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QUARTERLY INFORMATION (Unaudited) | 12 Months Ended
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Dec. 31, 2016
QUARTERLY INFORMATION (Unaudited) |
QUARTERLY INFORMATION (Unaudited) | 16.QUARTERLY INFORMATION (Unaudited) 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.
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.
| (3) |  | One-time costs related to the Horizon Acquisition included in selling, general and administrative costs.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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