

	Quarter Ended
	March 31		June 30		September 30			December 31
(Thousands of dollars, except per share amounts)
2018
Southwest Gas Holdings, Inc.:
Operating revenues	$	754,330	$	670,883	$	668,146		$	786,654
Operating income (4)	129,560		53,338		39,681			134,854
Net income	78,294		21,551		12,331			131,160
Net income attributable to Southwest Gas Holdings, Inc.	79,091		21,551		12,331			69,304
Basic earnings per common share (1)	1.63		0.44		0.25			1.36
Diluted earnings per common share (1)	1.63		0.44		0.25			1.36

Southwest Gas Corporation:
Operating revenues	$	494,313	$	275,679	$	217,523		$	370,213
Operating income (4)	141,173		24,675		3			115,962
Net income (loss)	90,349		2,622		(13,670		)	59,541

2017
Southwest Gas Holdings, Inc.:
Operating revenues	$	654,737	$	560,469	$	593,153		$	740,433
Operating income (4)	124,347		48,265		34,988			135,524
Net income	69,005		18,121		10,420			96,396
Net income attributable to Southwest Gas Holdings, Inc.	69,308		17,864		10,204			96,465
Basic earnings per common share (1)	1.46		0.38		0.21			2.00
Diluted earnings per common share (1)	1.45		0.37		0.21			2.00

Southwest Gas Corporation:
Operating revenues	$	462,602	$	260,162	$	213,059		$	366,485
Operating income (4)	135,922		32,346		9,921			117,885
Net income (loss)	76,938		9,522		(4,024		)	74,382



	Quarter Ended
	March 31			June 30		September 30			December 31
2016
Southwest Gas Holdings, Inc.: (2)
Operating revenues	$	731,248		$	547,748	$	539,969		$	641,525
Operating income (4)	139,036			33,057		20,478			122,903
Net income (loss)	75,355			9,099		2,907			65,694
Net income attributable to Southwest Gas Holdings, Inc.	75,446			8,943		2,472			65,180
Basic earnings per common share (1)	1.59			0.19		0.05			1.37
Diluted earnings per common share (1)	1.58			0.19		0.05			1.36

Southwest Gas Corporation: (2) (3)
Operating revenues
Continuing operations	$	525,100		$	255,648	$	200,179		$	340,485
Discontinued operations – utility infrastructure services	206,148			292,100		339,790			301,040
Total	$	731,248		$	547,748	$	539,969		$	641,525
Operating income (loss) (4)
Continuing operations	$	140,885		$	20,210	$	(5,292	)	$	100,685
Discontinued operations – utility infrastructure services	(1,849		)	12,847		25,770			22,218
Total	$	139,036		$	33,057	$	20,478		$	122,903
Net income (loss)
Continuing operations	$	77,583		$	2,358	$	(12,405	)	$	51,887
Discontinued operations – utility infrastructure services	(2,137		)	6,585		14,877			13,293
Total	$	75,446		$	8,943	$	2,472		$	65,180


(1)	The sum of quarterly earnings (loss) per average common share may not equal the annual earnings (loss) per share due to the ongoing change in the weighted-average number of common shares.


(2)	Refer to Notes 1 and 18. Effective 2017, Southwest Gas Holdings, Inc. (“Company) is the successor equity issuer to Southwest Gas Corporation (“Southwest”). Both Southwest and Centuri became subsidiaries of the Company.


(3)	Periods prior to 2017 depict Centuri amounts as discontinued operations of Southwest.

(4)

Periods prior to 2018 depict revised operating income for the reclassification of non-service components of net periodic benefit costs, associated with pensions and other post-retirement benefits, out of the operations and maintenance line item of both the Company’s and Southwest’s Condensed Consolidated Statements of Income due to the adoption of ASU 2017-07. The resultant figures for Operating income, but not Net income, were increased accordingly to reflect reclassification. See Note 11 - Pension and Other Postretirement Benefits for further information relating to the adoption of this update.