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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) |
17) | Quarterly Results of Operations (Unaudited)
The following summarizes the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014.
|  | Year ended December 31, 2015 |
|  | March 31 |  |  | June 30 |  |  | Sept. 30 |  |  | Dec. 31 |
Net sales |  | $ | 163,746 |  |  | $ | 164,856 |  |  | $ | 154,824 |  |  | $ | 183,854 |
Income from operations |  | $ | 13,934 |  |  | $ | 13,589 |  |  | $ | 10,122 |  |  | $ | (10,848 | )
Net income |  | $ | 6,001 |  |  | $ | 6,953 |  |  | $ | 4,630 |  |  | $ | (25,015 | )
Basic net income per share |  | $ | 0.32 |  |  | $ | 0.36 |  |  | $ | 0.17 |  |  | $ | (0.93 | )
Diluted net income per share |  | $ | 0.31 |  |  | $ | 0.36 |  |  | $ | 0.17 |  |  | $ | (0.93 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic number of shares |  |  | 18,996 |  |  |  | 19,215 |  |  |  | 26,839 |  |  |  | 26,840 |
Effect of dilutive stock options |  |  | 384 |  |  |  | 367 |  |  |  | 328 |  |  |  | — |
Diluted number of shares |  |  | 19,380 |  |  |  | 19,582 |  |  |  | 27,167 |  |  |  | 26,840 |
|  | Year ended December 31, 2014 |
|  | March 31 |  |  | June 30 |  |  | Sept. 30 |  |  | Dec. 31 |
Net sales |  | $ | 102,528 |  |  | $ | 106,680 |  |  | $ | 125,632 |  |  | $ | 153,761 |
Income from operations |  | $ | 8,338 |  |  | $ | 8,237 |  |  | $ | 2,552 |  |  | $ | 8,560 |
Net income |  | $ | 5,238 |  |  | $ | 5,200 |  |  | $ | (3,840 | ) |  | $ | 1,619 |
Basic net income per share |  | $ | 0.30 |  |  | $ | 0.29 |  |  | $ | (0.21 | ) |  | $ | 0.09 |
Diluted net income per share |  | $ | 0.29 |  |  | $ | 0.29 |  |  | $ | (0.21 | ) |  | $ | 0.08 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic number of shares |  |  | 17,656 |  |  |  | 17,779 |  |  |  | 17,979 |  |  |  | 18,970 |
Effect of dilutive stock options |  |  | 306 |  |  |  | 393 |  |  |  | — |  |  |  | 347 |
Diluted number of shares |  |  | 17,962 |  |  |  | 18,172 |  |  |  | 17,979 |  |  |  | 19,317 |
The fourth quarter of 2015 was impacted by merger and acquisition related costs of $18.7 million pre-tax, and $11.6 million after-tax primarily related to the PEP Acquisition. Additionally, the fourth quarter was negatively impacted by $18.7 million in pre-tax costs and $12.0 million in after-tax costs incurred related to writing-off debt issuance costs to our former lenders related to the new debt entered into for the PEP Acquisition. The third and fourth quarters of 2014 were impacted by merger and acquisition related costs of $8.4 million and $1.5 million, respectively, pre-tax and $7.3 million and $3.2 million, respectively, after-tax related to the four acquisitions closed during 2014. Additionally, the third quarter was negatively impacted by $3.0 million in pre-tax costs and $1.9 million in after-tax costs incurred related to writing-off debt issuance costs and make whole interest payments to our former lenders related to the new debt entered into for the Autocam acquisition.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: 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=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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