Selected financial data by calendar quarter were as follows:


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
	(In thousands, except per share data)
2015
Net revenues	$	220,599	$	239,797	$	253,636	$	254,580	$	968,612
Cost of revenues		141,785		148,704		146,061		148,061		584,611

Gross profit		78,814		91,093		107,575		106,519		384,001

Selling, general and administrative expenses		35,382		21,728		15,121		28,025		100,256

Income from operations		43,432		69,365		92,454		78,494		283,745

Other income, net		9,338		9,887		10,227		14,004		43,456

Income before income taxes		52,770		79,252		102,681		92,498		327,201
Income tax expense (1)		12,749		18,673		24,990		18,263		74,675

Net income	$	40,021	$	60,579	$	77,691	$	74,235	$	252,526

Earnings per share, diluted (a)	$	0.48	$	0.72	$	0.92	$	0.88	$	3.00

Weighted average shares outstanding, diluted		84,127		84,135		84,131		84,204		84,149

2014
Net revenues	$	219,523	$	228,250	$	228,332	$	235,324	$	911,429
Cost of revenues		123,500		138,702		133,804		137,856		533,862

Gross profit		96,023		89,548		94,528		97,468		377,567

Selling, general and administrative expenses		32,221		26,321		26,566		24,109		109,217

Income from operations		63,802		63,227		67,962		73,359		268,350

Other income (expense), net		11,785		12,175		10,657		15,906		50,523

Income before income taxes		75,587		75,402		78,619		89,265		318,873
Income tax expense (2)		17,439		16,118		17,013		18,563		69,133

Net income	$	58,148	$	59,284	$	61,606	$	70,702	$	249,740

Earnings per share, diluted (a)	$	0.69	$	0.71	$	0.73	$	0.84	$	2.97

Weighted average shares outstanding, diluted		83,944		83,916		83,968		84,055		83,971

(1)

The tax rate for the year ended December 31, 2015 was impacted by favorable adjustments of $1.10 million relating to the true up of tax provisions, upon the finalization of the India tax computation and $1.20 million, relating to the finalization of state tax and local tax matters in the fourth quarter. The company has provided tax charges of $0.84 million on account of valuation allowances against the minimum alternative tax.

(2)

The tax rate for the year ended December 31, 2014 was impacted by a favorable adjustment of $1.20 million, which related to the true up of tax provisions, pursuant to finalization of the tax computation of Syntel India, which had arisen on account of setoff of inter units unabsorbed expenses in the fourth quarter. Further, a $0.86 million tax charge has arisen on account of the particular tax dispute raised during the year. The Company has provided tax charges of $1.63 million and $0.88 million on account of valuation allowances against deferred tax assets recognized on investments and the minimum alternative tax, respectively.

(a)	Earnings per share for the quarter are computed independently and may not equal the earnings per share computed for the total year.