Unaudited Selected Quarterly Results of Operations

12 Months Ended

Dec. 31, 2019

Unaudited Selected Quarterly Results of Operations

21. UNAUDITED SELECTED QUARTERLY RESULTS OF OPERATIONS

Summarized below is our unaudited quarterly financial data for the quarters during the years ended December 31, 2019 and 2018 (in thousands, except per share data):

	Quarter ended 2019
	December 31			September 30			June 30		March 31
Services and product sales revenue	$	156,778		$	173,200		$	169,038	$	169,194
Cost of services and product sales		117,749			125,996			124,451		127,383
Other operating expenses ⁽³⁾		17,974			15,997			16,579		25,397
Operating income		21,055			31,207			28,008		16,414
Interest expense		3,588			3,662			3,714		3,726
Income before income tax expense		17,467			27,545			24,294		12,688
Income tax expense		7,177			3,335			4,808		(27,610	)
Net income from continuing operations		10,290			24,210			19,486		40,298
Net income (loss) from discontinued operations		—			(397	)		7,971		259
Net income		10,290			23,813			27,457		40,557
Net income (loss) attributable to non-controlling interest		(40	)		84			43		47
Net income attributable to Core Laboratories N.V.	$	10,330		$	23,729		$	27,414	$	40,510
Per share information:
Basic earnings per share ^{(1) (2)}	$	0.23		$	0.54		$	0.62	$	0.91
Diluted earnings per share ^{(1) (2)}	$	0.23		$	0.53		$	0.61	$	0.91
Weighted average common shares outstanding:
Basic		44,379			44,371			44,354		44,323
Diluted		44,634			44,716			44,815		44,734

	Quarter ended 2018
	December 31		September 30			June 30			March 31
Services and product sales revenue	$	173,207	$	182,146		$	175,475		$	170,018
Cost of services and product sales		125,694		128,179			123,773			119,318
Other operating expenses ⁽³⁾		29,535		19,088			18,253			18,384
Operating income		17,978		34,879			33,449			32,316
Interest expense		3,634		3,278			3,296			3,120
Income before income tax expense		14,344		31,601			30,153			29,196
Income tax expense		5,750		9,404			5,020			5,273
Net income from continuing operations		8,594		22,197			25,133			23,923
Net income (loss) from discontinued operations		408		208			(328	)		(346	)
Net income		9,002		22,405			24,805			23,577
Net income (loss) attributable to non-controlling interest		167		(7	)		53			50
Net income attributable to Core Laboratories N.V.	$	8,835	$	22,412		$	24,752		$	23,527
Per share information:
Basic earnings per share ^{(1) (2)}	$	0.20	$	0.51		$	0.56		$	0.53
Diluted earnings per share ^{(1) (2)}	$	0.20	$	0.50		$	0.56		$	0.53
Weighted average common shares outstanding:
Basic		44,226		44,216			44,203			44,179
Diluted		44,401		44,591			44,493			44,463

(1)

Basic earnings per share and Diluted earnings per share are based on Net income attributable to Core Laboratories N.V.

(2)

The sum of the individual quarterly earnings per share amounts may not agree with the year-to-date earnings per share amounts as each quarterly computation is based on the weighted average number of common shares outstanding during that period.

(3)

First quarter of 2019 and Fourth quarter of 2018 includes charges of $7.2 million and $9.9 million, respectively, of additional stock compensation expenses. See Note 15.