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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (Unaudited)
Summarized quarterly financial data for 2014 and 2013 are presented below. Seasonal influences affect the Company’s sales and profits, with peak business occurring in May through August.
(in thousands, except per share amounts)
 
2014
 
2013
 
First
Second
Third
Fourth
 
First
Second
Third
Fourth
Sales
$
172,610

$
207,751

$
234,783

$
223,911

 
$
159,786

$
179,380

$
176,182

$
166,742

Gross profit
38,130

47,286

55,440

48,372

 
34,912

44,091

43,156

36,351

Net income
7,238

9,195

13,367

11,351

 
6,950

11,787

11,333

6,024

Earnings per share
 

 

 

 

 
 

 

 

 

Diluted
$
0.59

$
0.75

$
1.10

$
1.00

 
$
0.57

$
0.97

$
0.93

$
0.49

Average shares
 

 

 

 

 
 

 

 

 

Diluted
12,270

12,276

12,205

11,403

 
12,158

12,200

12,229

12,262

Dividends per share
$
0.07

0.07

$
0.07

$
0.07

 
$
0.07

$
0.07

$
0.07

$
0.07

Market price of
    common stock
 

 

 

 

 
 

 

 

 

High
$
60.65

$
57.86

$
55.84

$
52.13

 
$
40.64

$
44.13

$
49.45

$
61.27

Low
$
46.87

$
49.50

$
40.75

$
37.93

 
$
33.12

$
37.39

$
40.48

$
45.51


 
The sum of quarterly earnings per share may not equal total year earnings per share due to rounding of earnings per share amounts, and differences in weighted-average shares and equivalent shares outstanding for each of the periods presented.

The fourth quarter 2014 results include the reversal of a $1.25 million liability the Company had previously reserved relating to a lawsuit which was appealed and overturned in the Company's favor and $.7 million in pretax costs related to the repurchase agreement with Capital Southwest and the subsequent secondary offering of the remaining Capital Southwest shares.

The fourth quarter 2013 results include $1.8 million in pretax legal expenses related to the patent infringement lawsuit filed against the Company.