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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial Information (Unaudited) [Text Block]
Quarterly Financial Information (Unaudited)
 
2015
 
First
 
Second
 
Third
 
Fourth
 
 
(dollars in millions, except per common share amounts)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Total
Revenue
$
292.9

 
$
285.8

 
$
299.8

 
$
289.3

 
$
1,167.8

Operating income
37.1

 
29.7

 
36.2

 
25.0

 
128.0

 
 
 
 
 
 
 
 
 
 
Income from continuing operations
0.3

 
180.7

 
79.3

 
30.5

 
290.8

Income from discontinued operations, net of tax
48.9

 
10.9

 
1.0

 
2.1

 
62.9

Net income
49.2

 
191.6

 
80.3

 
32.6

 
353.7

 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share from continuing operations
$
(0.01
)
 
$
0.85

 
$
0.37

 
$
0.13

 
$
1.34

Basic earnings per common share from discontinued operations
$
0.23

 
$
0.05

 
$
—

 
$
0.01

 
$
0.30

Net basic earnings per common share
$
0.22

 
$
0.90

 
$
0.37

 
$
0.14

 
$
1.64

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share from continuing operations
$
(0.01
)
 
$
0.84

 
$
0.37

 
$
0.13

 
$
1.33

Diluted earnings per common share from discontinued operations
$
0.23

 
$
0.05

 
$
—

 
$
0.01

 
$
0.30

Net diluted earnings per common share
$
0.22

 
$
0.89

 
$
0.37

 
$
0.14

 
$
1.63

 
 
 
 
 
 
 
 
 
 
 
2014
 
First
 
Second
 
Third
 
Fourth
 
 
(dollars in millions, except per common share amounts)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Total
Revenue
$
282.2

 
$
283.0

 
$
301.4

 
$
294.9

 
$
1,161.5

Operating income
50.4

 
47.3

 
47.8

 
31.4

 
176.9

 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
5.9

 
123.7

 
(7.5
)
 
(4.4
)
 
117.7

Income (loss) from discontinued operations, net of tax
1.1

 
(9.5
)
 
(19.8
)
 
(13.9
)
 
(42.1
)
Net income (loss)
7.0

 
114.2

 
(27.3
)
 
(18.3
)
 
75.6

 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share from continuing operations
$
0.02

 
$
0.58

 
$
(0.05
)
 
$
(0.03
)
 
$
0.51

Basic earnings (loss) per common share from discontinued operations
$
—

 
$
(0.04
)
 
$
(0.09
)
 
$
(0.07
)
 
$
(0.20
)
Net basic earnings (loss) per common share
$
0.02

 
$
0.54

 
$
(0.14
)
 
$
(0.10
)
 
$
0.31

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share from continuing operations
$
0.02

 
$
0.58

 
$
(0.05
)
 
$
(0.03
)
 
$
0.51

Diluted earnings (loss) per common share from discontinued operations
$
—

 
$
(0.05
)
 
$
(0.09
)
 
$
(0.07
)
 
$
(0.20
)
Net diluted earnings (loss) per common share
$
0.02

 
$
0.53

 
$
(0.14
)
 
$
(0.10
)
 
$
0.31


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.
Income from continuing operations in 2015 includes gains from the sale of our CyrusOne investment of $295.2 million, $117.7 million, and $36.3 million in the second, third, and fourth quarters, respectively. Income from continuing operations in the second quarter of 2014 includes a $192.8 million gain on sale of our CyrusOne investment.
In the second quarter of 2015, the Company redeemed the remaining $300.0 million of outstanding 8 ¾% Senior Subordinated Notes due 2018 at a redemption rate of 102.188% which resulted in recording a loss on extinguishment of debt of $10.4 million.
Additionally, the Company redeemed $45.1 million of its outstanding 8 3/8 % Senior Notes due 2020 at an average redemption price of 106.450% which resulted in recording a loss on extinguishment of debt of $3.1 million in the second quarter of 2015. During the third quarter of 2015, the Company redeemed $137.6 million of its outstanding 8 3/8 % Senior Notes due 2020 at an average redemption price of 105.242%. As a result of the redemption, the Company recorded a loss on extinguishment of debt of $7.8 million.
In the third quarter of 2014, the Company redeemed $325.0 million of its 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 debt extinguishment loss of $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.
As of March 31, 2015, no subscribers remained on the network, and we no longer required the use of the leased spectrum. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Income (loss) from discontinued operations, net of tax in the first quarter of 2015. During the second quarter, we transferred certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets, resulting in a gain of $15.9 million in the second quarter of 2015 which was recognized in Income (loss) from discontinued operations, net of tax.