Quarterly Summary of Operations

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Summary of Operations - MGE Energy (unaudited).

(In thousands, except per share amounts)		Quarters Ended
2017		March 31		June 30		September 30		December 31
Operating revenues:
Electric revenues	$	98,397	$	102,382	$	120,761	$	92,734
Gas revenues		58,426		24,081		18,778		47,540
Total Operating Revenues		156,823		126,463		139,539		140,274
Operating expenses		123,913		99,912		96,538		114,000
Operating income		32,910		26,551		43,001		26,274
Interest and other income, net		(2,443)		(2,272)		(788)		(3,533)
Income tax provision^(a)		(11,167)		(8,736)		(15,584)		13,393
Earnings on common stock	$	19,300	$	15,543	$	26,629	$	36,134
Earnings per common share	$	0.56	$	0.45	$	0.77	$	1.04
Dividends per share	$	0.308	$	0.308	$	0.323	$	0.323

2016
Operating revenues:
Electric revenues	$	93,690	$	100,615	$	119,147	$	96,750
Gas revenues		53,837		20,961		17,570		42,175
Total Operating Revenues		147,527		121,576		136,717		138,925
Operating expenses		117,996		93,364		90,190		114,967
Operating income		29,531		28,212		46,527		23,958
Interest and other income, net		(2,558)		(2,778)		(2,933)		(1,886)
Income tax provision		(9,945)		(9,284)		(15,714)		(7,570)
Earnings on common stock	$	17,028	$	16,150	$	27,880	$	14,502
Earnings per common share	$	0.49	$	0.47	$	0.80	$	0.42
Dividends per share	$	0.295	$	0.295	$	0.308	$	0.308

(a) In December 2017, there was a $21.7 million one-time tax impact as a result of the Tax Act. See Footnote 12 for further information.

Notes:

• The quarterly results of operations within a year may not be comparable because of seasonal and other factors.

• The sum of earnings per share of common stock for any four quarters may vary slightly from the earnings per share of common stock for the equivalent twelve-month period due to rounding.

• MGE Energy's operations are based primarily on its utility subsidiary MGE.