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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following table presents our quarterly results of operations for the years ended December 31, 2017 and 2016:
 
First
 
Second
 
Third
 
Fourth
 
(Dollars in thousands, except per share data)
2017 (1) 
 
 
 
 
 
 
 
Net sales
$
805,407

 
$
1,021,814

 
$
1,266,930

 
$
995,703

Gross profit
124,566

 
165,189

 
212,559

 
158,802

Net income
23,232

 
27,926

 
72,382

 
146,119

 
 
 
 
 
 
 
 
Basic net income per share (3)
$
0.21

 
$
0.25

 
$
0.66

 
$
1.32

Diluted net income per share (3)
0.21

 
0.25

 
0.65

 
1.31

 
 
 
 
 
 
 
 
Dividends per share
$
0.09

 
$
0.09

 
$
0.09

 
$
0.09

 
 
 
 
 
 
 
 
2016 (2)  
 
 
 
 
 
 
 
Net sales
$
792,738

 
$
874,642

 
$
1,139,643

 
$
805,891

Gross profit
113,877

 
127,707

 
181,939

 
110,013

Net income
26,572

 
33,315

 
69,770

 
23,694

 
 
 
 
 
 
 
 
Basic net income per share (3)
$
0.22

 
$
0.28

 
$
0.58

 
$
0.20

Diluted net income per share (3)
0.22

 
0.27

 
0.57

 
0.20

 
 
 
 
 
 
 
 
Dividends per share
$
0.085

 
$
0.085

 
$
0.085

 
$
0.085


______________________

(1) 
The first, second, third and fourth quarters of 2017 include rationalization charges of $0.9 million, $3.0 million, $0.6 million and $1.3 million, respectively. The first, second, third and fourth quarters of 2017 includes costs attributed to announced acquisitions of $13.2 million, $9.8 million, $0.8 million and $0.9 million, respectively. The first and second quarters of 2017 include a loss on early extinguishment of debt of $2.7 million and $4.4 million, respectively. The fourth quarter of 2017 includes the benefit from effective tax rate adjustments totaling $110.9 million primarily related to the remeasurement of net deferred tax liabilities to reflect the lower future cash tax obligations as a result of the reduction in the federal corporate tax rate under the 2017 Tax Act.
(2) 
The first, second, third and fourth quarters of 2016 include rationalization charges of $1.1 million, $5.0 million, $7.8 million and $5.1 million, respectively. The fourth quarter of 2016 includes costs attributed to announced acquisitions of $1.4 million.
(3)
Net income per share data is computed independently for each of the periods presented. Accordingly, the sum of the quarterly earnings per share amounts may not equal the total for the year.