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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014
Income Statement [Abstract] |  |  |  |
Net sales | $ 359.7 | $ 368.9 | $ 695.6 | $ 715.7
Cost of goods and services sold | 241.5 | 247.1 | 467.7 | 487.5
Gross profit | 118.2 | 121.8 | 227.9 | 228.2
Research and development | 8.1 | 9.9 | 15.6 | 19.9
Selling, general and administrative expenses | 60.8 | 57.5 | 116.0 | 113.9
Other expense (Note 11) | 10.2 | 0.3 | 9.4 | 1.0
Operating profit | 39.1 | 54.1 | 86.9 | 93.4
Interest expense | 3.4 | 4.2 | 7.5 | 8.2
Interest income | 0.4 | 0.5 | 0.8 | 0.9
Income before income taxes | 36.1 | 50.4 | 80.2 | 86.1
Income tax expense | 9.2 | 14.0 | 21.7 | 23.8
Equity in net income of affiliated companies | 0.9 | 1.2 | 2.2 | 2.4
Net income | $ 27.8 | $ 37.6 | $ 60.7 | $ 64.7
Net income per share: |  |  |  |
Basic (in dollars per share) | $ 0.39 | $ 0.53 | $ 0.84 | $ 0.92
Diluted (in dollars per share) | $ 0.38 | $ 0.52 | $ 0.83 | $ 0.89
Weighted average shares outstanding: |  |  |  |
Basic (in shares) | 72.0 | 70.8 | 71.9 | 70.7
Diluted (in shares) | 73.7 | 72.4 | 73.5 | 72.4
Dividends declared per share | $ 0.11 | $ 0.10 | $ 0.22 | $ 0.20

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