Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

	Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share amounts)
2018 (1):
Total revenues	$	201,704		$	213,033		$	213,055		$	247,267
Total cost of revenues (exclusive of depreciation)		101,096			109,492			109,052			130,180
Operating income (2)		25,767			24,087			25,653			29,425
Income before income taxes (2)		20,204			20,724			20,492			25,567
Income tax provision (3)		(6,190	)		(5,607	)		(4,391	)		(4,669	)
Net income (2)(3)		14,014			15,117			16,101			20,898
Basic earnings per common share (2)(3)	$	0.43		$	0.46		$	0.50		$	0.65
Diluted earnings per common share (2)(3)		0.42			0.46			0.49			0.64

2017:
Total revenues	$	192,470		$	192,713		$	199,195		$	205,204
Total cost of revenues (exclusive of depreciation)		97,708			97,660			99,717			99,726
Operating income (4)		27,013			24,248			28,376			26,048
Income before income taxes (4)		22,350			20,303			23,386			21,671
Income tax provision (3)		(2,113	)		(8,722	)		(8,806	)		(6,705	)
Net income (3)(4)		20,237			11,581			14,580			14,966
Basic earnings per common share (3)(4)	$	0.63		$	0.36		$	0.45		$	0.46
Diluted earnings per common share (3)(4)		0.62			0.35			0.44			0.45

(1)

During 2018, we completed the Business Ink and Forte acquisitions in February and October, respectively (see Note 6), and as a result, their results of operations are included in our 2018 results above. Additionally, in conjunction with these acquisitions, during the first, third, and fourth quarters of 2018, we incurred transaction-related costs of $2.4 million, $0.2 million, and $2.3 million, respectively, or $0.05, $0.01, and $0.06 per diluted share.

(2)	During the first, second, third, and fourth quarters of 2018 we incurred restructuring and reorganization charges of $0.9 million, $3.3 million, $2.8 million, and $1.6 million, respectively, or $0.02, $0.07, $0.07, and $0.04 per diluted share (see Note 7).

(3)

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 2018: Our effective income tax rates for the first, second, third, and fourth quarters were 31%, 27%, 21%, and 18%, respectively. The 2018 effective income tax rate reflects the impact of the Tax Reform Act (see Note 8). Additionally, the decreasing rate throughout 2018 is mainly attributed to a change in the estimate of research and development credits and improved profitability in certain international entities.

For 2017: Our effective income tax rates for the first, second, third, and fourth quarters were 9%, 43%, 38%, and 31%, respectively. The first quarter 2017 effective income tax rate reflects an approximately $5 million net benefit resulting from Comcast’s exercise of 1.4 million vested stock warrants in January 2017 (see Note 11) and the fourth quarter effective income tax rate includes a $2 million benefit from the remeasurement of U.S.-based net deferred tax liabilities as required under the Tax Reform Act (see Note 8).

(4)	During the first, second, third, and fourth quarters of 2017 we incurred restructuring and reorganization charges of $0.2 million, $2.7 million, $1.6 million, and $4.2 million, respectively, or $0.01, $0.05, $0.03, and $0.09 per diluted share (see Note 7).