
(In thousands, except per share amount)	First			Second			Third			Fourth			Total
2017
Revenue
Manufacturing	$	454,033		$	445,504		$	317,104		$	508,547		$	1,725,188
Wheels & Parts		69,635			82,714			85,231			75,099			312,679
Leasing & Services		28,646			38,064			36,826			27,761			131,297

		552,314			566,282			439,161			611,407			2,169,164
Cost of revenue
Manufacturing		356,555			346,653			245,228			425,531			1,373,967
Wheels & Parts		64,978			75,497			77,985			69,876			288,336
Leasing & Services		18,030			25,207			26,247			16,078			85,562

		439,563			447,357			349,460			511,485			1,747,865

Margin		112,751			118,925			89,701			99,922			421,299
Selling and administrative		41,213			39,495			42,810			47,089			170,607
Net gain on disposition of equipment		(1,122	)		(2,090	)		(1,581	)		(4,947	)		(9,740	)

Earnings from operations		72,660			81,520			48,472			57,780			260,432

Other costs
Interest and foreign exchange		1,724			5,673			7,894			8,901			24,192

Earnings before income tax and earnings (loss) from unconsolidated affiliates		70,936			75,847			40,578			48,879			236,240

Income tax expense		(20,386	)		(24,858	)		(8,656	)		(10,114	)		(64,014	)

Earnings (loss) from unconsolidated affiliates		(2,584	)		(1,988	)		(681	)		(6,511	)		(11,764	)

Net earnings		47,966			49,001			31,241			32,254			160,462
Net earnings attributable to noncontrolling interest		(23,004	)		(14,465	)		1,582			(8,508	)		(44,395	)

Net earnings attributable to Greenbrier	$	24,962		$	34,536		$	32,823		$	23,746		$	116,067

Basic earnings per common share: ⁽¹⁾	$	0.86		$	1.19		$	1.12		$	0.81		$	3.97
Diluted earnings per common share: ⁽¹⁾	$	0.79		$	1.09		$	1.03		$	0.75		$	3.65

(1)

Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2024 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings.

Quarterly Results of Operations (Unaudited)


(In thousands, except per share amount)	First			Second			Third			Fourth			Total
2016
Revenue
Manufacturing	$	698,661		$	454,531		$	458,494		$	484,645		$	2,096,331
Wheels & Parts		78,729			90,458			78,417			74,791			322,395
Leasing & Services		24,999			124,090			75,955			35,754			260,798

		802,389			669,079			612,866			595,190			2,679,524
Cost of revenue
Manufacturing		533,033			361,827			352,775			382,919			1,630,554
Wheels & Parts		73,002			81,388			69,818			69,543			293,751
Leasing & Services		11,589			105,973			63,175			23,045			203,782

		617,624			549,188			485,768			475,507			2,128,087

Margin		184,765			119,891			127,098			119,683			551,437
Selling and administrative		36,549			38,244			43,280			40,608			158,681
Net gain on disposition of equipment		(269	)		(10,746	)		(311	)		(4,470	)		(15,796	)

Earnings from operations		148,485			92,393			84,129			83,545			408,552

Other costs
Interest and foreign exchange		5,436			1,417			3,712			2,937			13,502

Earnings before income tax and earnings (loss) from unconsolidated affiliates		143,049			90,976			80,417			80,608			395,050

Income tax expense		(44,719	)		(25,734	)		(22,449	)		(19,420	)		(112,322	)

Earnings (loss) from unconsolidated affiliates		383			974			1,564			(825	)		2,096

Net earnings		98,713			66,216			59,532			60,363			284,824
Net earnings attributable to noncontrolling interest		(29,280	)		(21,348	)		(24,180	)		(26,803	)		(101,611	)

Net earnings attributable to Greenbrier	$	69,433		$	44,868		$	35,352		$	33,560		$	183,213

Basic earnings per common share: ⁽¹⁾	$	2.36		$	1.54		$	1.22		$	1.15		$	6.28
Diluted earnings per common share: ⁽¹⁾	$	2.15		$	1.41		$	1.12		$	1.06		$	5.73

(1)

Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings.