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Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2019
Selected Quarterly Financial Information [Abstract] |
Quarterly Financial Information | Note 10. Quarterly Financial Information (Unaudited) A summary of our unaudited quarterly financial information for 2019 and 2018 is provided below. Our tonnage levels and revenue mix are subject to seasonal trends common in the motor carrier industry. Our revenue and operating margins in the first and fourth quarters are typically lower than those during the second and third quarters due to reduced shipments during the winter months. Harsh winter weather or natural disasters, such as hurricanes, tornadoes and floods, can also adversely impact our performance by reducing demand and increasing operating expenses.
|  | Quarter
(In thousands, except per share data) |  | First |  | Second |  | Third |  | Fourth |  | Total
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 990,782 |  |  | $ | 1,060,666 |  |  | $ | 1,048,457 |  |  | $ | 1,009,206 |  |  | $ | 4,109,111 |
Operating income |  |  | 178,426 |  |  |  | 234,489 |  |  |  | 217,527 |  |  |  | 188,264 |  |  |  | 818,706 |
Net income |  |  | 133,323 |  |  |  | 174,072 |  |  |  | 164,099 |  |  |  | 144,024 |  |  |  | 615,518 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 1.65 |  |  |  | 2.16 |  |  |  | 2.05 |  |  |  | 1.81 |  |  |  | 7.67 |
Diluted |  |  | 1.64 |  |  |  | 2.16 |  |  |  | 2.05 |  |  |  | 1.80 |  |  |  | 7.66 |
Cash dividends declared |  |  | 0.17 |  |  |  | 0.17 |  |  |  | 0.17 |  |  |  | 0.17 |  |  |  | 0.68 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 925,020 |  |  | $ | 1,033,498 |  |  | $ | 1,058,233 |  |  | $ | 1,026,944 |  |  | $ | 4,043,695 |
Operating income |  |  | 149,340 |  |  |  | 220,481 |  |  |  | 228,385 |  |  |  | 218,845 |  |  |  | 817,051 |
Net income |  |  | 109,333 |  |  |  | 163,434 |  |  |  | 173,442 |  |  |  | 159,459 |  |  |  | 605,668 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 1.33 |  |  |  | 1.99 |  |  |  | 2.12 |  |  |  | 1.96 |  |  |  | 7.39 |
Diluted |  |  | 1.33 |  |  |  | 1.99 |  |  |  | 2.12 |  |  |  | 1.95 |  |  |  | 7.38 |
Cash dividends declared |  |  | 0.13 |  |  |  | 0.13 |  |  |  | 0.13 |  |  |  | 0.13 |  |  |  | 0.52 |

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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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