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QUARTERLY INFORMATION (Unaudited)

12 Months Ended

Dec. 31, 2020

18.

QUARTERLY INFORMATION (Unaudited)

Segment results by quarter for 2020 and 2019 are as follows:


	Quarters in the Year Ended December 31, 2020
(In millions, except per share amounts)	Q1		Q2		Q3		Q4
Operating Revenue:
Ocean Transportation	$	400.9	$	410.8	$	498.3	$	543.9
Logistics		113.0		113.3		146.9		156.2
Total Operating Revenue	$	513.9	$	524.1	$	645.2	$	700.1
Operating Income:
Ocean Transportation	$	7.9	$	42.3	$	86.5	$	108.1
Logistics		5.1		8.9		11.9		9.6
Total Operating Income		13.0		51.2		98.4		117.7
Interest expense, net		(8.6)		(8.2)		(5.7)		(4.9)
Other income (expense), net		0.6		1.5		2.4		1.6
Income before Income Taxes		5.0		44.5		95.1		114.4
Income Taxes		(1.2)		(11.7)		(24.2)		(28.8)
Net Income	$	3.8	$	32.8	$	70.9	$	85.6

Basic Earnings Per Share:	$	0.09	$	0.76	$	1.65	$	1.99
Diluted Earnings Per Share:	$	0.09	$	0.76	$	1.63	$	1.96


	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

The following infrequent transactions impacted the Company’s quarterly segment results during the year ended December 31, 2019. There were no infrequent transactions recorded during the year ended December 31, 2020.


	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	$	—	$	—	$	—

(1)	Amounts relate to discrete adjustments as a result of applying the Tax Act during the year ended December 31, 2019.