Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of boot baron Timberland (NYSE: TBL) were hiked up as much as 25% as investors reacted to fourth-quarter earnings.

So what: Fourth-quarter earnings per share clocked in at $0.82, a cool 105% above the fourth quarter of 2009. The reported earnings blew Wall Street away, as expectations were for just $0.51 in per-share profit. Revenue grew 27% to $491 million, well above the $411 million that analysts were looking for.

Now what: This was a really impressive quarter for Timberland, but the company's success didn't surprise my fellow Fool Alyce Lomax all that much. She purchased the stock for her Rising Stars portfolio back in November. As she pointed out today, with a price-to-earnings ratio approaching 22, the stock isn't looking terribly cheap, though it's trading in a similar range as fellow shoe stocks Nike (NYSE: NKE) and Deckers (Nasdaq: DECK). The company has seen great success from its Earthkeepers brand and is excited about what it can do in 2011.

Want to keep up to date on Timberland? Add it to your watchlist.

Nike and Timberland are Motley Fool Stock Advisor picks. The Fool owns shares of Timberland. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.