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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
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.