Unaudited Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

12.	Unaudited Quarterly Financial Data

	Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share amounts)
2015:
Total revenues	$	185,631		$	182,641		$	186,960		$	197,288
Total cost of revenues (exclusive of depreciation)		100,266			91,796			92,182			95,497
Operating income (1)		21,893			26,156			31,021			34,070
Income before income taxes (1)		16,711			22,446			27,943			29,241
Income tax provision (2)		(7,353	)		(9,652	)		(11,196	)		(5,573	)
Net income (1)(2)		9,358			12,794			16,747			23,668
Basic earnings per common share (1)(2)	$	0.30		$	0.42		$	0.54		$	0.76
Diluted earnings per common share (1)(2)		0.28			0.39			0.50			0.70

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 (3)		20,914			21,820			13,831			19,125
Income before income taxes (3)		17,002			17,741			10,064			16,715
Income tax provision (2)(4)		(7,311	)		(8,338	)		(4,831	)		(5,331	)
Net income (2)(3)(4)		9,691			9,403			5,233			11,384
Basic earnings per common share (2)(3)(4)	$	0.30		$	0.29		$	0.16		$	0.37
Diluted earnings per common share (2)(3)(4)		0.28			0.28			0.15			0.34

(1)	During the first, second, third, and fourth quarters of 2015 we incurred restructuring expenses of $0.6 million, $0.4 million, $0.8 million, and $1.3 million, respectively, or $0.01, $0.01, $0.02, and $0.03 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 2015: Our effective income tax rates for the first, second, third, and fourth quarters were 44%, 43%, 40%, and 19%, respectively. The low fourth quarter rate can be mainly attributed to full year impact of the 2015 R&D tax credits, as the legislation was not passed until December 2015.

•For 2014: Our effective income tax rates for the first, second, third, and fourth quarters were 43%, 47%, 48%, and 32%, 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.

(3)	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 $0.10 per diluted share (see Note 6).

(4)	As explained in Note 7, our 2014 results have been adjusted as a result of the immaterial correction made to the fourth quarter 2014 income tax provision.