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21

Selected Consolidated Financial Data

In millions, except share and per share data

Year Ended December 31,

2015

2014

2013

2012

2011

Income Statement Data:

Net sales

$9,350.5

$10,451.6

$9,223.8

$8,442.3

$8,134.7

Cost of sales (exclusive of depreciation and amortization expense

included in operating expenses)

6,803.6

7,830.6

6,826.2

6,235.4

6,148.7

Gross profit

(1)

2,546.9

2,621.0

2,397.6

2,206.9

1,986.0

Operating expenses

(2)

2,000.3

2,003.6

1,845.7

1,547.7

1,413.2

Operating Income

546.6

617.4

551.9

659.2

572.8

Other income (expense):

Interest Expense

(84.3)

(81.9)

(77.5)

(58.4)

(59.8)

Other (expense) income, net

(3.6)

10.8

3.9

8.6

(1.4)

Income before income taxes

458.7

546.3

478.3

609.4

511.6

Provision for income taxes

142.5

170.0

153.6

201.1

162.4

Net income

316.2

376.3

324.7

408.3

349.2

Less: Net income attributable to noncontrolling interests

4.7

4.8

3.1

4.8

5.4

Net income attributable to Reliance

$311.5

$371.5

$321.6

$403.5

$343.8

Earnings Per Share Attributable to

Reliance Stockholders:

Diluted

$4.16

$4.73

$4.14

$5.33

$4.58

Basic

$4.20

$4.78

$4.19

$5.36

$4.60

Shares used in computing earnings per share:

Diluted

74,902,064 78,615,939 77,646,192 75,694,212 75,041,753

Basic

74,096,349 77,682,943 76,844,912 75,216,955 74,767,988

Other Data:

Cash flow provided by operations

$1,025.0

$356.0

$633.3

$601.9

$234.8

Capital expenditures

172.2

190.4

168.0

214.0

156.4

Cash dividends per share

1.60

1.40

1.26

0.80

0.48

Balance Sheet Data (December 31):

Working capital

$1,564.5

$2,458.3

$2,165.5

$1,699.2

$1,698.3

Total assets

7,121.6

7,822.4

7,323.6

5,846.7

5,592.3

Short-term debt

500.8

93.9

36.5

83.6

12.2

Long-term debt

(3)

1,428.9

2,209.6

2,055.1

1,113.0

1,306.9

Reliance stockholders’ equity

3,914.1

4,099.0

3,874.6

3,558.4

3,143.9

(1) Gross profit, calculated as net sales less cost of sales,

is a non-GAAP financial measure as it excludes

depreciation and amortization expense associated with

the corresponding sales. The majority of our orders

are basic distribution with no processing services

performed. For the remainder of our sales orders, we

perform “first-stage” processing, which is generally not

labor intensive as we are simply cutting the metal to

size. Because of this, the amount of related labor and

overhead, including depreciation and amortization, is

not significant and is excluded from our cost of sales.

Therefore, our cost of sales is primarily comprised of

the cost of the material we sell. We use gross profit, as

shown, as a measure of operating performance. Gross

profit is an important operating and financial measure,

as fluctuations in our gross profit can have a significant

impact on our earnings. Gross profit, as presented, is not

necessarily comparable with similarly titled measures for

other companies.

(2) Operating expenses include warehouse, delivery, selling,

general and administrative expenses, depreciation and

amortization expense, and impairment of long-lived

assets. In 2015, 2014, 2013 and 2012, operating

expenses include various nonrecurring charges,

including impairment charges in 2015, 2013 and 2012.

(3) Long-term debt includes the long-term portion of capital

lease obligations.