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Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Selected Quarterly Financial Information (unaudited) |
Summary of quarterly financial data |
|  | Year Ended December 31, 2011 |
--- | --- | --- | ---
|  | Quarter |
|  | First |  | Second |  | Third |  | Fourth |
|  | (in thousands except share data) |
Net sales |  | $ | 1,167,265 |  | $ | 1,447,716 |  | $ | 1,351,964 |  | $ | 1,062,168 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of product sold (exclusive of depreciation and amortization) |  |  | 936,822 |  |  | 1,123,375 |  |  | 1,026,040 |  |  | 857,277 |
Direct operating expenses (exclusive of depreciation and amortization) |  |  | 68,434 |  |  | 66,207 |  |  | 74,615 |  |  | 124,796 |
Insurance recovery — business interruption |  |  | (2,870 | ) |  | — |  |  | (490 | ) |  | — |
Selling, general and administrative (exclusive of depreciation and amortization) |  |  | 33,262 |  |  | 18,171 |  |  | 17,584 |  |  | 28,973 |
Depreciation and amortization |  |  | 22,011 |  |  | 22,043 |  |  | 22,025 |  |  | 24,242 |
Total operating costs and expenses |  |  | 1,057,659 |  |  | 1,229,796 |  |  | 1,139,774 |  |  | 1,035,288 |
Operating income |  |  | 109,606 |  |  | 217,920 |  |  | 212,190 |  |  | 26,880 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other financing costs |  |  | (13,190 | ) |  | (14,205 | ) |  | (13,757 | ) |  | (14,657 | )
Interest income |  |  | 274 |  |  | 211 |  |  | 93 |  |  | (89 | )
Gain (loss) on derivatives, net |  |  | (22,106 | ) |  | 6,932 |  |  | (9,925 | ) |  | 103,179 |
Loss on extinguishment of debt |  |  | (1,908 | ) |  | (170 | ) |  | — |  |  | — |
Other income, net |  |  | 231 |  |  | 246 |  |  | 243 |  |  | 124 |
Total other income |  |  | (36,699 | ) |  | (6,986 | ) |  | (23,346 | ) |  | 88,557 |
Income before income tax expense |  |  | 72,907 |  |  | 210,934 |  |  | 188,844 |  |  | 115,437 |
Income tax expense |  |  | 27,119 |  |  | 76,738 |  |  | 68,603 |  |  | 37,103 |
Net income |  |  | 45,788 |  |  | 134,196 |  |  | 120,241 |  |  | 78,334 |
Less: Net income attributable to noncontrolling interest |  |  | — |  |  | 9,331 |  |  | 10,976 |  |  | 12,476 |
Net income attributable to CVR Energy stockholders |  | $ | 45,788 |  | $ | 124,865 |  | $ | 109,265 |  | $ | 65,858 |
Net earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  | $ | 1.44 |  | $ | 1.26 |  | $ | 0.76 |
Diluted |  | $ | 0.52 |  | $ | 1.42 |  | $ | 1.25 |  | $ | 0.75 |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 86,413,781 |  |  | 86,422,881 |  |  | 86,549,846 |  |  | 86,852,800 |
Diluted |  |  | 87,783,857 |  |  | 87,789,351 |  |  | 87,743,600 |  |  | 87,746,843 |
|  | Year Ended December 31, 2010 |
--- | --- | --- | ---
|  | Quarter |
|  | First |  | Second |  | Third |  | Fourth |
|  | (in thousands, except share data) |
Net sales |  | $ | 894,512 |  | $ | 1,005,898 |  | $ | 1,031,174 |  | $ | 1,148,184 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of product sold (exclusive of depreciation and amortization) |  |  | 802,890 |  |  | 891,652 |  |  | 889,850 |  |  | 983,726 |
Direct operating expenses (exclusive of depreciation and amortization) |  |  | 60,562 |  |  | 62,479 |  |  | 52,534 |  |  | 64,216 |
Selling, general and administrative (exclusive of depreciation and amortization) |  |  | 21,394 |  |  | 10,793 |  |  | 16,397 |  |  | 43,450 |
Depreciation and amortization |  |  | 21,260 |  |  | 21,553 |  |  | 21,943 |  |  | 22,005 |
Total operating costs and expenses |  |  | 906,106 |  |  | 986,477 |  |  | 980,724 |  |  | 1,113,397 |
Operating income (loss) |  |  | (11,594 | ) |  | 19,421 |  |  | 50,450 |  |  | 34,787 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other financing costs |  |  | (9,922 | ) |  | (12,766 | ) |  | (13,863 | ) |  | (13,717 | )
Interest income |  |  | 416 |  |  | 643 |  |  | 549 |  |  | 603 |
Gain (loss) on derivatives, net |  |  | 1,490 |  |  | 7,339 |  |  | (1,014 | ) |  | (9,320 | )
Loss on extinguishment of debt |  |  | (500 | ) |  | (14,552 | ) |  | — |  |  | (1,595 | )
Other income, net |  |  | 42 |  |  | 642 |  |  | 17 |  |  | 517 |
Total other income (expense) |  |  | (8,474 | ) |  | (18,694 | ) |  | (14,311 | ) |  | (23,512 | )
Income (loss) before income tax (benefit) |  |  | (20,068 | ) |  | 727 |  |  | 36,139 |  |  | 11,275 |
Income tax expense (benefit) |  |  | (7,705 | ) |  | (425 | ) |  | 12,932 |  |  | 8,981 |
Net income (loss) |  | $ | (12,363 | ) | $ | 1,152 |  | $ | 23,207 |  | $ | 2,294 |
Net earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.14 | ) | $ | 0.01 |  | $ | 0.27 |  | $ | 0.03 |
Diluted |  | $ | (0.14 | ) | $ | 0.01 |  | $ | 0.27 |  | $ | 0.03 |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 86,329,237 |  |  | 86,336,125 |  |  | 86,343,102 |  |  | 86,352,627 |
Diluted |  |  | 86,329,237 |  |  | 86,506,590 |  |  | 87,013,575 |  |  | 87,121,094 |

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 270 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph (a)-(j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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