Net income was $69.7 million or $6.38 a share compared to net income of $85.5 million or $7.67 a share for the first quarter of last year was our performance.
Petroleum additives net sales for the first three months of 2021 were $564.9 million compared to $557.4 million for the same period in 2020 or an increase of 1.4%.
Sales increased about $8 million mainly due to a 2.6% increase in shipments with increases in lubricant additive shipments partially offset by decreases in fuel additive shipments.
Petroleum additives operating profit for the quarter was $94.1 million lower than the first quarter operating profit last year of $113.7 million.
The operating margin was 15.6% for the rolling four quarters for the first quarter of 2021.
During the quarter, we funded capital expenditures of $20.5 million and paid dividends of $20.8 million.
In March, we also issued new 10 year -- a new 10 year $400 million bond, pre-funding our current $350 million bond that come due in the fourth quarter of 2022.
We continue to operate with very little leverage with net debt to EBITDA ending the quarter at 1.1 times.
For 2021, we expect to see capital expenditures in the range of $75 million to $85 million.

Summary:
Net income was $69.7 million or $6.38 a share compared to net income of $85.5 million or $7.67 a share for the first quarter of last year was our performance.