Note 20 - Quarterly results of operations (unaudited):

	Quarter ended
	March 31			June 30			Sept. 30		Dec. 31
	(In millions, except per share data)
Year ended December 31, 2015
Net sales	$	27.9		$	28.9		$	26.5	$	25.7
Gross margin		8.6			9.1			8.1		7.6
Net income (loss)		10.3			(28.8	)		1.2		(5.4	)
Net income (loss) attributable to NL stockholders		10.0			(29.2	)		0.9		(5.6	)
Income (loss) per common share attributable to NL stockholders	$	.21		$	(.60	)	$	.02	$	(.11	)

Year ended December 31, 2016
Net sales	$	27.1		$	27.1		$	28.4	$	26.3
Gross margin		8.2			8.5			9.4		9.1
Net income (loss)		(2.2	)		1.2			7.8		10.0
Net income (loss) attributable to NL stockholders		(2.5	)		0.8			7.4		9.6
Income (loss) per common share attributable to NL stockholders	$	(.05	)	$	.02		$	.15	$	.20

We recognized the following amounts during 2015:

•	aggregate pre-tax income of $3.7 million ($3.1 million, $.3 million, $.1 million, and $.2 million in the first, second, third, and fourth quarter, respectively) related to insurance recoveries, see Note 17,

•

a first quarter non-cash income tax benefit in 2015 related to a net reduction in our reserve for uncertain tax positions of $3.0 million, see Note 14,

•	loss of $.65 per share, net of income taxes, included in our equity in losses of Kronos related to Kronos’ recognition of a deferred income tax asset valuation allowance related to its German and Belgian operations primarily in the second quarter,

•	loss of $.07 per share, net of income taxes, primarily in the second quarter included in our equity in losses of Kronos related to certain workforce reduction charges recognized by Kronos, and

•	loss of $.03 per share, net of income taxes, in the third quarter included in our equity in losses of Kronos related to Kronos’ recognition of an other-than-temporary impairment charge in a marketable equity security.

We recognized the following amounts during 2016:

•

income of $.01 per share, net of income taxes, included in our equity in earnings of Kronos related to insurance settlement gains in the first quarter,

•

income of $.02 per share in the third quarter and loss of $.01 per share in the fourth quarter, each net of income taxes, included in our equity in earnings of Kronos related to the execution and finalization of the U.S.-Canada APA (see Note 14),

•

loss of $.01 per share in the second quarter and income of $.02 per share in the fourth quarter, each net of income taxes, included in our equity in earnings of Kronos related to a net decrease in our deferred income tax asset valuation allowance related to Kronos’ German and Belgian operations (see Note 14), and

•

loss of $.01 per share, net of income taxes, included in our equity in earnings of Kronos related to a net increase in Kronos’ reserve for uncertain tax positions, mostly in the fourth quarter.

The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations.