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Quarterly Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2011
Quarterly Financial Information |
Summary of the quarterly results of operations |
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
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|  | (in millions, except per share amounts) |
2011: |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,912.7 |  | $ | 2,049.5 |  | $ | 2,138.6 |  | $ | 2,033.9 |
Cost of sales |  |  | 1,406.4 |  |  | 1,538.7 |  |  | 1,644.7 |  |  | 1,558.9 |
Gross profit(1) |  |  | 506.3 |  |  | 510.8 |  |  | 493.9 |  |  | 475.0 |
Net income |  |  | 93.6 |  |  | 100.2 |  |  | 86.3 |  |  | 69.1 |
Net income attributable to Reliance |  |  | 92.3 |  |  | 98.7 |  |  | 84.9 |  |  | 67.9 |
Diluted earnings per common share attributable to Reliance shareholders |  |  | 1.23 |  |  | 1.31 |  |  | 1.13 |  |  | 0.91 |
Basic earnings per common share attributable to Reliance shareholders |  |  | 1.24 |  |  | 1.32 |  |  | 1.13 |  |  | 0.91 |
2010: |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,454.1 |  | $ | 1,620.6 |  | $ | 1,653.8 |  | $ | 1,584.3 |
Cost of sales |  |  | 1,076.0 |  |  | 1,203.8 |  |  | 1,257.6 |  |  | 1,190.5 |
Gross profit(1) |  |  | 378.1 |  |  | 416.8 |  |  | 396.2 |  |  | 393.8 |
Net income |  |  | 45.0 |  |  | 62.8 |  |  | 49.3 |  |  | 40.8 |
Net income attributable to Reliance |  |  | 44.7 |  |  | 61.5 |  |  | 48.7 |  |  | 39.5 |
Diluted earnings per common share attributable to Reliance shareholders |  |  | 0.60 |  |  | 0.83 |  |  | 0.65 |  |  | 0.53 |
Basic earnings per common share attributable to Reliance shareholders |  |  | 0.60 |  |  | 0.83 |  |  | 0.65 |  |  | 0.53 |
(1) Gross profit, calculated as net sales less cost of sales, is a non-GAAP financial measure as it excludes depreciation and amortization expense associated with the corresponding sales. The majority of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform "first-stage" processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, are not significant and are excluded from our cost of sales. Therefore, our cost of sales is primarily comprised of the cost of the material we sell. The Company uses gross profit as shown above as a measure of operating performance. Gross profit is an important operating and financial measure, as fluctuations in gross profit can have a significant impact on our earnings. Gross profit, as presented, is not necessarily comparable with similarly titled measures for other companies.

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 270 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (a)-(j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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