	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Service revenue	$	—	$	—	$	155,454	$	177,548
University related revenue		275,681		236,818		—		—
Net revenue		275,681		236,818		155,454		177,548
Costs and expenses:
Technology and academic services		10,697		10,678		11,101		11,098
Counseling services and support		50,747		50,838		51,116		51,989
Marketing and communication		28,527		30,095		31,546		27,252
General and administrative		7,419		5,762		10,092		6,695
University related expenses		87,649		79,517		6,569		(405)
Loss on transaction		550		1,440		15,610		770
Total costs and expenses		185,589		178,330		126,034		97,399
Operating income		90,092		58,488		29,420		80,149
Interest income on Secured Note		—		—		13,248		13,699
Interest expense		(346)		(57)		(558)		(575)
Investment interest and other		981		1,567		371		521
Income before income taxes		90,727		59,998		42,481		93,794
Income tax expense		17,046		13,960		8,720		18,263
Net income	$	73,681	$	46,038	$	33,761	$	75,531
Earnings per share:
Basic income per share(1)	$	1.55	$	0.97	$	0.71	$	1.58
Diluted income per share(1)	$	1.52	$	0.95	$	0.70	$	1.56
Basic weighted average shares outstanding		47,432		47,604		47,682		47,708
Diluted weighted average shares outstanding		48,397		48,411		48,422		48,422

(1)

The sum of quarterly income per share may not equal annual income per share due to rounding.


	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Service revenue	$	—	$	—	$	—	$	—
University related revenue		248,206		218,301		236,209		271,418
Net revenue		248,206		218,301		236,209		271,418
Costs and expenses:
Technology and academic services		10,381		10,220		10,494		10,739
Counseling services and support		46,312		45,970		46,100		50,213
Marketing and communication		27,309		27,426		28,130		26,227
General and administrative		7,033		5,806		8,343		5,975
University related expenses		80,543		73,791		83,450		86,356
Loss on Transaction		—		—		—		562
Total costs and expenses		171,578		163,213		176,517		180,072
Operating income		76,628		55,088		59,692		91,346
Interest expense		(580)		(495)		(567)		(527)
Investment interest and other		2		739		1,445		757
Income before income taxes		76,050		55,332		60,570		91,576
Income tax expense		20,138		15,485		21,266		23,320
Net income	$	55,912	$	39,847	$	39,304	$	68,256
Earnings per share:
Basic income per share(1)	$	1.20	$	0.85	$	0.83	$	1.44
Diluted income per share(1)	$	1.16	$	0.83	$	0.81	$	1.41
Basic weighted average shares outstanding		46,748		47,151		47,316		47,342
Diluted weighted average shares outstanding		48,070		48,192		48,292		48,382

(1)

The sum of quarterly income per share may not equal annual income per share due to rounding.