) (342) (382) Fair value of plan assets, end of year $ 35,927 $ 44,582 $ — $ — Funded status of plan $ (3,682) $ (7,925) $ (12,372) $ (20,343) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (531) $ (492) Long-term pension liability (3,682) (7,925) (11,841) (19,851) Net amount recognized $ (3,682) $ (7,925) $ (12,372) $ (20,343) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $3,382, $4,331, $672, and $1,976, respectively $ 9,629 $ 12,328 $ 1,914 $ 5,624 Prior service cost net of income tax benefit of $0, $0, $19 and $20, respectively — — 54 59 Net amount recognized $ 9,629 $ 12,328 $ 1,968 $ 5,683
Schedule of net periodic pension cost	Assumptions used in determining pension expense for the years ended December 31, 2022 and 2021 were: Defined Benefit Pension Plan Supplemental Pension Plan 2022 2021 2022 2021 Discount rate for projected benefit obligation 2.83 % 2.47 % 2.86 % 2.51 % Discount rate for determining interest cost 2.39 % 1.91 % 2.54 % 2.10 % Long-term rate of return on plan assets 6.75 % 7.00 % — —
Schedule of company's pension expense	The components of pension expense (benefit) for the years ended December 31, 2022 and 2021, were: 2022 2021 (Dollars in thousands) Service cost $ 445 $ 382 Interest cost 1,754 1,487 Expected return on plan assets (2,896) (2,907) Pension settlement charge 894 — Net amortization and deferral 875 1,012 Pension expense (benefit) $ 1,072 $ (26)
Schedule of projected benefit payments for the plans	Projected benefit payments for the plans at December 31, 2022, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2023 $ 2,996 $ 531 2024 $ 2,999 $ 601 2025 $ 2,979 $ 724 2026 $ 2,967 $ 782 2027 $ 3,005 $ 837 2028 - 2032 $ 14,425 $ 5,024
Schedule of fair value hierarchy	The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1) The following table summarizes the fair value of pension plan assets at December 31, 2021, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2021 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 18,493 $ 1,934 $ — $ 20,427 Preferred stocks 247 31 — 278 Exchange traded funds 6,324 — — 6,324 Corporate obligations — 4,795 — 4,795 State and municipal obligations — 512 — 512 Pooled fixed income funds 6,953 — — 6,953 U.S. government securities — 659 — 659 Cash and cash equivalents 4,573 — — 4,573 Subtotal $ 36,590 $ 7,931 $ — $ 44,521 Other assets (1) 61 Total $ 44,582 (1)

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	12 Months Ended
COMPREHENSIVE INCOME (Tables)	Dec. 31, 2022
COMPREHENSIVE INCOME
Schedule of accumulated other comprehensive loss	December 31, December 31, 2022 2021 (Dollars in thousands) Foreign currency translation adjustments $ (8,596) $ (6,783) Pension liability, net of tax (11,597) (18,011) Total accumulated other comprehensive loss $ (20,193) $ (24,794)
Schedule of changes in accumulated other comprehensive loss	The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2022 and 2021 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2020 $ (6,050) $ (21,955) $ (28,005) Other comprehensive (loss) income before reclassifications (733) 3,196 2,463 Amounts reclassified from accumulated other comprehensive loss — 748 748 Net current period other comprehensive (loss) income (733) 3,944 3,211 Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2022 and 2021 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net 2022 2021 income is presented Amortization of defined benefit pension items Prior service cost $ 6 (1) $ (62) (1) Other (expense) income, net Actuarial losses 869 (1) 1,074 (1) Other (expense) income, net Total before tax 875 1,012 Tax benefit (228) (264) Net of tax $ 647 $ 748 (1) These amounts were included in the computation of pension expense (benefit). See Note 13 for additional details.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2022
INCOME TAXES
Schedule of provision for income tax	2022 2021 (Dollars in thousands) Current: Federal $ 6,263 $ 3,656 State 1,934 1,235 Foreign 705 989 Total 8,902 5,880 Deferred 1,297 910 Total provision $ 10,199 $ 6,790
Schedule of effective tax rate	2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 2.9 3.3 Foreign income tax rate differences 0.7 1.6 Other 1.1 (1.1) Effective tax rate 25.7 % 24.8 %
Schedule of components of deferred taxes	2022 2021 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 284 $ 269 Pension liability 4,174 7,350 Accrued liabilities 1,874 1,578 Operating lease liabilities 3,871 2,848 Foreign currency losses on intercompany loans 54 57 10,257 12,102 Deferred income tax liabilities: Inventory and related reserves (2,998) (3,011) Cash value of life insurance (615) (545) Property, plant and equipment (1,162) (1,199) Intangible assets (9,112) (8,539) Prepaid expenses and other assets (367) (356) Operating lease right-of-use assets (3,495) (2,415) (17,749) (16,065) Net deferred income tax liabilities $ (7,492) $ (3,963)
Schedule of net deferred tax liabilities	2022 2021 (Dollars in thousands) Non-current deferred income tax benefits $ 1,038 $ 1,063 Non-current deferred income tax liabilities (8,530) (5,026) Net deferred income tax liabilities $ (7,492) $ (3,963)
Summary of unrecognized tax benefits	2022 2021 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 155 $ 833 Increases related to current year tax positions 228 8 Decreases due to settlements of tax positions — (250) Decreases due to lapsing of statute of limitations (78) (436) Unrecognized tax benefits balance at December 31, $ 305 $ 155

