2012

First

Second

Third

Fourth

Quarter

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.