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QUARTERLY FINANCIAL INFORMATION (Unaudited) | 12 Months Ended
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Dec. 31, 2016
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, 2016, 2015 and 2014 is as follows (in millions, except per share data):
|  | First Quarter(1) |  |  | Second Quarter(1) |  |  | Third Quarter(1) |  |  | Fourth Quarter |
2016 |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 253.6 |  |  | $ | 256.2 |  |  | $ | 230.0 |  |  | $ | 222.3 |
Gross profit |  |  | 68.8 |  |  |  | 71.6 |  |  |  | 63.8 |  |  |  | 60.6 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) |  |  | (5.2 | ) |  |  | 5.1 |  |  |  | 0.1 |  |  |  | 7.1 |
Net income (loss) attributable to DXP Enterprises, Inc. |  |  | (5.1 | ) |  |  | 5.1 |  |  |  | 0.2 |  |  |  | 7.4 |
Earnings (loss) per share - basic |  | $ | (0.36 | ) |  | $ | 0.36 |  |  | $ | 0.02 |  |  | $ | 0.44 |
Earnings (loss) per share - diluted |  | $ | (0.36 | ) |  | $ | 0.34 |  |  | $ | 0.02 |  |  | $ | 0.42 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 341.6 |  |  | $ | 323.7 |  |  | $ | 303.1 |  |  | $ | 278.6 |
Gross profit |  |  | 98.1 |  |  |  | 91.3 |  |  |  | 85.7 |  |  |  | 76.9 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | 58.9 |  |  |  | 9.8 |
Net income (loss) |  |  | 9.7 |  |  |  | 7.2 |  |  |  | (52.7 | ) |  |  | (3.2 | )
Net income (loss) attributable to DXP Enterprises, Inc. |  |  | 9.7 |  |  |  | 7.2 |  |  |  | (52.4 | ) |  |  | (3.0 | )
Earnings (loss) per share - basic |  | $ | 0.67 |  |  | $ | 0.50 |  |  | $ | (3.64 | ) |  | $ | (0.20 | )
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | $ | 348.5 |  |  | $ | 381.6 |  |  | $ | 387.0 |  |  | $ | 382.6 |
Gross profit |  |  | 101.7 |  |  |  | 111.0 |  |  |  | 113.4 |  |  |  | 106.7 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 117.6 |
Net income (loss) |  |  | 10.9 |  |  |  | 14.9 |  |  |  | 17.0 |  |  |  | (88.1 | )
Earnings (loss) per share - basic |  | $ | 0.74 |  |  | $ | 1.01 |  |  | $ | 1.16 |  |  | $ | (6.09 | )
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 quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 Reference 3: 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=68064558&loc=d3e725-108305 + Details
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