Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

15. Quarterly Results of Operations (Unaudited)

        Quarterly financial information for the years ended December 31, 2013 and 2012 is summarized as follows (in thousands, except per share data):

	2013
	Q1			Q2		Q3(a)			Q4
Revenue	$	325,890		$	351,053	$	349,989		$	330,340
Gross profit		51,467			59,967		67,021			61,428
Operating income		5,086			14,379		17,734			9,059
Income from continuing operations		2,749			8,314		11,637			5,932
Income (loss) from discontinued operations, net of tax		(54	)		—		(25	)		3
Net income including noncontrolling interests		2,695			8,314		11,612			5,935
Less: Net income attributable to noncontrolling interests		163			552		233			339
Net income attributable to Comfort Systems USA, Inc.		2,532			7,762		11,379			5,596
INCOME PER SHARE ATTRIBUTABLE TO COMFORT SYSTEMS USA, INC.:
Basic—
Income from continuing operations	$	0.07		$	0.21	$	0.31		$	0.15
Income from discontinued operations		—			—		—			—
Net income	$	0.07		$	0.21	$	0.31		$	0.15
Diluted—
Income from continuing operations	$	0.07		$	0.21	$	0.30		$	0.15
Income from discontinued operations		—			—		—			—
Net income	$	0.07		$	0.21	$	0.30		$	0.15
Net cash provided by (used in) operating activities	$	(10,351	)	$	6,700	$	27,433		$	14,641

(a)

Included in unaudited quarterly results of operations for the third quarter of 2013 is the correction of prior period accounting errors which resulted in net after-tax income of approximately $1.3 million, or $0.03 per diluted share. Refer to Footnote 2 for additional disclosure.

	2012
	Q1			Q2			Q3			Q4
Revenue	$	326,902		$	353,172		$	335,241		$	315,870
Gross profit		42,931			54,096			55,521			55,073
Operating income (loss)		(3,003	)		7,441			9,767			8,098
Income (loss) from continuing operations		(2,431	)		3,949			5,423			4,553
Income (loss) from discontinued operations, net of tax		(237	)		98			(98	)		592
Net income (loss) including noncontrolling interests		(2,668	)		4,047			5,325			5,145
Less: Net income (loss) attributable to noncontrolling interests		(1,639	)		(421	)		(348	)		794
Net income (loss) attributable to Comfort Systems USA, Inc.		(1,029	)		4,468			5,673			4,351
INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMFORT SYSTEMS USA, INC.:
Basic—
Income (loss) from continuing operations	$	(0.02	)	$	0.12		$	0.15		$	0.10
Income (loss) from discontinued operations		(0.01	)		—			—			0.02
Net income (loss)	$	(0.03	)	$	0.12		$	0.15		$	0.12
Diluted—
Income (loss) from continuing operations	$	(0.02	)	$	0.12		$	0.15		$	0.10
Income (loss) from discontinued operations		(0.01	)		—			—			0.02
Net income (loss)	$	(0.03	)	$	0.12		$	0.15		$	0.12
Net cash provided by (used in) operating activities	$	(19,816	)	$	6,793		$	16,455		$	27,078

        The sums of the individual quarterly earnings per share amounts do not necessarily agree with year-to-date earnings per share as each quarter's computation is based on the weighted average number of shares outstanding during the quarter, the weighted average stock price during the quarter and the dilutive effects of options and contingently issuable restricted stock in each quarter.