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QUARTERLY INFORMATION (Unaudited) | 12 Months Ended
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Dec. 31, 2019
QUARTERLY INFORMATION (Unaudited) |
QUARTERLY INFORMATION (Unaudited) |
18. | QUARTERLY INFORMATION (Unaudited)
​ Segment results by quarter for 2019 and 2018 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarters in the Year Ended December 31, 2019 |
(In millions, except per share amounts) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Operating Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 397.9 | ​ | $ | 415.4 | ​ | $ | 437.2 | ​ | $ | 416.1 | ​
Logistics | ​ |  | 134.5 | ​ |  | 142.5 | ​ |  | 134.9 | ​ |  | 124.6 | ​
Total Operating Revenue | ​ | $ | 532.4 | ​ | $ | 557.9 | ​ | $ | 572.1 | ​ | $ | 540.7 | ​
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 9.4 | ​ | $ | 19.7 | ​ | $ | 43.9 | ​ | $ | 17.8 | ​
Logistics | ​ |  | 8.1 | ​ |  | 11.3 | ​ |  | 11.3 | ​ |  | 7.6 | ​
Total Operating Income | ​ |  | 17.5 | ​ |  | 31.0 | ​ |  | 55.2 | ​ |  | 25.4 | ​
Interest expense, net | ​ |  | (4.6) | ​ |  | (6.1) | ​ |  | (6.2) | ​ |  | (5.6) | ​
Other income (expense), net | ​ | ​ | 0.6 | ​ | ​ | 0.8 | ​ | ​ | (0.5) | ​ | ​ | 0.3 | ​
Income before Income Taxes | ​ |  | 13.5 | ​ |  | 25.7 | ​ |  | 48.5 | ​ |  | 20.1 | ​
Income Taxes | ​ |  | (1.0) | ​ |  | (7.3) | ​ |  | (12.3) | ​ |  | (4.5) | ​
Net Income | ​ | $ | 12.5 | ​ | $ | 18.4 | ​ | $ | 36.2 | ​ | $ | 15.6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic Earnings Per Share: | ​ | $ | 0.29 | ​ | $ | 0.43 | ​ | $ | 0.84 | ​ | $ | 0.36 | ​
Diluted Earnings Per Share: | ​ | $ | 0.29 | ​ | $ | 0.43 | ​ | $ | 0.84 | ​ | $ | 0.36 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarters in the Year Ended December 31, 2018 |
(In millions, except per share amounts) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Operating Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 379.3 | ​ | $ | 406.6 | ​ | $ | 437.3 | ​ | $ | 418.1 | ​
Logistics | ​ |  | 132.1 | ​ |  | 150.5 | ​ |  | 152.1 | ​ |  | 146.8 | ​
Total Operating Revenue | ​ | $ | 511.4 | ​ | $ | 557.1 | ​ | $ | 589.4 | ​ | $ | 564.9 | ​
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 24.5 | ​ | $ | 36.5 | ​ | $ | 48.7 | ​ | $ | 21.4 | ​
Logistics | ​ |  | 4.2 | ​ |  | 9.5 | ​ |  | 9.9 | ​ |  | 9.1 | ​
Total Operating Income | ​ |  | 28.7 | ​ |  | 46.0 | ​ |  | 58.6 | ​ |  | 30.5 | ​
Interest expense, net | ​ |  | (5.0) | ​ |  | (5.0) | ​ |  | (4.4) | ​ |  | (4.3) | ​
Other income (expense), net | ​ | ​ | 0.8 | ​ | ​ | 0.4 | ​ | ​ | 0.7 | ​ | ​ | 0.7 | ​
Income before Income Taxes | ​ |  | 24.5 | ​ |  | 41.4 | ​ |  | 54.9 | ​ |  | 26.9 | ​
Income Taxes | ​ |  | (10.3) | ​ |  | (8.8) | ​ |  | (13.3) | ​ |  | (6.3) | ​
Net Income | ​ | $ | 14.2 | ​ | $ | 32.6 | ​ | $ | 41.6 | ​ | $ | 20.6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic Earnings Per Share: | ​ | $ | 0.33 | ​ | $ | 0.76 | ​ | $ | 0.97 | ​ | $ | 0.48 | ​
Diluted Earnings Per Share: | ​ | $ | 0.33 | ​ | $ | 0.76 | ​ | $ | 0.97 | ​ | $ | 0.48 | ​
​ The following infrequent transactions impacted the Company’s quarterly segment results during the years ended December 31, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarters in the Year Ended December 31, 2019 |
(In millions) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Income taxes - Discrete adjustments related to the Tax Act (1) | ​ | $ | 2.9 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quarters in the Year Ended December 31, 2018 |
(In millions) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Income taxes - Discrete adjustments related to the Tax Act (1) | ​ | $ | (3.3) | ​ | $ | 0.2 | ​ | $ | — | ​ | $ | 0.2 | ​
(1) | Amounts relate to discrete adjustments as a result of applying the Tax Act during the years ended December 31, 2019 and 2018.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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