Selected Quarterly Financial Data (Unaudited)

The following table sets forth selected quarterly financial data for each of the quarters in 2017 and 2016, respectively:

(in thousands, except per share amounts)



	2017												2016
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Net sales	$	231,681		$	262,476		$	263,002		$	219,866		$	200,192		$	230,974		$	229,973		$	199,523
Cost of sales	128,983			142,591			139,477			119,710			105,226			117,499			118,486			107,000
Gross profit	102,698			119,885			123,525			100,156			94,966			113,475			111,487			92,523
Research and development and other engineering	12,565			8,679			13,264			13,108			12,441			10,932			11,452			11,423
Selling	28,753			28,156			28,511			29,483			24,030			24,304			24,822			25,187
General and administrative	36,688			36,501			36,563			34,986			32,376			32,543			34,945			29,298
Gain (loss) on sale of assets	(13		)	(147		)	50			(50		)	(17		)	(81		)	(656		)	(26		)
Income from operations	24,705			46,696			45,137			22,629			26,136			45,777			40,924			26,641
Loss in equity method investment, before tax	(33		)	(13		)	(12		)	(28		)	—			—			—			—
Interest (expense) income, net	(104		)	(296		)	(199		)	(189		)	(177		)	(82		)	(83		)	(235		)
Gain (adjustment) on bargain purchase of a business	—			(2,052		)	—			8,388			—			—			—			—
Gain (loss) on disposal of a business	(654		)	443			—			—			—			—			—			—
Provision for income taxes	10,829			16,581			16,712			7,679			8,565			15,898			14,640			10,063
Net income	$	13,085		$	28,197		$	28,214		$	23,121		$	17,394		$	29,797		$	26,201		$	16,343
Earnings per share of common stock:										0
Basic	$	0.28		$	0.60		$	0.59		$	0.49		$	0.37		$	0.62		$	0.54		$	0.34
Diluted	0.27			0.59			0.59			0.48			0.36			0.62			0.54			0.34
Cash dividends declared per share of common stock	$	—		$	0.42		$	0.21		$	0.18		$	0.18		$	0.18		$	0.18		$	0.16

Basic earnings per share of common stock (“EPS”) for each of the quarters presented above is computed based on the weighted average number of shares of common stock outstanding during the quarter. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential shares of common stock outstanding during the quarter using the treasury stock method. Dilutive potential shares of common stock include outstanding stock options and stock awards. The sum of the quarterly basic and diluted EPS amounts may not necessarily be equal to the full-year basic and diluted EPS amounts.