Columbia Sportswear 2014 Annual Report Download - page 50

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COLUMBIA SPORTSWEAR COMPANY
See accompanying notes to consolidated financial statements
46
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Year Ended December 31,
2014 2013 2012
Net sales $2,100,590 $1,684,996 $1,669,563
Cost of sales 1,145,639 941,341 953,169
Gross profit 954,951 743,655 716,394
Selling, general and administrative expenses 763,063 625,656 596,635
Net licensing income 6,956 13,795 13,769
Income from operations 198,844 131,794 133,528
Interest income, net 1,004 503 379
Interest expense on note payable to related party (Note 22) (1,053) — —
Other non-operating expense (274) (871) —
Income before income tax 198,521 131,426 133,907
Income tax expense (Note 11) (56,662) (37,823) (34,048)
Net income 141,859 93,603 99,859
Net income (loss) attributable to non-controlling interest 4,686 (738) —
Net income attributable to Columbia Sportswear Company $ 137,173 $ 94,341 $ 99,859
Earnings per share attributable to Columbia Sportswear Company (Note 17):
Basic $ 1.97 $ 1.37 $ 1.48
Diluted 1.94 1.36 1.46
Weighted average shares outstanding (Note 17):
Basic 69,807 68,756 67,680
Diluted 70,681 69,434 68,264