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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Net sales $ 1,139,547 $ 1,148,008 $ 2,729,516 $ 2,673,318
Cost of goods sold 960,776 965,054 2,321,371 2,271,508
Gross profit 178,771 182,954 408,145 401,810
Selling, general and administrative expenses 44,291 46,221 135,503 112,872
Rationalization charges 2,048 682 5,809 4,782
Income from operations 132,432 [1],[2] 136,051 266,833 [1],[2] 284,156 [1],[2]
Interest and other debt expense before loss on early extinguishment of debt 16,005 16,292 47,622 46,678
Loss on early extinguishment of debt   976 38,704 976
Interest and other debt expense 16,005 17,268 86,326 47,654
Income before income taxes 116,427 118,783 180,507 236,502
Provision for income taxes 37,770 40,027 58,520 80,427
Net income $ 78,657 $ 78,756 $ 121,987 $ 156,075
Earnings per share:        
Basic net income per share $ 1.13 $ 1.13 $ 1.75 $ 2.23
Diluted net income per share $ 1.13 $ 1.12 $ 1.74 $ 2.22
Dividends per share $ 0.12 $ 0.11 $ 0.36 $ 0.33
Weighted average number of shares:        
Basic 69,375 69,981 69,679 70,036
Effect of dilutive securities 310 339 305 408
Diluted 69,685 70,320 69,984 70,444
[1] Income from operations for corporate includes costs attributable to announced acquisitions of $0.8 million and $1.5 million for the three and nine months ended September 30, 2012, respectively, and also includes income of $25.2 million for the nine months ended September 30, 2011 for proceeds received as a result of the termination of the merger agreement with Graham Packaging Company Inc., or the Graham Packaging merger agreement, net of costs associated with certain corporate development activities.
[2] Income from operations of the metal containers segment includes new plant start-up costs of $1.4 million and $4.3 million for the three and nine months ended September 30, 2012, respectively, and a charge for the resolution of a past product liability dispute of $3.3 million for the nine months ended September 30, 2011.