Financial results by quarter for the years ended December 31, 2015 and 2014 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
2015
4th Quarter (1)	$	383,915	$	(18,701	)	$	(43,080	)	$	(43,080	)	$	(0.50	)	$	(0.50	)
3rd Quarter (2)	454,540		(42,423		)	(56,112		)	(56,112		)	(0.65		)	(0.65		)
2nd Quarter (3)	523,491		8,342			(33,897		)	(33,897		)	(0.39		)	(0.39		)
1st Quarter (4)	587,911		94,095			73,779			67,813			0.76			0.76
2014
4th Quarter (5)	551,239		89,339			75,829			69,669			0.78			0.78
3rd Quarter (6)	500,632		75,714			50,405			46,277			0.52			0.52
2nd Quarter (7)	458,324		38,504			20,344			18,675			0.21			0.21
1st Quarter (8)	420,847		(1,758		)	(20,104		)	(20,104		)	(0.23		)	(0.23		)

(1)

The fourth quarter of 2015 was favorably impacted by a $23,474 lower of cost or market inventory adjustment, $3,400 related to non-cash, non-recurring post-retirement benefits. Results were negatively impacted by a $3,500 charge related to the partial curtailment of operations at Hawesville and Mt. Holly, a $5,000 charge for depreciation related to Mt. Holly purchase accounting and an $11,584 impairment charge at BHH.


(2)	The third quarter of 2015 was impacted by a $5,324 unfavorable lower of cost or market adjustment to cost of goods sold, $1,400 for labor disruption and $2,900 for partial curtailment expenses at Hawesville.

(3)

The second quarter of 2015 was impacted by a $25,689 unfavorable LCM adjustment to cost of goods sold and a $30,850 impairment reserve related to the permanent closure of our Ravenswood facility and $11,700 of labor disruption expenses associated with a new union contract at our Hawesville location in partially offset by a $10,287 gain on fair value of contingent consideration on our Mt. Holly acquisition.


(4)	The first quarter of 2015 included a $6,527 gain on fair value of contingent consideration partially offset by $1,570 of signing bonuses related to a new labor contract at Grundartangi and a $1,000 severance charge for a former executive.


(5)	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 $15,955 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.


(6)	The third quarter of 2014 net income reflects higher aluminum prices and lower power prices in the Midwestern U.S.


(7)	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.


(8)	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.