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2022
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2022 and 2021: 2022 2021 (In thousands, except per share amounts) Numerator: Net earnings $ 29,540 $ 20,555 Denominator: Basic weighted average shares outstanding 9,555 9,662 Effect of dilutive securities: Employee share-based awards 69 31 Diluted weighted average shares outstanding 9,624 9,693 Basic earnings per share $ 3.09 $ 2.13 Diluted earnings per share $ 3.07 $ 2.12

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2022
SEGMENT INFORMATION
Schedule of segment reporting information	The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2022 and 2021 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342 2021 Product sales $ 203,649 $ 31,595 $ 30,660 $ 265,904 Licensing revenues 1,737 — — 1,737 Net sales 205,386 31,595 30,660 267,641 Depreciation 1,995 4 491 2,490 Earnings (loss) from operations 19,455 6,651 (404) 25,702 Total assets 246,983 6,263 24,421 277,667 Capital expenditures 453 17 537 1,007
Schedule of Company's business by geographic area	Financial information relating to our business by geographic area was as follows for the years ended December 31, 2022 and 2021: 2022 2021 (Dollars in thousands) Net Sales United States $ 292,441 $ 215,754 Canada 27,488 21,227 Europe — 2,309 Australia 25,196 21,218 Asia 3,472 3,198 South Africa 3,140 3,935 Total $ 351,737 $ 267,641 Long-Lived Assets United States $ 76,530 $ 79,486 Other 14,310 9,434 $ 90,840 $ 88,920

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
SHARE-BASED COMPENSATION PLANS (Tables)	Dec. 31, 2022
SHARE-BASED COMPENSATION PLANS
Schedule of Weighted average stock options assumptions	The following weighted-average assumptions were used to determine compensation expense related to stock options in 2022 and 2021: 2022 2021 Risk-free interest rate 3.08 % 1.13 % Expected dividend yield 3.33 % 4.00 % Expected term 8.0 8.0 Expected volatility 28.5 % 28.5 %
Schedule of company's stock option activity	The following tables summarize our stock option activity during the years ended December 31, 2022 and 2021: Stock Options Years ended December 31, 2022 2021 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,279,833 $ 25.44 1,125,383 $ 25.62 Granted 143,500 28.83 186,900 24.00 Exercised (60,914) 24.96 (1,300) 18.00 Forfeited or expired (17,050) 24.79 (31,150) 24.06 Outstanding at end of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Exercisable at end of year 891,733 $ 26.36 768,522 $ 26.58 Weighted average fair market value of options granted $ 6.78 $ 4.16 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2022 5.3 $ 532,000 Exercisable - December 31, 2022 3.7 $ 234,000
Schedule of Non-vested stock options	Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2020 485,371 $ 24.08 $ 3.48 Granted 186,900 24.00 4.16 Vested (137,180) 25.65 3.83 Forfeited (23,780) 23.97 3.48 Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55
Summary of Outstanding and exercisable stock options	The following table summarizes information about outstanding and exercisable stock options at December 31, 2022: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 168,320 7.7 $ 18.00 74,150 $ 18.00 $23.38 to $25.86 736,466 3.9 $ 24.71 540,776 $ 25.03 $27.94 to $37.22 440,583 6.5 $ 30.71 276,807 $ 31.19 1,345,369 5.3 $ 25.83 891,733 $ 26.36
Schedule of Company's stock option exercise activity	The following table summarizes our stock option activity for the years ended December 31: 2022 2021 (Dollars in thousands) Total intrinsic value of stock options exercised $ 251 $ 8 Net proceeds from stock option exercises $ 293 $ 2 Income tax benefit from the exercise of stock options $ 65 $ 2 Total fair value of stock options vested $ 734 $ 525
Schedule of company's restricted stock award	The following table summarizes our restricted stock award activity during the years ended December 31, 2021 and 2022: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2020 72,490 $ 23.77 Issued 36,325 24.00 Vested (30,345) 25.75 Forfeited — — Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67

