Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2012

Summarized Quarterly Data (Unaudited)

Note 21. Summarized Quarterly Data (Unaudited)

	Fiscal Year 2012 Quarters
	1st		2nd		3rd			4th			Total
	(In thousands, except per share data)
Net sales	$	285,098	$	281,123	$	147,906		$	119,938		$	834,065
Gross profit(1)	$	124,371	$	110,653	$	3,800		$	9,344		$	248,168
Net income (loss)(2) (3)	$	31,802	$	2,799	$	(86,798	)	$	(70,749	)	$	(122,946	)
Dividends on convertible preferred stock	$	2,625	$	2,625	$	2,414		$	783		$	8,447
Net income (loss) allocable to common shareholders(2)(3)	$	29,177	$	174	$	(89,212	)	$	(71,532	)	$	(131,393	)
Earnings (loss) per common share(11)
Basic(2)(3)	$	0.45	$	0.00	$	(1.31	)	$	(1.01	)	$	(1.96	)
Diluted(2)(3)	$	0.37	$	0.00	$	(1.31	)	$	(1.01	)	$	(1.96	)

	Fiscal Year 2011 Quarters
	1st		2nd			3rd			4th			Total
	(In thousands, except per share data)
Net sales	$	285,599	$	273,814		$	173,243		$	153,872		$	886,528
Gross profit(4)	$	123,681	$	102,662		$	47,386		$	37,573		$	311,302
Net income (loss)(5)(6)(7)(8)(9)	$	12,818	$	(59,066	)	$	(62,587	)	$	(62,985	)	$	(171,820	)
Dividends on convertible preferred stock	$	2,625	$	2,625		$	2,625		$	2,625		$	10,500
Net income (loss) allocable to common shareholders	$	10,193	$	(61,691	)	$	(65,212	)	$	(65,610	)	$	(182,320	)
Earnings (loss) per common share(10)
Basic(5)(6)(7)(8)(9)	$	0.16	$	(0.96	)	$	(1.01	)	$	(1.01	)	$	(2.82	)
Diluted(5)(6)(7)(8)(9)	$	0.15	$	(0.96	)	$	(1.01	)	$	(1.01	)	$	(2.82	)

(1) During the second, third and fourth quarters of 2012, the Company recognized charges of $961,000, $27,302,000, and $7,965,000, respectively, in cost of goods sold in connection with the Company’s Cost Reduction Initiatives (see Note 3).

(2) During the first quarter of 2012, the Company recognized an after-tax gain of $4,069,000 ($0.06 per share) in connection with the sale of the Top-Flite and Ben Hogan brands (see Note 8).

(3) During the second, third and fourth quarters of 2012, the Company recognized after-tax charges of $2,855,000 ($0.04 per share), $21,576,000 ($0.32 per share), and $8,798,000 ($0.13 per share), respectively, in connection with the Company’s Cost Reduction Initiatives (see Note 3).

(4) During the first, second, third and fourth quarters of 2011, the Company recognized charges of $6,302,000, $5,847,000, $5,191,000, and $3,250,000, respectively, in cost of goods sold in connection with the Company’s GOS Initiatives (see Note 3).

(5) During the second quarter of 2011, the Company recognized $52,751,000 ($0.82 per share) of tax expense in order to establish a valuation allowance against its U.S. deferred tax assets. During the third and fourth quarters of 2011, in connection with the establishment of the valuation allowance, the Company recognized tax expense of $12,237,000 ($0.19 per share) and $9,397,000 ($0.14 per share), respectively, relating to the release of certain tax assets on intercompany profits (see Note 12).

(6) During the second, third and fourth quarters of 2011, the Company recognized after-tax charges of $3,175,000 ($0.05 per share), $4,548,000 ($0.07 per share), and $2,319,000 ($0.03 per share), respectively, in connection with the Company’s Reorganization and Restructuring Initiatives (see Note 3).

(7) During the first, second, third and fourth quarters of 2011, the Company recognized after-tax charges of $4,151,000 ($0.05 per share), $3,439,000 ($0.05 per share), $3,216,000 ($0.05 per share) and $4,372,000 ($0.07 per share), respectively, in connection with the Company’s GOS Initiatives (see Note 3).

(8) During the first quarter of 2011, the Company recognized an after-tax gain of $3,924,000 ($0.05 per share) in connection with the sale of certain buildings (see Note 7).

(9) During the second quarter of 2011, the Company recognized an after-tax impairment charge of $3,329,000 ($0.05 per share) related to certain trademarks and trade names (see Note 8).

(10) Earnings per share is computed individually for each of the quarters presented; therefore, the sum of the quarterly earnings per share may not necessarily equal the total for the year.