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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited)
 
Quarterly results of operations for the years ended December 31, 2014 and 2013, which include Sealy's results of operations from March 18, 2013 through December 31, 2013, are summarized below:
(in millions, except per share amounts)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2014
 
 
 
 
 
 
 
Net sales
$
701.9

 
$
715.0

 
$
827.4

 
$
745.5

Gross profit
269.5

 
268.3

 
318.5

 
294.1

Operating income
62.4

 
50.3

 
87.1

 
76.5

Net income (loss)
27.4

 
(2.2
)
 
37.1

 
46.6

Basic earnings (loss) per common share
$
0.45

 
$
(0.04
)
 
$
0.61

 
$
0.77

Diluted earnings (loss) per common share
$
0.44

 
$
(0.04
)
 
$
0.60

 
$
0.75

 
 
 
 
 
 
 
 
2013
 
 
 
 
 
 
 
Net sales
$
390.1

 
$
660.6

 
$
735.5

 
$
678.1

Gross profit
188.4

 
254.9

 
298.7

 
272.9

Operating income
44.5

 
44.0

 
81.2

 
74.1

Net income
12.5

 
(1.6
)
 
40.2

 
27.5

Basic earnings (loss) per common share
$
0.21

 
$
(0.03
)
 
$
0.66

 
$
0.45

Diluted earnings (loss) per common share
$
0.20

 
$
(0.03
)
 
$
0.65

 
$
0.45


 
The Company's earnings were negatively impacted in the second quarter of 2014 due to the sale of its three U.S. innerspring component production facilities and equipment, along with associated working capital, which resulted in a loss on disposal of business. In the fourth quarter of 2014, the Company recognized other income from certain other non recurring items, including the partial settlement of a legal dispute. Additionally, the Company's earnings were negatively impacted in the second quarter of 2013, primarily due to the Sealy Acquisition and associated transaction fees. The sum of the quarterly earnings per common share amounts may not equal the annual amount reported because per share amounts are computed independently for each quarter and for the full year based on respective weighted-average common shares outstanding and other dilutive potential common shares. The Company’s quarterly operating results fluctuate as a result of seasonal variations in the Company’s business.