	First(3)					Second				Third				Fourth(3)

	2012			2011		2012		2011		2012		2011		2012			2011
Operating revenues	$	1,163.7		$	981.9	$	1,258.1	$	1,134.2	$	1,242.7	$	1,162.7	$	1,435.7		$	1,258.1
Gross profit		300.9			292.0		336.5		313.9		335.1		322.9		402.5			345.9
Income (loss) from continuing operations⁽¹⁾		8.2			20.8		38.5		25.5		54.1		50.8		(179.2	)		58.5
Income from discontinued operations, net of tax⁽¹⁾⁽²⁾		4.6			4.0		9.7		9.5		6.1		11.5		320.0			5.0

Net income		12.8			24.8		48.2		35.0		60.2		62.3		140.8			63.5
Less: Net income (loss) attributable to noncontrolling interests		(0.7	)		1.7		0.8		0.7		2.4		1.6		0.3			1.0

Net income attributable to SPX Corporation common shareholders	$	13.5		$	23.1	$	47.4	$	34.3	$	57.8	$	60.7	$	140.5		$	62.5

Basic earnings per share of common stock:
Continuing operations	$	0.18		$	0.38	$	0.75	$	0.49	$	1.03	$	0.97	$	(3.62	)	$	1.14
Discontinued operations, net of tax		0.09			0.08		0.20		0.19		0.13		0.23		6.45			0.10

Net income	$	0.27		$	0.46	$	0.95	$	0.68	$	1.16	$	1.20	$	2.83		$	1.24

Diluted earnings per share of common stock:
Continuing operations	$	0.17		$	0.37	$	0.74	$	0.48	$	1.03	$	0.97	$	(3.62	)	$	1.13
Discontinued operations, net of tax		0.09			0.08		0.19		0.19		0.13		0.22		6.45			0.10

Net income	$	0.26		$	0.45	$	0.93	$	0.67	$	1.16	$	1.19	$	2.83		$	1.23

Note: The sum of the quarters' earnings per share may not equal the full year per share amounts.

⁽¹⁾

The first, second, third and fourth quarters of 2012 included charges of $2.4, $8.4, $7.1 and $6.2, respectively, associated with restructuring initiatives. The first, second, third and fourth quarters of 2011 included charges of $2.4, $4.2, $7.2, and $11.5, respectively, associated with restructuring initiatives. See Note 6 for additional information.

The first, second, third and fourth quarters of 2012 included income (expense) for foreign currency transactions and our FX forward contracts and FX embedded derivatives of $(5.2), $(1.9), $(3.2) and $(2.1), respectively, while the related amounts for the four quarters of 2011 were $(2.2), $(3.5), $(30.9) and $(4.8), respectively. The third and fourth quarter 2011 amounts include charges of $30.6 and $4.0, respectively, associated with FX forward contracts which were entered into in order to hedge the purchase price of the Clyde Union acquisition, which was paid in GBP.

During the first, second, third and fourth quarters of 2011, we recorded income tax credits of $0.8, $0.9, $2.0 and $4.0, related to the expansion of our power transformer facility in Waukesha, WI.

During the first quarter of 2012, we recorded a pre-tax gain of $20.5 associated with the deconsolidation of our dry cooling business in China (see Note 4 for additional details). In connection with this transaction, we recorded an incremental income tax charge of $6.1 as the goodwill allocated to the transaction is not deductible for income tax purposes.

During the first quarter of 2011, we recorded an insurance recovery of $6.3 within Industrial Products and Services related to a product liability matter.

During the second and fourth quarters of 2011, we recorded impairment charges of $24.7 and $3.6, respectively, related to the goodwill and indefinite-lived intangible assets of SPX Heat Transfer Inc.

During the third quarter of 2011, we recorded an income tax benefit of $27.8 associated with the release of the valuation allowance on our existing foreign tax credit carryforwards. This benefit was offset partially by $6.9 of federal income taxes that were recorded in connection with our plan to repatriate a portion of the earnings of a foreign subsidiary.

During the fourth quarter of 2012, we recorded impairment charges of $281.4 related to the goodwill ($270.4) and other long-term assets ($11.0) of our Cooling reporting unit. The income tax benefit associated with these impairment charges was $26.3, as the majority of the goodwill for the Cooling reporting unit has no basis for income tax purposes.

During the fourth quarter of 2012, we recorded income tax charges of (i) $15.4 on foreign dividends and undistributed earnings that are no longer considered to be indefinitely reinvested and (ii) $6.3 for valuation allowances that were recorded against deferred tax assets. The unfavorable impact of these items were offset partially by income tax benefits of approximately $21.0 associated with audit closures, settlements, statute expirations, and other changes in the accrual for uncertain tax positions, with the most notable being the closure of our German tax examination for the years 2005 through 2009.

Incentive compensation for the fourth quarter of 2012 was $20.6 higher than the related figure for the fourth quarter of 2011.

During the fourth quarter of 2011, we recorded a charge of $19.4 associated with amounts that are deemed uncollectible from an insolvent insurer for certain risk management matters. Of the $19.4 charge, $18.2 was recorded to "Other income (expense), net" and $1.2 to "Gain on disposition of discontinued operations, net of tax."

During the fourth quarter of 2011, we recorded net charges of $10.7 within our Thermal Equipment and Services reportable segment associated with changes in cost estimates for certain contracts in South Africa.

⁽²⁾

During the fourth quarter of 2012, we sold our Service Solutions business to Robert Bosch GmbH resulting in a net gain of $313.4.

⁽³⁾

We establish actual interim closing dates using a "fiscal" calendar, which requires our businesses to close their books on the Saturday closest to the end of the calendar quarter for the first quarter, with the second and third quarters being 91 days in length. Our fourth quarter ends on December 31. The interim closing dates for the first, second and third quarters of 2012 were March 31, June 30 and September 29, compared to the respective April 2, July 2 and October 1, 2011 dates. This practice only affects the quarterly reporting periods and not the annual reporting period. We had one fewer day in the first quarter of 2012 and had two more days in the fourth quarter of 2012 than in the respective 2011 periods.