Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data for the years ended December 31, 2020 and 2019 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
2020
Total revenue	$	466,490	$	412,746	$	359,890	$	392,158
Total cost of revenue	207,181		189,645		157,152		166,167
Net revenue	259,309		223,101		202,738		225,991
Total expenses and other income	213,592		185,912		185,052		182,884


Net income	32,918		25,873		15,062		32,726



Diluted earnings per share	0.78		0.62		0.36		0.79
Diluted weighted-average shares	42,007		41,531		41,536		41,331

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