The following is a summary of our unaudited quarterly results of operations for 2017 and 2016:



	Quarter
	First			Second		Third			Fourth
	(In thousands, except share and per share data)
2017
Net sales	$	1,995,686		$	1,926,722	$	1,937,620		$	1,934,997
Gross profit	462,125			467,380		441,740			446,432
Income (loss) from continuing operations(1)	(9,759		)	17,647		(9,973		)	49,507
Net income (loss)(2)	(9,759		)	17,647		1,382			52,318
Earnings (loss) per common share from continuing operations(3):
Basic	(0.11		)	0.19		(0.11		)	0.54
Diluted	(0.11		)	0.19		(0.11		)	0.54



	Quarter
	First		Second		Third		Fourth
	(In thousands, except share and per share data)
2016
Net sales	$	1,878,828	$	1,848,788	$	1,964,601	$	2,018,009
Gross profit	504,068		493,253		488,775		501,420
Income from continuing operations	39,201		33,371		14,526		33,519
Net income(4)	39,201		33,371		14,526		32,831
Earnings per common share from continuing operations (3):
Basic	0.43		0.37		0.16		0.37
Diluted	0.43		0.36		0.16		0.37

(1)

Income from continuing operations for the first, second, third and fourth quarters of 2017 includes facility closing and reorganization costs, net of tax and gains on sales of assets, of $5.7 million, $3.6 million, $4.8 million and $1.2 million, respectively. See Note 16. Additionally, results for the first quarter of 2017 include a charge due to litigation settlements and the related legal expenses. See Note 18. The results for the third and fourth quarters of 2017 include impairments of our property, plant and equipment totaling $25.0 million and $5.7 million, respectively. See Note 16. The results for the fourth quarter of 2017 include a one-time income tax benefit of $43.7 million associated with the December 22, 2017 enactment of the Tax Cuts and Jobs Act. See Note 8.


(2)	Net income for the third quarter of 2017 include net gains from discontinued operations of $11.4 million. See Note 2.


(3)	Earnings (loss) per common share calculations for each of the quarters were based on the basic and diluted weighted average number of shares outstanding for each quarter. The sum of the quarters may not necessarily be equal to the full year earnings (loss) per common share amount.

(4)

The results for the first, second, third and fourth quarters of 2016 include facility closing and reorganization costs, net of tax and gains on sales of assets, of $0.7 million, $(0.9) million, $5.7 million and $(0.2) million, respectively. See Note 16. The results for the third quarter of 2016 include a separation charge of $10.1 million in connection with the Company's CEO succession plan. See “Part I — Item 1. Business — Developments Since January 1, 2017.”