Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

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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.