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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2011
Quarterly Financial Data (Unaudited)  
Quarterly Financial Data (Unaudited)

17  Quarterly Financial Data (Unaudited)

Our quarterly financial information has not been audited but, in management's opinion, includes all adjustments necessary for a fair statement. Our business is seasonal in nature with the peak sales periods generally occurring during the summer and winter months. Accordingly, comparisons among quarters of a year may not represent overall trends and changes in operations.

2011 Quarterly Data—Constellation Energy

 

   2011 Quarterly Data—BGE  
 
   Revenues *
   Fuel and
Purchased
Energy
Expenses
(includes
amounts
from
affiliates) *
   (Loss)
Income
from
Operations
   Net
Income
(Loss)
   Net
Income
(Loss)
Attributable
to
Common
Stock
   Earnings (Loss)
Per Share
from
Operations—
Diluted
   Earnings (Loss)
Per Share
of
Common
Stock—
Diluted
    
   Revenues
   Income
from
Operations
   Net
Income
   Net
Income
(Loss)
Attributable
to
Common
Stock
  
       

 

     (In millions, except per share amounts)         (In millions)  

Quarter Ended

                                            

Quarter Ended

                          

March 31

   $ 3,570.2   $ 2,673.0   $ 217.6   $ 79.4   $ 70.4   $ 0.35   $ 0.35       March 31   $ 957.5   $ 153.4   $ 81.1   $ 77.8  

June 30

     3,359.8     2,380.9     260.1     108.1     99.2     0.49     0.49       June 30     656.2     52.7     16.6     13.3  

September 30

     3,875.4     2,984.6     229.8     97.9     73.7     0.36     0.36       September 30     722.9     22.8     1.6     (1.7 )

December 31

     2,952.8     2,246.5     (904.5 )   (592.2 )   (583.6 )   (2.91 )   (2.91 )     December 31     656.5     85.9     36.4     33.1  
       

Year Ended

                                             Year Ended                          

December 31

   $ 13,758.2   $ 10,285.0   $ (197.0 ) $ (306.8 ) $ (340.3 ) $ (1.70 ) $ (1.70 )     December 31   $ 2,993.1   $ 314.8   $ 135.7   $ 122.5  
       

The sum of the quarterly earnings per share amounts may not equal the total for the year due to the effects of rounding and dilution.

*
In the fourth quarter of 2011, we identified adjustments that were required to revise certain unaffiliated amounts between "Revenues" and "Fuel and Purchased Energy Expenses" for the third quarter of 2011 in order to properly reflect activity in our Consolidated Statements of Income (Loss). This revision did not impact reported gross margin, income (loss) from operations, net income (loss), net income (loss) attributable to common stock, or cash flows from operations for the third quarter of 2011.

First quarter results include:

  • •
    a $17.6 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $27.0 million after-tax charge for the impact of the PPA with CENG,
    •
    a $10.0 million after-tax charge for transaction fees incurred related to our acquisition of Boston Generating's 2,950 MW fleet of generating plants in Massachusetts, and
    •
    a $1.5 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Second quarter results include:

  • •
    a $24.0 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $30.3 million after-tax charge for the impact of the PPA with CENG,
    •
    a $19.3 million after-tax charge for costs incurred related to our pending merger with Exelon,
    •
    a $21.3 million after-tax gain on the settlement with the DOE for storage of spent nuclear fuel at the Calvert Cliffs nuclear power plant through October 2008,
    •
    a $0.1 million after-tax charge for transaction fees incurred related to our acquisition of Boston Generating's 2,950 MW fleet of generating plants in Massachusetts,
    •
    a $1.5 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Third quarter results include:

  • •
    a $26.3 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $31.3 million after-tax charge for the impact of the PPA with CENG,
    •
    a $24.6 million after-tax charge for incremental operating expenses incurred related to Hurricane Irene,
    •
    a $14.3 million after-tax gain on the sale of interests in CEP,
    •
    a $5.1 million after-tax charge for costs incurred related to our pending merger with Exelon, and
    •
    a $1.5 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Fourth quarter results include:

