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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) |
Schedule of unaudited quarterly financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2019 |
​ | ​ | First |  | Second |  | Third |  | Fourth |
​ |  | Quarter |  | Quarter |  | Quarter |  | Quarter |
​ | ​ | (in thousands, except share and per share data) |
Revenues | ​ | $ | 711,839 | ​ | $ | 771,490 | ​ | $ | 787,563 | ​ | $ | 717,418 | ​
Operating expenses(1) | ​ |  | 703,248 | ​ |  | 736,290 | ​ |  | 756,355 | ​ |  | 728,647 | ​
Operating income (loss)(1) | ​ |  | 8,591 | ​ |  | 35,200 | ​ |  | 31,208 | ​ |  | (11,229) | ​
Other income (costs)(2) | ​ |  | (1,995) | ​ |  | (1,640) | ​ |  | (7,866) | ​ |  | (798) | ​
Income tax provision (benefit) | ​ |  | 1,708 | ​ |  | 9,184 | ​ |  | 7,072 | ​ |  | (6,478) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss)(1)(2) | ​ | $ | 4,888 | ​ | $ | 24,376 | ​ | $ | 16,270 | ​ | $ | (5,549) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per common share(3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic(1)(2) | ​ | $ | 0.19 | ​ | $ | 0.95 | ​ | $ | 0.64 | ​ | $ | (0.22) | ​
Diluted(1)(2) | ​ | $ | 0.18 | ​ | $ | 0.92 | ​ | $ | 0.62 | ​ | $ | (0.22) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average common shares outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ |  | 25,570,415 | ​ |  | 25,554,286 | ​ |  | 25,527,982 | ​ |  | 25,490,393 | ​
Diluted | ​ |  | 26,512,349 | ​ |  | 26,431,592 | ​ |  | 26,416,595 | ​ |  | 25,490,393 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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(4) | ​ |  | 687,276 | ​ |  | 790,194 | ​ |  | 770,103 | ​ |  | 737,117 | ​
Operating income(4) | ​ |  | 12,725 | ​ |  | 3,156 | ​ |  | 56,055 | ​ |  | 37,162 | ​
Other income (costs)(2) | ​ |  | (3,734) | ​ |  | (2,422) | ​ |  | (2,064) | ​ |  | (16,492) | ​
Income tax provision (benefit) | ​ |  | (963) | ​ |  | (499) | ​ |  | 13,215 | ​ |  | 5,371 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income(2)(4) | ​ | $ | 9,954 | ​ | $ | 1,233 | ​ | $ | 40,776 | ​ | $ | 15,299 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share(3) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic(2)(4) | ​ | $ | 0.39 | ​ | $ | 0.05 | ​ | $ | 1.58 | ​ | $ | 0.59 | ​
Diluted(2)(4) | ​ | $ | 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 | ​
(1) | Fourth quarter 2019 includes a noncash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and $0.78 per diluted share, related to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload and truckload-dedicated businesses within the ArcBest segment. See Note D.
(2) | Includes nonunion pension expense, including settlement, for each quarter of 2018 and 2019. Pension settlements related to termination of the nonunion defined benefit pension plan began in fourth quarter 2018 and continued through third quarter 2019. In third quarter 2019, when the benefit obligation of the plan was settled, nonunion defined benefit pension expense, including settlement and termination expense, totaled $6.7 million (pre-tax), or $6.0 million (after-tax) and $0.23 diluted share. In fourth quarter 2018, when the pension settlements related to plan termination began, nonunion defined benefit pension expense, including settlement, totaled $12.6 million (pre-tax), or $9.4 million (after-tax) and $0.35 per diluted share. See Nonunion Defined Benefit Pension Plan disclosures within Note I for annual amounts of nonunion pension expense, including settlement and termination expense.
(3) | The Company uses the two-class method for calculating earnings per share. See Note L.
(4) | 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.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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