VALUATION AND QUALIFYING ACCO_2

VALUATION AND QUALIFYING ACCOUNTS (Tables)	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS (Tables)	Dec. 31, 2022
VALUATION AND QUALIFYING ACCOUNTS
Schedule Of Valuation And Qualifying Accounts	Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2020 $ 1,425 $ 1,241 $ 2,666 Add - Additions charged to earnings 198 2,997 3,195 Deduct - Charges for purposes for which reserves were established (316) (3,478) (3,794) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details)	12 Months Ended
NATURE OF OPERATIONS (Details)	Dec. 31, 2022 segment item
NATURE OF OPERATIONS
Number of Reportable Segments \| segment	2
Number of brick and mortar stores \| item	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 AUD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Asset Impairment Charges		$ 1,100
Impairment of trademark	$ 1,150	0
Selling Expense	22,800	15,500
Advertising Expense	13,400	9,700
Forsake
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of trademark	1,200
Florsheim Australia Pty Ltd
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign exchange contracts outstanding	1,100		$ 1.5
Royalty
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue from Contract with Customer, Including Assessed Tax	$ 2,100	$ 1,700
Accounts receivable
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration of credit risk	There was one individual customer accounts receivable balance outstanding that represented approximately 13% of our gross accounts receivable balance at December 31, 2022 and 2021. There were no individual customers with sales above 10% of our total sales in 2022 and 2021.
Building and building improvements \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	10 years
Building and building improvements \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	39 years
Machinery and equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	15 years
Furniture and fixtures \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	5 years
Furniture and fixtures \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	15 years

ACQUISITION (Details)

ACQUISITION (Details) - USD ($)		7 Months Ended	12 Months Ended
ACQUISITION (Details) - USD ($)	Jun. 07, 2021	Dec. 31, 2021	Dec. 31, 2022
Acquisition
Goodwill		$ 12,317,000	$ 12,317,000
Forsake
Acquisition
Aggregate purchase price	$ 2,600,000
Preliminary estimate of the discounted fair value of the contingent payments	1,300,000		500,000
Recorded intangible assets	3,100,000
Goodwill	$ 1,200,000		1,205,000
Net sales		2,100,000	2,900,000
Forsake \| Wholesale
Acquisition
Net sales		1,200,000	1,700,000
Forsake \| Retail
Acquisition
Net sales		$ 900,000	$ 1,200,000

ACQUISITION - Accrued liabiliti

ACQUISITION - Accrued liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 07, 2021
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Goodwill		$ 12,317	$ 12,317
Forsake
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date
Accounts receivable, net		143
Inventories		619
Prepaid expenses and other current assets		72
Property, plant and equipment, net		17
Goodwill		1,205		$ 1,200
Trademark		1,900
Accrued liabilities		(48)
Total		$ 3,908
Period for payments of contingent consideration	5 years

INVESTMENTS - Investments, at f

INVESTMENTS - Investments, at fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS
Investments, at fair value	$ 107	$ 8,122
Unrealized gain losses on investments	$ 0	$ 0

INVESTMENTS - Marketable Securi

INVESTMENTS - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS
Amortized Cost, Current	$ 1,385	$ 219
Amortized Cost, Due from one through five years	3,977	6,503
Amortized Cost, Due from six through ten years	2,347	2,479
Amortized Cost, Due from eleven through twenty years	799	1,014
Amortized Cost, Total	8,508	10,215
Market Value, Current	1,381	223
Market Value, Due from one through five years	3,950	6,805
Market Value, Due from six through ten years	2,455	2,790
Market Value, Due from eleven through twenty years	773	1,102
Market Value, Total	$ 8,559	$ 10,920

INVESTMENTS - Unrealized gains

INVESTMENTS - Unrealized gains and losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS
Unrealized Gains	$ 145	$ 705
Unrealized Losses	$ (94)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INVENTORIES
Finished shoes	$ 151,370	$ 99,244
LIFO reserve	(23,394)	(28,218)
Total inventories	$ 127,976	$ 71,026

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Details) - USD ($)	12 Months Ended
INVENTORIES - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2022
INVENTORIES
Other Inventory, in Transit, Gross	$ 52,600,000	$ 33,200,000
Percentage of LIFO Inventory	90%	94%
Percentage of FIFO Inventory	10%	6%
Decrease in cost of sales	$ 181,000

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT, NET
Land and land improvements	$ 3,843	$ 3,793
Buildings and improvements	32,204	32,191
Machinery and equipment	36,820	36,031
Retail fixtures and leasehold improvements	4,623	3,732
Construction in progress	322	701
Property, plant and equipment	77,812	76,448
Less: Accumulated depreciation	(49,000)	(47,246)
Property, plant and equipment, net	$ 28,812	$ 29,202

LEASES - Operating lease costs

LEASES - Operating lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease costs	$ 5,233	$ 5,045
Variable lease costs	1	82
Total lease costs	$ 5,234	$ 5,127

LEASES - Maturities of operatin

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LEASES
2023	$ 4,320
2024	3,544
2025	2,760
2026	2,352
2027	1,272
Thereafter	1,020
Total lease payments	15,268
Less imputed interest	(581)
Present value of lease liabilities	$ 14,687	$ 11,113

LEASES - Operating lease liabil

LEASES - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease liabilities - current	$ 4,026	$ 3,593
Operating lease liabilities - non-current	10,661	7,520
Total	$ 14,687	$ 11,113

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2022
LEASES
Weighted-average discount rate (percent)	4.25%
Weighted-average remaining lease term	4 years 3 months 18 days

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 4,732	$ 4,888
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 7,941	$ 5,334

INTANGIBLE ASSETS - Indefinite-

INTANGIBLE ASSETS - Indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived intangibles:
Goodwill	$ 12,317	$ 12,317
Trademarks	33,618	34,768
Total	$ 45,935	$ 47,085

