Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Data

12. Unaudited Quarterly Financial Data

	Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share amounts)
2014:
Total revenues	$	188,028		$	184,558		$	185,003		$	193,697
Total cost of revenues (exclusive of depreciation)		102,104			93,682			94,470			99,087
Operating income (1)		20,914			21,820			13,831			19,125
Income before income taxes (1)		17,002			17,741			10,064			16,715
Income tax provision (2)		(7,311	)		(8,338	)		(4,831	)		(4,083	)
Net income (1)(2)		9,691			9,403			5,233			12,632
Basic earnings per common share (1)(2)	$	0.30		$	0.29		$	0.16		$	0.39
Diluted earnings per common share (1)(2)		0.28			0.28			0.15			0.38
2013:
Total revenues	$	180,632		$	186,107		$	186,180		$	194,549
Total cost of revenues (exclusive of depreciation)		93,354			94,758			94,898			94,155
Operating income (3)		18,035			21,681			20,553			16,435
Income before income taxes (3)		13,544			18,862			16,631			12,482
Income tax benefit (provision) (2)		1,354			(6,790	)		(1,331	)		(3,401)
Net income (2)(3)		14,898			12,072			15,300			9,081
Basic earnings per common share (2)(3)	$	0.46		$	0.38		$	0.48		$	0.28
Diluted earnings per common share (2)(3)		0.46			0.37			0.47			0.27

(1) During the first, third, and fourth quarters of 2014 we incurred restructuring expenses of $1.2 million, $7.8 million, and $4.9 million, respectively, or $0.02, $0.12, and $0.11 per diluted share (see Note 6).    

(2) Fluctuations in our effective income tax rate between quarters generally relates to the accounting for discrete income tax items in any given quarter, and revisions of estimates for certain income tax components during the year.
•For 2014:  Our effective income tax rates for the first, second, third, and fourth quarters were 43%, 47%, 48%, and 24%, respectively.  The low fourth quarter rate can be mainly attributed to full year impact of the 2014 R&D tax credits, as the legislation was not passed until December 2014.
•For 2013: Our effective income tax rates for the first, second, third, and fourth quarters of 2013 were (10)%, 36%, 8%, and 27%, respectively. The negative rate in the first quarter of 2013 reflects the benefit of approximately $6 million of R&D tax credits that we generated in 2012, but were unable to include in the determination of our 2012 effective tax rate as the legislation was not signed into law until 2013.  The lower income tax rates for the third and fourth quarter were mainly driven by incremental R&D income tax credits claimed for development activities from previous years and by the reduction of certain tax allowances related mainly to foreign operations, offset by increases in tax reserves for uncertainties, which provided a benefit of approximately $6 million and $2 million, respectively.  

(3) During the first and fourth quarters of 2013 we incurred restructuring expenses of $0.9 and $11.5 million, respectively, or $0.03 and $0.25 per diluted share (see Note 6).