Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations (Unaudited)

The following table presents our quarterly results of operations for the years ended December 31, 2019 and 2018:

	First		Second		Third		Fourth
	(Dollars in thousands, except per share data)
2019 (1)
Net sales	$	1,027,131	$	1,093,163	$	1,321,342	$	1,048,291
Gross profit	165,997		183,513		207,615		156,619
Net income	46,742		30,955		81,274		34,843
Basic net income per share (3)	$	0.42	$	0.28	$	0.73	$	0.31
Diluted net income per share (3)	0.42		0.28		0.73		0.31
Dividends per share	$	0.11	$	0.11	$	0.11	$	0.11
2018 (2)
Net sales	$	1,012,280	$	1,059,103	$	1,306,999	$	1,070,493
Gross profit	160,034		173,250		204,107		152,372
Net income	45,721		55,343		84,739		38,191
Basic net income per share (3)	$	0.41	$	0.50	$	0.77	$	0.35
Diluted net income per share (3)	0.41		0.50		0.76		0.34
Dividends per share	$	0.10	$	0.10	$	0.10	$	0.10

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(1)  The first, second, third and fourth quarters of 2019 include rationalization charges of $6.1 million, $39.3 million, $3.2 million and $7.8 million, respectively. The third quarter of 2019 includes a loss on early extinguishment of debt of $1.7 million. The fourth quarter of 2019 includes costs attributed to announced acquisitions of $1.8 million.

(2)  The first, second, third and fourth quarters of 2018 include rationalization charges of $0.7 million, $0.5 million, $0.3 million and $4.8 million, respectively. The second quarter of 2018 includes a loss on early extinguishment of debt of $2.5 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.