QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2012

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

21.    QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following is a summary of the Company’s unaudited quarterly results of operations:

	Year Ended December 31, 2012
	1st Quarter		2nd Quarter		3rd Quarter			4th Quarter
Net sales	$	330.7	$	357.1	$	347.0		$	391.3
Gross profit		215.0		232.7		220.0			251.9
Income (loss) from continuing operations, net of taxes(a)(b)(c)		8.5		10.7		(15.0	)		46.5
Income from discontinued operations, net of taxes		—		0.4		—			—
Net income (loss) (a)(b)(c)		8.5		11.1		(15.0	)		46.5
Basic income (loss) per common share (a)(b)(c):
Continuing operations		0.16		0.20		(0.29	)		0.89
Discontinued operations		—		0.01		—			—
Net income (loss) per common share	$	0.16	$	0.21	$	(0.29	)	$	0.89
Diluted income (loss) per common share (a)(b)(c):
Continuing operations		0.16		0.20		(0.29	)		0.89
Discontinued operations		—		0.01		—			—
Net income (loss) per common share	$	0.16	$	0.21	$	(0.29	)	$	0.89

	Year Ended December 31, 2011
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Net sales	$	333.2	$	351.2	$	337.2	$	359.8
Gross profit		219.9		229.3		214.1		225.5
Income from continuing operations, net of taxes (d)		10.4		5.9		0.1		36.4
Income from discontinued operations, net of taxes		—		0.6		—		—
Net income (c)		10.4		6.5		0.1		36.4
Basic income per common share (d):
Continuing operations		0.20		0.11		—		0.70
Discontinued operations		—		0.01		—		—
Net income per common share	$	0.20	$	0.12	$	—	$	0.70
Diluted income per common share (d):
Continuing operations		0.20		0.11		—		0.70
Discontinued operations		—		0.01		—		—
Net income per common share	$	0.20	$	0.12	$	—	$	0.70

^(a)  Income from continuing operations, net income and basic and diluted earnings per share for the second quarter of 2012 were unfavorably impacted by a $6.7 million loss contingency recognized related to litigation associated with the Company’s 2009 Exchange Offer. (See Note 19, “Commitments and Contingencies”).

^(b)  Loss from continuing operations, net loss and basic and diluted loss per share for the third quarter of 2012 were unfavorably impacted by $24.1 million in restructuring and related charges recorded as a result of the September 2012 Program and an additional $2.2 million loss contingency recognized related to litigation associated with the Company’s 2009 Exchange Offer. (See Note 3, “Restructuring Charges” and Note 19, “Commitments and Contingencies”).

^(c)  Income from continuing operations, net income and basic and diluted earnings per share for the fourth quarter of 2012 were favorably impacted by an increase in net income driven by a non-cash benefit of $15.8 million related to the reduction of the Company’s deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions in the U.S. at December 31, 2012, as a result of the Company’s improved earnings trends and cumulative taxable income in those jurisdictions, which is reflected in the provision for income taxes (See Note 13, “Income Taxes”).

^(d)  Income from continuing operations, net income and basic and diluted earnings per share for the fourth quarter of 2011 were favorably impacted by an increase in net income driven by a non-cash benefit of $16.9 million related to the reduction of the Company’s deferred tax valuation allowance on its net deferred tax assets for certain jurisdictions outside the U.S. at December 31, 2011 as a result of the Company’s improved earnings trends and cumulative taxable income in those jurisdictions. (See Note 13, “Income Taxes”).