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Selected Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data |
18. | Selected Quarterly Financial Data (Unaudited)
The Company’s real estate brokerage commissions and financing fees are seasonal, which can affect an investor’s ability to compare the Company’s financial condition and results of operation on a quarter-by-quarter basis. Historically, this seasonality has caused the Company’s revenue, operating income, net income and cash flows from operating activities to be lower in the first half of the year and higher in the second half of the year, particularly in the fourth quarter. These concentrations are due to an industry-wide focus of clients to complete transactions towards the end of the calendar year. In addition, the Company’s gross margins are typically lower during the second half of each year due to its commission structure for some of its senior investment sales and financing professionals. These senior investment sales and financing professionals are on a graduated commission schedule whose commission rates generally increase as they meet certain production thresholds.
|  | Three Months Ended |
|  | Dec. 31 |  |  | Sep. 30 |  |  | Jun. 30 |  |  | Mar. 31 |  |  | Dec. 31 |  |  | Sep. 30 |  |  | Jun. 30 |  |  | Mar. 31 |
|  | 2019 |  |  | 2019 |  |  | 2019 |  |  | 2019 |  |  | 2018 |  |  | 2018 |  |  | 2018 |  |  | 2018 |
Consolidated Financial Statement Data: |  | (in thousands, except per share data) |
Total revenues |  | $ | 237,908 |  |  | $ | 198,220 |  |  | $ | 209,593 |  |  | $ | 160,707 |  |  | $ | 230,283 |  |  | $ | 210,590 |  |  | $ | 199,402 |  |  | $ | 174,541 |
Cost of services |  |  | 155,196 |  |  |  | 124,147 |  |  |  | 127,847 |  |  |  | 91,688 |  |  |  | 148,469 |  |  |  | 132,896 |  |  |  | 119,869 |  |  |  | 101,649 |
Operating income |  |  | 27,104 |  |  |  | 24,072 |  |  |  | 26,978 |  |  |  | 18,269 |  |  |  | 32,489 |  |  |  | 27,384 |  |  |  | 28,950 |  |  |  | 23,464 |
Net income |  |  | 20,721 |  |  |  | 19,292 |  |  |  | 21,279 |  |  |  | 15,638 |  |  |  | 26,225 |  |  |  | 20,854 |  |  |  | 22,167 |  |  |  | 18,011 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | 0.49 |  |  | $ | 0.54 |  |  | $ | 0.40 |  |  | $ | 0.67 |  |  | $ | 0.53 |  |  | $ | 0.57 |  |  | $ | 0.46 |
Diluted |  | $ | 0.52 |  |  | $ | 0.49 |  |  | $ | 0.54 |  |  | $ | 0.40 |  |  | $ | 0.66 |  |  | $ | 0.53 |  |  | $ | 0.56 |  |  | $ | 0.46 |

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- References No definition available. + Details
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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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Namespace Prefix: | us-gaap_
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