Quarterly data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Supplementary financial Information-quarterly data (Unaudited)

Supplementary Financial Information

Quarterly Data (Unaudited)

The following unaudited information shows selected items by quarter for the years 2018 and 2017:

	First Quarter		Second Quarter			Third Quarter			Fourth Quarter
	(In thousands, except per share amounts)
2018
Operating revenues	$	976,293	$	1,064,597		$	1,280,787		$	1,209,875
Operating expenses	906,917		990,605			1,140,783			1,091,524
Operating income	69,376		73,992			140,004			118,351
Income from continuing operations	41,960		44,075			107,369			75,982
Income (loss) from discontinued operations, net of tax	477		(273		)	(118		)	2,846
Net income	42,437		43,802			107,251			78,828
Earnings per common share - basic:
Earnings before discontinued operations	.22		.22			.55			.39
Discontinued operations, net of tax	—		—			—			.01
Earnings per common share - basic	.22		.22			.55			.40
Earnings per common share - diluted:
Earnings before discontinued operations	.22		.22			.55			.39
Discontinued operations, net of tax	—		—			—			.01
Earnings per common share - diluted	.22		.22			.55			.40
Weighted average common shares outstanding:
Basic	195,304		195,524			196,018			196,023
Diluted	195,982		196,169			196,265			196,385
2017
Operating revenues	$	937,925	$	1,067,639		$	1,272,548		$	1,165,239
Operating expenses	872,139		988,979			1,117,228			1,040,957
Operating income	65,786		78,660			155,320			124,282
Income from continuing operations	35,638		44,405			89,549			115,394
Income (loss) from discontinued operations, net of tax	1,687		(3,190		)	(2,198		)	(82		)
Net income	37,325		41,215			87,351			115,312
Earnings per common share - basic:
Earnings before discontinued operations	.18		.22			.46			.59
Discontinued operations, net of tax	.01		(.01		)	(.01		)	—
Earnings per common share - basic	.19		.21			.45			.59
Earnings per common share - diluted:
Earnings before discontinued operations	.18		.22			.46			.59
Discontinued operations, net of tax	.01		(.01		)	(.01		)	—
Earnings per common share - diluted	.19		.21			.45			.59
Weighted average common shares outstanding:
Basic	195,304		195,304			195,304			195,304
Diluted	196,023		195,973			195,783			195,617

Notes:

• Fourth quarter 2017 reflects an income tax benefit of $39.5 million related to the TCJA. For more information, see Note 13.

Certain operations of the Company are highly seasonal and revenues from and certain expenses for such operations may fluctuate significantly among quarterly periods. Accordingly, quarterly financial information may not be indicative of results for a full year.