Quarterly financial data (unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly financial data (unaudited)

14. Quarterly financial data (unaudited)

Summarized quarterly financial information for 2013 and 2012 is as follows:



		First Quarter		Second Quarter		Third Quarter		Fourth Quarter

		(dollars in thousands)
2013
Operating revenues	$	305,914	$	324,349	$	349,725	$	265,388
Operating margin		67,554		69,795		70,266		23,909
Net margin		22,024		24,502		20,104		(25,150	)
2012
Operating revenues	$	319,224	$	347,703	$	377,396	$	279,787
Operating margin		62,056		63,919		61,051		34,807
Net margin		13,520		10,878		23,743		(8,821	)

Our business is influenced by seasonal weather conditions. The negative net margins in the fourth quarter of 2013 and 2012 were due to reductions to revenue requirements in order to achieve the targeted margins for interest ratio of 1.14.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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