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SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]  
SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Quarterly earnings per share amounts may not sum to the totals for each of the years, since quarterly computation are based on weighted average common shares outstanding during each quarter.
 
First
 
Second
 
Third
 
Fourth
 
 
(In thousands, except per share data)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Year
2015
 
 
 
 
 
 
 
 
 
Operating revenues (a)(b)
$
272,487

 
$
275,058

 
$
273,189

 
$
224,034

 
$
1,044,768

Operating income (a)(b)
149,452

 
158,408

 
149,644

 
103,213

 
560,717

Net income (a)(b)
67,132

 
72,336

 
65,573

 
37,365

 
242,406

Basic earnings per share
$
0.43

 
$
0.47

 
$
0.42

 
$
0.25

 
$
1.57

Diluted earnings per share
$
0.43

 
$
0.46

 
$
0.42

 
$
0.24

 
$
1.56

2014
 
 
 
 
 
 
 
 
 
Operating revenues (a)
$
258,603

 
$
263,214

 
$
270,134

 
$
231,097

 
$
1,023,048

Operating income (a)
153,441

 
158,928

 
161,432

 
119,028

 
592,829

Net income (a)(c)
69,136

 
54,336

 
73,873

 
46,738

 
244,083

Basic earnings per share
$
0.44

 
$
0.34

 
$
0.47

 
$
0.30

 
$
1.56

Diluted earnings per share
$
0.43

 
$
0.34

 
$
0.47

 
$
0.30

 
$
1.54

____________________________
(a)
During the year ended December 31, 2015 and the fourth quarter of 2014, we recognized an aggregate estimated regulatory liability for the potential refunds relating to the ROE complaints as described in Note 16, which resulted in a reduction in operating revenues and operating income of $115.1 million and $46.9 million and an estimated $73.2 million and $28.9 million reduction to net income for the years ended December 31, 2015 and 2014, respectively.
(b)
During the third and fourth quarters of 2015, we recognized an aggregate regulatory liability for the refund relating to the formula rate template modifications filing as described in Note 4, which resulted in a reduction in operating revenues and operating income of $9.5 million and an estimated $6.2 million reduction to net income for the year ended December 31, 2015.
(c)
During the second quarter of 2014, we incurred a loss on extinguishment of debt of $29.2 million related to the tender of ITC Holdings Senior Notes as described in Note 8, which resulted in an estimated reduction to net income of $18.2 million.