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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2011
Quarterly Results of Operations | 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 Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 270 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (a)-(j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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