Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

QUARTERLY FINANCIAL DATA (unaudited): [Abstract]

Quarterly Financial Information

QUARTERLY FINANCIAL DATA (unaudited):

Quarterly Results

(dollars in thousands, except per share data)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011
Operating revenues	$	191,911		$	209,589		$	217,210		$	210,386
Income from operations	39,203			51,165			56,023			45,388
Income from continuing operations, net of tax	22,122			31,145			32,952			33,274
(Loss)/income from discontinued operations, net of tax	—			—			(10		)	1
Net income	22,122			31,145			32,942			33,275
Diluted earnings per common share from continuing operations	$	0.52		$	0.73		$	0.77		$	0.77
Diluted earnings per common share from discontinued operations	—			—			—			—
Diluted earnings per common share	$	0.52		$	0.73		$	0.77		$	0.77
2010
Operating revenues	$	145,579		$	158,453		$	156,492		$	169,671
Income from operations	30,106			37,873			38,512			23,919
Income from continuing operations, net of tax	15,976			20,691			22,050			19,952
(Loss)/income from discontinued operations, net of tax	(16		)	(56		)	2,745			(82		)
Net income	15,960			20,635			24,795			19,870
Diluted earnings per common share from continuing operations	$	0.39		$	0.50		$	0.53		$	0.47
Diluted earnings per common share from discontinued operations	—			—			0.07			—
Diluted earnings per common share	$	0.39		$	0.49		$	0.59		$	0.47

The quarters shown were affected by the items below:

The first quarter of 2011 included $0.8 million after-tax gain on sale of assets and $2.2 million tax benefit for the extension of the Short Line Tax Credit.

The second quarter of 2011 included: (i) $0.9 million after-tax gain on sale of assets, (ii) $0.7 million after-tax gain from a legal settlement and (iii) $2.5 million tax benefit for the extension of the Short Line Tax Credit.

The third quarter of 2011 included: (i) $1.4 million after-tax of acquisition-related expenses and refinancing-related costs, (ii) $0.4 million after-tax gain on sale of assets and (iii) $3.3 million tax benefit for the extension of the Short Line Tax Credit.

The fourth quarter of 2011 included: (i) $1.9 million of acquisition-related income tax benefits, (ii) $1.9 million after-tax gain on sale and impairment of assets and (iii) $1.3 million after-tax impact of Edith River derailment costs.

The first quarter of 2010 included $0.3 million after-tax gain on sale of assets.

The second quarter of 2010 included: (i) $0.9 million after-tax gain on sale of assets and (ii) $0.8 million after-tax FreightLink acquisition-related expenses.

The third quarter of 2010 included: (i) $1.7 million after-tax gain on sale of assets, (ii) $1.9 million after-tax FreightLink acquisition-related expenses, (iii) $1.5 million after-tax reversal of restructuring charges associated with HCRY and (iv) $2.8 million after-tax gain within discontinued operations due to the receipt of insurance proceeds related to damages incurred by FCCM as a result of Hurricane Stan in 2005.

The fourth quarter of 2010 included: (i) $16.5 million after-tax FreightLink acquisition-related expenses, (ii) $1.1 million of after-tax acquisition-related foreign currency expense, (iii) $5.1 million after-tax gain from a legal settlement related to a prior acquisition, (iv) $1.5 million after-tax gain on sale of assets and (v) $7.8 million tax benefit for the retroactive impact of the extension of the Short Line Tax Credit for the first nine months of 2010.

As the Short Line Tax Credit was extended during the fourth quarter of 2010, the entire annual benefit of the credit was recorded in the fourth quarter of 2010. Accordingly, the first, second and third quarters of 2010 did not include any benefit from the credit.