QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2012

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE O – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The tables below present unaudited quarterly financial information for 2012 and 2011:

	2012
	First			Second			Third			Fourth
	Quarter			Quarter(1)			Quarter(1)			Quarter(1)
	(in thousands, except share and per share data)
Operating revenues	$	440,867		$	510,543		$	577,546		$	537,042
Operating expenses and costs	463,854			503,342			565,313			548,058
Operating income (loss)	(22,987		)	7,201			12,233			(11,016		)
Other income (expense), net	451			(1,117		)	(457		)	(1,300		)
Income tax provision (benefit)(2)	(4,374		)	(5,757		)	5,258			(4,387		)
Net income (loss) attributable to Arkansas Best Corporation(3)	$	(18,162	)	$	11,841		$	6,518		$	(7,929	)
Earnings (loss) per common share(4)
Basic	$	(0.71	)	$	0.44		$	0.24		$	(0.31	)
Diluted	$	(0.71	)	$	0.44		$	0.24		$	(0.31	)
Average common shares outstanding
Basic	25,455,607			25,544,455			25,613,315			25,629,309
Diluted	25,455,607			25,544,455			25,613,315			25,629,309

	2011
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
	(in thousands, except share and per share data)
Operating revenues	$	434,931		$	498,550		$	510,887		$	463,241
Operating expenses and costs	456,923			489,552			489,769			461,606
Operating income (loss)	(21,992		)	8,998			21,118			1,635
Other income (expense), net	1,859			(378		)	(2,045		)	299
Income tax provision (benefit)	(7,346		)	3,169			6,808			530
Net income (loss)	(12,787		)	5,451			12,265			1,404
Less: noncontrolling interest in net income of subsidiary	21			153			—			—
Net income (loss) attributable to Arkansas Best Corporation	$	(12,808	)	$	5,298		$	12,265		$	1,404
Earnings (loss) per common share(4)
Basic	$	(0.51	)	$	0.20		$	0.46		$	0.05
Diluted	$	(0.51	)	$	0.20		$	0.46		$	0.05
Average common shares outstanding
Basic	25,296,854			25,411,339			25,421,887			25,421,887
Diluted	25,296,854			25,411,942			25,421,887			25,421,887

(1) Includes operations of the Premium Logistics and Expedited Freight Services segment since the June 15, 2012 acquisition of Panther.

(2) The income tax benefit rates recorded in the first and second quarters of 2012 were significantly affected by changes in the assessment of deferred tax asset valuation allowances as more fully discussed at Note F.

(3) The fourth quarter of 2012 included an adjustment of $2.7 million, after tax, which is immaterial to prior periods, to correct the reserves for workers’ compensation and third-party casualty claims.

(4) The Company uses the two-class method for calculating earnings per share. See Note M.