Quarterly Results of Operations (unaudited, dollars in thousands, except per-share and stock price information)



	Fiscal Quarter
	First				Second (b)				Third (c)				Fourth (d)				Total
2013 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	755,207	$	755,207	$	800,230	$	800,230	$	845,440	$	845,440	$	1,264,431	$	1,264,431	$	3,665,308	$	3,665,308
Gross profit	182,492		185,246		192,323		195,250		226,777		227,599		257,595		259,360		859,187		867,455
Income from operations	103,246		106,000		107,270		110,197		141,960		142,782		121,131		122,896		473,607		481,875
Net income	60,613		62,294		64,465		66,252		84,180		84,682		227,025		228,101		436,283		441,329
Basic earnings per share	0.63		0.65		0.67		0.69		0.87		0.88		2.35		2.36		4.52		4.57
Diluted earnings per share	0.62		0.64		0.66		0.68		0.86		0.87		2.33		2.34		4.47		4.52
Stock price - high	44.93		44.93		50.78		50.78		61.32		61.32		64.39		64.39		64.39		64.39
Stock price - low	37.86		37.86		42.36		42.36		48.45		48.45		55.66		55.66		37.86		37.86
	Fiscal Quarter
	First (e)				Second (f)				Third (f)				Fourth (g)				Total
2012 (a):	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net sales	$	671,357	$	671,357	$	712,468	$	712,468	$	723,473	$	723,473	$	736,579	$	736,579	$	2,843,877	$	2,843,877
Gross profit	145,135		141,834		158,015		159,160		163,102		162,922		174,339		170,819		640,591		634,735
Income from operations	169,110		165,809		83,858		85,003		92,072		91,892		98,419		94,899		443,459		437,603
Net income	17,844		15,826		45,154		45,854		39,791		39,681		61,031		58,879		163,820		160,240
Basic earnings per share	0.18		0.16		0.47		0.48		0.41		0.41		0.63		0.61		1.70		1.66
Diluted earnings per share	0.18		0.16		0.46		0.47		0.41		0.41		0.63		0.60		1.68		1.64
Stock price - high	30.62		30.62		29.80		29.80		36.68		36.68		38.67		38.67		38.67		38.67
Stock price - low	24.82		24.82		25.77		25.77		27.59		27.59		33.89		33.89		24.82		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)	Amounts have been adjusted for the change in inventory accounting method from LIFO to average cost. See Note 2, Summary of Significant Accounting Policies, for more information.


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


(c)	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).

(d)

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).

(e)

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).


(f)	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.


(g)	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).