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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited)
 
Quarterly results of operations for the years ended December 31, 2016 and 2015 are summarized below:
(in millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2016
 
 
 
 
 
 
 
Net sales
$
721.0

 
$
804.4

 
$
832.4

 
$
769.5

Gross profit
291.0

 
336.9

 
362.1

 
319.4

Operating income
76.7

 
100.2

 
131.1

 
107.5

Net income
39.6

 
21.3

 
77.8

 
63.4

Basic earnings per common share
$
0.64

 
$
0.35

 
$
1.34

 
$
1.14

Diluted earnings per common share
$
0.63

 
$
0.35

 
$
1.32

 
$
1.12

 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
Net sales
$
739.5

 
$
764.4

 
$
880.0

 
$
767.3

Gross profit
278.7

 
297.5

 
359.6

 
313.1

Operating income
54.4

 
52.0

 
110.9

 
91.8

Net income (loss)
23.4

 
21.2

 
40.2

 
(11.3
)
Basic earnings (loss) per common share
$
0.38

 
$
0.35

 
$
0.65

 
$
(0.18
)
Diluted earnings (loss) per common share
$
0.38

 
$
0.34

 
$
0.64

 
$
(0.18
)

 
In the second quarter of 2016, the Company recognized a $47.2 million loss on extinguishment of debt. As described in Note 12, "Income Taxes," during the fourth quarter of 2015, the Company recorded a change in estimate of its uncertain tax positions related to the Danish Tax Matter of approximately $60.7 million. In addition, in the third quarter of 2015 the Company recognized $9.5 million of other income from certain other non-recurring items, including the partial settlement of a legal dispute. The sum of the quarterly earnings per common share amounts may not equal the annual amount reported because per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. The Company’s quarterly operating results fluctuate as a result of seasonal variations in the Company’s business.