This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2012 second quarter earnings release that we filed with the SEC yesterday, after the close of the market.
With that said, I’ll turn the call over to Jack Lipinski, our Chief Executive Officer. Jack?
Thank you, Jay. Good afternoon, everyone, and thanks for joining our second quarter call. First, I’ll provide a brief recap of our financial results and then I’ll talk a little bit about our operational results. Frank will then provide more detailed color around the numbers we reported yesterday, and I’ll finish with some closing remarks.In the second quarter, consolidated net income was $154.7 million or $1.75 per fully dilutive share. On an adjusted basis, adjusted net income was $223.1 million or $2.52 per fully diluted shares. Like prior quarters, we adjust net income for the impact of FIFO First In First Out accounting major turnaround expenses, the impact of unrealized derivative gains or losses and other onetime expenses. Frank will discuss more broadly the adjustments to net income in his prepared remarks. Some of the primary drivers of our earnings were strong crack spreads or access to price advantage crudes, high operating throughputs that are refineries and strong business fundamentals that driver our fertilizer segment. In the second quarter, than NYMEX 2-1-1 crack spread averaged $29.27 per barrel with the Brent-WTI spread averaging just over $15 a barrel for the quarter. As a result, our overall realized refining margin adjusted for FIFO came in at $27.07 per barrel as compared to $25.90 per barrel in the same quarter last year. Let me talk a little bit about our petroleum business. Within this segment, we processed more than 190,000 barrels a day of crude in the second quarter. That was just little over 121,000 barrels a day at Carl Icahn and just little over 69,000 barrels a day at Wynnewood.
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