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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2011
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | NOTE 17. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table presents our quarterly results of operations for the years ended December 31, 2011 and 2010:
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | (Dollars in thousands, except per share data) |
2011 (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 703,087 |  |  | $ | 822,224 |  |  | $ | 1,148,008 |  |  | $ | 835,908 |
Gross profit |  |  | 101,962 |  |  |  | 116,893 |  |  |  | 182,954 |  |  |  | 116,781 |
Net income |  |  | 26,112 |  |  |  | 51,206 |  |  |  | 78,756 |  |  |  | 37,099 |
Basic net income per share (3) |  | $ | 0.37 |  |  | $ | 0.73 |  |  | $ | 1.13 |  |  | $ | 0.53 |
Diluted net income per share (3) |  |  | 0.37 |  |  |  | 0.73 |  |  |  | 1.12 |  |  |  | 0.53 |
Dividends per share |  | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.11 |
2010 (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 664,037 |  |  | $ | 693,849 |  |  | $ | 1,002,056 |  |  | $ | 711,603 |
Gross profit |  |  | 103,304 |  |  |  | 108,596 |  |  |  | 162,405 |  |  |  | 98,124 |
Net income |  |  | 26,782 |  |  |  | 36,254 |  |  |  | 65,231 |  |  |  | 16,379 |
Basic net income per share (3) |  | $ | 0.35 |  |  | $ | 0.47 |  |  | $ | 0.85 |  |  | $ | 0.22 |
Diluted net income per share (3) |  |  | 0.35 |  |  |  | 0.47 |  |  |  | 0.84 |  |  |  | 0.22 |
Dividends per share |  | $ | 0.105 |  |  | $ | 0.105 |  |  | $ | 0.105 |  |  | $ | 0.105 |
(1) | The first, second, third and fourth quarters of 2011 include rationalization charges of $1.7 million, $2.4 million, $0.6 million and $2.9 million, respectively. The first quarter of 2011 includes costs attributable to announced acquisitions of $1.8 million. The second quarter of 2011 includes income of $27.0 million for proceeds received as a result of the termination of the merger agreement with Graham Packaging, net of costs associated with certain corporate development activities, and a charge for the resolution of a past product liability dispute of $3.3 million. The third quarter of 2011 includes a loss on early extinguishment of debt of $1.0 million.
(2) | The first, second, third and fourth quarters of 2010 include rationalization charges of $2.0 million, $0.7 million, $1.0 million and $18.5 million, respectively. The third and fourth quarters of 2010 include losses on early extinguishment of debt of $4.5 million and $3.0 million, respectively. The first quarter of 2010 includes a charge of $3.2 million for the remeasurement of net assets in the Venezuela operations. The third and fourth quarters of 2010 include costs attributable to announced acquisitions of $0.5 million and $2.2 million, respectively.
(3) | Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year.

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 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 AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: 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=6952194&loc=d3e1280-108306 + Details
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