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Quarterly Financial and Common Stock Data (Unaudited)
12 Months Ended
Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial and Common Stock Data (Unaudited)
QUARTERLY FINANCIAL AND COMMON STOCK DATA (UNAUDITED)
A summary of Dominion's and Virginia Power's quarterly results of operations for the years ended December 31, 2013 and 2012 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.
DOMINION
 
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter (2)

Full Year

(millions, except per share amounts)
 
 
 
 
 
2013
 
 
 
 
 
Operating revenue
$
3,523

$
2,980

$
3,432

$
3,185

$
13,120

Income from operations
930

548

1,034

804

3,316

Net income including noncontrolling interests
502

208

575

435

1,720

Income from continuing operations(1)
494

272

592

431

1,789

Income (loss) from discontinued operations(1)
1

(70
)
(23
)

(92
)
Net income attributable to Dominion
495

202

569

431

1,697

Basic EPS:
 

 

 

 

 

Income from continuing operations(1)
0.86

0.47

1.02

0.74

3.09

Income (loss) from discontinued operations(1)

(0.12
)
(0.04
)

(0.16
)
Net income attributable to Dominion
0.86

0.35

0.98

0.74

2.93

Diluted EPS:
 

 

 

 

 

Income from continuing operations(1)
0.86

0.47

1.02

0.74

3.09

Income (loss) from discontinued operations(1)

(0.12
)
(0.04
)

(0.16
)
Net income attributable to Dominion
0.86

0.35

0.98

0.74

2.93

Dividends declared per share
0.5625

0.5625

0.5625

0.5625

2.25

Common stock prices (intraday high-low)
$58.25  -
51.92

$61.85  -
53.79

$64.04 - 55.51

$67.97  -
61.36

$67.97  -
51.92

 
 
 
 
 
 
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Full Year

2012
 
 
 
 
 
Operating revenue
$
3,397

$
3,005

$
3,332

$
3,101

$
12,835

Income from operations
918

628

551

761

2,858

Net income (loss) including noncontrolling interests
501

265

215

(652
)
329

Income from continuing operations(1)
504

290

261

372

1,427

Income (loss) from discontinued operations(1)
(10
)
(32
)
(52
)
(1,031
)
(1,125
)
Net income attributable to Dominion
494

258

209

(659
)
302

Basic EPS:
 

 

 

 

 

Income from continuing operations(1)
0.88

0.51

0.45

0.65

2.49

Loss from discontinued operations(1)
(0.02
)
(0.06
)
(0.09
)
(1.80
)
(1.96
)
Net income (loss) attributable to Dominion
0.86

0.45

0.36

(1.15
)
0.53

Diluted EPS:
 

 

 

 

 

Income from continuing operations(1)
0.88

0.51

0.45

0.64

2.49

Loss from discontinued operations(1)
(0.02
)
(0.06
)
(0.09
)
(1.79
)
(1.96
)
Net income (loss) attributable to Dominion
0.86

0.45

0.36

(1.15
)
0.53

Dividends declared per share
0.5275

0.5275

0.5275

0.5275

2.11

Common stock prices (intraday high-low)
$53.68  -
48.87

$54.69  -
49.87

$55.62 -
52.15

$53.89  -
48.94

$55.62  -
48.87


(1)
Amounts attributable to Dominion's common shareholders.
(2)
Recast to reflect Brayton Point and Kincaid as discontinued operations as described in Note 3.
Dominion's 2013 results include the impact of the following significant items:
Second quarter results include a $70 million after-tax net loss from discontinued operations of Brayton Point and Kincaid; and a $57 million after-tax net loss, including a $33 million after-tax impairment charge related to certain natural gas infrastructure assets and a $24 million after-tax loss related to the producer services business.

Dominion's 2012 results include the impact of the following significant items:
Fourth quarter results include a $1.0 billion after-tax impairment charge to write down Brayton Point’s and Kincaid's long-lived assets to their estimated fair value.
Third quarter results include a $281 million after-tax net loss, including impairment charges, primarily resulting from management's decision to cease operations and begin decommissioning Kewaunee in 2013.

VIRGINIA POWER
Virginia Power's quarterly results of operations were as follows:
 
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

(millions)
 
 
 
 
 
2013
 
 
 
 
 
Operating revenue
$
1,781

$
1,710

$
2,059

$
1,745

$
7,295

Income from operations
530

463

679

408

2,080

Net income
287

265

387

199

1,138

Balance available for common stock
283

261

383

194

1,121

2012
 

 

 

 

 

Operating revenue
$
1,754

$
1,756

$
2,086

$
1,630

$
7,226

Income from operations
468

361

746

417

1,992

Net income
243

172

415

220

1,050

Balance available for common stock
239

168

411

216

1,034


 
Virginia Power's 2013 results include the impact of the following significant item:
Fourth quarter results include a $28 million after-tax charge resulting from impacts of the 2013 Biennial Review Order.

Virginia Power's 2012 results include the impact of the following significant item:
Second quarter results include a $42 million after-tax charge reflecting restoration costs associated with damage caused by late June summer storms.