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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Net sales $ 822,224 $ 693,849 $ 1,525,312 $ 1,357,885
Cost of goods sold 705,331 585,253 1,306,454 1,145,986
Gross profit 116,893 108,596 218,858 211,899
Selling, general and administrative expenses 20,062 40,829 66,652 85,372
Rationalization charges 2,369 709 4,101 2,763
Income from operations 94,462 [1],[2] 67,058 148,105 [1],[2] 123,764 [3]
Interest and other debt expense 16,446 11,971 30,385 24,506
Income before income taxes 78,016 55,087 117,720 99,258
Provision for income taxes 26,810 18,833 40,400 36,222
Net income $ 51,206 $ 36,254 $ 77,320 $ 63,036
Earnings per share:        
Basic net income per share $ 0.73 $ 0.47 $ 1.10 $ 0.82
Diluted net income per share $ 0.73 $ 0.47 $ 1.10 $ 0.82
Dividends per share $ 0.11 $ 0.11 $ 0.22 $ 0.21
Weighted average number of shares:        
Basic 70,145 76,701 70,064 76,665
Effect of dilutive securities 368 586 443 603
Diluted 70,513 77,287 70,507 77,268
[1] Income from operations for corporate includes income of $27.0 million and $25.2 million for the three and six months ended June 30, 2011, respectively, for proceeds received as a result of the termination of the Graham Packaging merger agreement, net of costs associated with certain corporate development activities.
[2] Income from operations of the metal containers segment includes a charge for the resolution of a past product liability dispute of $3.3 million for the three and six months ended June 30, 2011.
[3] Income from operations for the closures segment includes a charge of $3.2 million for the remeasurement of net assets in the Venezuela operations to the devalued official Bolivar exchange rate.