Form S-1 Table of Contrail lawsuits if we were to be required to record a liability for such proceedings or are found to be liable in such proceedings. See "Business—Legal Proceedings." Results of Operations The following tables set forth our consolidate) statements of income in dollars and as a percentage of net sales for the periods present l: (dollars in thousands, except for per share amounts and percentages) Threc Month. Fm in March 31. % of Net Saks 2014 2015 2014 2015 Net sales S 226,247 $ 248,774 100.0% 100.0% Cost of sales 129,912 149,240 57.4% 60.0% Gross profit 96,335 99,534 42.6% 40.0% Selling. general and administrative expenses 42,722 47,399 18.9% 19.1% Operating income 53,613 52,135 23.7% 21.0% Interest expense 3,221 3,734 1.4% 1.5% Interest income (25) (51) —14 —% Income before income taxes 50.417 48.452 22.3% 19.5% Provision for income taxes 19,264 18A06 8.5% 7.4% Net income $ 31.153 $ 30,046 118% 12.1% Basic net income per common Aare Diluted net income per common share Fiscal Year Ended December 31, % of Net Saks (dollars in thousands, except for per share amounts and percentages) 2012 2013 2014 2012 2013 2014 Net sales S 522,999 $ 719,509 $ 917,760 100.0% 100.0% 100.0% Cost of sales 311,050 421,897 550,893 59.5% 58.6% 60.0% Gross profit 211,949 297,612 366,867 40.5% 41.4% 40.0% Selling, general and administrative expenses 93,539 138.986 187,864 17.9% 19.3% 20.5% Operating income 118,410 158,626 179,003 22.6% 22.0% 19.5% Interest expense 10,209 20.640 13.887 2.0% 2.9% 1.5% Loss on debt extinguishment — 15,918 — —% 2.2% —% Interest income (152) (125) (173) —% —% —% Income before income taxes 108,353 122,193 165,289 20.7% 17.0% 18.0% Provision for income taxes 42.853 43.957 63,358 8.2% 6.1% 6.9% Net income S 65,500 S 78,236 S 101,931 123% 10.9% 11.1% Basic net income per common stare S S S Di