Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for the years ended December 31, 2019 and 2018 are set forth in the table below (in thousands, except per share amounts). The Company’s operations are subject to seasonal fluctuations. The Company computed the quarterly diluted earnings per share amounts as if each quarter was a discrete period based on that quarter’s weighted-average shares outstanding. As a result, the sum of the diluted earnings per share by quarter will not necessarily total the annual diluted earnings per share.



	Quarter Ended
	March 31		June 30		September 30		December 31
2019
Total revenue	$	467,604	$	446,014	$	452,459	$	498,362
Total cost of revenue	211,805		201,709		201,480		231,098
Net revenue	255,799		244,305		250,979		267,264
Total expenses and other income	196,956		199,019		202,015		195,746
Net income	42,655		33,048		34,761		54,154
Diluted earnings per share	0.98		0.76		0.81		1.27
Diluted weighted-average shares	43,658		43,256		43,167		42,760

2018
Total revenue	$	449,800	$	419,972	$	429,878	$	481,208
Total cost of revenue	210,719		191,544		192,620		219,208
Net revenue	239,081		228,428		237,258		262,000
Total expenses and other income	183,302		186,157		193,175		198,824
Net income	41,635		30,171		33,325		48,075
Diluted earnings per share	0.90		0.67		0.76		1.09
Diluted weighted-average shares	46,479		45,043		44,116		43,936