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CONSOLIDATED STATEMENTS OF INCOME (USD $) In Millions, except Per Share data, unless otherwise specified | 12 Months Ended
--- | ---
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011
Net sales | $ 1,368.4 | $ 1,266.4 | $ 1,192.3
Cost of goods and services sold | 933.7 | 878.7 | 853.0
Gross profit | 434.7 | 387.7 | 339.3
Research and development | 37.9 | 33.2 | 29.1
Selling, general and administrative expenses | 234.9 | 218.1 | 191.1
Restructuring and other items (Note 2) | (0.5) | 1.3 | 9.5
Operating profit | 162.4 | 135.1 | 109.6
Loss on debt extinguishment | 0.2 | 11.6 | 0
Interest expense | 17.0 | 16.7 | 18.2
Interest income | 1.9 | 1.8 | 1.3
Income before income taxes | 147.1 | 108.6 | 92.7
Income tax expense | 40.2 | 32.7 | 23.5
Equity in net income of affiliated companies | 5.4 | 4.8 | 6.3
Net income | $ 112.3 | $ 80.7 | $ 75.5
Net income per share: |  |  |
Basic (in dollars per share) | $ 1.61 | $ 1.19 | $ 1.12
Diluted (in dollars per share) | $ 1.57 | $ 1.15 | $ 1.08
Weighted average shares outstanding: |  |  |
Basic (in shares) | 69.6 | 68.1 | 67.3
Diluted (in shares) | 71.4 | 71.8 | 74.0
Dividends declared per share (in dollars per share) | $ 0.39 | $ 0.37 | $ 0.35

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