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Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Supplementary financial information-quarterly data (Unaudited)
Supplementary Financial Information
Quarterly Data (Unaudited)
The following unaudited information shows selected items by quarter for the years 2014 and 2013:
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

 
(In thousands, except per share amounts)
2014
 
 
 
 
Operating revenues
$
1,042,853

$
1,094,046

$
1,370,455

$
1,163,204

Operating expenses
939,949

995,112

1,193,690

1,053,582

Operating income
102,904

98,934

176,765

109,622

Income from continuing operations
56,184

52,780

102,118

80,079

Income (loss) from discontinued operations, net of tax
(45
)
547

3

2,672

Net income attributable to the Company
56,662

54,106

103,209

84,256

Earnings per common share - basic:
 

 

 

 
Earnings before discontinued operations
.30

.28

.53

.42

Discontinued operations, net of tax
—

—

—

.01

Earnings per common share - basic
.30

.28

.53

.43

Earnings per common share - diluted:
 

 

 

 
Earnings before discontinued operations
.30

.28

.53

.42

Discontinued operations, net of tax
—

—

—

.01

Earnings per common share - diluted
.30

.28

.53

.43

Weighted average common shares outstanding:
 

 

 

 
Basic
189,820

192,060

193,949

194,136

Diluted
190,432

192,659

194,300

194,219

 
 
 
 
 
2013
 

 

 

 

Operating revenues
$
931,604

$
1,060,595

$
1,285,782

$
1,184,423

Operating expenses
827,073

969,217

1,135,909

1,037,306

Operating income
104,531

91,378

149,873

147,117

Income from continuing operations
56,592

46,392

84,550

91,348

Loss from discontinued operations, net of tax
(77
)
(59
)
(118
)
(58
)
Net income attributable to the Company
56,515

46,512

84,456

91,450

Earnings per common share - basic:
 

 

 

 

Earnings before discontinued operations
.30

.25

.45

.48

Discontinued operations, net of tax
—

—

—

—

Earnings per common share - basic
.30

.25

.45

.48

Earnings per common share - diluted:
 

 

 

 

Earnings before discontinued operations
.30

.24

.44

.48

Discontinued operations, net of tax
—

—

—

—

Earnings per common share - diluted
.30

.24

.44

.48

Weighted average common shares outstanding:
 

 

 

 

Basic
188,831

188,831

188,831

188,929

Diluted
189,222

189,463

189,638

189,766


Notes:
•
First quarter 2014 reflects an unrealized loss on commodity derivatives of $4.3 million (after tax). First quarter 2013 reflects an unrealized loss on commodity derivatives of $3.7 million (after tax).
•
Second quarter 2014 reflects an unrealized loss on commodity derivatives of $3.3 million (after tax). Second quarter 2013 reflects an impairment of coalbed natural gas gathering assets of $9.0 million (after tax) and an unrealized gain on commodity derivatives of $8.2 million (after tax). For more information, see Note 1.
•
Third quarter 2014 reflects an unrealized gain on commodity derivatives of $18.1 million (after tax). Third quarter 2013 reflects an unrealized loss on commodity derivatives of $7.9 million (after tax).
•
Fourth quarter 2014 reflects a MEPP withdrawal liability of $8.4 million (after tax) and an unrealized gain on commodity derivatives of $4.1 million (after tax). Fourth quarter 2013 reflects a net benefit of $1.5 million (after tax) related to natural gas gathering operations litigation and an unrealized loss on commodity derivatives of $500,000 (after tax). For more information, see Notes 16 and 19.
 
Certain Company operations are highly seasonal and revenues from and certain expenses for such operations may fluctuate significantly among quarterly periods. Accordingly, quarterly financial information may not be indicative of results for a full year.