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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net sales $ 648,638 $ 661,226 $ 1,924,460 $ 2,057,824
Cost of goods sold 436,989 443,476 1,316,582 1,339,806
Gross profit 211,649 217,750 607,878 718,018
Selling, general and administrative expenses 62,543 53,404 190,193 189,143
Research and development expenses 19,441 19,831 60,959 59,791
Restructuring and other charges, net (Note 13) 0 [1] 0 [1] 0 [1] 94,703 [1]
Operating profit 129,665 144,515 356,726 374,381
Interest and financing expenses (9,496) (7,914) (22,335) (25,134)
Other (expenses) income, net (389) 2,370 (6,295) 1,564
Income before income taxes and equity in net income of unconsolidated investments 119,780 138,971 328,096 350,811
Income tax expense 27,274 32,472 74,916 93,382
Income before equity in net income of unconsolidated investments 92,506 106,499 253,180 257,429
Equity in net income of unconsolidated investments (net of tax) 5,338 7,935 25,308 29,233
Net income 97,844 114,434 278,488 286,662
Net income attributable to noncontrolling interests (7,332) (4,975) (21,250) (12,852)
Net income attributable to Albemarle Corporation $ 90,512 $ 109,459 $ 257,238 $ 273,810
Basic earnings per share (in dollars per share) $ 1.11 $ 1.23 $ 3.04 $ 3.07
Diluted earnings per share (in dollars per share) $ 1.11 $ 1.22 $ 3.02 $ 3.04
Weighted-average common shares outstanding - basic (in shares) 81,385 89,327 84,711 89,246
Weighted-average common shares outstanding - diluted (in shares) 81,852 89,879 85,192 89,959
Cash dividends declared per share of common stock (in dollars per share) $ 0.24 $ 0.20 $ 0.72 $ 0.60
[1] See Note 13, “Restructuring and Other.”