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QUARTERLY FINANCIAL INFORMATION (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2014
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract] |
Summarized Quarterly Financial Information | Summarized quarterly financial information for the years ended December 31, 2014, 2013 and 2012 is as follows (in millions, except per share data):
| First | Second | Third | Fourth
| Quarter(1) | Quarter(1) | Quarter(1) | Quarter
2014 |  |  |  |
Sales | $ 348.5 | $ 381.6 | $ 387.0 | $ 382.6
Gross profit | 101.7 | 111.0 | 113.4 | 106.7
Impairment expense | - | - | - |
Net income (loss) | 10.9 | 14.9 | 17.0 | (88.1)
Earnings (loss) per share - basic | $ 0.74 | $ 1.01 | $ 1.16 | $ (6.09)
Earnings (loss) per share - diluted | $ 0.70 | $ 0.96 | $ 1.10 | $ (6.09)
2013 |  |  |  |
Sales | $ 290.1 | $ 307.9 | $ 329.7 | $313.8
Gross profit | 89.1 | 91.5 | 97.1 | 94.6
Net income | 13.2 | 13.7 | 16.4 | 16.9
Earnings per share - basic | $ 0.92 | $ 0.95 | $ 1.13 | $ 1.17
Earnings per share - diluted | $ 0.87 | $ 0.90 | $ 1.07 | $ 1.10
2012 |  |  |  |
Sales | $ 252.3 | $ 261.9 | $ 289.9 | $ 293.0
Gross profit | 71.5 | 76.6 | 83.5 | 87.5
Net income | 11.6 | 12.2 | 13.1 | 14.1
Earnings per share - basic | $ 0.81 | $ 0.84 | $ 0.91 | $ 0.98
Earnings per share - diluted | $ 0.77 | $ 0.80 | $ 0.86 | $ 0.92
. The sum of the individual quarterly earnings per share amounts may not agree with year-to-date earnings per share as each quarter’s computation is based on the weighted average number of shares outstanding during the quarter, the weighted average stock price during the quarter and the dilutive effects of the stock options and restricted stock in each quarter. (1) During the fourth quarter of 2014, DXP finalized its purchase accounting for customer relationships for the acquisition of B27 and amortized the customer relationships on an accelerated basis. The revision increased amortization expense by $1.0 million per quarter. The first three quarters of 2014 were revised as follows:
| Previously Reported First Quarter | Adjusted First Quarter | Previously Reported Second Quarter | Adjusted Second Quarter | Previously Reported Third Quarter | Adjusted Third Quarter
Sales | $ 348.5 | $ 348.5 | $ 381.6 | $ 381.6 | $ 387.0 | $ 387.0
Gross profit | 101.7 | 101.7 | 111.0 | 111.0 | 113.4 | 113.4
Net income (loss) | 11.6 | 10.9 | 15.5 | 14.9 | 17.6 | 17.0
Earnings (loss) per share |  |  |  |  |  |
Basic | $ 0.79 | $ 0.74 | $ 1.06 | $ 1.01 | $ 1.20 | $ 1.16
Diluted | $ 0.75 | $ 0.70 | $ 1.00 | $ 0.96 | $ 1.14 | $ 1.10

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: 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 + Details
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