Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2017

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, 2017, 2016, and 2015. 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 table below presents operating results as filed in our quarterly reports for the first three quarters of each year. Fourth quarter results presented below may vary from our quarterly earnings report in order to agree to the full year totals. 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)
2017	1st	2nd	3rd	4th	Total
Net sales	$199.3	$215.6	$222.1	$226.7	$863.7
Gross profit	75.9	63.1	79.4	77.4	295.8
Net income attributable to the Company	10.8	1.1	15.3	5.9	33.1
Basic earnings per share	0.34	0.03	0.47	0.19	1.03
Diluted earnings per share	0.34	0.03	0.47	0.19	1.03
Cash dividends per share	0.17	0.17	0.17	0.17	0.68
Class A Common Stock prices:
High	49.05	53.40	57.60	65.25
Low	43.90	43.90	50.25	56.45
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

Earnings per share for the fourth quarter of 2017, as reported in the table above, is $0.01 higher than our quarterly earnings report due to rounding needed to match the full year total.

In 2017, restructuring charges reduced earnings per share by $0.05 in the first quarter, $0.04 in the second quarter, $0.11 in the third quarter, and $0.07 in the fourth quarter. The amount recognized in the third quarter was primarily non-cash charges associated with the decision to exit a discontinued product line.

In 2017, discrete income tax adjustments, increased/(decreased) earnings per share by ($0.03) in the first quarter, ($0.02) in the second quarter, $0.12 in the third quarter, and ($0.21) in the fourth quarter. The amount recognized in the fourth quarter was primarily from changes in U.S. tax laws.

In 2017, we recorded a write-off of inventory in a discontinued product line in the third quarter of 2017. The write-off (decreased)/increased earnings per share by ($0.06) in the third quarter and $0.01 in the fourth quarter.

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 to 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.

The Company’s Class A Common Stock is traded principally on the New York Stock Exchange. As of December 31, 2017, there were over 20,000 beneficial owners of the Company’s common stock, including employees owning shares through the Company’s 401(k) defined contribution plan.