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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Parking services revenue        
Lease contracts $ 150.9 $ 135.7 $ 281.7 $ 274.2
Management contracts 84.0 86.7 176.1 177.9
Total parking services revenue 234.9 222.4 457.8 452.1
Reimbursed management contract revenue 180.5 180.2 372.1 348.1
Total parking services revenue 415.4 402.6 829.9 800.2
Cost of parking services        
Lease contracts 130.2 124.0 256.0 254.6
Management contracts 47.2 51.4 103.8 112.1
Total cost of parking services, gross 177.4 175.4 359.8 366.7
Reimbursed management contract expense 180.5 180.2 372.1 348.1
Total cost of parking services 357.9 355.6 731.9 714.8
Gross profit        
Lease contracts 20.7 11.7 25.7 19.6
Management contracts 36.8 35.3 72.3 65.8
Total gross profit 57.5 47.0 98.0 85.4
General and administrative expenses 22.5 22.1 43.7 46.7
Depreciation and amortization 4.8 9.8 11.4 19.0
Operating income 30.2 15.1 42.9 19.7
Other expenses (income)        
Interest expense 2.3 2.6 4.9 5.4
Interest income (0.2) (0.1) (0.3) (0.3)
Gain on sale of business (0.1) 0.0 (0.1) 0.0
Equity in losses from investment in unconsolidated entity 0.2 0.3 0.4 0.8
Total other expenses (income) 2.2 2.8 4.9 5.9
Earnings before income taxes 28.0 12.3 38.0 13.8
Income tax expense 10.7 4.9 14.0 5.8
Net income 17.3 7.4 24.0 8.0
Less: Net income attributable to noncontrolling interest 1.1 0.9 1.8 1.5
Net income attributable to SP Plus Corporation $ 16.2 $ 6.5 $ 22.2 $ 6.5
Net income per common share        
Basic (in dollars per share) $ 0.73 $ 0.29 $ 1.00 $ 0.29
Diluted (in dollars per share) $ 0.72 $ 0.29 $ 0.98 $ 0.29
Weighted average shares outstanding        
Basic (in shares) 22,190,421 22,344,898 22,178,143 22,336,693
Diluted (in shares) 22,515,234 22,625,471 22,490,369 22,609,443