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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information (Unaudited) |
Quarterly Financial Information (Unaudited) | Note 18. Quarterly Financial Information (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013:
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
|  | (in millions, except per share amounts) |
2014: |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,553.0 |  | $ | 2,616.8 |  | $ | 2,705.1 |  | $ | 2,576.7 |
Cost of sales |  |  | 1,905.8 |  |  | 1,943.5 |  |  | 2,026.9 |  |  | 1,954.4 |
Gross profit(1) |  |  | 647.2 |  |  | 673.3 |  |  | 678.2 |  |  | 622.3 |
Net income |  |  | 87.9 |  |  | 97.8 |  |  | 96.9 |  |  | 93.7 |
Net income attributable to Reliance |  |  | 87.2 |  |  | 96.5 |  |  | 95.5 |  |  | 92.3 |
Diluted earnings per common share attributable to Reliance shareholders |  |  | 1.11 |  |  | 1.22 |  |  | 1.21 |  |  | 1.18 |
Basic earnings per common share attributable to Reliance shareholders |  |  | 1.13 |  |  | 1.24 |  |  | 1.23 |  |  | 1.19 |
2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 2,025.3 |  | $ | 2,448.3 |  | $ | 2,443.5 |  | $ | 2,306.7 |
Cost of sales |  |  | 1,496.5 |  |  | 1,826.7 |  |  | 1,800.5 |  |  | 1,702.5 |
Gross profit(1) |  |  | 528.8 |  |  | 621.6 |  |  | 643.0 |  |  | 604.2 |
Net income |  |  | 84.5 |  |  | 81.9 |  |  | 96.0 |  |  | 62.3 |
Net income attributable to Reliance |  |  | 83.7 |  |  | 81.0 |  |  | 95.1 |  |  | 61.8 |
Diluted earnings per common share attributable to Reliance shareholders |  |  | 1.09 |  |  | 1.05 |  |  | 1.22 |  |  | 0.79 |
Basic earnings per common share attributable to Reliance shareholders |  |  | 1.10 |  |  | 1.06 |  |  | 1.23 |  |  | 0.80 |
(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. We use 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.
Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with per share amounts for the years shown elsewhere in this Annual Report on Form 10-K.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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