Thank you both for the feedback.
For those that may not understand how the formula for the "Grp" column works, you can find an explanation of the principle in the article at the following URL.
http://www.sqlservercentral.com/articles/T-SQL/71550/
The data in the article is based on contiguous days but as you can see in the code above, the principle applies to virtually any regular temporal resolution.
--Jeff Moden
Change is inevitable... Change for the better is not.