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Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations)
20. Quarterly Results of Operations (Unaudited) (Restated for Discontinued Operations)
 
The following table sets forth a summary of the Company’s consolidated unaudited quarterly results of operations for the years ended December 31, 2012 and 2011, in thousands of dollars, except per share amounts.
 
 
 
Quarters
 
 
 
First
 
Second
 
Third
 
Fourth
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
234,220
 
$
271,865
 
$
265,855
 
$
293,069
 
2011
 
$
212,740
 
$
236,041
 
$
234,805
 
$
253,406
 
Cost of services sold:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
174,800
 
$
186,240
 
$
179,069
 
$
194,031
 
2011
 
$
155,289
 
$
159,208
 
$
172,874
 
$
180,291
 
Income (loss) from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(22,809)
 
$
(15,149)
 
$
(11,832)
 
$
(21,710)
 
2011
 
$
(5,960)
 
$
4,658
 
$
(16,682)
 
$
(54,773)
 
Net income (loss) attributable to MDC Partners Inc.:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(26,281)
 
$
(20,114)
 
$
(14,496)
 
$
(24,548)
 
2011
 
$
(8,685)
 
$
1,325
 
$
(19,574)
 
$
(57,740)
 
 
 
 
 
Quarters
 
 
 
First
 
Second
 
Third
 
Fourth
 
Income (loss) per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(0.82)
 
$
(0.56)
 
$
(0.42)
 
$
(0.75)
 
2011
 
$
(0.27)
 
$
0.07
 
$
(0.64)
 
$
(1.94)
 
Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(0.88)
 
$
(0.65)
 
$
(0.47)
 
$
(0.79)
 
2011
 
$
(0.31)
 
$
0.05
 
$
(0.67)
 
$
(1.97)
 
Diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(0.82)
 
$
(0.56)
 
$
(0.42)
 
$
(0.75)
 
2011
 
$
(0.27)
 
$
0.06
 
$
(0.64)
 
$
(1.94)
 
Net income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
$
(0.88)
 
$
(0.65)
 
$
(0.47)
 
$
(0.79)
 
2011
 
$
(0.31)
 
$
0.04
 
$
(0.67)
 
$
(1.97)
 
 
The above revenue, cost of services sold, and income (loss) from continuing operations have primarily been affected by acquisitions, divestitures and discontinued operations.
 
Historically, with some exceptions, the Company’s fourth quarter generates the highest quarterly revenues in a year. The fourth quarter has historically been the period in the year in which the highest volumes of media placements and retail related consumer marketing occur.
 
Income (loss) from continuing operations and net loss have been affected as follows:
 
•
The fourth quarter of 2012 includes non-cash stock based compensation charges of $5,827.
 
•
The fourth quarter of 2011 includes non-cash stock based compensation charges of $5,837.
 
•
The fourth quarter of 2012 includes deferred acquisition adjustments of $32,901.
 
•
The fourth quarter of 2011 includes deferred acquisition adjustments of $11,757 and an additional deferred tax valuation allowance of $47,422.