Quarterly data (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial data

The following unaudited information shows selected items by quarter for the years 2017 and 2016:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
2017
Operating revenues	$	937,925		$	1,067,639		$	1,272,548		$	1,165,239
Operating expenses	870,813			987,960			1,116,171			1,039,695
Operating income	67,112			79,679			156,377			125,544
Income from continuing operations	35,638			44,405			89,549			115,394
Income (loss) from discontinued operations attributable to the Company, net of tax	1,687			(3,190		)	(2,198		)	(82		)
Net income attributable to the Company	37,325			41,215			87,351			115,312
Earnings per common share - basic:
Earnings before discontinued operations	.18			.22			.46			.59
Discontinued operations attributable to the Company, net of tax	.01			(.01		)	(.01		)	—
Earnings per common share - basic	.19			.21			.45			.59
Earnings per common share - diluted:
Earnings before discontinued operations	.18			.22			.46			.59
Discontinued operations attributable to the Company, net of tax	.01			(.01		)	(.01		)	—
Earnings per common share - diluted	.19			.21			.45			.59
Weighted average common shares outstanding:
Basic	195,304			195,304			195,304			195,304
Diluted	196,023			195,973			195,783			195,617
2016
Operating revenues	$	860,214		$	1,043,948		$	1,208,567		$	1,016,099
Operating expenses	798,229			954,983			1,061,883			904,613
Operating income	61,985			88,965			146,684			111,486
Income from continuing operations	31,865			46,298			88,386			66,547
Loss from discontinued operations attributable to the Company, net of tax	(6,996		)	(155,451		)	(5,400		)	(816		)
Net income (loss) attributable to the Company	24,869			(109,153		)	82,986			65,731
Earnings (loss) per common share - basic:
Earnings before discontinued operations	.16			.24			.45			.34
Discontinued operations attributable to the Company, net of tax	(.03		)	(.80		)	(.03		)	—
Earnings (loss) per common share - basic	.13			(.56		)	.42			.34
Earnings (loss) per common share - diluted:
Earnings before discontinued operations	.16			.24			.45			.33
Discontinued operations attributable to the Company, net of tax	(.03		)	(.80		)	(.03		)	—
Earnings (loss) per common share - diluted	.13			(.56		)	.42			.33
Weighted average common shares outstanding:
Basic	195,284			195,304			195,304			195,304
Diluted	195,284			195,699			195,811			195,889

Notes:

• Fourth quarter 2016 reflects a reduction to a previously recorded MEPP withdrawal liability of $11.1 million (before tax). For more information, see Note 14.

• First quarter 2016 has been recast to present the results of operations of Dakota Prairie Refining as discontinued operations, other than certain general and administrative costs and interest expense which were previously allocated to the former refining segment and do not meet the criteria for income (loss) from discontinued operations.

• Fourth quarter 2017 reflects an income tax benefit of $39.5 million related to the TCJA. For more information, see Note 11.