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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | NOTE P – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present unaudited quarterly financial information for 2017 and 2016. The reclassifications the Company made to certain previously reported interim operating segment data to conform to the current year presentation of segment expenses allocated from shared services (see Note M) had no impact on the quarterly consolidated financial information presented in the tables within this Note.
|  | 2017 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except share and per share data) |
Revenues |  | $ | 651,088 |  | $ | 720,368 |  | $ | 744,280 |  | $ | 710,721 |
Operating expenses |  |  | 663,341 |  |  | 695,634 |  |  | 719,931 |  |  | 694,041 |
Operating income (loss) |  |  | (12,253) |  |  | 24,734 |  |  | 24,349 |  |  | 16,680 |
Other income (costs) |  |  | (394) |  |  | (599) |  |  | (281) |  |  | (660) |
Income tax provision (benefit)(1) |  |  | (5,240) |  |  | 8,358 |  |  | 9,280 |  |  | (20,548) |
Net income (loss)(1) |  | $ | (7,407) |  | $ | 15,777 |  | $ | 14,788 |  | $ | 36,568 |
Earnings (loss) per common share(1)(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.29) |  | $ | 0.61 |  | $ | 0.57 |  | $ | 1.42 |
Diluted(1) |  | $ | (0.29) |  | $ | 0.60 |  | $ | 0.56 |  | $ | 1.37 |
Average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 25,684,475 |  |  | 25,767,791 |  |  | 25,671,535 |  |  | 25,637,568 |
Diluted |  |  | 25,684,475 |  |  | 26,291,641 |  |  | 26,393,359 |  |  | 26,540,716 |
|  | 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(3) |  |  | 630,720 |  |  | 659,973 |  |  | 693,553 |  |  | 687,003 |
Operating income (loss)(3) |  |  | (9,265) |  |  | 16,654 |  |  | 20,370 |  |  | 1,211 |
Other income (costs) |  |  | (480) |  |  | (273) |  |  | 185 |  |  | (115) |
Income tax provision (benefit) |  |  | (3,642) |  |  | 6,150 |  |  | 7,615 |  |  | (488) |
Net income (loss)(3) |  | $ | (6,103) |  | $ | 10,231 |  | $ | 12,940 |  | $ | 1,584 |
Earnings (loss) per common share(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.24) |  | $ | 0.39 |  | $ | 0.50 |  | $ | 0.06 |
Diluted(3) |  | $ | (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 |
| (1) |  | Fourth quarter 2017 includes a provisional tax benefit of $25.8 million, or $0.97 per diluted share, as a result of recognizing a reasonable estimate of the tax effects of the Tax Cuts and Jobs Act. See Note E.
| (2) |  | The Company uses the two-class method for calculating earnings per share. See Note L.
| (3) |  | Fourth quarter 2016 includes restructuring charges of $10.3 million (pre-tax), or $6.3 million (after-tax) and $0.24 per diluted share.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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