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QUARTERLY FINANCIAL DATA (UNAUDITED): | 12 Months Ended
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Dec. 31, 2017
QUARTERLY FINANCIAL DATA (UNAUDITED): |
QUARTERLY FINANCIAL DATA (UNAUDITED): | NOTE 14—QUARTERLY FINANCIAL DATA (UNAUDITED):
|  | (Thousands of dollars except per share data) |
|  | First |  | Second |  | Third |  | Fourth |  | Year |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net product sales |  | $ | 103,425 |  | $ | 104,897 |  | $ | 182,173 |  | $ | 125,179 |  | $ | 515,674 |
Product gross margin |  |  | 38,009 |  |  | 39,638 |  |  | 67,325 |  |  | 44,778 |  |  | 189,750 |
Net earnings attributable to Tootsie Roll Industries, Inc. |  |  | 10,051 |  |  | 11,895 |  |  | 26,933 |  |  | 31,985 |  |  | 80,864 |
Net earnings attributable to Tootsie Roll Industries, Inc. per share |  |  | 0.16 |  |  | 0.19 |  |  | 0.43 |  |  | 0.51 |  |  | 1.28 |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net product sales |  | $ | 103,362 |  | $ | 104,259 |  | $ | 185,473 |  | $ | 124,279 |  | $ | 517,373 |
Product gross margin |  |  | 37,538 |  |  | 39,250 |  |  | 70,725 |  |  | 49,570 |  |  | 197,083 |
Net earnings attributable to Tootsie Roll Industries, Inc. |  |  | 9,896 |  |  | 11,136 |  |  | 28,637 |  |  | 17,841 |  |  | 67,510 |
Net earnings attributable to Tootsie Roll Industries, Inc. per share |  |  | 0.15 |  |  | 0.17 |  |  | 0.45 |  |  | 0.28 |  |  | 1.05 |
Net earnings per share is based upon average outstanding shares as adjusted for 3% stock dividends issued during the second quarter of each year as discussed above. The sum of the quarterly per share amounts may not equal annual amounts due to rounding. In connection with enactment of the U.S. Tax Cuts and Jobs Act (Tax Reform Act) in December 2017, the Company recorded a favorable accounting adjustment of $20,318, or $0.32 per share, during the fourth quarter of 2017. This reflects the estimated benefit from the revaluation of net deferred income tax liabilities based on the new lower U.S. corporate income tax rate effective January 1, 2018.

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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 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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