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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net sales $ 593,291 $ 459,233 $ 1,171,678 $ 922,321
Cost of sales 506,636 377,147 988,272 746,872
Gross profit 86,655 82,086 183,406 175,449
Selling, general & administrative expenses 43,653 23,410 86,096 54,245
Research and development expenses 2,801 1,189 5,503 2,697
Royalty expense 3,295 2,652 7,018 5,001
Supply agreement termination income 0 (26,134) 0 (26,134)
Income from operations 36,906 80,969 84,789 139,640
Interest expense (13,069) (6,217) (23,510) (12,512)
Convertible debt conversion charge 0 0 (7,273) 0
Gain on earthquake insurance recovery 22,451 0 22,451 0
Other income (2,429) 613 (1,010) 3,724
Income before income taxes 43,859 75,365 75,447 130,852
Provision for income taxes 21,003 31,040 33,202 51,133
Net income 22,856 44,325 42,245 79,719
Net loss attributable to noncontrolling interests (361) 269 (447) 244
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest (3,167) 269 (3,158) 244
Net income attributable to Titan $ 23,217 $ 44,056 $ 42,692 $ 79,475
Earnings per common share:        
Basic (in dollars per share) $ 0.43 $ 1.05 $ 0.81 $ 1.89
Diluted (in dollars per share) $ 0.40 $ 0.84 $ 0.74 $ 1.53
Average common shares outstanding:        
Basic (in shares) 53,426 42,158 52,625 42,132
Diluted (in shares) 59,504 53,516 59,527 53,492
Dividends declared per common share: $ 0.005 $ 0.005 $ 0.01 $ 0.01