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Selected Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended
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Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Consolidated Quarterly Financial Data (Unaudited) |
17. | Selected Consolidated Quarterly Financial Data (unaudited)
The following table sets forth certain unaudited selected consolidated financial information for each of the four quarters in the years ended September 30, 2019, 2018 and 2017. In management's opinion, this unaudited consolidated quarterly selected information has been prepared on the same basis as the audited consolidated financial statements and includes all necessary adjustments, consisting only of normal recurring adjustments, which management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. Quarterly EPS may not total to the fiscal year EPS due to the weighted average number of shares outstanding at the end of each period reported and rounding.
|  | 12/31/2018 |  |  | 3/31/2019 |  |  | 6/30/2019 |  |  | 9/30/2019 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
|  | (in thousands, except per share data) |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract revenue |  | $ | 170,449 |  |  | $ | 169,771 |  |  | $ | 170,366 |  |  | $ | 172,248 |
Total operating revenues |  |  | 178,156 |  |  |  | 177,147 |  |  |  | 180,224 |  |  |  | 187,830 |
Operating income |  |  | 39,230 |  |  |  | 34,377 |  |  |  | 17,077 |  |  |  | 30,453 |
Net income (loss) |  |  | 19,081 |  |  |  | 13,249 |  |  |  | 3,007 |  |  |  | 12,243 |
Net (loss) income per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.55 |  |  |  | 0.38 |  |  |  | 0.09 |  |  |  | 0.35 |
Diluted |  |  | 0.54 |  |  |  | 0.38 |  |  |  | 0.09 |  |  |  | 0.35 |
|  | 12/31/2017 |  |  | 3/31/2018 |  |  | 6/30/2018 |  |  | 9/30/2018 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
|  | (in thousands, except per share data) |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract revenue |  | $ | 154,389 |  |  | $ | 156,515 |  |  | $ | 159,916 |  |  | $ | 168,444 |
Total operating revenues |  |  | 164,684 |  |  |  | 167,640 |  |  |  | 171,739 |  |  |  | 177,532 |
Operating income |  |  | 15,023 |  |  |  | 16,349 |  |  |  | (508 | ) |  |  | 41,784 |
Net income (loss) |  |  | 22,624 |  |  |  | 2,372 |  |  |  | (11,135 | ) |  |  | 19,394 |
Net (loss) income per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.97 |  |  |  | 0.10 |  |  |  | (0.48 | ) |  |  | 0.66 |
Diluted |  |  | 0.96 |  |  |  | 0.10 |  |  |  | (0.48 | ) |  |  | 0.65 |
|  | 12/31/2016 |  |  | 3/31/2017 |  |  | 6/30/2017 |  |  | 9/30/2017 |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |
|  | Quarter |  |  | Quarter |  |  | Quarter |  |  | Quarter |
|  | (in thousands, except per share data) |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract revenue |  | $ | 155,502 |  |  | $ | 154,210 |  |  | $ | 157,411 |  |  | $ | 151,575 |
Total operating revenues |  |  | 160,235 |  |  |  | 159,096 |  |  |  | 166,952 |  |  |  | 157,293 |
Operating income |  |  | 20,838 |  |  |  | 20,405 |  |  |  | 36,360 |  |  |  | 22,691 |
Net income |  |  | 6,610 |  |  |  | 5,304 |  |  |  | 15,432 |  |  |  | 5,482 |
Net (loss) income per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.28 |  |  |  | 0.23 |  |  |  | 0.67 |  |  |  | 0.24 |
Diluted |  |  | 0.28 |  |  |  | 0.23 |  |  |  | 0.66 |  |  |  | 0.24 |
Restatement Subsequent to the issuance of the Company’s condensed consolidated financial statements for the three months ended December 31, 2018, we determined our previously issued condensed consolidated financial statements included warrants with a nominal conversion price in diluted income per common share available to common shareholders, however, they should have been included in basic income per common share available to common shareholders. Since diluted shares are under the treasury stock method, diluted income per common share available to common shareholders was impacted by this change. As a result, basic and diluted income per common share available to common shareholders for the quarters ended March 31, June 30, September 30 and December 31, 2018 and 2017 and the quarter ended December 31, 2016 have been restated to appropriately include the warrants with a nominal conversion price in basic income per common share available to common shareholders. The restatement adjustment did not impact our previously reported consolidated balance sheet, consolidated statements of stockholders' equity, consolidated statements of cash flows, or net income (in thousands, except per share data).
|  | Three Months Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Previously Reported |  |  | As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.80 |  |  | $ | 0.55 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted |  | $ | 0.55 |  |  | $ | 0.54 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended December 31, 2017 |  |  | Three Months Ended March 31, 2018 |  |  | Three Months Ended June 30, 2018 |  |  | Three Months Ended September 30, 2018 |
|  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |
Net income (loss) per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.00 |  |  | $ | 0.97 |  |  | $ | 0.20 |  |  | $ | 0.10 |  |  | $ | (0.89 | ) |  | $ | (0.48 | ) |  | $ | 1.04 |  |  | $ | 0.66 |
Diluted |  | $ | 0.96 |  |  | $ | 0.96 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | (0.89 | ) |  | $ | (0.48 | ) |  | $ | 0.65 |  |  | $ | 0.65 |
|  | Three Months Ended December 31, 2016 |  |  | Three Months Ended March 31, 2017 |  |  | Three Months Ended June 30, 2017 |  |  | Three Months Ended September 30, 2017 |
|  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |
Net income per share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.62 |  |  | $ | 0.28 |  |  | $ | 0.48 |  |  | $ | 0.23 |  |  | $ | 1.40 |  |  | $ | 0.67 |  |  | $ | 0.49 |  |  | $ | 0.24 |
Diluted |  | $ | 0.28 |  |  | $ | 0.28 |  |  | $ | 0.23 |  |  | $ | 0.23 |  |  | $ | 0.66 |  |  | $ | 0.66 |  |  | $ | 0.23 |  |  | $ | 0.24 |

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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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