QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2012

QuarterlyFinancialInformationDisclosureAbstract

QuarterlyFinancialInformationTextBlock

23.       QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The information for the first two quarters and the fourth quarter of the year ended December 31, 2011 has been restated to correct the errors discussed in Note 2, Correction of Prior Period Error.In addition, as discussed in Note 3, Discontinued Operations, the Corporation sold its heat treating business in the first quarter of 2012. The results of the heat treating business are reflected as discontinued operations for all periods presented.

(In thousands, except per share data)		First		Second		Third		Fourth
2012
Net sales		$	501,661	$	526,386	$	479,222	$	590,447
Gross profit			159,274		164,007		141,416		194,046
Earnings from continuing operations			19,842		22,835		11,443		38,169
Earnings (loss) from discontinued operations			21,470		(95)		(144)		324
Net earnings			41,312		22,740		11,299		38,493
Basic earnings per share:
	Earnings from continuing operations	$	0.42	$	0.49	$	0.24	$	0.82
	Earnings from discontinued operations		0.46		-		-		-
Total		$	0.88	$	0.49	$	0.24	$	0.82
Diluted earnings per share:
	Earnings from continuing operations	$	0.42	$	0.48	$	0.24	$	0.81
	Earnings from discontinued operations		0.45		-		-		-
Total		$	0.87	$	0.48	$	0.24	$	0.81
2011
Net sales		$	450,798	$	506,349	$	509,120	$	550,475
Gross profit			143,766		164,177		167,332		181,672
Earnings from continuing operations			21,424		29,042		31,874		36,280
Earnings from discontinued operations			1,549		1,717		2,619		1,884
Net earnings			22,973		30,759		34,493		38,164
Basic earnings per share: *
	Earnings from continuing operations	$	0.46	$	0.63	$	0.69	$	0.78
	Earnings from discontinued operations		0.03		0.04		0.05		0.04
Total		$	0.49	$	0.67	$	0.74	$	0.82
Diluted earnings per share: *
	Earnings from continuing operations	$	0.45	$	0.63	$	0.68	$	0.77
	Earnings from discontinued operations		0.03		0.04		0.05		0.04
Total		$	0.49	$	0.66	$	0.73	$	0.81

The effect of correcting the errors discussed in Note 2, Correction of Prior Period Errorand the retrospective reclassifications for the discontinued operations of the heat treating business as discussed in Note 3, onthe quarterly results of operations for the first two quarters and the fourth quarter of the year ended December 31, 2011 are presented below:

For the three months ended December 31, 2011:

		(In thousands)
				Adjustments
		As previously reported		Corrections		Reclassification of discontinued operations		As reclassified and restated
Net sales		$	561,379	$	(1,771)	$	(9,133)	$	550,475
Gross profit			187,555		(2,227)		(3,656)		181,672
Earnings from continuing operations			39,751		(1,587)		(1,884)		36,280
Earnings from discontinued operations			-		-		1,884		1,884
Net earnings			39,751		(1,587)		-		38,164
Basic earnings per share *
	Earnings from continuing operations	$	0.85	$	(0.03)	$	(0.04)	$	0.78
	Earnings from discontinued operations		-		-		0.04		0.04
Total		$	0.85	$	(0.03)	$	-	$	0.82
Diluted earnings per share *
	Earnings from continuing operations	$	0.84	$	(0.03)	$	(0.04)	$	0.77
	Earnings from discontinued operations		-		-		0.04		0.04
Total		$	0.84	$	(0.03)	$	-	$	0.81

For the three months ended June 30, 2011:

		(In thousands)
				Adjustments
		As previously reported		Corrections		Reclassification of discontinued operations		As reclassified and restated
Net sales		$	514,905	$	677	$	(9,233)	$	506,349
Gross profit			168,957		(1,404)		(3,376)		164,177
Earnings from continuing operations			31,796		(1,037)		(1,717)		29,042
Earnings from discontinued operations			-		-		1,717		1,717
Net earnings			31,796		(1,037)		-		30,759
Basic earnings per share *
	Earnings from continuing operations	$	0.69	$	(0.02)	$	(0.04)	$	0.63
	Earnings from discontinued operations		-		-		0.04		0.04
Total		$	0.69	$	(0.02)	$	-	$	0.67
Diluted earnings per share *
	Earnings from continuing operations	$	0.68	$	(0.02)	$	(0.04)	$	0.62
	Earnings from discontinued operations		-		-		0.04		0.04
Total		$	0.68	$	(0.02)	$	-	$	0.66

For the three months ended March 31, 2011:

		(In thousands)
				Adjustments
		As previously reported		Corrections		Reclassification of discontinued operations		As reclassified and restated
Net sales		$	461,850	$	(2,133)	$	(8,919)	$	450,798
Gross profit			148,969		(2,137)		(3,066)		143,766
Earnings from continuing operations			24,516		(1,543)		(1,549)		21,424
Earnings from discontinued operations			-		-		1,549		1,549
Net earnings			24,516		(1,543)		-		22,973
Basic earnings per share *
	Earnings from continuing operations	$	0.53	$	(0.03)	$	(0.03)	$	0.46
	Earnings from discontinued operations		-		-		0.03		0.03
Total		$	0.53	$	(0.03)	$	-	$	0.49
Diluted earnings per share *
	Earnings from continuing operations	$	0.52	$	(0.03)	$	(0.03)	$	0.45
	Earnings from discontinued operations		-		-		0.03		0.03
Total		$	0.52	$	(0.03)	$	-	$	0.49
* May not add due to rounding