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Summary of Unaudited Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Summary of Unaudited Quarterly Financial Information | Summary of Unaudited Quarterly Financial Information The following financial information reflects all normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the results and cash flows of interim periods. Summarized quarterly data for 2019 and 2018 are as follows (in thousands, except per share amounts):
| First Quarter* |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2019 |  |  |  |  |  |  |
Total revenues | $ | 43,484 |  |  | $ | 24,987 |  |  | $ | 24,808 |  |  | $ | 27,003 |
Total operating costs and expenses | 29,738 |  |  | 29,117 |  |  | 29,966 |  |  | 37,182 |
Income tax (expense) benefit | (176,376) |  |  | 3,609 |  |  | 4,620 |  |  | 810 |
Net income (loss) | 666,337 |  |  | (14,419) |  |  | (15,251) |  |  | (7,365) |
Basic per share amounts: |  |  |  |  |  |  |
Net income (loss) | $ | 32.59 |  |  | $ | (0.74) |  |  | $ | (0.81) |  |  | $ | (0.43) |
Diluted per share amounts: |  |  |  |  |  |  |
Net income (loss) | $ | 31.32 |  |  | $ | (0.74) |  |  | $ | (0.81) |  |  | $ | (0.43) |
Weighted average shares—basic | 20,447 |  | 19,558 |  | 18,770 |  | 17,243
Weighted average shares—diluted | 21,277 |  | 19,558 |  | 18,770 |  | 17,243
*includes pre-tax gain from sale of Promacta license of $812,797. |  |  |  |  |  |  |
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
2018 |  |  |  |  |  |  |
Total revenues | $ | 56,157 |  |  | $ | 90,043 |  |  | $ | 45,663 |  |  | $ | 59,590 |
Total operating costs and expenses | 19,116 |  |  | 19,868 |  |  | 22,301 |  |  | 26,441 |
Income tax (expense) benefit | (10,033) |  |  | (22,419) |  |  | (11,864) |  |  | 14,307 |
Net income (loss) | 45,279 |  |  | 73,160 |  |  | 67,362 |  |  | (42,482) |
Basic per share amounts: |  |  |  |  |  |  |
Net income (loss) | $ | 2.13 |  |  | $ | 3.45 |  |  | $ | 3.19 |  |  | $ | (2.02) |
Diluted per share amounts: |  |  |  |  |  |  |
Net income (loss) | $ | 1.83 |  |  | $ | 2.99 |  |  | $ | 2.80 |  |  | $ | (2.02) |
Weighted average shares—basic | 21,209 |  | 21,212 |  | 21,148 |  | 21,071
Weighted average shares—diluted | 24,800 |  | 24,438 |  | 24,052 |  | 21,071

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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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