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Quarterly Results (unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results (unaudited) | Quarterly Results (unaudited) The following table reflects selected quarterly results for the Company.
| Three Months Ended
(in thousands, except per share data) | March 31, 2018 |  | June 30, 2018 |  | September 30, 2018 |  | December 31, 2018
Operating revenue | $ | 154,138 |  |  | $ | 156,501 |  |  | $ | 158,731 |  |  | $ | 161,484 |
Operating income (loss) | 16,754 |  |  | 21,169 |  |  | 28,329 |  |  | 26,994 |
Net income (loss) | 6,583 |  |  | 9,626 |  |  | 15,534 |  |  | 14,852 |
Net income (loss) per share - basic | $ | 0.13 |  |  | $ | 0.19 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Net income (loss) per share - diluted | $ | 0.13 |  |  | $ | 0.19 |  |  | $ | 0.31 |  |  | $ | 0.30 |
| Three Months Ended
(in thousands except per share data) | March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017
Operating revenue | $ | 154,125 |  |  | $ | 153,867 |  |  | $ | 152,382 |  |  | $ | 151,617 |
Operating income (loss) | 10,673 |  |  | 8,252 |  |  | 9,475 |  |  | 18,110 |
Net income (loss) | 2,341 |  |  | (80 | ) |  | 3,534 |  |  | 60,595 |
Net income (loss) per share - basic | $ | 0.05 |  |  | $ | — |  |  | $ | 0.07 |  |  | $ | 1.23 |
Net income (loss) per share - diluted | $ | 0.05 |  |  | $ | — |  |  | $ | 0.07 |  |  | $ | 1.21 |
Immaterial Prior Period Adjustment. During the three months ended September 30, 2018, the Company determined that the unaudited condensed consolidated financial statements for the three months ended March 31, 2018, and the three and six months ended June 30, 2018, contained an immaterial misstatement. Excess amortization of deferred contract costs that are recognized as a reduction of revenue, as described in Note 3, resulted in an understatement of revenue for the three months ended March 31, 2018, and the three and six months ended June 30, 2018. Additionally, amounts recorded upon the adoption of Topic 606 on January 1, 2018 were misstated. The Company evaluated the materiality of the prior period adjustment quantitatively and qualitatively, under the SEC’s authoritative guidance on materiality, and concluded that the prior period adjustment was not material to the financial statements of any of the impacted unaudited 2018 periods. The Company elected to correct the prior period adjustment by revising the prior period financial statements. The cumulative effect of the adjustment made to the consolidated January 1, 2018 balance sheet for the adoption of the new revenue recognition standard was as follows:
| As of January 1, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Prepaid expenses and other | $ | 53,688 |  |  | $ | (6,701 | ) |  | $ | 46,987 |
Deferred charges and other assets, net | 29,797 |  |  | 14,964 |  |  | 44,761 |
Deferred income taxes | 119,030 |  |  | 2,201 |  |  | 121,231 |
Retained earnings | 347,240 |  |  | 6,062 |  |  | 353,302 |
The following table presents the effects of the immaterial prior period adjustment on the unaudited condensed consolidated balance sheet as of March 31, 2018 and June 30, 2018:
| As of March 31, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Prepaid expenses and other | $ | 64,200 |  |  | $ | (5,741 | ) |  | $ | 58,459 |
Deferred charges and other assets, net | 33,934 |  |  | 16,410 |  |  | 50,344 |
Deferred income taxes | 115,809 |  |  | 2,853 |  |  | 118,662 |
Retained earnings | 352,069 |  |  | 7,816 |  |  | 359,885 |
| As of June 30, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Prepaid expenses and other | $ | 64,163 |  |  | $ | (4,756 | ) |  | $ | 59,407 |
Deferred charges and other assets, net | 34,021 |  |  | 17,896 |  |  | 51,917 |
Deferred income taxes | 111,125 |  |  | 3,522 |  |  | 114,647 |
Retained earnings | 359,893 |  |  | 9,618 |  |  | 369,511 |
The following tables present the effects of the immaterial prior period adjustment on the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2018 and the three and six months ended June 30, 2018:
| For the Three Months Ended March 31, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Service revenue and other | $ | 134,153 |  |  | $ | 2,406 |  |  | $ | 136,559 |
Income tax expense (benefit) | 1,176 |  |  | 652 |  |  | 1,828 |
Net income (loss) | 4,829 |  |  | 1,754 |  |  | 6,583 |
Earnings per share - basic | $ | 0.10 |  |  | $ | 0.03 |  |  | $ | 0.13 |
Earnings per share - diluted | $ | 0.10 |  |  | $ | 0.03 |  |  | $ | 0.13 |
| For the Three Months Ended June 30, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Service revenue and other | $ | 138,021 |  |  | $ | 2,471 |  |  | $ | 140,492 |
Income tax expense (benefit) | 2,862 |  |  | 669 |  |  | 3,531 |
Net income (loss) | 7,824 |  |  | 1,802 |  |  | 9,626 |
Earnings per share - basic | $ | 0.16 |  |  | $ | 0.03 |  |  | $ | 0.19 |
Earnings per share - diluted | $ | 0.16 |  |  | $ | 0.03 |  |  | $ | 0.19 |
| For the Six Months Ended June 30, 2018
(in thousands) | As Reported |  | Correction of Error |  | As Adjusted
Service revenue and other | $ | 272,174 |  |  | $ | 4,877 |  |  | $ | 277,051 |
Income tax expense (benefit) | 4,038 |  |  | 1,321 |  |  | 5,359 |
Net income (loss) | 12,653 |  |  | 3,556 |  |  | 16,209 |
Earnings per share - basic | $ | 0.26 |  |  | $ | 0.07 |  |  | $ | 0.33 |
Earnings per share - diluted | $ | 0.25 |  |  | $ | 0.07 |  |  | $ | 0.32 |

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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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