Summarized quarterly results for the two years ended December 31, 2016 and December 31, 2015, respectively, are as follows:



	For the Quarter Ended
(in thousands, except per share data)	December 31, 2016				September 30, 2016			June 30, 2016			March 31, 2016
Revenues	$	3,604			$	15,710		$	8,951		$	22,357
Cost of revenues, exclusive of operating expenses shown below	3,478				13,259			5,769			17,311
Other operating expenses	5,388				5,364			7,794			8,357
Operating loss	(5,262		)		(2,913		)	(4,612		)	(3,311		)
Earnings from equity method investments	15,518				10,735			13,754			5,577
Royalties, related party	2,203				2,064			669			1,189
Other income (expenses), net	1,698			(1)	309			(1,852		)	974
Income before income tax expense	14,157				10,195			7,959			4,429
Income tax (benefit) expense	(61,673		)	(2)	583			99			53
Net income	$	75,830			$	9,612		$	7,860		$	4,376
Earnings per common share – basic	$	3.45			$	0.44		$	0.36		$	0.20
Earnings per common share – diluted	$	3.39			$	0.43		$	0.35		$	0.20
Weighted-average number of common shares outstanding
Basic	21,693				21,740			21,875			21,849
Diluted	22,061				22,098			22,187			22,177

(1) During the fourth quarter of 2016, the Company revised its estimate for future Royalty Award payments based on an updated forecast provided to the Company from Carbon Solutions. Based primarily on the updated forecast, the Company recorded a $4.0 million reduction to its Royalty Award accrual.

(2) During the fourth quarter of 2016, the Company released $61.4 million of the valuation allowance related to the deferred tax assets that resulted in an income tax benefit of $61.7 million. See further discussion in Note 16.



	For the Quarter Ended
(in thousands, except per share data)	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Revenues	$	13,202		$	12,885		$	14,895		$	21,757
Cost of revenues, exclusive of operating expenses shown below	7,224			10,610			14,003			15,715
Other operating expenses	13,113			12,264			18,670			12,940
Operating loss	(7,135		)	(9,989		)	(17,778		)	(6,898		)
Earnings (loss) from equity method investments	3,788			(41		)	4,860			314
Royalties, related party	2,876			3,273			2,299			2,194
Other expenses, net	(2,568		)	(1,853		)	(1,765		)	(1,698		)
Loss before income tax expense	(3,039		)	(8,610		)	(12,384		)	(6,088		)
Income tax (benefit) expense	(131		)	44			63			44
Net loss	$	(2,908	)	$	(8,654	)	$	(12,447	)	$	(6,132	)
Loss per common share – basic	$	(0.13	)	$	(0.40	)	$	(0.57	)	$	(0.28	)
Loss per common share – diluted	$	(0.13	)	$	(0.40	)	$	(0.57	)	$	(0.28	)
Weighted-average number of common shares outstanding
Basic	21,676			21,687			21,715			21,696
Diluted	21,676			21,687			21,715			21,696