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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | Q UARTERLY R ESULTS OF O PERATIONS (U NAUDITED) The following table presents our quarterly results of operations for the years ended December 31, 2018 and 2017:
| First |  | Second |  | Third |  | Fourth
| (Dollars in thousands, except per share data)
2018 (1) |  |  |  |  |  |  |
Net sales | $ | 1,012,280 |  |  | $ | 1,059,103 |  |  | $ | 1,306,999 |  |  | $ | 1,070,493 |
Gross profit | 160,034 |  |  | 173,250 |  |  | 204,107 |  |  | 152,372 |
Net income | 45,721 |  |  | 55,343 |  |  | 84,739 |  |  | 38,191 |
Basic net income per share (3) | $ | 0.41 |  |  | $ | 0.50 |  |  | $ | 0.77 |  |  | $ | 0.35 |
Diluted net income per share (3) | 0.41 |  |  | 0.50 |  |  | 0.76 |  |  | 0.34 |
Dividends per share | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
2017 (2) |  |  |  |  |  |  |
Net sales | $ | 805,407 |  |  | $ | 1,021,814 |  |  | $ | 1,266,930 |  |  | $ | 995,703 |
Gross profit (4) | 117,980 |  |  | 158,694 |  |  | 205,641 |  |  | 152,233 |
Net income | 23,232 |  |  | 27,926 |  |  | 72,382 |  |  | 146,119 |
Basic net income per share (3) | $ | 0.21 |  |  | $ | 0.25 |  |  | $ | 0.66 |  |  | $ | 1.32 |
Diluted net income per share (3) | 0.21 |  |  | 0.25 |  |  | 0.65 |  |  | 1.31 |
Dividends per share | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.09 |
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(1) | The first, second, third and fourth quarters of 2018 include rationalization charges of $0.7 million, $0.5 million, $0.3 million and $4.8 million, respectively. The second quarter of 2018 includes a loss on early extinguishment of debt of $2.5 million.
(2) | The first, second, third and fourth quarters of 2017 include rationalization charges of $0.9 million, $3.0 million, $0.6 million and $1.3 million, respectively. The first, second, third and fourth quarters of 2017 includes costs attributed to announced acquisitions of $13.2 million, $9.8 million, $0.8 million and $0.9 million, respectively. The first and second quarters of 2017 include a loss on early extinguishment of debt of $2.7 million and $4.4 million, respectively. The fourth quarter of 2017 includes the benefit from effective tax rate adjustments totaling $110.9 million primarily related to the remeasurement of net deferred tax liabilities to reflect the lower future cash tax obligations as a result of the reduction in the federal corporate tax rate under the 2017 Tax Act.
(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.
(4) | In 2018, we retrospectively adopted new accounting guidance which amended the presentation of net periodic pension and other postretirement benefit costs. As a result, gross profit was decreased by $6.6 million, $6.5 million, $6.9 million and $6.6 million in the first, second, third and fourth quarters of 2017, respectively. See Note 1 for further information.

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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 + Details
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