Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2015

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, 2015 and December 31, 2014. 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.



	2015												2014
(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	$	135.8		$	146.4		$	146.6		$	142.1		$	116.6		$	125.0		$	129.0		$	126.0
Management contracts	94.1			88.3			85.8			82.1			90.0			84.9			77.9			85.5
Reimbursed management contract revenue	174.3			170.9			168.3			181.2			169.2			164.5			173.4			172.7
Total revenue	404.2			405.6			400.7			405.4			375.8			374.4			380.3			384.2
Cost of parking services
Lease contracts	128.7			134.5			136.0			133.6			112.1			112.0			116.5			115.1
Management contracts	60.0			53.8			53.6			50.9			59.2			50.0			46.8			51.9
Reimbursed management contract expense	174.3			170.9			168.3			181.2			169.2			164.5			173.4			172.7
Total cost of parking services	363.0			359.2			357.9			365.7			340.5			326.5			336.7			339.7
Gross profit
Lease contracts	7.1			11.9			10.6			8.5			4.5			13.0			12.5			10.9
Management contracts	34.1			34.5			32.2			31.2			30.8			34.9			31.1			33.6
Total gross profit	41.2			46.4			42.8			39.7			35.3			47.9			43.6			44.5
General and administrative expenses	25.7			24.7			23.8			23.1			26.1			25.0			24.1			26.3
Depreciation and amortization	7.9			8.2			8.2			9.7			7.2			7.7			7.6			7.8
Operating income	7.6			13.5			10.8			6.9			2.0			15.2			11.9			10.4
Other expense (income)
Interest expense	4.0			3.0			3.0			2.7			4.8			4.8			4.2			4.0
Interest income	(0.1		)	—			—			(0.1		)	(0.1		)	(0.1		)	(0.1		)	(0.1		)
Gain on sale of business	—			—			(0.5		)	—			—			—			—			—
Gain on contribution of a business to an unconsolidated entity	—			—			—			—			—			—			—			(4.1		)
Equity in losses from investment in unconsolidated entity	0.5			0.3			0.4			0.5			—			—			—			0.3
Total other expenses (income)	4.4			3.3			2.9			3.1			4.7			4.7			4.1			0.1
Earnings (loss) before income taxes	3.2			10.2			7.9			3.8			(2.7		)	10.5			7.8			10.3
Income tax expense (benefit)	1.3			(0.4		)	3.5			0.4			(7.4		)	4.2			2.8			0.2
Net income	1.9			10.6			4.4			3.4			4.7			6.3			5.0			10.1
Less: Net income attributable to noncontrolling interest	0.5			0.8			0.8			0.8			0.5			0.9			0.8			0.8
Net income attributable to SP Plus Corporation	$	1.4		$	9.8		$	3.6		$	2.6		$	4.2		$	5.4		$	4.2		$	9.3
Common stock data
Net income per share
Basic	$	0.06		$	0.44		$	0.17		$	0.11		$	0.20		$	0.24		$	0.20		$	0.42
Diluted	$	0.06		$	0.43		$	0.16		$	0.11		$	0.19		$	0.24		$	0.19		$	0.41
Weighted average shares outstanding
Basic	22,127,725			22,145,190			22,205,707			22,276,763			21,977,836			21,991,965			21,997,394			22,071,706
Diluted	22,528,608			22,521,832			22,548,166			22,486,888			22,351,845			22,398,886			22,426,787			22,451,557