Unaudited Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

	Quarter Ended
	March 31			June 30			September 30			December 31
	(in thousands, except per share amounts)
2019 (1):
Total revenues	$	244,793		$	245,856		$	251,414		$	254,747
Total cost of revenues (exclusive of depreciation)		128,963			132,234			132,054			131,871
Operating income (2)		32,093			30,338			33,420			30,258
Income before income taxes (2)		25,851			26,837			28,821			24,214
Income tax provision (3)		(6,600	)		(7,458	)		(7,262	)		(1,633	)
Net income (2)(3)		19,251			19,379			21,559			22,581
Basic earnings per common share (2)(3)	$	0.60		$	0.60		$	0.67		$	0.71
Diluted earnings per common share (2)(3)		0.59			0.60			0.66			0.70

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

(1)

During 2018, we completed the Business Ink and Forte acquisitions in February and October, respectively (see Note 7), and as a result, their results of operations are included in our 2019 and 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 and in the first quarter of 2019, we incurred transaction related costs of $1.3 million, or $0.03 per diluted share.

(2)	During the second, third, and fourth quarters of 2019 we incurred restructuring and reorganization charges of $1.8 million, $1.3 million, and $1.6 million, respectively, or $0.04, $0.03, and $0.04 per diluted share.

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 8 for further discussion of our restructuring and reorganization activities.

(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 2019: Our effective income tax rates for the first, second, third, and fourth quarters were 26%, 28%, 25%, and 7%, respectively. The fourth quarter effective income tax rate was positively impacted by an approximately $4 million net income tax benefit we received as a result of Comcast’s exercise of their remaining 0.4 million of vested common stock warrants (see Note 12).

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 9). Additionally, the decreasing rate throughout 2018 is mainly attributed to a change in the estimate of R&D credits and improved profitability in certain international entities.