XML 37 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
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.