Quarterly Results of Operations (unaudited, dollars in millions, except per-share and stock price information)



	Quarter
2016:	First (a)		Second (b)		Third (c)		Fourth (d)		Total
Net sales	$	1,401.0	$	1,417.4	$	1,484.0	$	1,476.6	$	5,779.0
Gross profit	299.0		320.1		329.5		327.1		1,275.7
Income from operations	180.8		200.2		206.4		192.9		780.3
Net income	103.7		115.9		119.4		110.6		449.6
Basic earnings per share	1.09		1.23		1.27		1.17		4.76
Diluted earnings per share	1.09		1.23		1.26		1.17		4.75
Stock price - high	62.67		71.31		82.77		88.41		88.41
Stock price - low	44.32		58.44		65.12		78.03		44.32
	Quarter
2015:	First (e)		Second (f)		Third (g)		Fourth (h)		Total
Net sales	$	1,425.7	$	1,454.3	$	1,470.8	$	1,390.9	$	5,741.7
Gross profit	277.0		317.6		328.3		285.0		1,208.0
Income from operations	157.1		197.6		219.4		175.9		750.0
Net income	90.8		114.0		127.8		104.3		436.8
Basic earnings per share	0.92		1.16		1.31		1.07		4.47
Diluted earnings per share	0.92		1.16		1.31		1.07		4.47
Stock price - high	84.88		78.98		73.60		70.04		84.88
Stock price - low	73.03		62.48		58.29		59.54		58.29

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Note: The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year.


(a)	Includes $2.8 million of closure costs related to a corrugated products facility and a paper products facility. ($1.9 million after-tax or $0.02 per diluted share).

(b)

Includes $1.7 million of closure costs related to a corrugated products facility and a paper products facility ($1.0 million after-tax or $0.01 per diluted share), $0.3 million of acquisition-related costs for TimBar Corporation ($0.2 million after-tax or $0.0 per diluted share), and $0.9 million related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities ($0.6 million after-tax or $0.01 per diluted share).


(c)	Includes $2.0 million of closure costs related to a corrugated products facility and a paper products facility ($1.4 million after-tax or $0.02 per diluted share) and $2.9 million of acquisition-related costs for TimBar Corporation and Columbus Container, Inc. acquisitions ($1.9 million after-tax or $0.02 per diluted share).

(d)

Includes $4.5 million of closure costs related to a corrugated products facility and a paper products facility ($2.9 million after-tax or $0.03 per diluted share), $2.7 million of costs related to ceased production of softwood market pulp operations at our Wallula, Washington mill and the permanent shutdown of the No.1 machine ($1.8 million after-tax or $0.02 per diluted share), and $1.2 million of acquisition-related costs for TimBar Corporation and Columbus Container, Inc. acquisitions ($0.8 million after-tax or $0.01 per diluted share).


(e)	Includes $10.3 million of DeRidder restructuring charges ($6.6 million after-tax or $0.07 per diluted share) and $3.5 million of integration-related and other costs ($2.2 million after-tax or $0.02 per diluted share). Also includes a $3.6 million tax credit from the State of Louisiana related to our capital investment and the jobs retained at the DeRidder, Louisiana mill.


(f)	Includes $1.0 million of income from DeRidder restructuring ($0.7 million after-tax or $0.01 per diluted share) and $3.7 million of integration-related and other costs ($2.3 million after-tax or $0.03 per diluted share).


(g)	Includes $3.8 million of income from DeRidder restructuring ($2.3 million after-tax or $0.02 per diluted share) and $2.4 million of integration-related and other costs ($1.7 million after-tax or $0.02 per diluted share). Also includes $6.7 million gain from the sale of our paper mill site at St. Helens, Oregon ($4.4 million after tax or $0.05 per diluted share).


(h)	Includes $3.5 million of income from DeRidder restructuring ($2.2 million after-tax or $0.02 per diluted share) and $3.8 million of integration-related and other costs ($2.6 million after-tax or $0.03 per diluted share).