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Selected Quarterly Financial Information (unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2011
Selected Quarterly Financial Information (unaudited) |
Selected Quarterly Financial Information (unaudited) |
(23) Selected Quarterly Financial Information (unaudited) Summarized quarterly financial data for December 31, 2011 and 2010.
|  | 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 The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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