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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information (Unaudited) |
Quarterly Financial Information (Unaudited) | Note 20. Quarterly Financial Information (Unaudited) ​ The following is a summary of the unaudited quarterly results of operations for 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Quarter Ended
​ | December 31, |  | September 30, |  | June 30, |  | March 31,
​ | (in millions, except per share amounts)
2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | $ | 2,134.1 |  | $ | 2,085.6 |  | $ | 2,019.3 |  | $ | 2,572.9
Cost of sales | ​ | 1,430.5 | ​ | ​ | 1,409.5 | ​ | ​ | 1,404.6 | ​ | ​ | 1,792.2
Gross profit(1) | ​ | 703.6 | ​ | ​ | 676.1 | ​ | ​ | 614.7 | ​ | ​ | 780.7
Net income | ​ | 130.5 | ​ | ​ | 98.3 | ​ | ​ | 80.7 | ​ | ​ | 62.9
Net income attributable to Reliance | ​ | 129.6 | ​ | ​ | 97.6 | ​ | ​ | 80.2 | ​ | ​ | 61.7
Earnings per share attributable to Reliance stockholders: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | 2.01 | ​ | ​ | 1.51 | ​ | ​ | 1.24 | ​ | ​ | 0.92
Basic | ​ | 2.04 | ​ | ​ | 1.53 | ​ | ​ | 1.26 | ​ | ​ | 0.93
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | $ | 2,447.8 |  | $ | 2,685.9 |  | $ | 2,883.5 |  | $ | 2,956.6
Cost of sales | ​ | 1,653.6 | ​ | ​ | 1,871.2 | ​ | ​ | 2,029.9 | ​ | ​ | 2,089.7
Gross profit(1) | ​ | 794.2 | ​ | ​ | 814.7 | ​ | ​ | 853.6 | ​ | ​ | 866.9
Net income | ​ | 166.3 | ​ | ​ | 163.9 | ​ | ​ | 184.3 | ​ | ​ | 191.6
Net income attributable to Reliance | ​ | 165.6 | ​ | ​ | 162.7 | ​ | ​ | 183.1 | ​ | ​ | 190.1
Earnings per share attributable to Reliance stockholders: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted | ​ | 2.44 | ​ | ​ | 2.40 | ​ | ​ | 2.69 | ​ | ​ | 2.80
Basic | ​ | 2.48 | ​ | ​ | 2.44 | ​ | ​ | 2.73 | ​ | ​ | 2.83
(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. About half 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, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially 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 quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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