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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Dec. 31, 2018
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 2018 and 2017.
|  | 2018 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except share and per share data) |
Revenues |  | $ | 700,001 |  | $ | 793,350 |  | $ | 826,158 |  | $ | 774,279 |
Operating expenses(1)(2) |  |  | 687,276 |  |  | 790,194 |  |  | 770,103 |  |  | 737,117 |
Operating income(1)(2) |  |  | 12,725 |  |  | 3,156 |  |  | 56,055 |  |  | 37,162 |
Other income (costs)(1)(3) |  |  | (3,734) |  |  | (2,422) |  |  | (2,064) |  |  | (16,492) |
Income tax provision (benefit) |  |  | (963) |  |  | (499) |  |  | 13,215 |  |  | 5,371 |
Net income(2)(3) |  | $ | 9,954 |  | $ | 1,233 |  | $ | 40,776 |  | $ | 15,299 |
Earnings per common share(4) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.39 |  | $ | 0.05 |  | $ | 1.58 |  | $ | 0.59 |
Diluted(2)(3) |  | $ | 0.37 |  | $ | 0.05 |  | $ | 1.52 |  | $ | 0.57 |
Average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 25,642,871 |  |  | 25,670,325 |  |  | 25,697,509 |  |  | 25,707,335 |
Diluted |  |  | 26,596,376 |  |  | 26,699,549 |  |  | 26,795,659 |  |  | 26,682,262 |
|  | 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(1) |  |  | 660,988 |  |  | 694,601 |  |  | 717,538 |  |  | 691,982 |
Operating income (loss)(1) |  |  | (9,900) |  |  | 25,767 |  |  | 26,742 |  |  | 18,739 |
Other income (costs)(1) |  |  | (2,747) |  |  | (1,632) |  |  | (2,674) |  |  | (2,719) |
Income tax provision (benefit)(5) |  |  | (5,240) |  |  | 8,358 |  |  | 9,280 |  |  | (20,548) |
Net income (loss)(5) |  | $ | (7,407) |  | $ | 15,777 |  | $ | 14,788 |  | $ | 36,568 |
Earnings (loss) per common share(4) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.29) |  | $ | 0.61 |  | $ | 0.57 |  | $ | 1.42 |
Diluted(5) |  | $ | (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 |
| (1) |  | As a result of retrospectively adopting an amendment to ASC Topic 715 effective January 1, 2018, the service cost component of net periodic benefit cost continues to be included in Operating Expenses, but the other components of net periodic benefit cost, including pension settlement expense, are presented in Other Income (Costs). See Adopted Accounting Pronouncements within Note B.
| (2) |  | Second quarter 2018 includes a multiemployer pension fund withdrawal liability charge of $37.9 million (pre-tax), or $28.2 million (after-tax) and $1.05 per diluted share. See Multiemployer Plans within Note I.
| (3) |  | Includes nonunion pension expense, including settlement. Pension settlements related to termination of the nonunion defined benefit pension plan began in fourth quarter 2018. Nonunion pension expense, including settlement, totaled $12.6 million (pre-tax), or $9.4 million (after-tax) and $0.35 per diluted share, in fourth quarter 2018. See Note I.
| (4) |  | The Company uses the two-class method for calculating earnings per share. See Note L.
| (5) |  | 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.

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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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