QUARTERLY INFORMATION (Unaudited)

12 Months Ended

Dec. 31, 2019

QUARTERLY INFORMATION (Unaudited)

QUARTERLY INFORMATION (Unaudited)

18. QUARTERLY INFORMATION (Unaudited)

Segment results by quarter for 2019 and 2018 are as follows:

	Quarters in the Year Ended December 31, 2019
(In millions, except per share amounts)	Q1		Q2		Q3		Q4
Operating Revenue:
Ocean Transportation	$	397.9	$	415.4	$	437.2	$	416.1
Logistics		134.5		142.5		134.9		124.6
Total Operating Revenue	$	532.4	$	557.9	$	572.1	$	540.7
Operating Income:
Ocean Transportation	$	9.4	$	19.7	$	43.9	$	17.8
Logistics		8.1		11.3		11.3		7.6
Total Operating Income		17.5		31.0		55.2		25.4
Interest expense, net		(4.6)		(6.1)		(6.2)		(5.6)
Other income (expense), net		0.6		0.8		(0.5)		0.3
Income before Income Taxes		13.5		25.7		48.5		20.1
Income Taxes		(1.0)		(7.3)		(12.3)		(4.5)
Net Income	$	12.5	$	18.4	$	36.2	$	15.6
Basic Earnings Per Share:	$	0.29	$	0.43	$	0.84	$	0.36
Diluted Earnings Per Share:	$	0.29	$	0.43	$	0.84	$	0.36

	Quarters in the Year Ended December 31, 2018
(In millions, except per share amounts)	Q1		Q2		Q3		Q4
Operating Revenue:
Ocean Transportation	$	379.3	$	406.6	$	437.3	$	418.1
Logistics		132.1		150.5		152.1		146.8
Total Operating Revenue	$	511.4	$	557.1	$	589.4	$	564.9
Operating Income:
Ocean Transportation	$	24.5	$	36.5	$	48.7	$	21.4
Logistics		4.2		9.5		9.9		9.1
Total Operating Income		28.7		46.0		58.6		30.5
Interest expense, net		(5.0)		(5.0)		(4.4)		(4.3)
Other income (expense), net		0.8		0.4		0.7		0.7
Income before Income Taxes		24.5		41.4		54.9		26.9
Income Taxes		(10.3)		(8.8)		(13.3)		(6.3)
Net Income	$	14.2	$	32.6	$	41.6	$	20.6
Basic Earnings Per Share:	$	0.33	$	0.76	$	0.97	$	0.48
Diluted Earnings Per Share:	$	0.33	$	0.76	$	0.97	$	0.48

The following infrequent transactions impacted the Company’s quarterly segment results during the years ended December 31, 2019 and 2018:

	Quarters in the Year Ended December 31, 2019
(In millions)	Q1		Q2		Q3		Q4
Income taxes - Discrete adjustments related to the Tax Act (1)	$	2.9	$	—	$	—	$	—

	Quarters in the Year Ended December 31, 2018
(In millions)	Q1		Q2		Q3		Q4
Income taxes - Discrete adjustments related to the Tax Act (1)	$	(3.3)	$	0.2	$	—	$	0.2

(1) Amounts relate to discrete adjustments as a result of applying the Tax Act during the years ended December 31, 2019 and 2018.