INTANGIBLE ASSETS - Amortizable

INTANGIBLE ASSETS - Amortizable intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortizable intangible assets
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(2,761)	(2,528)
Net	$ 739	972
Customer relationships
Amortizable intangible assets
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,761)	(2,528)
Net	$ 739	$ 972

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INTANGIBLE ASSETS
Impairment of trademark	$ 1,150,000	$ 0
Impairment charges on other trademarks	0	0
Amortization of intangible assets	233,000	$ 233,000
2023	233,000
2024	233,000
2025	233,000
2026	40,000
Forsake
INTANGIBLE ASSETS
Carrying value of trademark	1,900,000
Fair value of trademark	750,000
Impairment of trademark	$ 1,200,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
OTHER ASSETS
Cash surrender value of life insurance	$ 19,884	$ 19,194
Amortizable intangible assets, net	739	972
Investment in real estate	1,926	2,118
Other	1,278	1,317
Total other assets	$ 23,827	$ 23,601

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	May 01, 2013	Dec. 31, 2022
OTHER ASSETS
Approximate death benefit receive		$ 21.3
Percentage of purchase interest	50%
Payments to acquire buildings	$ 3.2

SHORT-TERM BORROWINGS (Details)

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands		12 Months Ended
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands	Sep. 28, 2023	Dec. 31, 2022	Sep. 28, 2022	Sep. 27, 2022	Dec. 31, 2021
SHORT-TERM BORROWINGS
Short-term borrowings		$ 31,136
Revolving Credit Facility
SHORT-TERM BORROWINGS
Line of credit facility, expiration date	Sep. 28, 2023
Line of credit facility on general corporate assets			$ 50,000	$ 40,000
Short-term borrowings		$ 31,100
Interest rate (in percent)		5.77%
Line of credit current					$ 0
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
SHORT-TERM BORROWINGS
Spread on variable rate		145%

CONTINGENT CONSIDERATION (Detai

CONTINGENT CONSIDERATION (Details) - USD ($)		12 Months Ended
CONTINGENT CONSIDERATION (Details) - USD ($)	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 07, 2021
CONTINGENT CONSIDERATION
Net gains from revaluation of contingent consideration		$ 857,000	$ 0
Forsake
CONTINGENT CONSIDERATION
Period for payments of contingent consideration	5 years
Preliminary estimate of the discounted fair value of the contingent payments		500,000		$ 1,300,000
Forsake \| Selling, general and administrative expenses
CONTINGENT CONSIDERATION
Net gains from revaluation of contingent consideration		$ 857,000

EMPLOYEE RETIREMENT PLANS - Sch

EMPLOYEE RETIREMENT PLANS - Schedule of weighted average asset allocation (Details)	Dec. 31, 2022	Dec. 31, 2021
Asset Category:
Weighted Average Asset Allocation	100%	100%
Equity Securities
Asset Category:
Weighted Average Asset Allocation	57%	60%
Fixed Income Securities
Asset Category:
Weighted Average Asset Allocation	31%	30%
Other
Asset Category:
Weighted Average Asset Allocation	12%	10%

EMPLOYEE RETIREMENT PLANS - Add

EMPLOYEE RETIREMENT PLANS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	100%	100%
Long-term rate of return on plan assets	6.75%	7%
Weighted Average Asset Allocation	80%
Defined contribution plan employer contribution amount	$ 1,000,000	$ 850,000
Lump-sum benefit payment	4,300,000
Pension settlement charge	894,000
Defined Benefit Pension Plan
EMPLOYEE RETIREMENT PLANS
Other comprehensive income (loss), defined benefit plan, gain (loss), reclassification adjustment from AOCI, tax	3,382,000	4,331,000
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	0	0
Supplemental Pension Plan
EMPLOYEE RETIREMENT PLANS
Other comprehensive income (loss), defined benefit plan, gain (loss), reclassification adjustment from AOCI, tax	672,000	1,976,000
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	19,000	$ 20,000
Pension settlement charge	$ 894,000
Minimum \| Equity Securities
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	20%
Minimum \| Fixed Income Securities
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	20%
Minimum \| Other
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	0%
Maximum \| Equity Securities
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	80%
Maximum \| Fixed Income Securities
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	80%
Maximum \| Other
EMPLOYEE RETIREMENT PLANS
Weighted Average Asset Allocation	20%

EMPLOYEE RETIREMENT PLANS - S_2

EMPLOYEE RETIREMENT PLANS - Schedule of funded status (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plan
EMPLOYEE RETIREMENT PLANS
Discount rate for determining funded status	5.41%	2.83%
Supplemental Pension Plan
EMPLOYEE RETIREMENT PLANS
Discount rate for determining funded status	5.44%	2.86%

