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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]  
Quarterly Financial Information (Unaudited) [Text Block]
Quarterly Financial Information (Unaudited)
 
2016
 
First
 
Second
 
Third
 
Fourth
 
 
(in millions, except per common share amounts)
Quarter
 
Quarter
 
Quarter
 
Quarter
 
Total
Revenue
$
288.9

 
$
299.2

 
$
312.4

 
$
285.3

 
$
1,185.8

Operating income
29.6

 
27.4

 
25.5

 
10.5

 
93.0

Income (loss) from continuing operations
7.0

 
77.6

 
18.8

 
(1.6
)
 
101.8

Income from discontinued operations, net of tax
—

 
—

 
—

 
0.3

 
0.3

Net income (loss)
7.0

 
77.6

 
18.8

 
(1.3
)
 
102.1

 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share from continuing operations
$
0.10

 
$
1.79

 
$
0.39

 
$
(0.10
)
 
$
2.17

Basic earnings per common share from discontinued operations
$
—

 
$
—

 
$
—

 
$
0.01

 
$
0.01

Net basic earnings (loss) per common share
$
0.10

 
$
1.79

 
$
0.39

 
$
(0.09
)
 
$
2.18

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share from continuing operations
$
0.10

 
$
1.78

 
$
0.38

 
$
(0.10
)
 
$
2.17

Diluted earnings per common share from discontinued operations
$
—

 
$
—

 
$
—

 
$
0.01

 
$
0.01

Net diluted earnings (loss) per common share
$
0.10

 
$
1.78

 
$
0.38

 
$
(0.09
)
 
$
2.18

 
 
 
 
 
 
 
 
 
 
 
2015
 
First
 
Second
 
Third
 
Fourth
 
 
(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
$
(0.06
)
 
$
4.25

 
$
1.83

 
$
0.66

 
$
6.69

Basic earnings per common share from discontinued operations
$
1.17

 
$
0.26

 
$
0.02

 
$
0.05

 
$
1.50

Net basic earnings per common share
$
1.11

 
$
4.51

 
$
1.85

 
$
0.71

 
$
8.19

 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share from continuing operations
$
(0.06
)
 
$
4.15

 
$
1.83

 
$
0.66

 
$
6.68

Diluted earnings per common share from discontinued operations
$
1.17

 
$
0.26

 
$
0.02

 
$
0.05

 
$
1.49

Net diluted earnings per common share
$
1.11

 
$
4.41

 
$
1.85

 
$
0.71

 
$
8.17


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.
Restructuring and employee severance charges totaled $11.9 million in the fourth quarter of 2016. Restructuring and employee severance charges totaled $3.4 million, $2.3 million and $0.3 million in the first, second and third quarters of 2015, respectively.
In 2016, Income from continuing operations includes gains from the sale of our CyrusOne investment of $118.6 million, $33.3 million, and $5.1 million in the second, third, and fourth quarters, respectively. 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.
In the first quarter of 2016, the Company recognized a gain on the extinguishment of debt of $2.4 million. The Company recognized losses on the extinguishment of debt of $5.2 million, $11.4 million, and $4.8 million in the second, third, and fourth quarters, respectively. The Company recognized losses on the extinguishment of debt of $13.5 million and $7.8 million in the second and third quarters of 2015, respectively. In the fourth quarter of 2015, the Company recognized a gain on the extinguishment of debt of $0.4 million.
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 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 from discontinued operations, net of tax.