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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)

The following table summarizes quarterly financial results for 2015 and 2014. In management’s opinion, all material adjustments necessary for a fair statement of the information for such quarters have been reflected.
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
In thousands except per share data
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Net sales
$
127,306

 
$
125,226

 
$
134,561

 
$
148,793

 
$
131,240

 
$
134,227

 
$
131,398

 
$
127,583

Gross profit
$
27,700

 
$
26,199

 
$
33,889

 
$
34,653

 
$
31,691

 
$
28,564

 
$
29,217

 
$
25,562

Net income
$
18,937

 
$
3,716

 
$
10,817

 
$
8,240

 
$
11,186

 
$
4,158

 
$
5,319

 
$
5,733

Earnings per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.12

 
$
0.22

 
$
0.65

 
$
0.50

 
$
0.67

 
$
0.25

 
$
0.32

 
$
0.34

Diluted
$
1.11

 
$
0.22

 
$
0.64

 
$
0.49

 
$
0.66

 
$
0.24

 
$
0.31

 
$
0.34



The table above includes the quarterly results of Industrial Filtration since the acquisition date of February 20, 2014 and Other Products and Services preceding the disposition date of January 30, 2015.

Net income during the quarter ended March 31, 2015 was positively impacted by an after-tax gain of $11.8 million due to the sale of Life Sciences Vital Fluids. Net income during the quarter ended September 30, 2015 was positively impacted by discrete tax benefits of $1.2 million, related to the completion of a tax credit project and the release of reserves for previously uncertain tax positions. Net income during the quarter ended December 31, 2015 was negatively impacted by a $1.4 million long-lived asset impairment charge related to Solutech and $1.2 million of a discrete income tax charges related to changes in state tax legislation. During the quarter ended December 31, 2015, the Company identified an error in its income tax expense related to a state tax credit carryforward that resulted in the overstatement of net income by $0.4 million for the quarter ended September 30, 2015. The correction of this error was recorded during the quarter ended December 31, 2015 and reduced net income by $0.4 million, or $0.02 per share. The Company evaluated the impact of the error and determined it to be immaterial to both the third and fourth quarters of 2015.

Gross profit during the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014 were negatively impacted by purchase accounting adjustments of $1.3 million, $0.5 million, and $0.2 million, respectively, related to the acquisition of Industrial Filtration. These purchase accounting adjustments reduced net income by $0.9 million, $0.4 million and $0.2 million during the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014, respectively. (See Note 2)

Net income during the quarter ended March 31, 2014 was negatively impacted by $2.2 million of transaction related costs due to the acquisition of Industrial Filtration. Net income during the quarter ended June 30, 2014 was negatively impacted by a $2.0 million sales commission settlement within the T/A Metals segment. Net income during the quarter ended September 30, 2014, was negatively impacted by $3.0 million, related to a non-cash pension plan settlement charge associated with the Company's domestic defined benefit pension plan. (See Note 8)