16. SELECTED QUARTERLY FINANCIAL DATA (unaudited)

The following table sets forth selected quarterly financial data for the years ended December 31, 2017 and 2016:



	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
2017
Net Sales	$	1,772,591	$	1,909,624	$	2,000,159		$	1,996,647
Cost of goods sold (excluding depreciation and amortization)	1,422,573		1,543,510		1,614,814			1,613,469
Income from operations	67,089		83,105		89,250			81,446
Income before income taxes	50,368		66,289		71,939			63,844
Net income⁽¹⁾	37,800		49,535		53,576			22,222
Net income attributable to WESCO International⁽¹⁾	37,729		49,510		53,675			22,546
Basic earnings per share attributable to WESCO International ^{(1) (2)}	0.77		1.03		1.13			0.48
Diluted earnings per share attributable to WESCO International ^{(1) (3)}	0.76		1.02		1.12			0.47

2016
Net Sales	$	1,775,961	$	1,911,582	$	1,855,212		$	1,793,262
Cost of goods sold (excluding depreciation and amortization)	1,420,793		1,532,113		1,490,173			1,444,735
Income from operations	69,508		87,987		92,555			82,009
Income (loss) before income taxes	50,679		68,535		(52,170		)	64,507
Net income (loss)	34,534		49,852		(31,021		)	47,755
Net income (loss) attributable to WESCO International	36,053		49,798		(31,611		)	47,348
Basic earnings (loss) per share attributable to WESCO International ^{(2) (4)}	0.85		1.18		(0.73		)	0.97
Diluted earnings (loss) per share attributable to WESCO International ^{(3) (4)}	0.77		1.02		(0.73		)	0.96


⁽¹⁾	As described in Note 9, net income and net income attributable to WESCO International include provisional discrete income tax expense of $26.4 million resulting from the application of the TCJA, which affected basic and diluted earnings per share attributable to WESCO International in the fourth quarter of 2017.


⁽²⁾	Earnings per share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed by using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters’ EPS may not equal the full-year EPS.


⁽³⁾	Diluted EPS in each quarter is computed using the weighted-average number of shares outstanding and common share equivalents during that quarter while Diluted EPS for the full year is computed by using the weighted-average number of shares outstanding and common share equivalents during the year. Thus, the sum of the four quarters’ Diluted EPS may not equal the full-year Diluted EPS.

⁽⁴⁾

On September 15, 2016, the Company completed the redemption of its 2029 Debentures. The redemption resulted in a non-cash charge of $123.9 million and consequently a net loss attributable to WESCO International for the three months ended September 30, 2016. Accordingly, dilutive shares were not included in the calculation of diluted loss per share for the three months ended September 30, 2016 because their effect was antidilutive. As described in Note 9, net income and net income attributable to WESCO International include provisional discrete income tax expense of $26.4 million resulting from the application of the TCJA, which affected basic and diluted earnings per share attributable to WESCO International in the fourth quarter of 2017.