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Selected Quarterly Financial Information (unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2012
Selected Quarterly Financial Information (unaudited) |
Selected Quarterly Financial Information (unaudited) | (21) Selected Quarterly Financial Information (unaudited) Summarized quarterly financial data for December 31, 2012 and 2011.
|  | Year Ended December 31, 2012 |
--- | --- | --- | ---
|  | Quarter |
|  | First |  | Second |  | Third |  | Fourth |
|  | (in thousands except share data) |
Net sales |  | $ | 1,968,631 |  | $ | 2,308,318 |  | $ | 2,409,624 |  | $ | 1,880,754 |
Operating costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of product sold (exclusive of depreciation and amortization) |  |  | 1,635,155 |  |  | 1,874,210 |  |  | 1,702,452 |  |  | 1,485,095 |
Direct operating expenses (exclusive of depreciation and amortization) |  |  | 115,514 |  |  | 94,099 |  |  | 109,929 |  |  | 202,533 |
Selling, general and administrative (exclusive of depreciation and amortization) |  |  | 45,342 |  |  | 72,047 |  |  | 30,390 |  |  | 35,641 |
Depreciation and amortization |  |  | 32,112 |  |  | 32,190 |  |  | 33,109 |  |  | 32,594 |
Total operating costs and expenses |  |  | 1,828,123 |  |  | 2,072,546 |  |  | 1,875,880 |  |  | 1,755,863 |
Operating income |  |  | 140,508 |  |  | 235,772 |  |  | 533,744 |  |  | 124,891 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other financing costs |  |  | (19,253 | ) |  | (18,974 | ) |  | (18,962 | ) |  | (18,246 | )
Interest income |  |  | 90 |  |  | 133 |  |  | 292 |  |  | 352 |
Realized loss on derivatives, net |  |  | (19,086 | ) |  | (8,069 | ) |  | (53,271 | ) |  | (57,139 | )
Unrealized gain (loss) on derivatives, net |  |  | (128,167 | ) |  | 46,886 |  |  | (115,699 | ) |  | 48,953 |
Loss on extinguishment of debt |  |  | — |  |  | — |  |  | — |  |  | (37,540 | )
Other income (expense), net |  |  | 117 |  |  | 709 |  |  | (32 | ) |  | 166 |
Total other income (expense) |  |  | (166,299 | ) |  | 20,685 |  |  | (187,672 | ) |  | (63,454 | )
Income (loss) before income tax expense |  |  | (25,791 | ) |  | 256,457 |  |  | 346,072 |  |  | 61,437 |
Income tax expense (benefit) |  |  | (9,746 | ) |  | 91,099 |  |  | 127,618 |  |  | 16,613 |
Net income (loss) |  |  | (16,045 | ) |  | 165,358 |  |  | 218,454 |  |  | 44,824 |
Less: Net income attributable to noncontrolling interest |  |  | 9,157 |  |  | 10,624 |  |  | 9,558 |  |  | 4,647 |
Net income (loss) attributable to CVR Energy stockholders |  | $ | (25,202 | ) | $ | 154,734 |  | $ | 208,896 |  | $ | 40,177 |
Net earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.29 | ) | $ | 1.78 |  | $ | 2.41 |  | $ | 0.46 |
Diluted |  | $ | (0.29 | ) | $ | 1.75 |  | $ | 2.41 |  | $ | 0.46 |
Weighted-average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 86,808,150 |  |  | 86,821,224 |  |  | 86,831,050 |  |  | 86,831,050 |
Diluted |  |  | 86,808,150 |  |  | 88,454,006 |  |  | 86,831,050 |  |  | 86,831,050 |
|  | 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 (expense) |  |  | 274 |  |  | 211 |  |  | 93 |  |  | (89 | )
Realized gain (loss) on derivatives, net |  |  | (18,848 | ) |  | 484 |  |  | 66 |  |  | 11,116 |
Unrealized gain (loss) on derivatives, net |  |  | (3,258 | ) |  | 6,448 |  |  | (9,991 | ) |  | 92,063 |
Loss on extinguishment of debt |  |  | (1,908 | ) |  | (170 | ) |  | — |  |  | — |
Other income, net |  |  | 231 |  |  | 246 |  |  | 243 |  |  | 124 |
Total other income (expense) |  |  | (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 |

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