Selected Quarterly Data (Unaudited)

12 Months Ended

May 31, 2016

Selected Quarterly Data (Unaudited)

Selected Quarterly Data (Unaudited)

16. Selected Quarterly Data (Unaudited)

        The unaudited selected quarterly data for fiscal years ended May 31, 2016 and 2015 is as follows:

Fiscal 2016

	First Quarter		Second Quarter			Third Quarter			Fourth Quarter		Full Year
Sales	$	377.8	$	423.8		$	402.8		$	458.2	$	1,662.6
Gross profit		54.5		59.9			58.3			64.2		236.9
Income from continuing operations attributable to AAR		8.2		10.4			10.7			11.2		40.5
Income (Loss) from discontinued operations attributable to AAR		14.7		(2.4	)		(5.9	)		0.8		7.2
Net income attributable to AAR		22.9		8.0			4.8			12.0		47.7
Earnings (Loss) per share—basic:
Continuing operations		0.23		0.30			0.31			0.32		1.16
Discontinued operations		0.42		(0.07	)		(0.17	)		0.03		0.21
Earnings per share—basic		0.65		0.23			0.14			0.35		1.37
Earnings (Loss) per share—diluted:
Continuing operations		0.23		0.30			0.31			0.32		1.16
Discontinued operations		0.42		(0.07	)		(0.17	)		0.02		0.21
Earnings per share—diluted		0.65		0.23			0.14			0.34		1.37

Fiscal 2015

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			Full Year
Sales	$	395.1	$	403.3	$	380.1		$	415.8		$	1,594.3
Gross profit		62.4		67.2		50.1			(20.4	)		159.3
Income (Loss) from continuing operations attributable to AAR		11.8		13.9		1.9			(82.1	)		(54.5	)
Income (Loss) from discontinued operations attributable to AAR		2.6		1.3		(36.4	)		97.2			64.7
Net income (loss) attributable to AAR		14.4		15.2		(34.5	)		15.1			10.2
Earnings (Loss) per share—basic:
Continuing operations		0.29		0.35		0.05			(2.12	)		(1.40	)
Discontinued operations		0.07		0.03		(0.94	)		2.50			1.66
Earnings per share—basic		0.36		0.38		(0.89	)		0.38			0.26
Earnings (Loss) per share—diluted:
Continuing operations		0.29		0.35		0.05			(2.12	)		(1.40	)
Discontinued operations		0.07		0.03		(0.94	)		2.48			1.64
Earnings (Loss) per share—diluted		0.36		0.38		(0.89	)		0.36			0.24

1	The earnings-per-share computation for the year is a separate, annual calculation. Accordingly, the sum of the quarterly earnings-per-share amounts does not necessarily equal the earnings per share for the year.
2	First quarter income from discontinued operations in fiscal 2016 reflects a pre-tax gain of $27.7 million for the receipt of contingent consideration from the sale of Telair Cargo Group in fiscal 2015.
3	Fourth quarter loss from continuing operations in fiscal 2015 reflects pre-tax impairment charges and other losses of $71.4 million related to product lines and inventories identified as underperforming or not part of our strategy going forward in our services businesses and a pre-tax loss on extinguishment of debt of $44.9 million.
4	Third quarter loss from discontinued operations in fiscal 2015 reflects the impairment of PSM's net assets of $46.4 million.
5	Fourth quarter income from discontinued operations in fiscal 2015 reflects the pre-tax gain on sale of the Telair Cargo Group of $198.6 million partially offset by additional impairment of PSM's net assets of $11.1 million.