EMPLOYEE RETIREMENT PLANS - S_3

EMPLOYEE RETIREMENT PLANS - Schedule of change in benefit obligation and plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in projected benefit obligation
Service cost	$ 445	$ 382
Interest cost	1,754	1,487
Change in plan assets
Benefits paid	(4,300)
Amounts recognized in the consolidated balance sheets consist of:
Long-term pension liability	(15,523)	(27,776)
Amounts recognized in accumulated other comprehensive loss consist of:
Net amount recognized	11,597	18,011	$ 21,955
Plan Assets
Change in plan assets
Fair value of plan assets, beginning of year	44,582
Fair value of plan assets, end of year	35,927	44,582
Defined Benefit Pension Plan
Change in projected benefit obligation
Projected benefit obligation, beginning of year	52,507	56,026
Service cost	445	382
Interest cost	1,243	1,047
Actuarial gain	(12,028)	(2,366)
Benefits paid	(2,558)	(2,582)
Projected benefit obligation, end of year	39,609	52,507
Change in plan assets
Actual return on plan assets	(5,652)	4,402
Administrative expenses	(445)	(382)
Benefits paid	(2,558)	(2,582)
Funded status of plan	(3,682)	(7,925)
Amounts recognized in the consolidated balance sheets consist of:
Long-term pension liability	(3,682)	(7,925)
Net amount recognized	(3,682)	(7,925)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $3,382, $4,331, $672, and $1,976, respectively	9,629	12,328
Net amount recognized	9,629	12,328
Defined Benefit Pension Plan \| Plan Assets
Change in plan assets
Fair value of plan assets, beginning of year	44,582	43,144
Fair value of plan assets, end of year	35,927	44,582
Supplemental Pension Plan
Change in projected benefit obligation
Projected benefit obligation, beginning of year	20,343	21,125
Interest cost	511	440
Plan settlement	(4,276)
Actuarial gain	(3,864)	(840)
Benefits paid	(342)	(382)
Projected benefit obligation, end of year	12,372	20,343
Change in plan assets
Contributions	4,618	382
Benefits paid	(342)	(382)
Funded status of plan	(12,372)	(20,343)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities - other	(531)	(492)
Long-term pension liability	(11,841)	(19,851)
Net amount recognized	(12,372)	(20,343)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $3,382, $4,331, $672, and $1,976, respectively	1,914	5,624
Prior service cost net of income tax benefit of $0, $0, $19 and $20, respectively	54	59
Net amount recognized	$ 1,968	$ 5,683

EMPLOYEE RETIREMENT PLANS - S_4

EMPLOYEE RETIREMENT PLANS - Schedule of net periodic pension cost (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE RETIREMENT PLANS
Long-term rate of return on plan assets	6.75%	7%
Defined Benefit Pension Plan
EMPLOYEE RETIREMENT PLANS
Discount rate for projected benefit obligation	2.83%	2.47%
Discount rate for determining interest cost	2.39%	1.91%
Long-term rate of return on plan assets	6.75%	7%
Supplemental Pension Plan
EMPLOYEE RETIREMENT PLANS
Discount rate for projected benefit obligation	2.86%	2.51%
Discount rate for determining interest cost	2.54%	2.10%

EMPLOYEE RETIREMENT PLANS (Deta

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE RETIREMENT PLANS
Service cost	$ 445	$ 382
Interest cost	1,754	1,487
Expected return on plan assets	(2,896)	(2,907)
Pension settlement charge	894	0
Net amortization and deferral	875	1,012
Pension expense (benefit)	$ 1,072	$ (26)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues

EMPLOYEE RETIREMENT PLANS - S_5

EMPLOYEE RETIREMENT PLANS - Schedule of Projected benefit payments for the plans (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Defined Benefit Pension Plan
EMPLOYEE RETIREMENT PLANS
2023	$ 2,996
2024	2,999
2025	2,979
2026	2,967
2027	3,005
2028 - 2032	14,425
Supplemental Pension Plan
EMPLOYEE RETIREMENT PLANS
2023	531
2024	601
2025	724
2026	782
2027	837
2028 - 2032	$ 5,024

EMPLOYEE RETIREMENT PLANS - S_6

EMPLOYEE RETIREMENT PLANS - Schedule of fair value hierarchy (Details) - Plan Assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	$ 35,927	$ 44,582
Subtotal
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	35,846	44,521
Defined Benefit Plan, Equity Securities, Common Stock
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	15,737	20,427
Preferred stocks
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	238	278
Exchange traded funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,656	6,324
Corporate obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,778	4,795
State and municipal obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	250	512
Fixed Income Funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	5,541	6,953
US Government Agencies Debt Securities
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	158	659
Cash and cash equivalents
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,488	4,573
Other assets
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	81	61
Fair Value, Inputs, Level 1 \| Subtotal
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	29,090	36,590
Fair Value, Inputs, Level 1 \| Defined Benefit Plan, Equity Securities, Common Stock
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	14,170	18,493
Fair Value, Inputs, Level 1 \| Preferred stocks
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	235	247
Fair Value, Inputs, Level 1 \| Exchange traded funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,656	6,324
Fair Value, Inputs, Level 1 \| Corporate obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| State and municipal obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| Fixed Income Funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	5,541	6,953
Fair Value, Inputs, Level 1 \| US Government Agencies Debt Securities
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| Cash and cash equivalents
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,488	4,573
Fair Value, Inputs, Level 2 \| Subtotal
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	6,756	7,931
Fair Value, Inputs, Level 2 \| Defined Benefit Plan, Equity Securities, Common Stock
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	1,567	1,934
Fair Value, Inputs, Level 2 \| Preferred stocks
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	3	31
Fair Value, Inputs, Level 2 \| Exchange traded funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 2 \| Corporate obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	4,778	4,795
Fair Value, Inputs, Level 2 \| State and municipal obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	250	512
Fair Value, Inputs, Level 2 \| Fixed Income Funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 2 \| US Government Agencies Debt Securities
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	158	659
Fair Value, Inputs, Level 2 \| Cash and cash equivalents
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 3 \| Subtotal
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Defined Benefit Plan, Equity Securities, Common Stock
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Preferred stocks
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Exchange traded funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Corporate obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| State and municipal obligations
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Fixed Income Funds
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| US Government Agencies Debt Securities
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Cash and cash equivalents
EMPLOYEE RETIREMENT PLANS
Fair Value of Pension Plan Assets, Total	$ 0	$ 0

