XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Parking services revenue        
Lease contracts $ 135.7 $ 146.5 $ 274.2 $ 282.3
Management contracts 86.7 88.3 177.9 182.4
Total parking services revenue 222.4 234.8 452.1 464.7
Reimbursed management contract revenue 180.2 170.8 348.1 345.1
Total revenue 402.6 405.6 800.2 809.8
Cost of parking services        
Lease contracts 124.0 134.5 254.6 263.2
Management contracts 51.4 53.9 112.1 113.8
Total cost of parking services, gross 175.4 188.4 366.7 377.0
Reimbursed management contract expense 180.2 170.8 348.1 345.1
Total cost of parking services 355.6 359.2 714.8 722.1
Gross profit        
Lease contracts 11.7 12.0 19.6 19.1
Management contracts 35.3 34.4 65.8 68.6
Total gross profit 47.0 46.4 85.4 87.7
General and administrative expenses 22.1 24.7 46.7 50.5
Depreciation and amortization 9.8 8.2 19.0 16.1
Operating income 15.1 13.5 19.7 21.1
Other expenses (income)        
Interest expense 2.6 3.0 5.4 7.1
Interest income (0.1) 0.0 (0.3) (0.1)
Equity in losses from investment in unconsolidated entity 0.3 0.3 0.8 0.8
Total other expenses (income) 2.8 3.3 5.9 7.8
Earnings before income taxes 12.3 10.2 13.8 13.3
Income tax expense (benefit) 4.9 (0.3) 5.8 1.0
Net income 7.4 10.5 8.0 12.3
Less: Net income attributable to noncontrolling interest 0.9 0.7 1.5 1.2
Net income attributable to SP Plus Corporation $ 6.5 $ 9.8 $ 6.5 $ 11.1
Net income per share        
Basic (in dollars per share) $ 0.29 $ 0.44 $ 0.29 $ 0.50
Diluted (in dollars per share) $ 0.29 $ 0.43 $ 0.29 $ 0.49
Weighted average shares outstanding        
Basic (in shares) 22,344,898 22,145,190 22,336,693 22,136,458
Diluted (in shares) 22,625,471 22,521,832 22,609,443 22,505,403