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Selected Quarterly Financial Data - (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data - (Unaudited)
Selected Quarterly Financial Data—(Unaudited)


First
Quarter(1)                           
 
Second
  Quarter  
 
Third
  Quarter  
 
Fourth
  Quarter  
 
2016(2)
 
(in thousands, except per share data)
Revenues
$
207,118

 
$
241,751

 
$
267,577

 
$
208,195

 
$
924,641

Operating income
$
42,873

 
$
64,942

 
$
78,618

 
$
52,462

 
$
238,895

Income before income taxes
$
30,378

 
$
55,610

 
$
70,200

 
$
43,792

 
$
199,980

Net income
$
21,163

 
$
38,822

 
$
47,565

 
$
31,821

 
$
139,371

Earnings per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.38

 
$
0.69

 
$
0.85

 
$
0.57

 
$
2.48

Diluted
$
0.37

 
$
0.68

 
$
0.84

 
$
0.56

 
$
2.46


 
First
  Quarter 
 
Second
  Quarter  
 
Third
  Quarter  
 
Fourth
  Quarter  
 
2015 (2)
 
(in thousands, except per share data)
Revenues
$
175,245

 
$
232,156

 
$
241,526

 
$
210,951

 
$
859,878

Operating income
$
41,404

 
$
62,917

 
$
73,803

 
$
47,195

 
$
225,319

Income before income taxes
$
31,034

 
$
52,879

 
$
62,268

 
$
37,804

 
$
183,985

Net income
$
21,594

 
$
35,813

 
$
41,419

 
$
29,203

 
$
128,029

Earnings per share:
 
 
 
 
 
 
 
 
 
Basic
$
0.38

 
$
0.62

 
$
0.72

 
$
0.52

 
$
2.24

Diluted
$
0.37

 
$
0.62

 
$
0.72

 
$
0.51

 
$
2.22


(1) Results for the quarter ended March 31, 2016 reflect the adoption of ASU No. 2016-09, which requires companies to recognize excess benefits related to the exercise of share based awards in the provision for income taxes rather than additional paid-in-capital.  The Company adopted the standard during the second quarter of 2016 and applied the required adjustments as of January 1, 2016.  The impact of the adoption to the previously reported first quarter 2016 results was a $1.6 million reduction of income tax expense.  See Footnote No. 1 “Recently Adopted Accounting Guidance” of the Notes to our Financial Statements for information related to our adoption of ASU No. 2016-09.
(2) The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
The matters which affect the comparability of the quarterly results include the following:
•
Seasonality: The Company’s revenues and operating income reflect the industry’s seasonality and as a result are lower in the first and fourth quarters and higher in the second and third quarters.
•
Investment income and losses: The Company’s net income reflects gains and losses related to the Company’s investments held in non-qualified retirement plans and are subject to market conditions.
•
Acquisition: On August 11, 2015, the Company acquired a business that provides SaaS solutions for vacation rental management companies (see Note 27). The results of this acquired business have been consolidated with the Company since August 11, 2015.