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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following is a summary of certain items in the consolidated statements of operations by quarter:
Fiscal Year 2020 | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Revenues | $ | 182,910 |  |  | $ | 188,767 |  |  | $ | 202,667 |  |  | $ | 200,240 |
Operating income | $ | 7,012 |  |  | $ | 17,444 |  |  | $ | 20,633 |  |  | $ | 14,208 |
Net income | $ | 959 |  |  | $ | 12,113 |  |  | $ | 15,117 |  |  | $ | 62,917 |
Earnings per common share: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 48,005 |  |  | 48,348 |  |  | 48,370 |  |  | 50,436 |
Basic earnings per share | $ | 0.02 |  |  | $ | 0.25 |  |  | $ | 0.31 |  |  | $ | 1.25 |
Diluted weighted average common shares outstanding | 48,262 |  |  | 48,563 |  |  | 48,619 |  |  | 50,719 |
Diluted earnings per share | $ | 0.02 |  |  | $ | 0.25 |  |  | $ | 0.31 |  |  | $ | 1.24 |
Fiscal Year 2019 | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Revenues | $ | 163,664 |  |  | $ | 187,459 |  |  | $ | 198,547 |  |  | $ | 193,619 |
Operating income | $ | 4,442 |  |  | $ | 15,544 |  |  | $ | 18,485 |  |  | $ | 14,604 |
Net (loss) income | $ | (1,714) |  |  | $ | 11,915 |  |  | $ | 12,386 |  |  | $ | 9,066 |
Earnings per common share: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 45,913 |  |  | 47,464 |  |  | 47,690 |  |  | 47,811 |
Basic earnings per share | $ | (0.04) |  |  | $ | 0.25 |  |  | $ | 0.26 |  |  | $ | 0.19 |
Diluted weighted average common shares outstanding | 45,913 |  |  | 48,221 |  |  | 48,361 |  |  | 48,583 |
Diluted earnings per share | $ | (0.04) |  |  | $ | 0.25 |  |  | $ | 0.26 |  |  | $ | 0.19 |
Our transfer and disposal revenues historically have been lower from the months of November through March. This seasonality reflects the lower volume of waste during the late fall, winter and early spring months. Since certain of our operating and fixed costs remain constant throughout fiscal year, operating income is impacted by a similar seasonality. In addition, particularly harsh weather conditions typically result in increased operating costs. Our recycling business experiences increased volumes of newspaper in November and December due to increased retail activity during the holiday season. In the fourth quarter of fiscal year 2020, we unwound the valuation allowance on the majority of our net operating loss carryforwards and other deferred tax assets as of December 31, 2020, resulting in an increase in a benefit for income taxes of $(53,644) in the three months ended December 31, 2020.

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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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