
(In thousands, except per share amount)	First			Second			Third			Fourth			Total
2018
Revenue
Manufacturing	$	451,485		$	511,827		$	510,099		$	571,175		$	2,044,586
Wheels, Repair & Parts		78,011			88,710			94,515			85,787			347,023
Leasing & Services		30,039			28,799			36,773			32,244			127,855

		559,535			629,336			641,387			689,206			2,519,464
Cost of revenue
Manufacturing		380,850			429,165			427,875			489,517			1,727,407
Wheels, Repair & Parts		72,506			80,708			85,850			79,266			318,330
Leasing & Services		16,865			14,116			19,155			14,536			64,672

		470,221			523,989			532,880			583,319			2,110,409

Margin		89,314			105,347			108,507			105,887			409,055
Selling and administrative		47,043			50,294			51,793			51,309			200,439
Net gain on disposition of equipment		(19,171	)		(5,817	)		(14,825	)		(4,556	)		(44,369	)

Earnings from operations		61,442			60,870			71,539			59,134			252,985

Other costs
Interest and foreign exchange		7,020			7,029			6,533			8,786			29,368

Earnings before income tax and earnings (loss) from unconsolidated affiliates		54,422			53,841			65,006			50,348			223,617

Income tax expense		(18,135	)		11,301			(15,944	)		(10,115	)		(32,893	)

Earnings (loss) from unconsolidated affiliates		(2,910	)		147			(12,823	)		(3,075	)		(18,661	)

Net earnings		33,377			65,289			36,239			37,158			172,063
Net earnings attributable to noncontrolling interest		(7,124	)		(3,647	)		(3,288	)		(6,223	)		(20,282	)

Net earnings attributable to Greenbrier	$	26,253		$	61,642		$	32,951		$	30,935		$	151,781

Basic earnings per common share: ⁽¹⁾	$	0.90		$	2.10		$	1.03		$	0.95		$	4.92
Diluted earnings per common share: ⁽¹⁾	$	0.83		$	1.91		$	1.01		$	0.94		$	4.68

(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, restricted stock units that are not considered participating securities, restricted stock units that are subject to performance criteria for which actual levels of performance above target have been achieved and the dilutive effect of shares underlying the 2018 Convertible Notes, during the periods in which they were outstanding, using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings. The 2018 Convertible notes matured on April 1, 2018.

Quarterly Results of Operations (Unaudited)


(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, Repair & 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, Repair & 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 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	)

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, restricted stock units that are subject to performance criteria for which actual levels of performance above target have been achieved 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.