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Selected Quarterly Financial Data
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
Selected Quarterly Financial Data (unaudited)
 
 
2016

 
 
 
 
 
 
 
2017

 
 
 
 
 
 
 
(in millions except per share amounts)
 
Q1

 
Q2

 
Q3

 
Q4

 
Q1

 
Q2

 
Q3

 
Q4

 
Revenue
 
$
192.1

 
$
198.2

 
$
196.1

 
$
212.2

 
$
209.5

 
$
229.2

 
$
229.9

 
$
243.1

 
Total operating expense
 
149.8

 
153.8

 
151.9

 
162.3

 
181.1

 
183.2

 
177.1

 
200.5

 
Operating income
 
42.3

 
44.4

 
44.2

 
49.9

 
28.4

 
46.0

 
52.8

 
42.6

 
Non-operating income (expense), net
 
0.5

 
3.0

 
2.1

 
38.5

(1)
(1.3
)
 
15.3

(2)
(2.0
)
 
(0.7
)
 
Income before income taxes and equity in net income (loss) of unconsolidated entities
 
42.8

 
47.4

 
46.3

 
88.4

 
27.1

 
61.3

 
50.8

 
41.9

 
Equity in net income (loss) of unconsolidated entities
 
0.5

 
(0.2
)
 
0.4

 
(0.9
)
 
(0.8
)
 
(0.2
)
 

 
(0.3
)
 
Income tax expense
 
14.6

 
15.4

 
16.5

 
17.2

 
8.3

 
15.0

 
16.9

 
2.7

(3)
Consolidated net income
 
$
28.7

 
$
31.8

 
$
30.2

 
$
70.3

 
$
18.0

 
$
46.1

 
$
33.9

 
$
38.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.67

 
$
0.74

 
$
0.70

 
$
1.63

 
$
0.42

 
$
1.07

 
$
0.80

 
$
0.91

 
Diluted

$
0.67


$
0.73


$
0.70


$
1.63


$
0.42


$
1.07


$
0.79


$
0.91

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.22

 
$
0.22

 
$
0.22

 
$
0.23

 
$
0.23

 
$
0.23

 
$

 
$
0.48

 
Dividends paid per common share
 
$
0.22

 
$
0.22

 
$
0.22

 
$
0.22

 
$
0.23

 
$
0.23

 
$
0.23

 
$
0.23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
43.0

 
43.0

 
43.1

 
43.0

 
42.9

 
42.9

 
42.5

 
42.5

 
Diluted
 
43.1

 
43.3

 
43.3

 
43.2

 
43.2

 
43.1

 
42.8

 
42.9

 

(1) Non-operating income in the fourth quarter of 2016 included a $37.1 million holding gain related to the purchase of the remaining ownership interest in PitchBook, which was previously a minority investment.

(2) Non-operating income in the second quarter of 2017 included a $17.5 million gain on the sale of HelloWallet. We recorded an immaterial adjustment to this gain in the fourth quarter of 2017.

(3) Tax expense in the fourth quarter of 2017 includes a net benefit of $10.6 million related to the impact of the Tax Reform Act.