Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data (Unaudited)

Quarterly Data (Unaudited)

The following tables summarize selected quarterly financial data for the years ended December 31, 2014 and 2013:

	2014
(Thousands except per share amounts)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Net sales	$	258,929		$	287,965		$	291,570		$	288,426		$	1,126,890
Gross margin	45,462			49,801			54,843			55,797			205,903
Percent of net sales	17.6		%	17.3		%	18.8		%	19.3		%	18.3		%
Net income	$	7,331		$	9,974		$	12,440		$	11,976		$	41,721
Net income per share of common stock:
Basic	$	0.36		$	0.48		$	0.61		$	0.59		$	2.04
Diluted	0.35			0.47			0.60			0.58			2.00
Cash dividends per share of common stock	0.08			0.085			0.085			0.085			0.335
Stock price range:
High	$	35.19		$	37.96		$	39.38		$	40.60
Low	25.21			31.69			30.88			26.64
	2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
Net sales	$	299,169		$	306,141		$	275,434		$	286,138		$	1,166,882
Gross margin	48,339			45,992			44,483			49,164			187,978
Percent of net sales	16.2		%	15.0		%	16.2		%	17.2		%	16.1		%
Net income	$	6,785		$	4,155		$	4,992		$	3,775		$	19,707
Net income per share of common stock:
Basic	$	0.33		$	0.20		$	0.24		$	0.18		$	0.96
Diluted	0.33			0.20			0.24			0.18			0.94
Cash dividends per share of common stock	0.075			0.080			0.080			0.080			0.315
Stock price range:
High	$	29.81		$	31.49		$	33.69		$	32.73
Low	26.20			24.58			27.09			25.75

During the fourth quarter of 2013, the Company determined that there were procedural errors made during the reconciliation of the physical inventory counts taken and recorded at one of its facilities within the Advanced Materials reporting segment during the second and third quarters of 2013 that were not detected by the management review process on a timely basis. The Company, after determining that these errors were material to the applicable quarterly financial results, filed amended Quarterly Reports on Form 10-Q in March of 2014 with corrected financial statements for the periods ended June 28, 2013 and September 27, 2013.

The corrections reduced the previously reported gross margin in the second quarter of 2013 by $6.8 million and net income by $4.8 million, or $0.23 per share diluted. The corrections reduced the previously reported gross margin by $0.7 million in the third quarter of 2013. Net income was reduced by $0.1 million and earnings per share was reduced by a nominal amount in the third quarter of 2013. The figures in the above table represent the corrected amounts for each quarter.