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QUARTERLY INFORMATION (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2016
QUARTERLY INFORMATION (Unaudited) |
Schedule of quarterly financial information | Segment results by quarter for 2016 and 2015 are as follows (in millions, except per-share amounts):
|  | Quarters in the Year Ended December 31, 2016 |
|  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Operating Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 366.1 |  | $ | 370.9 |  | $ | 398.0 |  | $ | 406.1 |
Logistics (1) |  |  | 88.1 |  |  | 96.8 |  |  | 102.4 |  |  | 113.2 |
Total Operating Revenue |  | $ | 454.2 |  | $ | 467.7 |  | $ | 500.4 |  | $ | 519.3 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 33.0 |  | $ | 33.9 |  | $ | 42.7 |  | $ | 31.7 |
Logistics (1) |  |  | 1.6 |  |  | 2.2 |  |  | 3.5 |  |  | 4.6 |
Total Operating Income |  |  | 34.6 |  |  | 36.1 |  |  | 46.2 |  |  | 36.3 |
Interest Expense |  |  | (4.9) |  |  | (6.5) |  |  | (6.0) |  |  | (6.7) |
Income before Income Taxes |  |  | 29.7 |  |  | 29.6 |  |  | 40.2 |  |  | 29.6 |
Income Tax Expense |  |  | (11.6) |  |  | (11.6) |  |  | (15.2) |  |  | (10.2) |
Net Income |  | $ | 18.1 |  | $ | 18.0 |  | $ | 25.0 |  | $ | 19.4 |
Basic Earnings Per Share: |  | $ | 0.42 |  | $ | 0.42 |  | $ | 0.58 |  | $ | 0.45 |
Diluted Earnings Per Share: |  | $ | 0.41 |  | $ | 0.42 |  | $ | 0.58 |  | $ | 0.44 |
|  | Quarters in the Year Ended December 31, 2015 |
|  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Operating Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation (2) |  | $ | 305.5 |  | $ | 346.7 |  | $ | 444.8 |  | $ | 401.0 |
Logistics |  |  | 92.7 |  |  | 100.9 |  |  | 99.5 |  |  | 93.8 |
Total Operating Revenue |  | $ | 398.2 |  | $ | 447.6 |  | $ | 544.3 |  | $ | 494.8 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation (2) |  | $ | 43.9 |  | $ | 31.4 |  | $ | 68.9 |  | $ | 43.6 |
Logistics |  |  | 1.0 |  |  | 2.3 |  |  | 2.9 |  |  | 2.3 |
Total Operating Income |  |  | 44.9 |  |  | 33.7 |  |  | 71.8 |  |  | 45.9 |
Interest Expense |  |  | (4.3) |  |  | (4.6) |  |  | (4.7) |  |  | (4.9) |
Income before Income Taxes |  |  | 40.6 |  |  | 29.1 |  |  | 67.1 |  |  | 41.0 |
Income Tax Expense |  |  | (15.6) |  |  | (19.2) |  |  | (25.6) |  |  | (14.4) |
Net Income |  | $ | 25.0 |  | $ | 9.9 |  | $ | 41.5 |  | $ | 26.6 |
Basic Earnings Per Share: |  | $ | 0.58 |  | $ | 0.23 |  | $ | 0.95 |  | $ | 0.61 |
Diluted Earnings Per Share: |  | $ | 0.57 |  | $ | 0.23 |  | $ | 0.94 |  | $ | 0.60 |
| (1) |  | 2016 segment results include the operations of Span Alaska acquired as of August 4, 2016.
| (2) |  | 2016 and 2015 segment results include the operations of Horizon acquired as of May 29, 2015.
Schedule of infrequent transactions impacting the segment results | The following infrequent transactions impacted the Company’s quarterly segment results during 2016 and 2015 (in millions):
|  | Quarters in the Year Ended December 31, 2016 |
|  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Span Alaska Acquisition Related Costs (1): |  | $ | (0.1) |  | $ | (0.1) |  | $ | (2.6) |  | $ | (0.2) |
Molasses Settlement (2): |  | $ | — |  | $ | — |  | $ | — |  | $ | (0.7) |
|  | Quarters in the Year Ended December 31, 2015 |
|  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Horizon Acquisition Related Costs (3): |  | $ | — |  | $ | (12.4) |  | $ | (5.1) |  | $ | (1.5) |
Molasses Settlement (2): |  | $ | — |  | $ | (11.4) |  | $ | — |  | $ | (1.9) |
| (1) |  | One-time costs related to the Span Alaska Acquisition included in selling, general and administrative costs (see Note 3).
| (2) |  | Litigation settlement entered into by the Company during 2016 and 2015 resulting from molasses spill in September 2013, included in selling, general and administrative costs of the Ocean Transportation segment.
One-time costs related to the Horizon Acquisition included in selling, general and administrative costs.

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