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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | QUARTERLY R ESULTS OF O PERATIONS (U NAUDITED) The following table presents our quarterly results of operations for the years ended December 31, 2019 and 2018:
| First |  | Second |  | Third |  | Fourth
| (Dollars in thousands, except per share data)
2019 (1) |  |  |  |  |  |  |
Net sales | $ | 1,027,131 |  |  | $ | 1,093,163 |  |  | $ | 1,321,342 |  |  | $ | 1,048,291 |
Gross profit | 165,997 |  |  | 183,513 |  |  | 207,615 |  |  | 156,619 |
Net income | 46,742 |  |  | 30,955 |  |  | 81,274 |  |  | 34,843 |
Basic net income per share (3) | $ | 0.42 |  |  | $ | 0.28 |  |  | $ | 0.73 |  |  | $ | 0.31 |
Diluted net income per share (3) | 0.42 |  |  | 0.28 |  |  | 0.73 |  |  | 0.31 |
Dividends per share | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.11 |
2018 (2) |  |  |  |  |  |  |
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 |
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(1) | The first, second, third and fourth quarters of 2019 include rationalization charges of $6.1 million, $39.3 million, $3.2 million and $7.8 million, respectively. The third quarter of 2019 includes a loss on early extinguishment of debt of $1.7 million. The fourth quarter of 2019 includes costs attributed to announced acquisitions of $1.8 million.
(2) | 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.
(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 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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