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QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended
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Dec. 31, 2014
QUARTERLY FINANCIAL INFORMATION (Unaudited) [Abstract] |
QUARTERLY FINANCIAL INFORMATION (Unaudited) | NOTE 18 - QUARTERLY FINANCIAL INFORMATION (unaudited) 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 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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