SCHN 2017 Annual Report

54 / Schnitzer Steel Industries, Inc. Form 10-K 2017 SCHNITZER STEEL INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Year Ended August 31, 2017 2016 2015 Revenues $ 1,687,591 $ 1,352,543 $ 1,915,399 Operating expense: Cost of goods sold 1,464,508 1,175,988 1,742,678 Selling, general and administrative 171,570 148,908 170,592 (Income) from joint ventures (3,674) (819) (1,490) Goodwill impairment charges — 8,845 141,021 Other asset impairment charges (recoveries), net (717) 20,682 45,119 Restructuring charges and other exit-related activities (109) 6,781 13,008 Operating income (loss) 56,013 (7,842) (195,529) Interest expense (8,081) (8,889) (9,191) Other income, net 758 1,226 4,256 Income (loss) from continuing operations before income taxes 48,690 (15,505) (200,464) Income tax (expense) benefit (1,322) (735) 12,615 Income (loss) from continuing operations 47,368 (16,240) (187,849) Loss from discontinued operations, net of tax (390) (1,348) (7,227) Net income (loss) 46,978 (17,588) (195,076) Net income attributable to noncontrolling interests (2,467) (1,821) (1,933) Net income (loss) attributable to SSI $ 44,511 $ (19,409) $ (197,009) Net income (loss) per share attributable to SSI: Basic: Income (loss) per share from continuing operations attributable to SSI $ 1.63 $ (0.66) $ (7.03) Loss per share from discontinued operations attributable to SSI (0.01) (0.05) (0.27) Net income (loss) per share attributable to SSI (1) $ 1.62 $ (0.71) $ (7.29) Diluted: Income (loss) per share from continuing operations attributable to SSI $ 1.60 $ (0.66) $ (7.03) Loss per share from discontinued operations attributable to SSI (0.01) (0.05) (0.27) Net income (loss) per share attributable to SSI (1) $ 1.58 $ (0.71) $ (7.29) Weighted average number of common shares: Basic 27,537 27,229 27,010 Diluted 28,141 27,229 27,010 Dividends declared per common share $ 0.750 $ 0.750 $ 0.750 ____________________________ (1) May not foot due to rounding. See Notes to the Consolidated Financial Statements.