Quarterly Financial Data

12 Months Ended

Dec. 31, 2012

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
2012
Operating revenues	$	207,436		$	217,419		$	222,745		$	227,316
Income from operations	41,314			62,473			52,875			33,660
Income from continuing operations, net of tax	22,244			36,387			(19,567		)	13,487
(Loss)/income from discontinued operations, net of tax	(3		)	(24		)	—			(91		)
Net income/(loss)	22,241			36,363			(19,567		)	9,021
Diluted earnings/(loss) per common share from continuing operations	$	0.52		$	0.84		$	(0.47	)	$	0.18
Diluted (loss)/earnings per common share from discontinued operations	—			—			—			—
Diluted earnings/(loss) per common share	$	0.52		$	0.84		$	(0.47	)	$	0.18
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 share from continuing operations	$	0.52		$	0.73		$	0.77		$	0.77
Diluted (loss)/earnings per share from discontinued operations	—			—			—			—
Diluted earnings per share	$	0.52		$	0.73		$	0.77		$	0.77

The quarters shown were affected by the items below:

The first quarter of 2012 included (i) $0.8 million after-tax gain on sale of assets and (ii) $0.2 million after-tax other business/corporate development costs.

The second quarter of 2012 included (i) $5.2 million after-tax gain on sale of assets, (ii) $0.1 million after-tax gain on insurance recoveries, (iii) $0.5 million after-tax RailAmerica acquisition-related costs and (iv) $0.4 million after-tax other business/corporate development costs.

The third quarter of 2012 included (i) $2.0 million after-tax gain on sale of assets, (ii) $50.1 million after-tax non-cash contingent forward sale contract mark-to-market expense (iii) $3.1 million after-tax RailAmerica acquisition-related costs and (iv) $0.4 million after-tax other business/corporate development costs.

The fourth quarter of 2012 included (i) $0.6 million after-tax gain on sale of assets, (ii) $0.4 million after-tax gain on insurance recoveries, (iii) $10.9 million after-tax RailAmerica acquisition-related costs, (iv) $9.5 million after-tax RailAmerica financing-related costs, (v) $6.8 million after-tax RailAmerica integration costs, (vi) $3.5 million of acquisition and integration costs incurred by RailAmerica, (vii) $0.8 million after-tax contract termination expense in Australia and (viii) $0.3 million after-tax other business/corporate development costs.

The first quarter of 2011 included (i) $0.8 million after-tax gain on sale of assets, (ii) $0.2 million after-tax gain on sale of investment, (iii) $2.2 million tax benefit from the extension of the Short Line Tax Credit and (iv) $0.1 million after-tax business/corporate development costs.

The second quarter of 2011 included (i) $2.5 million tax benefit from the extension of the Short Line Tax Credit, (ii) $0.9 million after-tax gain on sale of assets, (iii) $0.7 million after-tax gain on insurance recoveries, (iv) $0.6 million after-tax gain on sale of investments and (v) $0.3 million after-tax business/corporate development costs.

The third quarter of 2011 included (i) $3.2 million tax benefit from the extension of the Short Line Tax Credit, (ii) $0.4 million after-tax gain on sale of assets and (iii) $1.4 million after-tax business/corporate development costs.