Financial results by quarter for the years ended December 31, 2016 and 2015 are as follows:



	Net sales		Gross profit (loss)			Net income (loss)			Net income (loss) allocated to common stockholders			Basic earnings (loss) per share			Diluted earnings (loss) per share
2016
4th Quarter (1)	$	339,836	$	5,057		$	(168,464	)	$	(168,464	)	$	(1.93	)	$	(1.93	)
3rd Quarter (2)	333,650		(17,612		)	(58,273		)	(58,273		)	(0.67		)	(0.67		)
2nd Quarter (3)	326,754		5,582			(9,515		)	(9,515		)	(0.11		)	(0.11		)
1st Quarter (4)	318,854		(3,052		)	(16,163		)	(16,163		)	(0.19		)	(0.19		)
2015
4th Quarter (5)	$	383,915	$	(18,701	)	$	(43,080	)	$	(43,080	)	$	(0.50	)	$	(0.50	)
3rd Quarter (6)	454,540		(42,423		)	(56,112		)	(56,112		)	(0.65		)	(0.65		)
2nd Quarter (7)	523,491		8,342			(33,897		)	(33,897		)	(0.39		)	(0.39		)
1st Quarter (8)	587,911		94,095			73,779			67,813			0.76			0.76


(1)	The fourth quarter of 2016 was unfavorably impacted by a $152,200 impairment charge for Helguvik and a $6,900 charge related to discrete tax items.


(2)	The third quarter of 2016 was unfavorably impacted by a $3,800 impairment charge related to Ravenswood assets and $23,000 charge related to the Ravenswood retiree medical proposed settlement.


(3)	The second quarter of 2016 was unfavorably impacted by a $4,900 LCM adjustment to cost of goods sold.


(4)	The first quarter of 2016 was favorably impacted by a $5,800 LCM adjustment to cost of goods sold.

(5)

The fourth quarter of 2015 was favorably impacted by a $23,474 lower of cost or market inventory adjustment, $3,400 related to non-cash, non-recurring post-retirement benefits. Results were negatively impacted by a $3,500 charge related to the partial curtailment of operations at Hawesville and Mt. Holly, a $5,000 charge for depreciation related to Mt. Holly purchase accounting and an $11,584 impairment charge at BHH.


(6)	The third quarter of 2015 was impacted by a $5,324 unfavorable lower of cost or market adjustment to cost of goods sold, $1,400 for labor disruption and $2,900 for partial curtailment expenses at Hawesville.

(7)

The second quarter of 2015 was impacted by a $25,689 unfavorable LCM adjustment to cost of goods sold and a $30,850 impairment reserve related to the permanent closure of our Ravenswood facility and $11,700 of labor disruption expenses associated with a new union contract at our Hawesville location in partially offset by a $10,287 gain on fair value of contingent consideration on our Mt. Holly acquisition.


(8)	The first quarter of 2015 included a $6,527 gain on fair value of contingent consideration partially offset by $1,570 of signing bonuses related to a new labor contract at Grundartangi and a $1,000 severance charge for a former executive.