Note 23. Quarterly Financial Data (Unaudited)

Unaudited quarterly financial data is as follows (in thousands, except per unit amounts):


	First		Second		Third		Fourth		Total
Year ended December 31, 2018
Sales	$	2,802,891	$	3,126,575	$	3,468,835	$	3,274,301	$	12,672,602
Gross profit	$	144,330	$	149,261	$	134,974	$	221,844	$	650,409
Operating income	$	79,207	$	27,619	$	8,144	$	82,201	$	197,171
Net income (loss) (1)(2)(3)	$	58,675	$	6,022	$	(14,464)	$	52,170	$	102,403
Net income (loss) attributable to Global Partners LP	$	59,042	$	6,413	$	(14,080)	$	52,530	$	103,905
Net income (loss) attributable to common limited partners	$	58,646	$	6,303	$	(15,062)	$	50,294	$	100,181
Basic net income (loss) per common limited partner unit	$	1.74	$	0.19	$	(0.44)	$	1.49	$	2.98
Diluted net income (loss) per common limited partner unit	$	1.73	$	0.19	$	(0.44)	$	1.47	$	2.95
Cash distributions per common limited partner unit (4)	$	0.4625	$	0.4750	$	0.4750	$	0.5000	$	1.91


	First		Second		Third		Fourth		Total
Year ended December 31, 2017
Sales	$	2,270,784	$	2,089,530	$	2,159,746	$	2,400,492	$	8,920,552
Gross profit	$	140,027	$	135,362	$	150,094	$	157,569	$	583,052
Operating income	$	45,628	$	24,873	$	34,363	$	14,920	$	119,784
Net income (5)(6)(7)(8)(9)	$	22,505	$	1,991	$	14,460	$	18,161	$	57,117
Net income attributable to Global Partners LP	$	22,946	$	2,374	$	14,878	$	18,554	$	58,752
Net income attributable to common limited partners	$	22,792	$	2,358	$	14,778	$	18,430	$	58,358
Basic net income per common limited partner unit	$	0.68	$	0.07	$	0.44	$	0.55	$	1.74
Diluted net income per common limited partner unit	$	0.68	$	0.07	$	0.44	$	0.55	$	1.74
Cash distributions per common limited partner unit (4)	$	0.4625	$	0.4625	$	0.4625	$	0.4625	$	1.85

The above table reflects certain rounding conventions.

(1)

Includes a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit in the first quarter of 2018. See Note 2.

(2)

Includes a net loss on sale and disposition of assets of $1.9 million, $3.0 million, $0.9 million and $0.1 million in the first, second, third and fourth quarters of 2018, respectively.

(3)

Includes a lease exit and termination gain of $3.5 million in the third quarter of 2018. See Note 2.

(4)

Represents cash distributions earned for the respective period. Cash distributions declared in one calendar quarter are paid in the following calendar quarter.

(5)

Includes a $14.2 million gain on the sale of the Partnership’s natural gas marketing and electricity brokerage businesses in the first quarter of 2017.

(6)

Includes a net loss on sale and disposition of assets of $2.3 million, $2.4 million, $2.2 million and $5.6 million in the first, second, third and fourth quarters of 2017, respectively.

(7)

Includes a $13.1 million expense associated with the acceleration and corresponding termination of a contractual obligation under a pipeline connection agreement in the third quarter.

(8)

Includes a $16.2 million loss on trustee taxes in the fourth quarter of 2017. Note 2

(9)

Includes a $22.2 million income tax benefit in the fourth quarter of 2017 as a result of the Tax Cuts and Jobs Act.