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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations

The following is a summary of the quarterly results of the Company for the years ended December 31, 2018 and 2017:

 

(in thousands, except per share data)

 

First

Quarter

 

 

Second

Quarter

 

 

Third

Quarter

 

 

Fourth

Quarter

 

2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

71,086

 

 

$

96,905

 

 

$

151,757

 

 

$

131,492

 

Operating expenses

 

$

108,533

 

 

$

98,757

 

 

$

97,434

 

 

$

109,621

 

Net (loss) income

 

$

(41,818

)

 

$

(5,913

)

 

$

50,764

 

 

$

18,078

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.47

)

 

$

(0.07

)

 

$

0.56

 

 

$

0.20

 

Diluted

 

$

(0.47

)

 

$

(0.07

)

 

$

0.52

 

 

$

0.19

 

Shares used in the calculation of net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

89,526

 

 

 

90,100

 

 

 

90,555

 

 

 

90,742

 

Diluted

 

 

89,526

 

 

 

90,100

 

 

 

96,798

 

 

 

95,724

 

2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

—

 

 

$

6,335

 

 

$

60,774

 

 

$

94,517

 

Operating expenses

 

$

79,932

 

 

$

63,603

 

 

$

66,769

 

 

$

82,683

 

Net (loss) income

 

$

(78,326

)

 

$

(59,985

)

 

$

(11,125

)

 

$

6,894

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.90

)

 

$

(0.68

)

 

$

(0.13

)

 

$

0.08

 

Diluted

 

$

(0.90

)

 

$

(0.68

)

 

$

(0.13

)

 

$

0.07

 

Shares used in the calculation of net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

87,283

 

 

 

88,063

 

 

 

88,325

 

 

 

88,665

 

Diluted

 

 

87,283

 

 

 

88,063

 

 

 

88,325

 

 

 

92,659