Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Quarterly Financial Data

20. Quarterly Financial Data (unaudited)

The following table presents certain unaudited quarterly consolidated statement of operations data from continuing operations for each of the quarters in the periods ended December 31, 2016, 2015 and 2014. The information has been derived from our unaudited financial statements, which have been prepared on substantially the same basis as the audited consolidated financial statements contained in this report. We have presented quarterly earnings per share numbers as reported in our earnings releases. The sum of these quarterly results may differ from annual results due to rounding and the impact of the difference in the weighted shares outstanding for the stand-alone periods. The results of operations for any quarter are not necessarily indicative of the results to be expected for any future period.

(in millions, except per share amounts)
2016	1st	2nd		3rd	4th	Total
Net sales	$172.3	$203.2		$191.3	$213.0	$779.8
Gross profit	72.5	78.3		72.4	77.4	300.6
Net income attributable to the Company	13.5	10.4		13.1	15.8	52.8
Basic earnings per share	0.42	0.32		0.41	0.49	1.64
Diluted earnings per share	0.42	0.32		0.41	0.49	1.64
Cash dividends per share	0.17	0.17		0.17	0.17	0.68
Class A Common Stock prices:
High	38.21	41.31		43.78	49.25
Low	31.43	37.27		38.92	38.65
2015	1st	2nd		3rd	4th	Total
Net sales	$181.3	$172.3		$178.8	$177.5	$709.9
Gross profit	76.7	54.6		75.7	71.7	278.7
Net income/(loss) attributable to the Company	12.2	(2.2	)	9.7	37.6	57.3
Basic earnings per share	0.38	(0.07	)	0.30	1.18	1.79
Diluted earnings per share	0.38	(0.07	)	0.30	1.18	1.79
Cash dividends per share	0.16	0.17		0.17	0.17	0.67
Class A Common Stock prices:
High	40.31	41.15		40.21	39.25
Low	34.13	39.15		28.28	28.19
2014	1st	2nd		3rd	4th	Total
Net sales	$180.3	$193.5		$179.9	$191.6	$745.3
Gross profit	74.8	75.3		68.6	72.9	291.6
Net income attributable to the Company	10.6	11.2		11.8	8.0	41.6
Basic earnings per share	0.33	0.35		0.37	0.26	1.31
Diluted earnings per share	0.33	0.35		0.37	0.25	1.30
Cash dividends per share	0.15	0.16		0.16	0.16	0.63
Class A Common Stock prices:
High	37.59	38.01		38.53	38.15
Low	32.85	33.67		34.04	32.46

In 2016, restructuring charges reduced earnings per share by $0.01 in the first quarter, $0.13 in the second quarter, $0.01 in the third quarter, and $0.01 in the fourth quarter.

In 2016, we recorded measurement period adjustments related to the business acquisition that occurred in the second quarter of 2016. Measurement period adjustments decreased earnings per share by $0.03 in the third quarter, and $0.00 in the fourth quarter. Costs related the acquisition transaction reduced earnings per share by $0.03 in the first quarter, $0.08 in the second quarter, $0.00 in the third quarter, and $0.00 in the fourth quarter

In 2016, discrete income tax adjustments, increased earnings per share by $0.03 in the first quarter, $0.00 in the second quarter, $0.00 in the third quarter, and $0.04 in the fourth quarter.

In 2015, restructuring charges reduced earnings per share by $0.18 in the first quarter, $0.02 in the second quarter, $0.07 in the third quarter, and $0.21 in the fourth quarter.

In 2015, discrete income tax adjustments, increased/(decreased) earnings per share by $(0.01) in the first quarter, $0.00 in the second quarter, ($0.15) in the third quarter, and $0.85 in the fourth quarter. The amount recognized in the fourth quarter was principally due to a worthless stock deduction for the Company’s investment in its German subsidiary.

In 2015, we recognized a gain related to the sale of investment of $0.02 per share in the first quarter.

In 2014, restructuring charges reduced earnings per share by $0.02 in the first quarter, $0.04 in the second quarter, $0.02 in the third quarter, and $0.04 in the fourth quarter.

In 2014, we recognized a gain related to the insurance recovery due to damage to a Machine Clothing manufacturing facility, $0.03 per share in the second quarter and $0.01 per share in the third quarter.

In 2014, earnings per share included a pension plan settlement charge of $0.16 per share in the fourth quarter.

The Company’s Class A Common Stock is traded principally on the New York Stock Exchange. As of December 31, 2016, there were approximately 7,500 beneficial owners of the Company’s common stock, including employees owning shares through the Company’s 401(k) defined contribution plan.