Selected Quarterly Financial Data (Unaudited)

The following table summarizes the Company’s unaudited results of operations on a quarterly basis. The quarterly earnings per share amounts for a year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data.



	2017 Quarters									2016 Quarters
	4th (2)		3rd		2nd		1st			4th		3rd (3)		2nd		1st
					(In thousands except for share data)
Operating revenues (1)	$	196,149	$	297,470	$	251,843	$	171,335		$	188,037	$	323,225	$	217,865	$	157,809
Operating income (loss)	20,299		105,737		65,939		6,279			20,470		129,857		44,697		(163		)
Net income (loss)	6,500		59,684		36,066		(3,989		)	5,656		74,636		22,284		(5,808		)
Basic earnings per share:
Net income (loss)	0.16		1.47		0.89		(0.10		)	0.14		1.84		0.55		(0.14		)
Diluted earnings per share:
Net income (loss)	0.16		1.47		0.89		(0.10		)	0.14		1.84		0.55		(0.14		)
Dividends declared per share of common stock	0.335		0.335		0.335		0.310			0.310		0.310		0.310		0.295

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(1)	Operating revenues are seasonal in nature, with the peak sales periods generally occurring during the summer months. Comparisons among quarters of a year may not represent overall trends and changes in operations.

(2)

For financial reporting purposes, the Company deferred any recognition of the Company's request in its 2017 Texas Retail Rate Case until it received the 2017 PUCT Final Order on December 18, 2017. Accordingly, it reported in the fourth quarter of 2017 the cumulative effect of the 2017 PUCT Final Order which related back to July 18, 2017. See Part II, Item 8, Financial Statements and Supplementary Data, Note C.

(3)

For financial reporting purposes, the Company deferred any recognition of the Company's request in its 2015 Texas Retail Rate Case until it received the 2016 PUCT Final Order on August 25, 2016. Accordingly, it reported in the third quarter of 2016 the cumulative effect of the 2016 PUCT Final Order which related back to January 12, 2016. See Part II, Item 8, Financial Statements and Supplementary Data, Note C.