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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Per Share data | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2011 | Jun. 30, 2010
NET SALES: |  |  |  |
Third-party customers | $ 207,091 | $ 183,045 | $ 395,403 | $ 375,977
Related parties | 159,186 | 104,808 | 297,211 | 197,265
Sales Revenue - net | 366,277 | 287,853 | 692,614 | 573,242
Cost of goods sold | 316,763 | 266,337 | 600,784 | 517,750
Gross profit | 49,514 | 21,516 | 91,830 | 55,492
Other operating expenses (income) - net | (5,205) | 4,644 | (11,089) | 9,109
Selling, general and administrative expenses | 18,557 | 10,964 | 29,166 | 23,215
Operating income | 36,162 | 5,908 | 73,753 | 23,168
Interest expense - third party | (6,386) | (6,357) | (13,163) | (12,755)
Interest income - third party | 65 | 102 | 220 | 203
Interest income - related parties | 70 | 111 | 183 | 220
Net gain (loss) on forward contracts | (1,617) | 9,294 | (6,426) | 7,322
Other income (expense) - net | (1,132) | 230 | (455) | 638
Income before income taxes and equity in earnings of joint ventures | 27,162 | 9,288 | 54,112 | 18,796
Income tax expense | (3,636) | (4,619) | (6,759) | (8,900)
Income before equity in earnings of joint ventures | 23,526 | 4,669 | 47,353 | 9,896
Equity in earnings of joint ventures | 460 | 477 | 1,679 | 1,582
Net income | 23,986 | 5,146 | 49,032 | 11,478
Net income allocated to common shareholders | $ 22,061 | $ 4,723 | $ 45,066 | $ 10,532
INCOME (LOSS) PER COMMON SHARE: |  |  |  |
Basic | $ 0.24 | $ 0.05 | $ 0.48 | $ 0.11
Diluted | $ 0.24 | $ 0.05 | $ 0.48 | $ 0.11
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |  |  |  |
Basic | 93,105 | 92,672 | 93,036 | 92,611
Diluted | 93,567 | 93,332 | 93,432 | 93,218

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