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QUARTERLY INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2015
QUARTERLY INFORMATION (Unaudited)  
QUARTERLY INFORMATION (Unaudited)

16. QUARTERLY INFORMATION (Unaudited)

 

Segment results by quarter for 2015 and 2014 are listed below (in millions, except per-share amounts):

 

 

 

Quarters During the Year Ended December 31, 2015

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
305.5

 

$
346.7

 

$
444.8

 

$
401.0

 

Logistics

 
92.7

 
100.9

 
99.5

 
93.8

 

 

 

 

 

 

 

 

 

 

 

Total Operating Revenue

 

$
398.2

 

$
447.6

 

$
544.3

 

$
494.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
43.9

 

$
31.4

 

$
68.9

 

$
43.6

 

Logistics

 
1.0

 
2.3

 
2.9

 
2.3

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income

 
44.9

 
33.7

 
71.8

 
45.9

 

Interest Expense

 
(4.3

)
(4.6

)
(4.7

)
(4.9

)

 

 

 

 

 

 

 

 

 

 

Income before Income Taxes

 
40.6

 
29.1

 
67.1

 
41.0

 

Income Tax Expense

 
(15.6

)
(19.2

)
(25.6

)
(14.4

)

 

 

 

 

 

 

 

 

 

 

Net Income

 

$
25.0

 

$
9.9

 

$
41.5

 

$
26.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$
0.58

 

$
0.23

 

$
0.95

 

$
0.61

 

Diluted Earnings Per Share:

 

$
0.57

 

$
0.23

 

$
0.94

 

$
0.60

 

 

 

 

Quarters During the Year Ended December 31, 2014

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
294.6

 

$
321.1

 

$
329.5

 

$
333.2

 

Logistics

 
97.9

 
115.3

 
112.3

 
110.3

 

 

 

 

 

 

 

 

 

 

 

Total Operating Revenue

 

$
392.5

 

$
436.4

 

$
441.8

 

$
443.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (loss):

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$
9.4

 

$
32.8

 

$
42.6

 

$
46.3

 

Logistics

 
0.5

 
2.9

 
2.4

 
3.1

 

 

 

 

 

 

 

 

 

 

 

Total Operating Income

 
9.9

 
35.7

 
45.0

 
49.4

 

Interest Expense

 
(4.1

)
(4.5

)
(4.4

)
(4.3

)

 

 

 

 

 

 

 

 

 

 

Income before Income Taxes

 
5.8

 
31.2

 
40.6

 
45.1

 

Income Tax Expense

 
(2.4

)
(13.1

)
(19.1

)
(17.3

)

 

 

 

 

 

 

 

 

 

 

Net Income

 

$
3.4

 

$
18.1

 

$
21.5

 

$
27.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$
0.08

 

$
0.42

 

$
0.50

 

$
0.65

 

Diluted Earnings Per Share:

 

$
0.08

 

$
0.42

 

$
0.50

 

$
0.63

 

 

The following infrequent transactions impacted the Company’s quarterly segment results during 2015 and 2014 (in millions):

 

 

 

Quarters During the Year Ended December 31, 2015

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Horizon Acquisition Related Costs (1):

 

$

 

 

$
(12.4

)

$
(5.1

)

$
(1.5

)

Molasses Settlement (2):

 

$

 

 

$
(11.4

)

$

 

 

$
(1.9

)

 

 

 

Quarters During the Year Ended December 31, 2014

 

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Molasses Settlement (2):

 

$

 

 

$

 

 

$

 

 

$
(1.0

)

 

 

(1)

One-time costs related to the Horizon Acquisition on May 29, 2015, included in selling, general and administrative costs of the Ocean Transportation segment (see Note 3).

 

(2)

Litigation settlement entered into by the Company during 2015 and 2014 resulting from molasses spill in September 2013, are included in selling, general and administrative costs of the Ocean Transportation segment.

 

There were no infrequent transactions impacting the Company’s the Logistic segment results in 2015 or 2014.