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QUARTERLY INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2017
QUARTERLY INFORMATION (Unaudited)  
QUARTERLY INFORMATION (Unaudited)

19.QUARTERLY INFORMATION (Unaudited)

 

Segment results by quarter for 2017 and 2016 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2017

 

(In millions, except per-share amounts)

    

Q1

    

Q2

    

Q3

    

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

370.0

 

$

392.7

 

$

419.2

 

$

389.9

 

Logistics

 

 

104.4

 

 

119.8

 

 

124.7

 

 

126.2

 

Total Operating Revenue

 

$

474.4

 

$

512.5

 

$

543.9

 

$

516.1

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

14.5

 

$

39.0

 

$

54.6

 

$

20.7

 

Logistics

 

 

1.9

 

 

6.9

 

 

7.2

 

 

4.6

 

Total Operating Income

 

 

16.4

 

 

45.9

 

 

61.8

 

 

25.3

 

Interest Expense

 

 

(6.3)

 

 

(6.3)

 

 

(6.2)

 

 

(5.4)

 

Income before Income Taxes

 

 

10.1

 

 

39.6

 

 

55.6

 

 

19.9

 

Income Taxes

 

 

(3.1)

 

 

(15.6)

 

 

(21.5)

 

 

147.0

 

Net Income

 

$

7.0

 

$

24.0

 

$

34.1

 

$

166.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$

0.16

 

$

0.56

 

$

0.79

 

$

3.93

 

Diluted Earnings Per Share:

 

$

0.16

 

$

0.55

 

$

0.79

 

$

3.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2016

 

(In millions, except per-share amounts)

    

Q1

    

Q2

    

Q3 (1)

    

Q4 (1)

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

366.1

 

$

370.9

 

$

398.0

 

$

406.1

 

Logistics (2)

 

 

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

 

$

43.2

 

$

32.6

 

Logistics (2)

 

 

1.6

 

 

2.2

 

 

3.5

 

 

4.6

 

Total Operating Income

 

 

34.6

 

 

36.1

 

 

46.7

 

 

37.2

 

Interest Expense

 

 

(4.9)

 

 

(6.5)

 

 

(6.0)

 

 

(6.7)

 

Income before Income Taxes

 

 

29.7

 

 

29.6

 

 

40.7

 

 

30.5

 

Income Taxes

 

 

(11.6)

 

 

(11.6)

 

 

(15.4)

 

 

(10.5)

 

Net Income

 

$

18.1

 

$

18.0

 

$

25.3

 

$

20.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$

0.42

 

$

0.42

 

$

0.59

 

$

0.47

 

Diluted Earnings Per Share:

 

$

0.41

 

$

0.42

 

$

0.59

 

$

0.46

 

 

(1)

Amounts have been adjusted for the correction of immaterial error related to its post-retirement benefit plan liabilities.  See Note 2 Immaterial Correction of an Error in Previously Issued Financial Statements for additional information.

(2)

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

 

The following infrequent transactions impacted the Company’s quarterly segment results during 2016 (there were no amounts in 2017):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2016

 

(In millions)

    

Q1

    

Q2

    

Q3

    

Q4

 

Span Alaska Acquisition Related Costs (1):

 

$

(0.1)

 

$

(0.1)

 

$

(2.6)

 

$

(0.2)

 

Molasses Settlement Paid (2):

 

$

 —

 

$

 —

 

$

 —

 

$

(0.7)

 

(1)

One-time costs related to the Span Alaska Acquisition included in selling, general and administrative costs of the Logistics segment.

(2)

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