

	Fiscal Quarter
2013:	First		Second (a)		Third (b)		Fourth (c)		Total
Net sales	$	755,207	$	800,230	$	845,440	$	1,264,431	$	3,665,308
Gross profit	182,492		192,323		226,777		257,595		859,187
Income from operations	103,246		107,270		141,960		121,131		473,607
Net income	60,613		64,465		84,180		227,025		436,283
Basic earnings per share	0.63		0.67		0.87		2.35		4.52
Diluted earnings per share	0.62		0.66		0.86		2.33		4.47
Stock price - high	44.93		50.78		61.32		64.39		64.39
Stock price - low	37.86		42.36		48.45		55.66		37.86
	Fiscal Quarter
2012:	First (d)		Second (e)		Third (e)		Fourth (f)		Total
Net sales	$	671,357	$	712,468	$	723,473	$	736,579	$	2,843,877
Gross profit	145,135		158,015		163,102		174,339		640,591
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

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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.


(a)	Includes a $7.8 million non-cash pension curtailment charge ($5.0 million after tax or $0.05 per diluted share).


(b)	Includes a $3.1 million non-cash pension curtailment charge ($2.0 million after tax or $0.02 per diluted share), $1.5 million of acquisition-related costs ($1.0 million after tax or $0.01 per diluted share), and $2.7 million of acquisition-related financing costs ($1.8 million after tax or $0.02 per diluted share).

(c)

Includes Boise's results for the period of October 25, 2013, through December 31, 2013. The quarter also includes $166.0 million of income tax benefits from the reversal of the reserves for unrecognized tax benefits from alternative energy tax credits ($1.70 per diluted share), partially offset by $21.5 million of expense for the acquisition inventory step-up ($13.6 million after tax or $0.14 per diluted share), $15.8 million of acquisition-related costs ($10.0 million after tax or $0.10 per diluted share), $8.9 million of acquisition-related financing costs ($5.6 million after tax or $0.06 per diluted share), and $17.4 million of integration-related and other costs ($11.0 million after tax or $0.11 per diluted share).

(d)

During the first quarter of 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 income 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 ($0.24 per diluted share).


(e)	The second and third quarters of 2012 include debt refinancing charges of $3.7 million ($2.5 million after tax or $0.03 per diluted share) and $21.1 million ($13.5 million after tax or $0.14 per diluted share), respectively.


(f)	Includes $3.4 million of income from state income tax adjustments ($0.03 per diluted share), partially offset by $2.0 million of plant closure charges ($1.4 million after tax or $0.01 per diluted share).