Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial Data (Unaudited)

Note 20—Selected Quarterly Financial Data (Unaudited)

 Selected unaudited quarterly financial data for the years 2011 and 2012 are summarized below:

	2011										2012
	First			Second		Third		Fourth			First			Second		Third		Fourth
	Quarter			Quarter		Quarter		Quarter			Quarter			Quarter		Quarter		Quarter
	(in thousands, except per share data)
Net sales	$	72,323			131,930		332,419		141,079		$	73,405		$	145,359	$	314,491	$	133,507
Gross profit	$	24,271			45,092		105,670		18,987		$	23,566		$	46,893	$	96,712	$	30,766
Income (loss) from operations	$	(14,790	)		1,998		50,068		(35,996	)	$	(19,410	)	$	107	$	37,296	$	(31,215	)
Income (loss) before provision (benefit) for income taxes	$	(16,716	)		6,087		48,081		(37,990	)	$	(21,192	)	$	288	$	36,426	$	(34,171	)
Net income (loss)	$	(10,575	)		4,240		34,825		(20,018	)	$	(16,000	)	$	214	$	30,443	$	(119,457	)
Basic earnings (loss) per share	$	(0.39	)		0.16		1.32		(0.77	)	$	(0.62	)	$	0.01	$	1.38	$	(5.45	)
Weighted average shares outstanding		27,217			26,948		26,476		25,839			25,831			25,765		22,110		21,923
Diluted earnings (loss) per share	$	(0.39	)		0.16		1.10		(0.77	)	$	(0.62	)	$	0.01	$	1.10	$	(5.45	)
Weighted average shares and equivalents outstanding		27,217			27,096		32,922		25,839			25,831			25,870		28,933		21,923

In the fourth quarter of 2011 and 2012, we experienced poor performance of some of our products which coupled with advertising commitments, license royalty shortfalls and retailer markdowns due to lower than anticipated sales and sell-through, resulted in significant net losses.

In the fourth quarter of 2012, the Company recognized an impairment of its deferred tax assets, resulting in a non-cash charge to income of $91.7 million.

Quarterly and year-to-date computations of income (loss) per share amounts are made independently. Therefore, the sum of the per share amounts for the quarters may not agree with the per share amounts for the year.