XML 41 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
Mar. 31, 2013
Mar. 31, 2012
Net sales $ 578,387 $ 463,088
Cost of sales 481,636 369,725
Gross profit 96,751 93,363
Selling, general & administrative expenses 42,443 30,835
Research and development expenses 2,702 1,508
Royalty expense 3,723 2,349
Income from operations 47,883 58,671
Interest expense (10,441) (6,295)
Convertible debt conversion charge (7,273) 0
Other income 1,419 3,111
Income before income taxes 31,588 55,487
Provision for income taxes 12,199 20,093
Net income 19,389 35,394
Net loss attributable to noncontrolling interests (86) (25)
Net income attributable to Titan $ 19,475 $ 35,419
Earnings per common share:    
Basic (in dollars per share) $ 0.38 $ 0.84
Diluted (in dollars per share) $ 0.30 $ 0.68
Average common shares outstanding:    
Basic (in shares) 51,816 42,105
Diluted (in shares) 66,614 53,450
Dividends declared per common share: $ 0.005 $ 0.005