Financial results by quarter for the years ended December 31, 2011 and 2010 are as follows:

	Net sales		Gross profit (loss)			Net income (loss)			Net income (loss) allocated to common shareholders			Net income (loss) per share
2011:
4th Quarter (1)	$	318,164	$	(13,632	)	$	(31,107	)	$	(31,107	)	$	(0.35	)
3rd Quarter (2)		345,646		11,324			(6,600	)		(6,600	)		(0.07	)
2nd Quarter (3)		366,277		49,514			23,986			22,061			0.24
1st Quarter (4)		326,337		42,316			25,046			23,005			0.25

2010:
4th Quarter (5)	$	316,851	$	41,135		$	65,280		$	59,939		$	0.65
3rd Quarter (6)		279,178		15,769			(16,787	)		(16,787	)		(0.18	)
2nd Quarter (7)		287,853		21,516			5,146			4,723			0.05
1st Quarter		285,389		33,976			6,332			5,808			0.06

(1)	The fourth quarter of 2011 net loss includes benefit of $3,067 for mark-to-market gains primarily related to primary aluminum price protection options and a $6,303 charge for lower of cost or market inventory adjustments.
(2)	The third quarter of 2011 net loss includes a benefit of $4,163 for mark-to-market gains primarily related to primary aluminum price protection options and a $13,479 charge for lower of cost or market inventory adjustments.
(3)	The second quarter of 2011 net income includes a benefit of $8,953 for changes to the Century of West Virginia retiree medical benefits program, a $7,707 charge related to the contractual impact of recent changes in the composition of our Board of Directors and executive management team and a $2,889 charge related to an insurance claim receivable.
(4)	The first quarter of 2011 net income includes a charge of $4,809 for mark-to-market losses primarily related to primary aluminum price protection options, a benefit of $9,418 for changes to the Century of West Virginia retiree medical benefits program and a $6,462 charge for the restart of the curtailed potline at Hawesville.
(5)	The fourth quarter of 2010 net income includes a benefit of $56,728 for changes to the Century of West Virginia retiree medical benefits program, a charge of $5,681 for mark-to-market losses for primary aluminum price protection options and a charge for contractual termination pension benefits of $4,555 due to the continued curtailment of the Ravenswood facility.
(6)	The third quarter of 2010 net loss includes a charge of $12,136 for mark-to-market losses primarily related to primary aluminum price protection options and a $7,300 benefit for lower of cost or market inventory adjustments.
(7)	The second quarter of 2010 net income includes a charge of $9,294 for mark-to-market losses primarily related to primary aluminum price protection options and a $7,056 charge for lower of cost or market inventory adjustments