Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

The variance in our quarterly earnings is primarily the result of the seasonal nature of the distribution of natural gas to customers, the volatility within our wholesale services segment and the sale of our cargo shipping segment in 2014. During the Heating Season, natural gas usage and operating revenues are generally higher at our distribution operations and retail operations segments as more customers are connected to our distribution systems and natural gas usage is higher in periods of colder weather. However, our base operating expenses, excluding cost of goods sold, interest expense and certain incentive compensation costs, are incurred relatively uniformly over any given year. Thus, our operating results can vary significantly from quarter to quarter as a result of seasonality.

Our 2015 operating revenues and operating income were lower than 2014, primarily as a result of significantly colder-than-normal weather in 2014, lower volatility in the natural gas market and transportation constraints in the Northeast and Midwest. Our quarterly financial data for 2015 and 2014 are summarized below.



In millions, except per share amounts	March 31			June 30		September 30			December 31
2015
Operating revenues	$	1,721		$	674	$	584		$	962
Operating income	364			107		59			216
EBIT	367			111		61			220
Net income	205			44		12			112
Net income attributable to AGL Resources	193			42		11			107
Basic earnings (loss) per common share	1.62			0.35		0.09			0.89
Diluted earnings (loss) per common share	1.62			0.35		0.09			0.89
2014
Operating revenues	$	2,462		$	889	$	589		$	1,445
Operating income	592			139		78			286
EBIT	595			141		81			292
Income from continuing operations	346			59		23			152
Income from continuing operations attributable to AGL Resources	334			57		23			148
(Loss) income from discontinued operations, net of tax	(50		)	1		(31		)	—
Net income (loss) attributable to AGL Resources	284			58		(8		)	148
Basic earnings (loss) per common share:
Continuing operations	2.82			0.48		0.19			1.24
Discontinued operations	(0.43		)	0.01		(0.25		)	—
Diluted earnings (loss) per common share:
Continuing operations	2.81			0.48		0.19			1.24
Discontinued operations	(0.43		)	0.01		(0.25		)	—

Our basic and diluted earnings per common share are calculated based on the weighted daily average number of common shares and common share equivalents outstanding during the quarter. Those totals differ from the basic and diluted earnings per common share attributable to AGL Resources common shareholders shown in the Consolidated Statements of Income, which are based on the weighted average number of common shares and common share equivalents outstanding during the entire year.