For 2021, net sales were $730.7 million and diluted earnings were $8.78 per share.
For 2020, net sales were $568.9 million and diluted earnings were $5.09 per share.
For the fourth quarter of 2021, net sales are $168.0 million and diluted earnings were $2.14 per share.
For the corresponding period in 2020, net sales were $169.3 million and diluted earnings per $1.78 per share.
Diluted earnings per share in the fourth quarter of 2021 were increased by $0.18 due to a reduction in the effective tax rate for the year, which was recognized in the quarter.
T-bills, total $221 million.
Our current ratio was 4.3 to one, and we had no debt.
At December 31, 2021, stockholders equity was $363.7 million, which equates to a book value of $20.67 per share, of which $12.56 per share was cash and short-term investments.
In 2021, we generated $172 million dollars of cash from operations.
We reinvested $29 million of that back into the company in the form of capital expenditures, primarily related to new products.
We estimate that 2022 capital expenditures will be approximately $20 million, predominantly related to new product development.
In 2021, we returned $59 million to our shareholders through the payment of dividends.
Our board of directors declared an $0.86 per share quarterly dividend for shareholders of record as of March 11, 2022, payable on March 25, 2022.
As a reminder, our quarterly dividend is approximately 40% of net income and therefore, varies quarter to quarter.
Our 28% increase in sales would not have been possible without the 30% increase in production at our factories.
And this 30% increase was achieved with a manpower increase of less than 10%.
The manufacturing efficiency gains drove a 109% return on net operating assets for the year, which is a remarkable feat.
Following a 44% increase in 2020, the sell-through of our products from distributors to retailers increased again in 2021, this time by 4% despite the 12% reduction in the National Instant Criminal Background Check System background checks as suggested by the National Shooting Sports Foundation.
Led by the award-winning Ruger-5.7 pistol, the MAX-9, and the LCP MAX pistol, our new product sales in 2021 represented $155 million, or 22% of firearm sales, an increase of $45 million from $111 million, or 22% of firearm sales in 2020.
The model 1895 SBL, chambered in 45-70 government in December.
During the past year, our team completed a thorough design and production review of the 1895 focused on ensuring the highest quality, accuracy, and performance standards.
Distributor inventories of our products increased 125,000 units in 2021, but remained below the level needed to support rapid fulfillment of retailer demand for most products.

Summary:
For 2021, net sales were $730.7 million and diluted earnings were $8.78 per share.
For the fourth quarter of 2021, net sales are $168.0 million and diluted earnings were $2.14 per share.