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QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

21.

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, 2018. 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, 2018 (in thousands, except per share data):

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

2018

 

 

June 30,

2018

 

 

September 30,

2018

 

 

December 31,

2018

 

 

Total

 

Revenue

 

$

43,572

 

 

$

56,149

 

 

$

77,550

 

 

$

70,143

 

 

$

247,414

 

Net income

 

$

5,959

 

 

$

10,814

 

 

$

22,818

 

 

$

19,249

 

 

$

58,840

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

0.23

 

 

$

0.48

 

 

$

0.40

 

 

$

1.24

 

Diluted

 

$

0.13

 

 

$

0.23

 

 

$

0.48

 

 

$

0.40

 

 

$

1.24

 

Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2017 (in thousands, except per share data):

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

2017

 

 

June 30,

2017 (1)

 

 

September 30,

2017

 

 

December 31,

2017 (1) (2)

 

 

Total

 

Revenue

 

$

55,566

 

 

$

102,513

 

 

$

61,683

 

 

$

115,867

 

 

$

335,629

 

Net income

 

$

10,365

 

 

$

47,187

 

 

$

13,520

 

 

$

32,813

 

 

$

103,885

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

0.99

 

 

$

0.28

 

 

$

0.70

 

 

$

2.19

 

Diluted

 

$

0.22

 

 

$

0.99

 

 

$

0.28

 

 

$

0.69

 

 

$

2.18

 

(1)

Prior to the adoption of ASC 606 on January 1, 2018, the Company recorded as revenue the receipt of the semi-annual license fee payment of $45.0 million from SDC in the second and fourth quarters.

(2)

The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a one-time charge of $11.5 million in the fourth quarter.

Per share amounts for each quarter have been calculated separately. Accordingly, quarterly amounts may not add to annual amounts.