Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information [Text Block]

22. QUARTERLY FINANCIAL DATA (Unaudited)

The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2019 and 2018 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period.


	Three Months Ended ⁽¹⁾
	December 31, ‎2019		September 30, ‎2019		June 30, ‎2019		March 31, ‎2019
Revenues	$	715,677	$	632,350	$	630,570	$	438,641
Costs and expenses		730,599		674,715		677,215		477,279
Operating loss		(14,922)		(42,365)		(46,645)		(38,638)
Other expense		(2,286)		(9,694)		(10,759)		(7,633)
Income tax benefit (expense) ⁽²⁾		(19,514)		12,565		15,322		12,943
Net loss from continuing operations including noncontrolling interest		(34,459)		(38,850)		(42,118)		(33,402)
Net income (loss) from discontinued operations, net of income taxes		-		3,359		1,939		(4,469)
Net loss attributable to Green Plains	$	(39,749)	$	(38,970)	$	(45,342)	$	(42,799)

Basic earnings per share ⁽³⁾:
Loss per share from continuing operations	$	(1.13)	$	(1.15)	$	(1.18)	$	(0.95)
Income (loss) per share from discontinued operations		-		0.09		0.05		(0.11)
Loss per share attributable to Green Plains	$	(1.13)	$	(1.06)	$	(1.13)	$	(1.06)

Diluted earnings per share ⁽³⁾:
Loss per share from continuing operations	$	(1.13)	$	(1.15)	$	(1.18)	$	(0.95)
Income (loss) per share from discontinued operations		-		0.09		0.05		(0.11)
Loss per share attributable to Green Plains	$	(1.13)	$	(1.06)	$	(1.13)	$	(1.06)

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	Three Months Ended ⁽¹⁾
	December 31, ‎2018		September 30, ‎2018		June 30, ‎2018		March 31, ‎2018
Revenues	$	583,508	$	789,048	$	807,709	$	803,667
Costs and expenses ⁽⁴⁾		480,580		792,833		804,113		816,452
Operating income (loss)		102,928		(3,785)		3,596		(12,785)
Other expense		(28,292)		(18,826)		(18,971)		(18,221)
Income tax benefit (expense)		(14,457)		14,941		12,498		7,165
Net income (loss) from continuing operations including noncontrolling interest		60,072		(7,920)		(2,979)		(23,978)
Net income (loss) from discontinued operations, net of income taxes		(215)		501		6,730		4,523
Net income (loss) attributable to Green Plains	$	53,503	$	(12,469)	$	(994)	$	(24,117)

Basic earnings per share ⁽³⁾:
Income (loss) per share from continuing operations	$	1.33	$	(0.32)	$	(0.19)	$	(0.71)
Income (loss) per share from discontinued operations		(0.01)		0.01		0.17		0.11
Income (loss) per share attributable to Green Plains	$	1.32	$	(0.31)	$	(0.02)	$	(0.60)

Diluted earnings per share ⁽³⁾:
Income (loss) per share from continuing operations	$	1.13	$	(0.32)	$	(0.19)	$	(0.71)
Income (loss) per share from discontinued operations		-		0.01		0.17		0.11
Income (loss) per share attributable to Green Plains	$	1.13	$	(0.31)	$	(0.02)	$	(0.60)

(1)GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements.

(2)The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense.

(3)Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.

(4)The fourth quarter of 2018 includes the net gain on the sale of assets of $150.4 million related to the sale of three ethanol plants and Fleischmann’s Vinegar.