20. Selected Quarterly Financial Data (Unaudited)

The following table sets forth certain unaudited financial information for each quarter of the years ended April 30, 2019 and 2018. 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, 2019
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except per share data)
Net sales	$	778,144	$	833,837	$	723,902	$	780,149
Gross profit		244,816		268,150		234,226		256,927
Net income(1)		8,650		24,912		5,815		16,625
Per share data
Weighted average shares outstanding(2):
Basic		41,094		41,149		40,912		40,487
Diluted		42,074		41,918		41,371		40,976
Net income per share(2):
Basic	$	0.21	$	0.59	$	0.14	$	0.40
Diluted	$	0.20	$	0.58	$	0.14	$	0.39


	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	$	653,800
Gross profit		205,104		212,260		195,420		205,792
Net income(3)		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

(1)

Net income for the first quarter of 2019 includes a $5.7 million loss on change in fair value of financial instruments related to the Company’s foreign currency forward contract.

(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.

(3)

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.