Quarterly Financial Information (unaudited)

12 Months Ended

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.

- 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.

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