COMPREHENSIVE INCOME - Accumula

COMPREHENSIVE INCOME - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
COMPREHENSIVE INCOME
Foreign currency translation adjustments	$ (8,596)	$ (6,783)	$ (6,050)
Pension liability, net of tax	(11,597)	(18,011)	(21,955)
Total accumulated other comprehensive loss	$ (20,193)	$ (24,794)	$ (28,005)

COMPREHENSIVE INCOME - Changes

COMPREHENSIVE INCOME - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
COMPREHENSIVE INCOME
Foreign Currency Translation Adjustments, Beginning balance	$ (6,783)	$ (6,050)
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications	(1,813)	(733)
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income	(1,813)	(733)
Foreign Currency Translation Adjustments, Ending balance	(8,596)	(6,783)
Defined Benefit Pension Items, Beginning balance	(18,011)	(21,955)
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications	5,767	3,196
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	647	748
Defined Benefit Pension Items, Net current period other comprehensive (loss) income	6,414	3,944
Defined Benefit Pension Items, Ending balance	(11,597)	(18,011)
Beginning balance	(24,794)	(28,005)
Other comprehensive income (loss) before reclassifications	3,954	2,463
Amounts reclassified from accumulated other comprehensive loss	647	748
Net current period other comprehensive (loss) income	4,601	3,211
Ending balance	$ (20,193)	$ (24,794)

COMPREHENSIVE INCOME - Reclassi

COMPREHENSIVE INCOME - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Amortization of defined benefit pension items
Prior service cost	$ 6	$ (62)
Actuarial losses	869	1,074
Total before tax	875	1,012
Tax benefit	(228)	(264)
Net of tax	$ 647	$ 748

INCOME TAXES - Provision for in

INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 6,263	$ 3,656
State	1,934	1,235
Foreign	705	989
Total	8,902	5,880
Deferred	1,297	910
Total provision	$ 10,199	$ 6,790

INCOME TAXES - Effective tax ra

INCOME TAXES - Effective tax rate (Details)	12 Months Ended
INCOME TAXES - Effective tax rate (Details)	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
U.S. federal statutory income tax rate	21%	21%
State income taxes, net of federal tax benefit	2.90%	3.30%
Foreign income tax rate differences	0.70%	1.60%
Other	1.10%	(1.10%)
Effective tax rate	25.70%	24.80%

INCOME TAXES - Components of de

INCOME TAXES - Components of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Accounts receivable reserves	$ 284	$ 269
Pension liability	4,174	7,350
Accrued liabilities	1,874	1,578
Operating lease liabilities	3,871	2,848
Foreign currency losses on intercompany loans	54	57
Total Deferred income tax assets	10,257	12,102
Deferred income tax liabilities:
Inventory and related reserves	(2,998)	(3,011)
Cash value of life insurance	(615)	(545)
Property, plant and equipment	(1,162)	(1,199)
Intangible assets	(9,112)	(8,539)
Operating lease right-of-use assets	(3,495)	(2,415)
Prepaid expenses and other assets	(367)	(356)
Deferred Tax Liabilities, Gross	(17,749)	(16,065)
Net deferred income tax liabilities	$ (7,492)	$ (3,963)

INCOME TAXES - Net deferred tax

INCOME TAXES - Net deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Non-current deferred income tax benefits	$ 1,038	$ 1,063
Non-current deferred income tax liabilities	(8,530)	(5,026)
Net deferred income tax liabilities	$ (7,492)	$ (3,963)

INCOME TAXES - Unrecognized tax

INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Unrecognized tax benefits balance at January 1,	$ 155	$ 833
Increases related to current year tax positions	228	8
Decreases due to settlements of tax positions	0	(250)
Decreases due to lapsing of statute of limitations	(78)	(436)
Unrecognized tax benefits balance at December 31,	$ 305	$ 155

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Foreign component of pretax earnings	$ 4,600,000	$ 3,500,000
Unrecognized tax benefits	$ 30,000	$ 26,000

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Millions	Dec. 31, 2022 USD ($)
COMMITMENTS
Purchase of inventory	$ 48.7

