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SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2011
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
 
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES (in thousands of dollars)
 
   
For the years ended December 31, 2011, 2010 and 2009
  
Description
  
Balance at
Beginning
of Period
    
Charged to
Costs and
Expenses
    
Net
(Write-Offs)/
Recoveries
    
Balance
at End of
Period
  
Year ended December 31, 2011
                        
Allowance for doubtful accounts
   $ 31     $ —     $ 4     $ 27  
Deferred tax asset valuation allowance
   $ 3,677     $ 106     $ —     $ 3,783  
Year ended December 31, 2010
                                
Allowance for doubtful accounts
   $ 36     $ —     $ (5 )   $ 31  
Deferred tax asset valuation allowance
   $ 3,459     $ 218     $ —     $ 3,677  
Year ended December 31, 2009
                                
Allowance for doubtful accounts
   $ 38     $ —     $ (2 )   $ 36  
Deferred tax asset valuation allowance
   $ 3,174     $ 285     $ —     $ 3,459  
 
 
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 
   
First
    
Second
    
Third
    
Fourth
  
   
(in thousands except per share data)
  
                         
2011
                        
Net sales
   $ 27,148     $ 29,098     $ 22,254     $ 27,937  
Gross profit
     4,460       4,907       4,634       5,505  
Net income
     666       1,229       1,200       3,636  
Earnings per share — basic (a) (b)
     0.02       0.03       0.03       0.10  
Earnings per share — diluted (a) (b)
   $ 0.02     $ 0.03     $ 0.03     $ 0.10  
                                 
2010
                                
Net sales
   $ 24,493     $ 31,677     $ 24,027     $ 20,814  
Gross profit
     3,445       6,597       4,076       3,595  
Net (loss) income
     (80 )     2,465       1,000       468  
Earnings per share — basic (a)
     0.00       0.07       0.03       0.01  
Earnings per share — diluted (a)
   $ 0.00     $ 0.07     $ 0.03     $ 0.01  
 
(a)
The sum of the earnings per share for the four quarters may differ from annual amounts due to the required method of computing the weighted average shares for the respective periods.
 
(b)
The fourth quarter of 2011 included a $0.06 per share tax-free gain from an employee benefit plan financing arrangement.