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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial Information (Unaudited) [Text Block]
Quarterly Financial Information (Unaudited)
 
2014
 
First
 
Second
 
Third
 
Fourth
 
 
(dollars in millions, except per common share amounts)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Total
Revenue
$
322.5

 
$
319.9

 
$
327.5

 
$
308.3

 
$
1,278.2

Operating income
56.9

 
35.6

 
16.0

 
7.3

 
115.8

Net income (loss)
7.0

 
114.2

 
(27.3
)
 
(18.3
)
 
75.6

Basic earnings (loss) per common share
$
0.02

 
$
0.54

 
$
(0.14
)
 
$
(0.10
)
 
$
0.31

Diluted earnings (loss) per common share
$
0.02

 
$
0.53

 
$
(0.14
)
 
$
(0.10
)
 
$
0.31

 
 
 
 
 
 
 
 
 
 
 
2013
 
First
 
Second
 
Third
 
Fourth
 
 
(dollars in millions, except per common share amounts)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Total
Revenue
$
325.7

 
$
312.0

 
$
310.8

 
$
308.4

 
$
1,256.9

Operating income
19.2

 
46.8

 
57.7

 
40.1

 
163.8

Net (loss) income
(36.7
)
 
0.8

 
9.3

 
(28.1
)
 
(54.7
)
Basic and diluted (loss) earnings per common share
$
(0.19
)
 
$
(0.01
)
 
$
0.03

 
$
(0.15
)
 
$
(0.32
)

The effects of assumed common share conversions are determined independently for each respective quarter and year and may not be dilutive during every period due to variations in operating results. Therefore, the sum of quarterly per share results will not necessarily equal the per share results for the full year.
In the second quarter of 2014, operating income includes a $6.4 million restructuring charge related to employee severance as well as contracts that will no longer be utilized once the wireless business ceases to exist. Net income in the second quarter of 2014 includes a $192.8 million gain on sale of our CyrusOne equity method investment.
Third quarter of 2014 operating income includes a $9.0 million restructuring charge attributable to contract termination fees on our wireless segment offset by the reversal of a Wireline lease abandonment reserve associated with leased space that was reoccupied. Operating income also includes a $7.5 million impairment charge for the write-off of certain construction-in-progress projects that will no longer be completed due to the wind down of the wireless business in addition to $3.0 million of transaction costs related to the wireless spectrum sale. Also in the third quarter, the Company redeemed $325.0 million of the outstanding 8 3/4% Senior Subordinated Notes due 2018 at a redemption price of 104.375%. As a result of the redemption, the Company recorded a loss on the extinguishment of debt totaling $19.4 million.
Operating income in the fourth quarter of 2014 includes an impairment charge of $4.6 million related to the abandonment of an internal use software project that was written off in the fourth quarter.
On January 24, 2013, we completed the IPO of CyrusOne, which owns and operates our former data center colocation business. Effective January 24, 2013, we no longer consolidate the accounts of CyrusOne in our consolidated financial statements, but account for our ownership in CyrusOne as an equity method investment.
In the fourth quarter of 2013, the Company redeemed all of the $500.0 million of 8 1/4% Senior Notes due 2017 at a redemption price of 104.125% using proceeds from the Tranche B Term Loan facility that was issued on September 10, 2013. As a result, the Company recorded a debt extinguishment loss of $29.6 million.