SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 20 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The unaudited quarterly financial data previously presented in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015 have been restated for errors related to the timing of recognition of loss reserves between quarterly periods associated with the Company’s previously disclosed settlement of the TCPA Action and Qui Tam Action. The Company determined that the estimated loss contingency for the first quarter of fiscal 2015 was understated by $73.5 million, resulting in an overstatement of net income of $46.5 million for the three month period ended March 31, 2015. The estimated loss contingency for the second quarter of fiscal 2015 was overstated by $45.0 million, resulting in an understatement of net income of $27.4 million for the three month period ended June 30, 2015. The estimated loss contingency for the third quarter of fiscal 2015 was overstated by $28.5 million, resulting in an understatement of net income of $17.2 million for the three month period ended September 30, 2015. The Company also recorded an immaterial error correction of $2.0 million related to the tax effects of the loss contingencies described above. The adjustment corrects an understatement of income tax expense for three month period ended September 30, 2015 that was originally reported in the three month period ended December 31, 2015.

The following table summarizes our unaudited consolidated quarterly results of operations for 2015 and 2014:

In thousands, except per share data
	First Quarter 2015 (Restated)			Second Quarter 2015 (Restated)			Third Quarter 2015 (Restated)			Fourth Quarter 2015 (Restated)			Year 2015
Revenues	$	663,319		$	715,689		$	718,596		$	888,304		$	2,985,908
Gross profit		281,331			304,824			299,675			380,355			1,266,185
Acquisition expenses		(3,296	)		(2,986	)		(33,674	)		818			(39,138	)
Integration expenses		(8,886	)		(8,924	)		(13,447	)		(20,432	)		(51,689	)
Change in fair value of contingent consideration		675			(35	)		—			—			640
Impairment of intangible assets		—			—			—			(1,781	)		(1,781	)
Restructuring and plant conversion expenses		(12,302	)		(3,058	)		(2,721	)		(4,667	)		(22,748	)
Litigation expenses		(75,623	)		173			16,444			(645	)		(59,651	)
Net income attributable to Stericycle, Inc.		28,940			87,830			69,449			80,827			267,046
Mandatory convertible preferred stock		—			—			—			(10,106	)		(10,106	)
Net income attributable to Stericycle, Inc. common shareholders		28,940			87,830			69,449			70,721			256,940
* Basic earnings per common share		0.34			1.03			0.82			0.83			3.02
* Diluted earnings per common share		0.34			1.02			0.81			0.82			2.98

In thousands, except per share data
	First Quarter 2014			Second Quarter 2014			Third Quarter 2014			Fourth Quarter 2014			Year 2014
Revenues	$	569,955		$	640,822		$	667,877		$	676,947		$	2,555,601
Gross profit		255,469			275,304			278,669			284,969			1,094,411
Acquisition expenses		(3,221	)		(3,979	)		(3,472	)		(2,661	)		(13,333	)
Integration expenses		(2,485	)		(4,679	)		(7,461	)		(11,343	)		(25,968	)
Change in fair value of contingent consideration		(4,789	)		836			—			5,405			1,452
Restructuring and plant conversion expenses		(574	)		(1,115	)		(2,380	)		(10,495	)		(14,564	)
Litigation expenses		(1,505	)		(396	)		(1,342	)		(3,331	)		(6,574	)
Net income attributable to Stericycle, Inc.		79,149			81,936			82,845			82,526			326,456
* Basic earnings per common share	$	0.93		$	0.97		$	0.98		$	0.97		$	3.84
* Diluted earnings per common share	$	0.91		$	0.95		$	0.96		$	0.96		$	3.79

* EPS calculated on a quarterly basis, and, as such, the amounts may not total the calculated full-year EPS.