	Quarter ended
	March 31		June 30		Sept. 30		Dec. 31
	(In millions, except per share data)
Year ended December 31, 2018
Net sales	$	466.0	$	510.2	$	455.2	$	388.7
Gross margin		185.3		184.0		132.7		107.2
Operating income		118.8		130.0		69.2		52.7
Net income from continuing operations		70.2		20.0		148.3		28.4
Amounts attributable to Valhi stockholders:
Income from continuing operations	$	51.7	$	11.3	$	142.8	$	22.3
Income (loss) from discontinued operations		37.6		.4		.7		(4.6	)
Net income	$	89.3	$	11.7	$	143.5	$	17.7
Earnings per share:
Income from continuing operations	$	.15	$	.03	$	.42	$	.07
Income (loss) from discontinued operations		.11		-		-		(.01	)
Basic and diluted income per share	$	.26	$	.03	$	.42	$	.06
Year ended December 31, 2019
Net sales	$	479.6	$	528.6	$	475.2	$	414.1
Gross margin		121.8		123.2		98.4		91.2
Operating income		60.4		65.9		41.4		25.0
Net income from continuing operations		28.4		18.2		17.2		14.4
Amounts attributable to Valhi stockholders:
Net income	$	18.2	$	7.1	$	13.1	$	10.8
Basic and diluted income per share	$	.05	$	.02	$	.04	$	.03

We recognized the following amounts during 2018:

•

a pre-tax gain of $12.5 million in the first quarter related to the sale of land not used in our operations (see Note 13);

•

a pre-tax charge of $62 million related to the litigation settlement expense recognized in the second quarter (see Note 18);

•

a non-cash deferred income tax benefit of $112 million in the third quarter related to a change in the deferred income tax liability related to our investment in Kronos as a result of the 2017 Tax Act (see Note 14);

•

a pre-tax gain of $12.5 related to a securities transaction gain recognized in the third quarter related to the sale of our interest in Amalgamated Sugar Company LLC (see Note 6);

•

a current cash income tax expense of $4.0 million in the fourth quarter of 2018 related to GILTI (see Note 14).

We recognized the following amounts during 2019:

•

a pre-tax charge of $19.3 million related to a litigation settlement expense primarily recognized in the second quarter (see Note 18);

•

pre-tax income from tax increment infrastructure reimbursement of $8.8 million primarily recognized in the second quarter (see Note 7);

•

pre-tax insurance recoveries of $7.7 million primarily related to a single insurance recovery settlement recognized in the second quarter (see Note 13);

•

a pre-tax gain on sale of land of $4.4 million in the third quarter (see Note 13); and

•

a pre-tax gain of $3.0 million related to NL’s sale of its insurance and risk management business recognized in the fourth quarter (see Note 13).

The sum of the quarterly per share amounts may not equal the annual per share amounts due to relative changes in the weighted average number of shares used in the per share computations.