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands	12 Months Ended
SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	May 03, 2022
SHARE REPURCHASE PROGRAM
Stock repurchase program, number of shares authorized to be repurchased	8,500,000
Stock repurchase Program additional number of shares authorized to be repurchased			1,000,000
Stock repurchased and retired during period, shares	171,397	125,204
Payments for repurchase of common stock	$ 4,195	$ 2,525
Stock repurchase program, remaining number of shares authorized to be repurchased	1,039,179

EARNINGS PER SHARE- Basic and d

EARNINGS PER SHARE- Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net earnings	$ 29,540	$ 20,555
Denominator:
Basic weighted average shares outstanding	9,555	9,662
Effect of dilutive securities:
Employee share-based awards	69	31
Diluted weighted average shares outstanding	9,624	9,693
Basic earnings per share	$ 3.09	$ 2.13
Diluted earnings per share	$ 3.07	$ 2.12

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EARNINGS PER SHARE
Diluted weighted average shares outstanding	916,000	1,109,000
Weighted average price	$ 27.27	$ 26.49

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	12 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Dec. 31, 2022 segment
SEGMENT INFORMATION
Number of reportable segments	2
Revenue from contract with customer benchmark
SEGMENT INFORMATION
Segment reporting of major customers	In 2022 and 2021, there was no single customer with sales of 10% or more of our total sales.
United States \| Retail
SEGMENT INFORMATION
Number of stores description	we operate e-commerce businesses and four brick and mortar retail stores

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of segment data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Net sales	$ 351,737	$ 267,641
Depreciation	2,485	2,490
Earnings (loss) from operations	40,365	25,702
Total assets	326,620	277,667
Capital expenditures	2,342	1,007
Product sales
SEGMENT INFORMATION
Net sales	349,640	265,904
Licensing revenues
SEGMENT INFORMATION
Net sales	2,097	1,737
Wholesale
SEGMENT INFORMATION
Net sales	283,235	205,386
Depreciation	1,969	1,995
Earnings (loss) from operations	32,641	19,455
Total assets	292,262	246,983
Capital expenditures	882	453
Wholesale \| Product sales
SEGMENT INFORMATION
Net sales	281,138	203,649
Wholesale \| Licensing revenues
SEGMENT INFORMATION
Net sales	2,097	1,737
Retail
SEGMENT INFORMATION
Net sales	36,694	31,595
Depreciation	4	4
Earnings (loss) from operations	6,058	6,651
Total assets	5,460	6,263
Capital expenditures	12	17
Retail \| Product sales
SEGMENT INFORMATION
Net sales	36,694	31,595
Other
SEGMENT INFORMATION
Net sales	31,808	30,660
Depreciation	512	491
Earnings (loss) from operations	1,666	(404)
Total assets	28,898	24,421
Capital expenditures	1,448	537
Other \| Product sales
SEGMENT INFORMATION
Net sales	$ 31,808	$ 30,660

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Net Sales	$ 351,737	$ 267,641
Long-Lived Assets	90,840	88,920
United States
SEGMENT INFORMATION
Net Sales	292,441	215,754
Long-Lived Assets	76,530	79,486
Canada
SEGMENT INFORMATION
Net Sales	27,488	21,227
Europe
SEGMENT INFORMATION
Net Sales	0	2,309
Australia
SEGMENT INFORMATION
Net Sales	25,196	21,218
Asia
SEGMENT INFORMATION
Net Sales	3,472	3,198
South Africa
SEGMENT INFORMATION
Net Sales	3,140	3,935
Other
SEGMENT INFORMATION
Long-Lived Assets	$ 14,310	$ 9,434

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Stock options weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Risk-free interest rate	3.08%	1.13%
Expected dividend yield	3.33%	4%
Expected term	8 years	8 years
Expected volatility	28.50%	28.50%

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Company's stock option activity (Details) - Employee stock option - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Shares, Outstanding at beginning of period	1,279,833	1,125,383
Shares, Granted	143,500	186,900
Shares, Exercised	(60,914)	(1,300)
Shares, Forfeited or expired	(17,050)	(31,150)
Shares, Outstanding at end of period	1,345,369	1,279,833
Shares, Exercisable at end of period	891,733	768,522
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 25.44	$ 25.62
Weighted Average Exercise Price, Granted (in dollars per share)	28.83	24
Weighted Average Exercise Price, Exercised (in dollars per share)	24.96	18
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	24.79	24.06
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	25.83	25.44
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 26.36	26.58
Weighted Average Remaining Contractual Term (Years), Outstanding	5 years 3 months 18 days
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding	3 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 532,000
Aggregate Intrinsic Value, Exercisable	$ 234,000
Fair market value of options granted (in dollars per share)	$ 6.78	$ 4.16

