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Selected Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2019
Selected Quarterly Financial Information [Abstract] |
Selected Quarterly Financial Information | SELEC TE D QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The unaudited quarterly results for years ended December 31, 2019 and 2018 were prepared in accordance with GAAP, and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. Quarterly income per share is based on the weighted average number of shares outstanding during the quarter. Because of changes in the number of shares outstanding during the quarters due to the exercise of stock options and issuance of common stock, the sum of quarterly earnings per share may not equal earnings per share for the year.
|  | Three Months Ended
|  | March 31, |  | June 30, |  | September 30, |  | December 31,
|  | (in thousands of dollars except per share information)
2019: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 19,765 |  | $ | 25,230 |  | $ | 17,603 |  | $ | 21,923
Total operating costs and expenses |  |  | 14,182 |  |  | 14,461 |  |  | 16,137 |  |  | 14,127
Operating income |  |  | 5,546 |  |  | 6,370 |  |  | 1,501 |  |  | 7,776
Income (loss) from continuing operations |  |  | 830 |  |  | (871) |  |  | (3,858) |  |  | 1,051
Income (loss) from discontinued operations |  |  | 5,671 |  |  | (162) |  |  | (61) |  |  | (37)
Net income (loss) |  |  | 6,501 |  |  | (1,033) |  |  | (3,919) |  |  | 1,014
Basic net income (loss) per share |  | $ | 0.10 |  | $ | (0.01) |  | $ | (0.07) |  | $ | 0.02
Diluted net income (loss) per share |  | $ | 0.10 |  | $ | (0.01) |  | $ | (0.07) |  | $ | 0.02
Basic income (loss) from continuing operations per share |  | $ | 0.01 |  | $ | (0.01) |  | $ | (0.07) |  | $ | 0.02
Diluted income (loss) from continuing operations per share |  | $ | 0.01 |  | $ | (0.01) |  | $ | (0.07) |  | $ | 0.02
Deferred income tax expense (benefit) for the three months ended September 30, 2019 included a $4.8 million charge to increase the valuation allowances on US deferred tax assets and for the three months ended December 31, 2019 included $1.7 million benefit as a result of a decrease in valuation allowances on deferred tax assets.
|  | Three Months Ended
|  | March 31, |  | June 30, |  | September 30, |  | December 31,
|  | (in thousands of dollars except per share information)
2018: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 27,645 |  | $ | 24,426 |  | $ | 25,266 |  | $ | 27,606
Total operating costs and expenses |  |  | 14,631 |  |  | 19,017 |  |  | 7,940 |  |  | 12,433
Operating income |  |  | 13,038 |  |  | 5,723 |  |  | 17,320 |  |  | 15,206
Income from continuing operations |  |  | 8,711 |  |  | 887 |  |  | 78,626 |  |  | 10,504
Loss from discontinued operations |  |  | (52) |  |  | (343) |  |  | (21) |  |  | (80)
Net income |  |  | 8,659 |  |  | 544 |  |  | 78,605 |  |  | 10,424
Basic net income per share |  | $ | 0.15 |  | $ | 0.02 |  | $ | 1.31 |  | $ | 0.17
Diluted net income per share |  | $ | 0.15 |  | $ | 0.02 |  | $ | 1.28 |  | $ | 0.17
Basic income from continuing operations per share |  | $ | 0.15 |  | $ | 0.02 |  | $ | 1.31 |  | $ | 0.17
Diluted income from continuing operations per share |  | $ | 0.15 |  | $ | 0.02 |  | $ | 1.28 |  | $ | 0.17
As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances.

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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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