Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Data

14. Unaudited Quarterly Financial Data

	Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share amounts)
2011:
Total revenues(1)	$	183,092		$	181,312		$	182,753		$	187,574
Total cost of revenues (exclusive of depreciation)		90,764			90,876			92,988			91,022
Operating income(1)(2)		24,104			22,371			22,767			27,043
Income before income taxes(2)		18,245			15,816			19,771			22,140
Income tax provision(3)		(6,751	)		(6,801	)		(9,292	)		(10,846	)
Net income(2)		11,494			9,015			10,479			11,294
Basic earnings per common share(2)	$	0.35		$	0.27		$	0.32		$	0.35
Diluted earnings per common share(2)		0.35			0.27			0.32			0.35
2010:
Total revenues(1)	$	130,263		$	131,346		$	133,691		$	154,079
Total cost of revenues (exclusive of depreciation)		72,972			74,837			67,795			74,200
Operating income(1)(4)		16,402			14,757			22,522			20,661
Income before income taxes(1)(4)(5)(6)		1,716			11,700			17,985			2,272
Income tax provision(7)		(652	)		(234	)		(6,295	)		(4,063	)
Net income (loss)(1)(4)(5)(6)(7)		1,064			11,466			11,690			(1,791	)
Basic earnings (loss) per common share(1)(4)(5)(6)(7)	$	0.03		$	0.35		$	0.36		$	(0.05	)
Diluted earnings (loss) per common share(1)(4)(5)(6)(7)		0.03			0.35			0.35			(0.05	)

(1) During the fourth quarter of 2010, we completed the Intec Acquisition, and as a result, one month of Intec operations are included in the fourth quarter 2010 results (see Note 3) and a full three months of Intec operations are included in each quarter in 2011. Additionally, in conjunction with the Intec Acquisition, during the third and fourth quarters of 2010, we incurred $2.6 million and $9.6 million, respectively, or $0.05 and $0.20 per diluted share impact, of Intec Acquisition-related charges.

(2) During the second, third, and fourth quarters of 2011, we incurred restructuring expenses of $1.3 million, $1.7 million, and $4.9 million, respectively, or $0.02, $0.03, and $0.08 per diluted share (see Note 8).

(3) Our effective income tax rates for the first, second, third, and fourth quarters of 2011 were 37%, 43%, 47% and 49%, respectively. The increasing rates in the second, third, and fourth quarters of 2011 were a result of increased anticipated losses in certain foreign tax jurisdictions for the year, for which we could not take benefit on at that time, which increased our overall effective income tax for the year.

(4) In 2010, we completed the transition of our data processing and related computer services from FDC to Infocrossing (see Note 11). As a result, during the first, second, third, and fourth quarters of 2010, we incurred expenses of $7.7 million, $10.6 million, $1.8 million, and $0.3 million, respectively, or $0.14, $0.20, $0.04, and $0.01 per diluted share impact, related to these transition efforts.

(5) The first, third, and fourth quarters of 2010 results of operations included losses of $11.0 million, $1.7 million, and $0.1 million, respectively, or $0.20, $0.03, and $0.00 per diluted share impact, related to the repurchase of $119.9 million, $23.2 million and $2.1 million of our 2004 Convertible Debt Securities (see Note 6).

(6) During the fourth quarter of 2010, we incurred a loss of $14.0 million, or $0.30 per diluted share impact, related to foreign currency transactions in conjunction with the Intec Acquisition (see Note 3).

(7) Our income tax provision for 2010 was impacted by the following items: (i) during the second quarter of 2010, the IRS completed an examination with respect to our 2006, 2007, and 2008 Federal income tax returns, which resulted in favorable adjustments to our liability for unrecognized income tax benefits of approximately $4 million; and (ii) differences in book and tax treatment of approximately $4 million, for certain expenses incurred during the fourth quarter in conjunction with the Intec Acquisition (see Note 9). These two matters essentially offset each other.