SHARE-BASED COMPENSATION PLANS-

SHARE-BASED COMPENSATION PLANS- Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Shares paid for tax withholding for share based compensation	42,000
Taxes paid related to the net share settlement of equity awards	$ 12,000	$ 0
Share-based compensation expense	1,500,000	1,600,000
Additional share based compensation expense		232,000
Income tax benefit from the exercise of stock options	$ 65,000	$ 2,000
Restricted stock
SHARE-BASED COMPENSATION PLANS
Stock options granted in vest	4 years	4 years
Outstanding and exercisable stock options	$ 21.16
Weighted-average remaining contractual term	2 years 8 months 12 days
Income tax benefit from the exercise of stock options	$ 247,000	$ 184,000
Aggregate intrinsic value	$ 1,500,000
Employee stock option
SHARE-BASED COMPENSATION PLANS
Stock options granted in vest	5 years	5 years
Stock options granted in expire	10 years	10 years
Share Price	$ 21.16
Unrecognized compensation cost	$ 1,800,000	$ 1,800,000
Weighted-average remaining vesting period	3 years 8 months 12 days	3 years 6 months
Taxes paid related to the net share settlement of equity awards	$ 12,000
Incentive plan 2017
SHARE-BASED COMPENSATION PLANS
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	269,000

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Non Vested Stock Options (Details) - Non vested stock options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Number of Options, Outstanding at beginning of year	511,311	485,371
Number of Options, Granted	143,500	186,900
Number of Options, Vested	(189,375)	(137,180)
Number of Options, Forfeited	(11,800)	(23,780)
Number of Options, Outstanding at end of year	453,636	511,311
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share)	$ 23.63	$ 24.08
Weighted Average Exercise Price, Granted (in dollars per share)	28.83	24
Weighted Average Exercise Price, Vested (in dollars per share)	25.08	25.65
Weighted Average Exercise Price, Forfeited (in dollars per share)	23.20	23.97
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share)	24.76	23.63
Weighted Average Fair Value, Outstanding at beginning of year (in dollars per share)	3.64	3.48
Fair market value of options granted (in dollars per share)	6.78	4.16
Weighted Average Fair Value, Vested (in dollars per share)	3.87	3.83
Weighted Average Fair Value, Forfeited (in dollars per share)	3.65	3.48
Weighted Average Fair Value, Outstanding at end of the year (in dollars per share)	$ 4.55	$ 3.64

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS- Summary of outstanding and exercisable stock options (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
SHARE-BASED COMPENSATION PLANS
Options Outstanding, Number of Options Outstanding \| shares	1,345,369
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	5 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 25.83
Options Exercisable, Number Of Options Exercisable \| shares	891,733
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 26.36
Exercise price range $18.00
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	$ 18
Options Outstanding, Number of Options Outstanding \| shares	168,320
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	7 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 18
Options Exercisable, Number Of Options Exercisable \| shares	74,150
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 18
Exercise price range from $25.51 to $25.86
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	23.38
Exercise Prices, Upper Range Limit (in dollars per share)	$ 25.86
Options Outstanding, Number of Options Outstanding \| shares	736,466
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	3 years 10 months 24 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.71
Options Exercisable, Number Of Options Exercisable \| shares	540,776
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 25.03
Exercise price range from $27.04 to $37.22
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	27.94
Exercise Prices, Upper Range Limit (in dollars per share)	$ 37.22
Options Outstanding, Number of Options Outstanding \| shares	440,583
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 6 months
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 30.71
Options Exercisable, Number Of Options Exercisable \| shares	276,807
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 31.19

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS- Company's stock option exercise activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Total intrinsic value of stock options exercised	$ 251	$ 8
Net proceeds from stock option exercises	293	2
Income tax benefit from the exercise of stock options	65	2
Total fair value of stock options vested	$ 734	$ 525

SHARE-BASED COMPENSATION PLAN_7

SHARE-BASED COMPENSATION PLANS - Company's restricted stock award activities (Details) - Restricted stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED COMPENSATION PLANS
Shares of Restricted Stock, Non-vested beginning of period	78,470	72,490
Shares of Restricted Stock, Issued	27,620	36,325
Shares of Restricted Stock, Vested	(34,282)	(30,345)
Shares of Restricted Stock, Non-vested end of period	71,808	78,470
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share)	$ 23.11	$ 23.77
Weighted Average Grant Date Fair Value, Issued (in dollars per share)	28.83	24
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	24.46	25.75
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share)	$ 24.67	$ 23.11

VALUATION AND QUALIFYING ACCO_3

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
VALUATION AND QUALIFYING ACCOUNTS
BEGINNING BALANCE	$ 2,067	$ 2,666
Add - Additions charged to earnings	5,735	3,195
Deduct - Charges for purposes for which reserves were established	(5,692)	(3,794)
ENDING BALANCE	2,110	2,067
Doubtful Accounts
VALUATION AND QUALIFYING ACCOUNTS
BEGINNING BALANCE	1,307	1,425
Add - Additions charged to earnings	151	198
Deduct - Charges for purposes for which reserves were established	(348)	(316)
ENDING BALANCE	1,110	1,307
Returns and Allowances
VALUATION AND QUALIFYING ACCOUNTS
BEGINNING BALANCE	760	1,241
Add - Additions charged to earnings	5,584	2,997
Deduct - Charges for purposes for which reserves were established	(5,344)	(3,478)
ENDING BALANCE	$ 1,000	$ 760