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QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
17.
QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED):
The following tables present certain unaudited consolidated quarterly financial information for each of the eight quarters in the two-year period ended December 31, 2013. In the opinion of Company management, this quarterly information has been prepared on the same basis as the consolidated financial statements and includes all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information for the periods presented. The results of operations for any quarter are not necessarily indicative of the results for the full year or for any future period.
Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2013 (in thousands, except per share data):
 
 
Three Months Ended
 
 
 
 
March 31, 2013
 
June 30, 2013 (1)
 
September 30, 2013
 
December 31, 2013 (1)
 
Total
Revenue
 
$
14,976

 
$
49,359

 
$
32,826

 
$
49,478

(2) 
$
146,639

Net (loss) income
 
$
(4,758
)
 
$
15,382

 
$
5,542

 
$
57,886

(3) 
$
74,052

Net (loss) income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.10
)
 
$
0.34

 
$
0.12

 
$
1.26

 
$
1.61

Diluted
 
$
(0.10
)
 
$
0.33

 
$
0.12

 
$
1.24

 
$
1.59

_______________________________________________
(1) The Company receives significant license revenue in the second and fourth quarters; see Note 2 for further details.
(2) Includes $1.5 million of revenue that was recognized relating to cash payments received in a prior year that were creditable against license fees and/or royalties for which the Company determined there was no appreciable likelihood of executing a commercial license agreement with the customer (see Note 2).
(3) During the three months ended December 31, 2013, the Company released income tax valuation allowances of $59.4 million.

Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2012 (in thousands, except per share data):
 
 
Three Months Ended
 
 
 
 
March 31, 2012
 
June 30, 2012 (1)
 
September 30, 2012
 
December 31, 2012 (1)
 
Total
Revenue
 
$
12,620

 
$
29,987

 
$
12,504

 
$
28,133

(2) 
$
83,244

Net (loss) income
 
$
(1,221
)
 
$
10,964

 
$
(5,468
)
 
$
5,385

(3) 
$
9,660

Net (loss) income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.03
)
 
$
0.24

 
$
(0.12
)
 
$
0.12

 
$
0.21

Diluted
 
$
(0.03
)
 
$
0.23

 
$
(0.12
)
 
$
0.12

 
$
0.21


_______________________________________________
(1) The Company receives significant license revenue in the second and fourth quarters; see Note 2 for further details.
(2) Includes $1.9 million of revenue that was recognized relating to cash payments received in a prior year that were creditable against license fees and/or royalties for which the Company determined there was no appreciable likelihood of executing a commercial license agreement with the customer (see Note 2).
(3) Includes the reversal of $703,000 of expense in the quarter ended December 31, 2012 related to accrued bonus compensation which was accrued during the first three quarters of 2012 based on estimated expected payments and adjusted as of December 31, 2012 based upon final projected amounts.
Per share amounts for each quarter have been calculated separately. Accordingly, quarterly amounts may not add to annual amounts.