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QUARTERLY INFORMATION (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
QUARTERLY INFORMATION (Unaudited)  
Schedule of quarterly financial information

Segment results by quarter for 2016 and 2015 are as follows (in millions, except per-share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2016

 

 

    

Q1

    

Q2

    

Q3

    

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
366.1

 

$
370.9

 

$
398.0

 

$
406.1

 

Logistics (1)

 

 
88.1

 

 
96.8

 

 
102.4

 

 
113.2

 

Total Operating Revenue

 

$
454.2

 

$
467.7

 

$
500.4

 

$
519.3

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
33.0

 

$
33.9

 

$
42.7

 

$
31.7

 

Logistics (1)

 

 
1.6

 

 
2.2

 

 
3.5

 

 
4.6

 

Total Operating Income

 

 
34.6

 

 
36.1

 

 
46.2

 

 
36.3

 

Interest Expense

 

 
(4.9)

 

 
(6.5)

 

 
(6.0)

 

 
(6.7)

 

Income before Income Taxes

 

 
29.7

 

 
29.6

 

 
40.2

 

 
29.6

 

Income Tax Expense

 

 
(11.6)

 

 
(11.6)

 

 
(15.2)

 

 
(10.2)

 

Net Income

 

$
18.1

 

$
18.0

 

$
25.0

 

$
19.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$
0.42

 

$
0.42

 

$
0.58

 

$
0.45

 

Diluted Earnings Per Share:

 

$
0.41

 

$
0.42

 

$
0.58

 

$
0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2015

 

 

    

Q1

    

Q2

    

Q3

    

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation (2)

 

$
305.5

 

$
346.7

 

$
444.8

 

$
401.0

 

Logistics

 

 
92.7

 

 
100.9

 

 
99.5

 

 
93.8

 

Total Operating Revenue

 

$
398.2

 

$
447.6

 

$
544.3

 

$
494.8

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation (2)

 

$
43.9

 

$
31.4

 

$
68.9

 

$
43.6

 

Logistics

 

 
1.0

 

 
2.3

 

 
2.9

 

 
2.3

 

Total Operating Income

 

 
44.9

 

 
33.7

 

 
71.8

 

 
45.9

 

Interest Expense

 

 
(4.3)

 

 
(4.6)

 

 
(4.7)

 

 
(4.9)

 

Income before Income Taxes

 

 
40.6

 

 
29.1

 

 
67.1

 

 
41.0

 

Income Tax Expense

 

 
(15.6)

 

 
(19.2)

 

 
(25.6)

 

 
(14.4)

 

Net Income

 

$
25.0

 

$
9.9

 

$
41.5

 

$
26.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$
0.58

 

$
0.23

 

$
0.95

 

$
0.61

 

Diluted Earnings Per Share:

 

$
0.57

 

$
0.23

 

$
0.94

 

$
0.60

 

 

(1)

2016 segment results include the operations of Span Alaska acquired as of August 4, 2016.

(2)

2016 and 2015 segment results include the operations of Horizon acquired as of May 29, 2015.
Schedule of infrequent transactions impacting the segment results

The following infrequent transactions impacted the Company’s quarterly segment results during 2016 and 2015 (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2016

 

 

    

Q1

    

Q2

    

Q3

    

Q4

 

Span Alaska Acquisition Related Costs (1):

 

$
(0.1)

 

$
(0.1)

 

$
(2.6)

 

$
(0.2)

 

Molasses Settlement (2):

 

$

 —

 

$

 —

 

$

 —

 

$
(0.7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2015

 

 

    

Q1

    

Q2

    

Q3

    

Q4

 

Horizon Acquisition Related Costs (3):

 

$

 —

 

$
(12.4)

 

$
(5.1)

 

$
(1.5)

 

Molasses Settlement (2):

 

$

 —

 

$
(11.4)

 

$

 —

 

$
(1.9)

 

(1)

One-time costs related to the Span Alaska Acquisition included in selling, general and administrative costs (see Note 3).

(2)

Litigation settlement entered into by the Company during 2016 and 2015 resulting from molasses spill in September 2013, included in selling, general and administrative costs of the Ocean Transportation segment.

One-time costs related to the Horizon Acquisition included in selling, general and administrative costs.