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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
QUARTERLY FINANCIAL DATA (unaudited):
The following table sets forth the Company's quarterly results for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share data):
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2015
 
 
 
 
 
 
 
 
Operating revenues
 
$
397,030

 
$
542,219

 
$
546,299

 
$
514,853

Income from operations
 
$
72,620

 
$
99,451

 
$
117,559

 
$
94,631

Net income
 
$
23,904

 
$
52,837

 
$
63,362

 
$
84,934

Diluted earnings per common share
 
$
0.42

 
$
0.92

 
$
1.10

 
$
1.47

 
 
 
 
 
 
 
 
 
2014
 
 
 
 
 
 
 
 
Operating revenues
 
$
376,279

 
$
414,563

 
$
432,543

 
$
415,627

Income from operations
 
$
74,875

 
$
110,109

 
$
123,116

 
$
113,471

Net income
 
$
40,004

 
$
60,728

 
$
72,650

 
$
87,373

Diluted earnings per common share
 
$
0.70

 
$
1.07

 
$
1.27

 
$
1.53


In addition to the Company's changes in operations as described in Note 3, Changes in Operations, the quarters shown were affected by the items below:
The first quarter of 2015 included (i) $11.6 million after-tax loss on the settlement of foreign currency forward purchase contracts, (ii) $9.5 million after-tax business development and related costs, (iii) $1.3 million after-tax non-cash write-off of deferred financing fees associated with the refinancing of the credit facility, (iv) $1.2 million after-tax Australian severance costs and (v) $0.2 million after-tax gain on sale of assets.
The second quarter of 2015 included (i) $0.5 million after-tax business development and related costs and (ii) $0.3 million after-tax gain on sale of assets.
The third quarter of 2015 included (i) $1.3 million after-tax business development and related costs, (ii) $0.9 million after-tax gain on sale of assets and (iii) $0.4 million adjustment for tax returns from previous fiscal year.
The fourth quarter of 2015 included (i) $27.4 million tax benefit associated with the United States Short Line Tax Credit for 2015, (ii) $9.7 million tax benefit due to a U.K. tax rate adjustment, (iii) $1.7 million after-tax business development and related costs, (iv) $1.6 million after tax out of period impact of the final allocation of fair value to Freightliner's assets and liabilities, (v) $1.3 million tax expense due to the application of the full year 2015 effective tax rate to the results of the first three quarters of 2015 and (vi) $0.2 million after-tax gain on sale of assets.
The first quarter of 2014 included (i) $0.7 million after-tax business development and related costs and (ii) $0.5 million after-tax gain on sale of assets.
The second quarter of 2014 included (i) $2.9 million after-tax credit facility refinancing-related costs, (ii) $1.0 million after-tax gain on sale of assets and (iii) $1.0 million after-tax business development and related costs.
The third quarter of 2014 included (i) $3.9 million tax benefit as a result of receiving consent from the United States IRS to change a tax accounting method retroactively for companies acquired as a result of the RailAmerica acquisition, (ii) $0.9 million after-tax gain on sale of assets, (iii) $0.7 million tax benefit related to differences between book income tax expense and final tax returns filed related to the previous fiscal year and (iv) $0.5 million after-tax business development and related costs.
The fourth quarter of 2014 included (i) $27.0 million tax benefit associated with the United States Short Line Tax Credit for the first three quarters of 2014, (ii) $3.5 million tax expense due to the application of the full year 2014 effective tax rate to the results of the first three quarters of 2014, (iii) $1.0 million after-tax business development and related costs and (iv) $1.0 million after-tax gain on sale of assets.