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Quarterly Financial Summary (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Summary (Unaudited)

18. QUARTERLY FINANCIAL SUMMARY (UNAUDITED)

Summary financial information by quarter is as follows (dollars in thousands, except per share data):

 

 

 

Quarter

 

 

Total

 

2019

 

First

 

 

Second (2)

 

 

Third (3)

 

 

Fourth

 

 

Year

 

Revenue

 

$

157,853

 

 

$

156,441

 

 

$

154,959

 

 

$

158,451

 

 

$

627,704

 

Operating income

 

 

29,971

 

 

 

184

 

 

 

24,294

 

 

 

32,013

 

 

$

86,462

 

Net income (loss)

 

 

24,791

 

 

 

(559

)

 

 

18,234

 

 

 

27,516

 

 

$

69,982

 

Net income (loss) per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

(0.01

)

 

$

0.26

 

 

$

0.39

 

 

$

1.00

 

Diluted

 

$

0.35

 

 

$

(0.01

)

 

$

0.25

 

 

$

0.38

 

 

$

0.97

 

 

 

 

Quarter

 

 

Total

 

2018

 

First (4)

 

 

Second (5)

 

 

Third

 

 

Fourth (6)

 

 

Year

 

Revenue

 

$

148,065

 

 

$

142,036

 

 

$

145,690

 

 

$

145,505

 

 

$

581,296

 

Operating income

 

 

20,529

 

 

 

11,303

 

 

 

19,283

 

 

 

20,183

 

 

$

71,298

 

Net income

 

 

17,502

 

 

 

8,751

 

 

 

14,857

 

 

 

14,071

 

 

$

55,181

 

Net income per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.25

 

 

$

0.13

 

 

$

0.21

 

 

$

0.20

 

 

$

0.79

 

Diluted

 

$

0.25

 

 

$

0.12

 

 

$

0.21

 

 

$

0.20

 

 

$

0.77

 

 

 

 

(1)

Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the annual earnings per share amount for the corresponding year.

 

For the year ended December 31, 2019, quarterly results included:

(2)

Second quarter of 2019 net income included a $30.0 million significant legal settlement for the FTC matter, of which $23.3 million was non-deductible for income tax purposes during the second quarter of 2019.

(3)

Third quarter of 2019 net income included a $7.1 million significant legal settlement for the Oregon arbitrations matter.

For the year ended December 31, 2018, quarterly results included:

(4)

First quarter of 2018 net income included a $3.5 million significant legal settlement for the Surrett matter.

(5)

Second quarter of 2018 net income included a $6.0 million significant legal settlement for the Surrett matter.

(6)

Fourth quarter of 2018 net income included a $5.0 million significant legal settlement for the multi-state AG matter.