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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2012
QUARTERLY FINANCIAL DATA (UNAUDITED)
21. QUARTERLY FINANCIAL DATA (UNAUDITED)

 

     Fiscal Quarter  
     First      Second      Third      Fourth      Total  
     (In thousands, except per share amounts)  

2012:

               

Net sales

    $ 671,357       $ 712,468       $ 723,473       $ 736,579       $ 2,843,877   

Gross profit

      145,019         158,108         162,552         173,950         639,629   

Income from operations

      169,110         83,858         92,072         98,419         443,459   

Net income

      17,844         45,154         39,791         61,031         163,820   

Basic earnings per share

      0.18         0.47         0.41         0.63         1.70   

Diluted earnings per share

      0.18         0.46         0.41         0.63         1.68   

Stock price — high

      30.62         29.80         36.68         38.67         38.67   

Stock price — low

      24.82         25.77         27.59         33.89         24.82   

2011:

               

Net sales

    $ 629,500       $ 665,481       $ 670,824       $ 654,306       $ 2,620,111   

Gross profit

      133,141         136,901         137,747         134,157         541,946   

Income from operations

      65,903         67,859         71,180         67,807         272,749   

Net income

      37,417         39,368         41,777         39,465         158,027   

Basic earnings per share

      0.37         0.39         0.42         0.41         1.59   

Diluted earnings per share

      0.37         0.39         0.42         0.40         1.57   

Stock price — high

      30.69         29.88         29.19         27.16         30.69   

Stock price — low

      25.96         26.26         21.05         21.75         21.05   

 

Note: The sum of the quarters may not equal the total of the respective year’s earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year.

During the three months ended March 31, 2012, PCA amended its 2009 federal income tax return to reduce the gallons claimed as cellulosic biofuel producer credits previously recorded as a tax benefit and to increase those gallons claimed as alternative fuel mixture credits previously recorded as income. The increase in gallons claimed as alternative fuel mixture credits resulted in an increase in income from operations of $95.5 million. The decrease in gallons claimed as cellulosic biofuel producer credits resulted in a decrease in tax benefits of $118.5 million, for a total decrease in net income of $23.0 million, or $0.24 per share.

For the three months ended June 30, 2012 and September 30, 2012, net income decreased by $2.5 million or $0.025 per share, and $13.5 million or $0.14 per share, respectively, due to debt refinancing charges.

For the three months ended December 31, 2012, net income increased by $3.4 million, or $0.03 per share, from state income tax adjustments, partially offset by $1.4 million, or $0.01 per share, from plant closure charges.

For the three months ended March 31, June 30, September 30, and December 31, 2011 net income decreased by $2.1 million or $0.02 per share, $1.2 million or $0.01 per share, $1.0 million or $0.01 per share, and $0.5 million, or $0.005 per share, respectively, due to asset disposal charges related to major energy projects.

For the three months ended June 30, 2011, net income increased by $1.0 million or $0.01 per share due to an adjustment to reserves related to medical benefits.