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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net sales $ 821,611 $ 822,224 $ 1,589,968 $ 1,525,312
Cost of goods sold 706,282 705,331 1,360,594 1,306,454
Gross profit 115,329 116,893 229,374 218,858
Selling, general and administrative expenses 46,532 20,062 91,211 66,652
Rationalization charges 158 2,369 3,761 4,101
Income from operations 68,639 [1],[2] 94,462 [1],[2] 134,402 [1],[2] 148,105 [1],[2]
Interest and other debt expense before loss on early extinguishment of debt 16,028 16,446 31,618 30,385
Loss on early extinguishment of debt 38,704   38,704  
Interest and other debt expense 54,732 16,446 70,322 30,385
Income before income taxes 13,907 78,016 64,080 117,720
Provision for income taxes 3,327 26,810 20,750 40,400
Net income $ 10,580 $ 51,206 $ 43,330 $ 77,320
Earnings per share:        
Basic net income per share $ 0.15 $ 0.73 $ 0.62 $ 1.10
Diluted net income per share $ 0.15 $ 0.73 $ 0.62 $ 1.10
Dividends per share $ 0.12 $ 0.11 $ 0.24 $ 0.22
Weighted average number of shares:        
Basic 69,719 70,145 69,834 70,064
Effect of dilutive securities 281 368 303 443
Diluted 70,000 70,513 70,137 70,507
[1] Income from operations for corporate includes costs attributable to announced acquisitions of $0.7 million for the three and six months ended June 30, 2012 and also 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 merger agreement with Graham Packaging Company Inc., or the Graham Packaging merger agreement, net of costs associated with certain corporate development activities.
[2] Income from operations of the metal containers segment includes new plant start-up costs of $1.9 million and $2.9 million for the three and six months ended June 30, 2012, respectively, and 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.