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Selected Quarterly Financial Information
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information
(16) Selected Quarterly Financial Information (unaudited)

Summarized quarterly financial data for December 31, 2018 and 2017 is as follows:
 
Year Ended December 31, 2018
 
Quarter (unaudited)
(in millions)
First
 
Second
 
Third
 
Fourth
Net sales
$
1,536

 
$
1,915

 
$
1,935

 
$
1,738

Cost of materials and other (a)
1,179

 
1,560

 
1,556

 
1,388

Direct operating expenses (a)
130

 
140

 
120

 
127

Operating income
136

 
108

 
164

 
124

Net income
93

 
70

 
108

 
95

Net income attributable to noncontrolling interest
33

 
24

 
28

 
22

Net income attributable to CVR Energy stockholders
$
60

 
$
46

 
$
80

 
$
73

 
 
 
 
 
 
 
 
Basic and diluted earnings per share
$
0.69

 
$
0.53

 
$
0.84

 
$
0.73

Dividends declared per share
$
0.50

 
$
0.50

 
$
0.75

 
$
0.75

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted

86.8

 
86.8

 
95.8

 
100.6


 
Year Ended December 31, 2017
 
Quarter (unaudited)
(in millions)
First
 
Second
 
Third
 
Fourth
Net sales
$
1,507

 
$
1,434

 
$
1,454

 
$
1,593

Cost of materials and other (a)
1,209

 
1,229

 
1,149

 
1,366

Direct operating expenses (a)
124

 
121

 
140

 
131

Operating income (loss)
84

 
(7
)
 
72

 
(4
)
Net income (loss)
41

 
(28
)
 
35

 
210

Net income (loss) attributable to noncontrolling interest
14

 
(10
)
 
1

 
(10
)
Net income (loss) attributable to CVR Energy stockholders
$
27

 
$
(18
)
 
$
34

 
$
220

 
 
 
 
 
 
 
 
Basic and diluted earnings (loss) per share
$
0.31

 
$
(0.21
)
 
$
0.39

 
$
2.53

Dividends declared per share
$
0.50

 
$
0.50

 
$
0.50

 
$
0.50

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted

86.8

 
86.8

 
86.8

 
86.8


_______________________________________
(a)
Excludes depreciation and amortization expenses.