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Quarterly Financial Information (unaudited) | 12 Months Ended
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Dec. 31, 2013
Quarterly Financial Information (unaudited) |
Quarterly Financial Information (unaudited) | (17) Quarterly Financial Information (unaudited)
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (in millions, except per share information) |
Year ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 358.9 |  | $ | 366.8 |  | $ | 371.8 |  | $ | 376.0 |
Gross profit |  |  | 128.9 |  |  | 132.8 |  |  | 133.9 |  |  | 130.9 |
Income from continuing operations |  |  | 16.3 |  |  | 18.9 |  |  | 17.5 |  |  | 8.2 |
Net income |  |  | 16.1 |  |  | 18.9 |  |  | 15.4 |  |  | 8.2 |
Per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  |  | 0.46 |  |  | 0.53 |  |  | 0.49 |  |  | 0.23 |
Net income |  |  | 0.45 |  |  | 0.53 |  |  | 0.43 |  |  | 0.23 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  |  | 0.46 |  |  | 0.53 |  |  | 0.49 |  |  | 0.23 |
Net income |  |  | 0.45 |  |  | 0.53 |  |  | 0.43 |  |  | 0.23 |
Dividends per common share |  |  | 0.11 |  |  | 0.13 |  |  | 0.13 |  |  | 0.13 |
Year ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 357.6 |  | $ | 362.5 |  | $ | 352.8 |  | $ | 354.5 |
Gross profit |  |  | 127.8 |  |  | 129.4 |  |  | 127.7 |  |  | 128.6 |
Income from continuing operations |  |  | 15.7 |  |  | 18.2 |  |  | 18.3 |  |  | 18.2 |
Net income |  |  | 15.7 |  |  | 18.5 |  |  | 18.7 |  |  | 15.5 |
Per common share: |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  |  | 0.42 |  |  | 0.50 |  |  | 0.52 |  |  | 0.51 |
Net income |  |  | 0.42 |  |  | 0.51 |  |  | 0.53 |  |  | 0.44 |
Diluted |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  |  | 0.42 |  |  | 0.50 |  |  | 0.52 |  |  | 0.51 |
Net income |  |  | 0.42 |  |  | 0.51 |  |  | 0.53 |  |  | 0.44 |
Dividends per common share |  |  | 0.11 |  |  | 0.11 |  |  | 0.11 |  |  | 0.11 |
In the fourth quarter of 2013, the Company recorded legal costs related to the agreement in principle to settle all claims in the Trabakoolas et al., v. Watts Water Technologies, Inc., et al., matter pending in the United States District Court for the Northern District of California. The net settlement expense recorded in income from continuing operations was $13.6 million. Please see Note 14 for additional information. Also in the fourth quarter of 2013, the Company recorded customer rebate expense of approximately $3.0 million that related to accrual adjustments for 2013.

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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=25249566&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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