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Quarterly Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information | Quarterly financial information for the years ended December 31, 2017 and 2016 is presented below:
|  | 2017
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter (1)
Net sales |  | $ | 118,702 |  |  | $ | 144,860 |  |  | $ | 131,492 |  |  | $ | 141,323 |
Gross profit |  | $ | 21,252 |  |  | $ | 27,736 |  |  | $ | 26,365 |  |  | $ | 27,899 |
Net (loss) income |  | $ | (2,422 | ) |  | $ | 3,024 |  |  | $ | 3,222 |  |  | $ | 289 |
Basic (loss) earnings per common share |  | $ | (0.23 | ) |  | $ | 0.29 |  |  | $ | 0.31 |  |  | $ | 0.03 |
Diluted (loss) earnings per common share |  | $ | (0.23 | ) |  | $ | 0.29 |  |  | $ | 0.31 |  |  | $ | 0.03 |
Dividends paid per common share |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Differences between the sum of quarterly results and the annual amounts in the Consolidated Statements of Operations are due to rounding.
(1) | - Fourth quarter 2017 includes provisional tax amounts related to the enactment of the U.S. Tax Cuts and Jobs Act, including additional tax expense of $3,298 related to the one-time transition tax and a $1,508 tax benefit related to the remeasurement of certain deferred tax assets and liabilities.
|  | 2016
|  | First Quarter |  | Second Quarter (1) |  | Third Quarter (2) |  | Fourth Quarter (3)
Net sales |  | $ | 126,310 |  |  | $ | 135,994 |  |  | $ | 114,644 |  |  | $ | 106,566 |
Gross profit |  | $ | 23,960 |  |  | $ | 27,813 |  |  | $ | 19,803 |  |  | $ | 18,779 |
Net loss |  | $ | (2,832 | ) |  | $ | (91,996 | ) |  | $ | (5,982 | ) |  | $ | (40,851 | )
Basic loss per common share |  | $ | (0.28 | ) |  | $ | (8.96 | ) |  | $ | (0.58 | ) |  | $ | (3.97 | )
Diluted loss per common share |  | $ | (0.28 | ) |  | $ | (8.96 | ) |  | $ | (0.58 | ) |  | $ | (3.97 | )
Dividends paid per common share |  | $ | 0.04 |  |  | $ | 0.04 |  |  | $ | 0.04 |  |  | $ | — |
(1) | - Second quarter 2016 includes $128,938 impairment of assets related to the Chemtec, Protective Coatings, IOS, and Rail Technologies product groups.
(2) | - Third quarter 2016 includes $6,946 related to the finalization of the impairment analysis of the Chemtec and Rail Technologies product groups.
(3) | - Fourth quarter 2016 includes deferred U.S. income taxes and foreign withholding taxes of $7,932 on unremitted foreign earnings and a valuation allowance of $29,719 against deferred tax assets.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=84173487&loc=d3e1280-108306 + Details
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