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ADJUSTED QUARTERLY FINANCIAL INFORMATION | 3 Months Ended
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Dec. 31, 2021
ADJUSTED QUARTERLY FINANCIAL INFORMATION |
ADJUSTED QUARTERLY FINANCIAL INFORMATION | 14. ADJUSTED QUARTERLY FINANCIAL INFORMATION During 2021, the Company identified immaterial errors in the historical consolidated financial statements of Westland, within the A&D segment, that are being corrected as an immaterial revision of those financial statements. Specifically, the adjustments include net sales being overstated by $0.3 million in the first quarter of 2021, along with inventory being overstated and cost of goods sold being understated by $0.8 million in the first quarter of 2021. The tax impact of correcting these errors was a reduction in tax expense of $0.2 million in the first quarter of 2021. The table below shows the impact of these adjustments to the first quarter of 2021. Management has determined that these adjustments are not material to the prior year period. ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | First Quarter |  | First Quarter
(Dollars in thousands, except per share amounts) | ​ | (As Reported) | ​ | (As Adjusted)
​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 162,949 |  | 162,674
Cost of sales | ​ |  | 98,777 |  | 99,622
Earnings before income taxes | ​ |  | 17,660 |  | 16,540
Income tax expense | ​ |  | 3,974 |  | 3,722
Net earnings | ​ |  | 13,686 |  | 12,818
​ | ​ | ​ | ​ | ​ | ​
Diluted earnings (loss) per share: | ​ |  |  |  |
Net earnings | ​ | $ | 0.52 |  | 0.49
​

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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