QUARTERLY FINANCIAL DATA (UNAUDITED):

12 Months Ended

Dec. 31, 2017

QUARTERLY FINANCIAL DATA (UNAUDITED):

NOTE 14—QUARTERLY FINANCIAL DATA (UNAUDITED):


	(Thousands of dollars except per share data)
	First		Second		Third		Fourth		Year
2017
Net product sales	$	103,425	$	104,897	$	182,173	$	125,179	$	515,674
Product gross margin		38,009		39,638		67,325		44,778		189,750
Net earnings attributable to Tootsie Roll Industries, Inc.		10,051		11,895		26,933		31,985		80,864
Net earnings attributable to Tootsie Roll Industries, Inc. per share		0.16		0.19		0.43		0.51		1.28

2016
Net product sales	$	103,362	$	104,259	$	185,473	$	124,279	$	517,373
Product gross margin		37,538		39,250		70,725		49,570		197,083
Net earnings attributable to Tootsie Roll Industries, Inc.		9,896		11,136		28,637		17,841		67,510
Net earnings attributable to Tootsie Roll Industries, Inc. per share		0.15		0.17		0.45		0.28		1.05

Net earnings per share is based upon average outstanding shares as adjusted for 3% stock dividends issued during the second quarter of each year as discussed above. The sum of the quarterly per share amounts may not equal annual amounts due to rounding. In connection with enactment of the U.S. Tax Cuts and Jobs Act (Tax Reform Act) in December 2017, the Company recorded a favorable accounting adjustment of $20,318, or $0.32 per share, during the fourth quarter of 2017. This reflects the estimated benefit from the revaluation of net deferred income tax liabilities based on the new lower U.S. corporate income tax rate effective January 1, 2018.