Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

The following table sets forth the Company's unaudited quarterly consolidated statement of income data for the years ended December 31, 2016 and December 31, 2015. The unaudited quarterly information has been prepared on the same basis as the annual financial information and, in management's opinion, includes all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the information for the quarters presented. Historically, the Company's operating results have varied from quarter to quarter and are expected to continue to fluctuate in the future. These fluctuations have been due to a number of factors, including: general economic conditions in its markets; acquisitions; additions of contracts; expiration and termination of contracts; conversion of lease contracts to management contracts; conversion of management contracts to lease contracts and changes in terms of contracts that are retained and timing of general and administrative expenditures.

The operating results for any historical quarter are not necessarily indicative of results for any future period.



	2016												2015
(millions, except for share and per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(Unaudited)												(Unaudited)
Parking services revenue
Lease contracts	$	138.5		$	135.7		$	136.1		$	134.7		$	135.8		$	146.4		$	146.6		$	142.1
Management contracts	91.2			86.7			84.1			84.8			94.1			88.3			85.8			82.1
Reimbursed management contract revenue	167.9			180.2			188.9			186.7			174.3			170.9			168.3			181.2
Total revenue	397.6			402.6			409.1			406.2			404.2			405.6			400.7			405.4
Cost of parking services
Lease contracts	130.6			124.0			125.8			125.2			128.7			134.5			136.0			133.6
Management contracts	60.7			51.4			50.5			47.2			60.0			53.8			53.6			50.9
Reimbursed management contract expense	167.9			180.2			188.9			186.7			174.3			170.9			168.3			181.2
Total cost of parking services	359.2			355.6			365.2			359.1			363.0			359.2			357.9			365.7
Gross profit
Lease contracts	7.9			11.7			10.3			9.5			7.1			11.9			10.6			8.5
Management contracts	30.5			35.3			33.6			37.6			34.1			34.5			32.2			31.2
Total gross profit	38.4			47.0			43.9			47.1			41.2			46.4			42.8			39.7
General and administrative expenses	24.6			22.1			20.3			23.0			25.7			24.7			23.8			23.1
Depreciation and amortization	9.2			9.8			7.8			6.9			7.9			8.2			8.2			9.7
Operating income	4.6			15.1			15.8			17.2			7.6			13.5			10.8			6.9
Other expense (income)
Interest expense	2.8			2.6			2.7			2.4			4.0			3.0			3.0			2.7
Interest income	(0.2		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)	—			—			(0.1		)
Gain on sale of business	—			—			—			—			—			—			(0.5		)	—
Equity in losses (income) from investment in unconsolidated entity	0.5			0.3			0.4			(0.3		)	0.5			0.3			0.4			0.5
Total other expenses (income)	3.1			2.8			3.0			2.0			4.4			3.3			2.9			3.1
Earnings (loss) before income taxes	1.5			12.3			12.8			15.2			3.2			10.2			7.9			3.8
Income tax expense (benefit)	0.9			4.9			5.1			4.9			1.3			(0.4		)	3.5			0.4
Net income	0.6			7.4			7.7			10.3			1.9			10.6			4.4			3.4
Less: Net income attributable to noncontrolling interest	0.6			0.9			0.7			0.7			0.5			0.8			0.8			0.8
Net income attributable to SP Plus Corporation	$	—		$	6.5		$	7.0		$	9.6		$	1.4		$	9.8		$	3.6		$	2.6
Common stock data
Net income per share*
Basic	$	—		$	0.29		$	0.31		$	0.44		$	0.06		$	0.44		$	0.17		$	0.11
Diluted	$	—		$	0.29		$	0.31		$	0.43		$	0.06		$	0.43		$	0.16		$	0.11
Weighted average shares outstanding
Basic	22,328,578			22,344,898			22,208,139			22,071,865			22,127,725			22,145,190			22,205,707			22,276,763
Diluted	22,593,505			22,625,471			22,497,111			22,398,045			22,528,608			22,521,832			22,548,166			22,486,888

* Basic and diluted earnings per share are computed independently for each of the quarters presented. As a result, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.