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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2016
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
Schedule of unaudited quarterly financial information | The tables below present unaudited quarterly financial information for 2016 and 2015. The restatements the Company made to certain previously reported interim operating segment data to conform to the presentation for the three months and year ended December 31, 2016 (see Note M) had no impact on the quarterly consolidated financial information presented in the tables within this Note.
|  | 2016 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except share and per share data) |
Revenues |  | $ | 621,455 |  | $ | 676,627 |  | $ | 713,923 |  | $ | 688,214 |
Operating expenses(1) |  |  | 630,720 |  |  | 659,973 |  |  | 693,553 |  |  | 687,003 |
Operating income (loss)(1) |  |  | (9,265) |  |  | 16,654 |  |  | 20,370 |  |  | 1,211 |
Other income (costs), net |  |  | (480) |  |  | (273) |  |  | 185 |  |  | (115) |
Income tax provision (benefit) |  |  | (3,642) |  |  | 6,150 |  |  | 7,615 |  |  | (488) |
Net income (loss)(1) |  | $ | (6,103) |  | $ | 10,231 |  | $ | 12,940 |  | $ | 1,584 |
Earnings per common share(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.24) |  | $ | 0.39 |  | $ | 0.50 |  | $ | 0.06 |
Diluted(1) |  | $ | (0.24) |  | $ | 0.39 |  | $ | 0.49 |  | $ | 0.06 |
Average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 25,822,522 |  |  | 25,791,026 |  |  | 25,724,550 |  |  | 25,669,280 |
Diluted |  |  | 25,822,522 |  |  | 26,246,868 |  |  | 26,211,524 |  |  | 26,272,487 |
|  | 2015 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except share and per share data) |
Revenues |  | $ | 613,276 |  | $ | 696,115 |  | $ | 709,380 |  | $ | 648,134 |
Operating expenses |  |  | 611,996 |  |  | 662,649 |  |  | 675,942 |  |  | 640,822 |
Operating income |  |  | 1,280 |  |  | 33,466 |  |  | 33,438 |  |  | 7,312 |
Other income (costs), net |  |  | (368) |  |  | (557) |  |  | (1,392) |  |  | (445) |
Income tax provision |  |  | 167 |  |  | 12,942 |  |  | 12,892 |  |  | 1,878 |
Net income |  | $ | 745 |  | $ | 19,967 |  | $ | 19,154 |  | $ | 4,989 |
Earnings per common share(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.03 |  | $ | 0.76 |  | $ | 0.73 |  | $ | 0.19 |
Diluted |  | $ | 0.03 |  | $ | 0.74 |  | $ | 0.72 |  | $ | 0.19 |
Average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 26,051,038 |  |  | 26,021,874 |  |  | 26,009,344 |  |  | 25,936,709 |
Diluted |  |  | 26,588,518 |  |  | 26,593,451 |  |  | 26,508,482 |  |  | 26,415,839 |
| (1) |  | Fourth quarter 2016 includes restructuring charges of $10.3 million (pre-tax), or $6.3 million (after-tax) and $0.24 per diluted share, related to the realignment of the Company’s corporate structure. See Note O.
| (2) |  | The Company uses the two class method for calculating earnings per share. See Note L.

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