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Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018:
  
 
2019
(Thousands except per share amounts)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
Net sales
 
$
301,441

 
$
297,843

 
$
305,979

 
$
280,161

 
$
1,185,424

Gross margin
 
69,312

 
69,594

 
65,231

 
55,007

 
259,144

Percent of net sales
 
23.0
%
 
23.4
%
 
21.3
%
 
19.6
%
 
21.9
%
Net income(1)
 
$
16,906

 
$
15,540

 
$
3,463

 
$
14,751

 
$
50,660

Net income per share of common stock:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.83

 
$
0.76

 
$
0.17

 
$
0.72

 
$
2.49

  Diluted
 
0.82

 
0.75

 
0.17

 
0.71

 
2.45

 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Total
Net sales
 
$
303,467

 
$
309,085

 
$
297,193

 
$
298,070

 
$
1,207,815

Gross margin
 
58,280

 
61,838

 
64,935

 
66,052

 
251,105

Percent of net sales
 
19.2
%
 
20.0
%
 
21.8
%
 
22.2
%
 
20.8
%
Net income (loss)
 
$
10,564

 
$
11,144

 
$
19,966

 
$
(20,828
)
 
$
20,846

Net income (loss) per share of common stock:
 
 
 
 
 
 
 
 
 
 
Basic(2)
 
$
0.52

 
$
0.55

 
$
0.99

 
$
(1.03
)
 
$
1.03

Diluted(2)(3)
 
0.51

 
0.54

 
0.97

 
(1.03
)
 
1.01


(1) Net income for the third quarter 2019 includes the impact of $14.1 million of non-cash impairment charges. For additional information refer to Note L.
(2) Net income (loss) per basic and diluted share for the fourth quarter 2018 includes the impact of $41.4 million in pension settlement charges. For additional information refer to Note N. In addition, net income (loss) per basic and diluted share for the fourth quarter of 2018 includes the impact of $11.1 million of income tax benefits as a result of the TCJA signed into law on December 22, 2017. For additional information refer to Note G.
(3) Since the Company reported a net loss for the fourth quarter of 2018, the effects of potential common shares were excluded from diluted earnings per share, as their inclusion would have been anti-dilutive.
The Company follows a 13-week quarterly accounting cycle pursuant to which the first three fiscal quarters end on a Friday and the fiscal year always ends on December 31.