  • •
    a $530.2 million after-tax charge for the impairment of certain of our equity method investments,
    •
    a $22.6 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $29.9 million after-tax charge for the impact of the PPA with CENG,
    •
    a $18.4 million after-tax gain on the sale of additional interests in CEP and certain working interests in upstream natural gas properties,
    •
    a $46.5 million after-tax charge for costs incurred related to our pending merger with Exelon,
    •
    a $36.0 million after-tax gain on the settlement with the DOE for storage of spent nuclear fuel at the Calvert Cliffs nuclear power plant and the Ginna nuclear power plant through November 6, 2009,
    •
    a $0.2 million after-tax benefit for an income tax true-up for costs incurred related to our acquisition of Boston Generating's 2,950 MW fleet of generating plants in Massachusetts, and
    •
    a $1.3 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

        We discuss these items in Note 2.

2010 Quarterly Data—Constellation Energy
    
    
    
    
    
  
 
    
    
    
   Net
Income
(Loss)
Attributable
to
Common
Stock
    
    
   2010 Quarterly Data—BGE
  
 
   Revenues
   Income
(Loss)
from
Operations
   Net
Income
(Loss)
   Earnings (Loss)
Per Share
from
Operations—
Diluted
   Earnings (Loss)
Per Share
of
Common
Stock—
Diluted
    
   Revenues
   Income
from
Operations
   Net
Income
   Net
Income
Attributable
to
Common
Stock
  
       
 
   (In millions, except per share amounts)
    
   (In millions)
  

Quarter Ended

                                       Quarter Ended                          

March 31

   $ 3,586.6   $ 415.1   $ 191.3   $ 191.5   $ 0.95   $ 0.95       March 31   $ 1,069.3   $ 136.9   $ 64.4   $ 61.1  

June 30

     3,309.9     181.9     83.8     72.6     0.36     0.36       June 30     751.5     55.9     17.0     13.7  

September 30

     3,968.9     (2,246.7 )   (1,375.0 )   (1,406.5 )   (6.99 )   (6.99 )     September 30     856.1     75.6     31.8     28.5  

December 31

     3,474.6     406.7     168.1     159.8     0.79     0.79       December 31     784.8     85.8     34.4     31.1  
       

Year Ended

                                       Year Ended                          

December 31

   $ 14,340.0   $ (1,243.0 ) $ (931.8 ) $ (982.6 ) $ (4.90 ) $ (4.90 )     December 31   $ 3,461.7   $ 354.2   $ 147.6   $ 134.4  
       

The sum of the quarterly earnings per share amounts may not equal the total for the year due to the effects of rounding and dilution.

First quarter results include:

  • •
    a $8.8 million after-tax charge for the deferred income tax expense impact relating to federal subsidies for providing post-employment prescription drug benefits,
    •
    a $30.9 million after-tax loss for the early retirement of 2012 Notes,
    •
    a $25.7 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $25.7 million after-tax charge for the impact of the PPA with CENG, and
    •
    a $2.9 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Second quarter results include:

  • •
    a $37.0 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $29.1 million after-tax charge for the impact of the PPA with CENG, and
    •
    a $2.9 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Third quarter results include:

  • •
    a $1,465.3 million after-tax charge for the impairment of certain of our equity method investments,
    •
    a $31.5 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $28.9 million after-tax charge for the impact of the PPA with CENG,
    •
    a $24.7 million after-tax gain on the sale of our interest in the Mammoth Lakes geothermal generating facility, and
    •
    a $2.9 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

Fourth quarter results include:

  • •
    a $21.8 million after-tax charge for an impairment and an adjustment to income tax expenses associated with certain of our equity method investments,
    •
    a $23.3 million after-tax charge for amortization of the basis difference in CENG,
    •
    a $29.6 million after-tax charge for the impact of the PPA with CENG,
    •
    a $35.4 million after-tax gain on the settlement of an international coal contract dispute,
    •
    a $121.3 million after-tax gain on the comprehensive agreement with EDF, and
    •
    a $4.9 million after-tax amortization of credit facility amendment fees in connection with the EDF transaction.

        We discuss these items in Note 2.