Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2015

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following table presents our quarterly results of operations for the years ended December 31, 2015 and 2014:



	First		Second		Third		Fourth
	(Dollars in thousands, except per share data)
2015 ⁽¹⁾
Net sales	$	816,601	$	914,229	$	1,203,525	$	829,616
Gross profit	122,237		133,657		185,106		113,126
Net income	33,304		42,244		70,316		26,549

Basic net income per share ⁽³⁾	$	0.53	$	0.70	$	1.16	$	0.44
Diluted net income per share ⁽³⁾	0.53		0.70		1.16		0.44

Dividends per share	$	0.16	$	0.16	$	0.16	$	0.16

2014 ⁽²⁾
Net sales	$	855,846	$	917,336	$	1,228,444	$	910,164
Gross profit	128,007		143,707		205,614		122,502
Net income	31,476		44,003		83,276		23,636

Basic net income per share ⁽³⁾	$	0.50	$	0.69	$	1.31	$	0.37
Diluted net income per share ⁽³⁾	0.49		0.69		1.31		0.37

Dividends per share	$	0.15	$	0.15	$	0.15	$	0.15

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(1)	The first, second, third and fourth quarters of 2015 include rationalization charges of $0.7 million, $1.0 million, $9.1 million and $3.6 million, respectively.


(2)	The first, second, third and fourth quarters of 2014 include rationalization charges of $1.6 million, $0.9 million, $2.5 million and $9.5 million, respectively, and (loss) income from operations in Venezuela of $(0.5) million, $(2.9) million, $0.8 million and $(0.5) million, respectively. The first quarter of 2014 includes a loss on early extinguishment of debt of $1.5 million.


(3)	Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year.