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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]  
Selected Quarterly Financial Data (Unaudited) Selected Quarterly Financial Data (Unaudited)
Quarterly financial information for the years ended December 31, 2019 and 2018 is summarized below. The sum of the quarterly results may differ from the annual results presented on our consolidated income statement due to rounding. The quarterly financial information summarized below has been prepared by Delek's management and is unaudited (in millions, except per share data).
 
 
For the Three Month Periods Ended
 
 
March 31, 2019
 
June 30, 2019
 
September 30, 2019
 
December 31, 2019(1)
Net revenues
 
$
2,199.9

 
$
2,480.3

 
$
2,334.3

 
$
2,283.7

Operating income
 
$
222.4

 
$
134.3

 
$
87.4

 
$
48.2

Net income from continuing operations
 
$
154.4

 
$
84.6

 
$
60.0

 
$
32.0

Net income
 
$
154.4

 
$
83.8

 
$
60.0

 
$
38.0

Net income attributable to Delek
 
$
149.3

 
$
77.3

 
$
51.3

 
$
32.7

Basic income per share from continuing operations
 
$
1.92

 
$
1.02

 
$
0.68

 
$
0.36

Diluted income per share from continuing operations
 
$
1.90

 
$
1.01

 
$
0.68

 
$
0.36

 
 
For the Three Month Periods Ended
 
 
March 31, 2018(2)
 
June 30, 2018
 
September 30, 2018
 
December 31, 2018(3)
Net revenues
 
$
2,353.2

 
$
2,636.9

 
$
2,768.9

 
$
2,474.1

Operating income
 
$
38.8

 
$
135.1

 
$
255.2

 
$
182.8

Net (loss) income from continuing operations
 
$
(17.3
)
 
$
87.5

 
$
185.8

 
$
127.6

Net (loss) income
 
$
(25.5
)
 
$
86.7

 
$
186.3

 
$
127.4

Net (loss) income attributable to Delek
 
$
(40.4
)
 
$
79.1

 
$
179.8

 
$
121.6

Basic (loss) income per share from continuing operations
 
$
(0.29
)
 
$
0.95

 
$
2.15

 
$
1.50

Diluted (loss) income per share from continuing operations
 
$
(0.29
)
 
$
0.90

 
$
2.02

 
$
1.48


The tables above include the following infrequently occurring items:
(1) 
Net income from continuing operations for the quarter ended December 31, 2019 includes the benefit of retroactive biodiesel tax credits related to 2019 and 2018 blending activities totaling $77.6 million. Of this amount, $31.1 million related to the first three quarters of 2019 blending activities and $36.0 million related to 2018 blending activities.
(2) 
Net loss from continuing operations for the quarter ended March 31, 2018 includes the benefit of retroactive biodiesel tax credits related to 2017 blending activities totaling $24.9 million.
(3) 
Net income from continuing operations for the quarter ended December 31, 2018 includes an environmental indemnification settlement totaling $20.0 million, where $16.0 million is attributable to additional recoveries of remediation costs incurred by the Company and is included as a reduction of operating expenses, and $4.0 million is considered additional consideration for concessions made under the Settlement Agreement and is included as other income in the accompanying consolidated statements of income for the year ended December 31, 2018.
The quarterly earnings per share calculations for the three months ended December 31, 2019 and 2018 are presented below:
 
 
Three Months Ended December 31,
 
 
2019
 
2018
Numerator:
 
 
 
 
Numerator for EPS - continuing operations
 
 
 
 
Income from continuing operations
 
$
32.0

 
$
127.6

Less: Income from continuing operations attributed to non-controlling interest
 
5.3

 
5.8

Income from continuing operations attributable to Delek (numerator for basic EPS - continuing operations attributable to Delek)
 
26.7

 
121.8

Interest on convertible debt, net of tax
 
—

 
—

Numerator for diluted EPS - continuing operations attributable to Delek
 
$
26.7

 
$
121.8

 
 
 
 
 
Numerator for EPS - discontinued operations
 
 
 
 
Income (loss) from discontinued operations
 
$
6.0

 
$
(0.2
)
 
 
 
 
 
Denominator:
 
 
 
 
Weighted average common shares outstanding (denominator for basic EPS)
 
74,042,343

 
81,321,240

Dilutive effect of warrants
 
—

 
260,838

Dilutive effect of stock-based awards
 
658,583

 
946,261

Weighted average common shares outstanding, assuming dilution
 
74,700,926

 
82,528,339

 
 
 
 
 
EPS:
 
 
 
 
Basic income per share:
 
 
 
 
Income from continuing operations
 
$
0.36

 
$
1.50

Income from discontinued operations
 
0.08

 
—

Total basic income (loss) per share
 
$
0.44

 
$
1.50

Diluted income per share:
 
 
 
 
Income from continuing operations
 
$
0.36

 
$
1.48

Income from discontinued operations
 
0.08

 
—

Total diluted income (loss) per share
 
$
0.44

 
$
1.48

The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive:
 
 
 
 
 
 
 
 
 
Total antidilutive stock-based compensation
 
1,925,207

 
1,749,569