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Quarterly Information (Unaudited) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Data [Abstract] |
Quarterly information (unaudited) | Quarterly information (Unaudited) Financial results by quarter for the years ended December 31, 2014 and 2013 are as follows:
| Net sales | Gross profit (loss) | Net income (loss) | Net income (loss) allocated to common stockholders | Basic earnings (loss) per share | Diluted earnings (loss) per share
2014 |  |  |  |  |  |
4th Quarter (1) | $ | 551,239 |  | $ | 89,996 |  | $ | 61,849 |  | $ | 56,824 |  | $ | 0.64 |  | $ | 0.63 |
3rd Quarter (2) | 500,632 |  | 75,714 |  | 50,405 |  | 46,277 |  | 0.52 |  | 0.52 |
2nd Quarter (3) | 458,324 |  | 38,504 |  | 20,344 |  | 18,675 |  | 0.21 |  | 0.21 |
1st Quarter (4) | 420,847 |  | (1,758 | ) | (20,104 | ) | (20,104 | ) | (0.23 | ) | (0.23 | )
2013 |  |  |  |  |  |  |  |  |  |  |
4th Quarter (5) | $ | 401,174 |  | $ | 15,285 |  | $ | (9,675 | ) | $ | (9,675 | ) | $ | (0.11 | ) | $ | (0.11 | )
3rd Quarter (6) | 399,928 |  | 12,354 |  | (9,507 | ) | (9,507 | ) | (0.11 | ) | (0.11 | )
2nd Quarter (7) | 331,937 |  | (5,698 | ) | (29,384 | ) | (29,384 | ) | (0.33 | ) | (0.33 | )
1st Quarter (8) | 321,274 |  | 17,582 |  | 8,253 |  | 7,567 |  | 0.09 |  | 0.09 |
(1) | The fourth quarter of 2014 net income included a benefit of $7,943 for the gain on remeasurement of contingent consideration and a benefit of $1,318 for gain on remeasurement of our equity investment in Mt. Holly. Results were negatively impacted by $4,964 in non-cash, non-recurring pension charges and by $2,616 related to the separation of former senior executives.
(2) | The third quarter of 2014 net income reflects higher aluminum prices and lower power prices in the Midwestern U.S.
(3) | The second quarter of 2014 net income reflects higher aluminum prices and lower power prices in the Midwestern U.S. Results were negatively impacted by a charge of $500 for the finalization of a legal settlement.
(4) | The first quarter of 2014 cost of sales included a benefit of $5,534 related to deferred power contract liability amortization. Results were negatively impacted by a $3,100 charge for increased legal reserves.
(5) | The fourth quarter of 2013 cost of sales included a benefit of $16,570 related to deferred power contract liability amortization. During the quarter, inventory that had previously been written down to its market basis was consumed into cost of goods sold and inventory at the end of the quarter was written down to its market basis. The net impact of these valuation adjustments on costs of goods sold was a credit of $9,040. The financial results also include an $8,400 charge relating to the separation of our former CEO.
(6) | The third quarter of 2013 cost of sales included an $11,720 benefit for deferred power contract liability amortization. During the quarter, inventory that had previously been written down to its market basis was consumed into cost of goods sold and inventory at the end of the quarter was written down to its market basis. The net impact of these valuation adjustments on costs of goods sold was a credit of $5,762.
(7) | The second quarter of 2013 amounts differ from our reported second quarter results due to purchase price accounting adjustments related to the Sebree acquisition which were retroactively applied to the second quarter of 2013. The second quarter of 2013 net loss included a gain on bargain purchase of $5,253 and power contract amortization of $2,741 associated with the Sebree acquisition. Results were negatively impacted by a charge of $3,272 for the early extinguishment of our 8.0% Notes and a charge for severance and other expenses of $1,750 related to our corporate headquarters relocation. During the quarter, inventory that had previously been written down to its market basis was consumed into cost of goods sold and inventory at the end of the quarter was written down to its market basis. The net impact of these valuation adjustments on costs of goods sold was a charge of $10,211.
(8) | The first quarter of 2013 net income included a net benefit of $2,225 related to a litigation reserve adjustment and an unrealized gain of $15,722 related to a LME-based contingent obligation. Results were negatively impacted by severance and other expenses of $2,213 related to our corporate headquarters relocation. The net effect of reporting inventory on a lower of cost or market basis was a charge to cost of goods sold of $5,838 in the quarter.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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