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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017
Income Statement [Abstract] |  |  |  |
Net sales | $ 1,914 | $ 1,434 | $ 3,451 | $ 2,942
Operating costs and expenses: |  |  |  |
Cost of materials and other | 1,570 | 1,229 | 2,809 | 2,450
Direct operating expenses (exclusive of depreciation and amortization as reflected below) | 141 | 124 | 273 | 262
Depreciation and amortization | 52 | 52 | 102 | 100
Cost of sales | 1,763 | 1,405 | 3,184 | 2,812
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below) | 32 | 25 | 55 | 55
Depreciation and amortization | 3 | 2 | 6 | 5
Loss on asset disposals | 5 | 1 | 5 | 1
Operating income | 111 | 1 | 201 | 69
Interest expense, net | (27) | (27) | (53) | (54)
Gain on derivatives, net | 10 | 0 | 70 | 12
Other income, net | 2 | 0 | 3 | 0
Income (loss) before income tax expense | 96 | (26) | 221 | 27
Income tax expense (benefit) | 17 | (7) | 38 | 8
Net income (loss) | 79 | (19) | 183 | 19
Less: Net income (loss) attributable to noncontrolling interest | 28 | (8) | 66 | 7
Net income (loss) attributable to CVR Energy stockholders | $ 51 | $ (11) | $ 117 | $ 12
Earnings per share: |  |  |  |
Basic and diluted earnings per share (in dollars per share) | $ 0.59 | $ (0.12) | $ 1.35 | $ 0.13
Dividends declared per share (in dollars per share) | $ 0.75 | $ 0.50 | $ 1.25 | $ 1.00
Weighted-average common shares outstanding: |  |  |  |
Basic and diluted (in shares) | 86.8 | 86.8 | 86.8 | 86.8

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