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SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA | 18. SELECTED QUARTERLY FINANCIAL DATA (unaudited) The following table sets forth selected quarterly financial data for the years ended December 31, 2020 and 2019:
(In thousands, except per share data) | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2020 |  |  |  |  |  |  |
Net sales | $ | 1,968,647 |  |  | $ | 2,086,706 |  |  | $ | 4,141,801 |  |  | $ | 4,128,841 |
Cost of goods sold (excluding depreciation and amortization)(1) | 1,592,249 |  |  | 1,692,931 |  |  | 3,356,259 |  |  | 3,356,890 |
Gross profit | 376,398 |  |  | 393,775 |  |  | 785,542 |  |  | 771,951 |
Income from operations | 60,913 |  |  | 15,270 |  |  | 178,095 |  |  | 92,763 |
Income (loss) before income taxes | 44,441 |  |  | (45,313) |  |  | 104,332 |  |  | 19,384 |
Net income (loss)(1) | 34,175 |  |  | (34,459) |  |  | 80,038 |  |  | 20,288 |
Net income (loss) attributable to common stockholders | 34,407 |  |  | (35,782) |  |  | 66,167 |  |  | 5,632 |
Basic earnings (loss) per share attributable to common stockholders(2) | $ | 0.82 |  |  | $ | (0.84) |  |  | $ | 1.32 |  |  | $ | 0.11 |
Diluted earnings (loss) per share attributable to common stockholders(3) | $ | 0.82 |  |  | $ | (0.84) |  |  | $ | 1.31 |  |  | $ | 0.11 |
2019 |  |  |  |  |  |  |
Net sales | $ | 1,961,267 |  |  | $ | 2,150,088 |  |  | $ | 2,148,110 |  |  | $ | 2,099,452 |
Cost of goods sold (excluding depreciation and amortization) | 1,578,771 |  |  | 1,741,114 |  |  | 1,747,913 |  |  | 1,709,658 |
Gross profit | 382,496 |  |  | 408,974 |  |  | 400,197 |  |  | 389,794 |
Income from operations | 70,726 |  |  | 97,950 |  |  | 93,733 |  |  | 83,808 |
Income before income taxes | 53,606 |  |  | 80,643 |  |  | 80,225 |  |  | 67,587 |
Net income | 41,950 |  |  | 63,215 |  |  | 64,339 |  |  | 52,694 |
Net income attributable to common stockholders | 42,369 |  |  | 63,464 |  |  | 64,495 |  |  | 53,098 |
Basic earnings per share attributable to common stockholders(2) | $ | 0.94 |  |  | $ | 1.46 |  |  | $ | 1.53 |  |  | $ | 1.27 |
Diluted earnings per share attributable to common stockholders(3) | $ | 0.93 |  |  | $ | 1.45 |  |  | $ | 1.52 |  |  | $ | 1.26 |
(1) An out-of-period adjustment was recorded during the quarter ended December 31, 2020, resulting in an increase of $23.3 million to cost of goods sold and a decrease of $16.7 million to net income, as described in Note 2, "Accounting Policies". (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.

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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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