20. Selected Quarterly Financial Data (Unaudited)

The following table sets forth certain unaudited financial information for each quarter of the years ended April 30, 2018 and 2017. The unaudited quarterly information includes all adjustments (consisting of normal recurring adjustments) that, in the opinion of management, are necessary for the fair presentation of the information presented.



	Year Ended April 30, 2018
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except per share data)
Net sales	$	642,157	$	648,004	$	585,508	$	635,800
Gross profit		205,104		212,260		195,420		205,792
Net income(1)		15,343		18,023		19,686		9,919
Per share data
Weighted average shares outstanding(2):
Basic		40,971		41,006		41,036		41,048
Diluted		42,128		42,146		42,228		42,151
Net income per share(2):
Basic	$	0.37	$	0.44	$	0.48	$	0.24
Diluted	$	0.36	$	0.43	$	0.47	$	0.24


	Year Ended April 30, 2017
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except per share data)
Net sales	$	549,800	$	591,846	$	562,523	$	614,977
Gross profit		178,585		193,224		185,727		201,035
Net income		9,163		17,224		8,226		14,273
Per share data
Weighted average shares outstanding(2):
Basic		38,201		40,943		40,943		40,956
Diluted		38,602		41,320		41,578		41,759
Net income per share(2):
Basic	$	0.24	$	0.42	$	0.20	$	0.35
Diluted	$	0.24	$	0.42	$	0.20	$	0.33

(1)

Net income for the third quarter of 2018 includes a $7.8 million provisional income tax benefit for the re-measurement of deferred tax assets and liabilities in connection with the Tax Act. Net income for the fourth quarter of 2018 includes a $5.1 million loss on change in fair value of financial instruments related to the Company’s foreign currency forward contract and a $1.1 million decrease to the provisional income tax benefit recorded during the third quarter of 2018.

(2)

Basic and diluted net income per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly basic and diluted net income per share amounts may not equal annual basic and diluted net income per share amounts.