XML 46 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Net sales $ 404,719 $ 398,805 $ 1,327,040 $ 1,084,081
Cost of sales 337,558 345,811 1,084,430 910,481
Gross profit 67,161 52,994 242,610 173,600
Selling, general & administrative expenses 25,497 8,548 79,742 50,414
Research and development expenses 1,759 796 4,456 2,993
Royalty expense 3,739 2,263 8,740 7,530
Supply agreement termination income 0 0 (26,134) 0
Income from operations 36,166 41,387 175,806 112,663
Interest expense (6,187) (6,616) (18,699) (19,045)
Noncash convertible debt conversion charge 0 0 0 (16,135)
Other income (expense) 2,439 (556) 6,163 1,907
Income before income taxes 32,418 34,215 163,270 79,390
Provision for income taxes 13,589 12,690 64,722 35,345
Net income 18,829 21,525 98,548 44,045
Net income (loss) attributable to noncontrolling interests (750) 362 (506) 354
Net income attributable to Titan $ 19,579 $ 21,163 $ 99,054 $ 43,691
Earnings per common share:        
Basic (in dollars per share) $ 0.46 $ 0.50 $ 2.35 $ 1.05
Diluted (in dollars per share) $ 0.39 $ 0.42 $ 1.92 $ 0.89
Average common shares outstanding:        
Basic (in shares) 42,180 42,028 42,148 41,512
Diluted (in shares) 53,326 53,061 53,315 52,970
Dividends declared per common share: $ 0.005 $ 0.005 $ 0.015 $ 0.015