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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information (Unaudited)  
Quarterly Financial Information (Unaudited)

20. Quarterly Financial Information (Unaudited)

The following tables summarize the Company’s selected quarterly financial information for the years ended December 31, 2019 and 2018. Net income and basic and dilutive earnings (loss) per share have been revised for certain periods presented, with the exception of the fourth quarter of 2019, for an immaterial error as explained in Note 21.

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Year ended December 31, 2019

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First

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Second

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Third

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Fourth

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Quarter(1)

    

Quarter(2)

    

Quarter(1)

    

Quarter(3)(4)

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(in millions, except per share data)

Revenue

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$

287.2

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$

289.7

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$

285.4

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$

283.5

Income from operations

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$

46.2

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$

47.0

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$

46.7

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$

36.5

Net income

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$

8.4

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$

9.7

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$

11.4

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$

6.9

Basic earnings per share

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$

0.10

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$

0.12

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$

0.14

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$

0.08

Dilutive earnings per share

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$

0.10

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$

0.12

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$

0.14

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$

0.08

(1)

Includes an increase of $0.2 million to net income for the revision of income tax expense in prior period quarterly financial statements. The effect of the adjustment did not impact basic and dilutive earnings per share.

(2)

Includes an increase of $0.3 million to net income for the revision of income tax expense in prior period quarterly financial statements. The effect of the adjustment did not impact basic and dilutive earnings per share.

(3)

Includes non-cash impairment charges of $9.7 million.

(4)

Includes out-of-quarter adjustments of a $1.5 million decrease of regulatory revenue due to a change in contract

terms which occurred during the first quarter of 2019, and a $3.4 million increase in depreciation expense related to assets which were placed in service during the first three quarters of 2019.

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Year ended December 31, 2018

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First

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Second

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Third

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Fourth

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Quarter(5)(6)

    

Quarter(6)

    

Quarter(7)

    

Quarter(6)

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(in millions, except per share data)

Revenue

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$

285.5

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$

291.3

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$

291.6

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$

285.4

Income (loss) from operations

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$

(174.7)

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$

47.9

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$

57.1

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$

48.1

Net income (loss)

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$

(161.2)

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$

25.4

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$

31.4

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$

17.1

Basic earnings (loss) per share

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$

(1.91)

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$

0.31

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$

0.39

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$

0.21

Dilutive earnings (loss) per share

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$

(1.91)

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$

0.31

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$

0.38

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$

0.21

(5)Includes non-cash impairment charges of $216.3 million.
(6)Includes an increase of $0.8 million to net income (loss) for the revision of income tax benefit in prior period quarterly financial statements. The effect of the adjustment on basic and dilutive earnings (loss) per share is an increase of $0.01 per share.
(7)Includes an increase of $0.9 million to net income (loss) for the revision of income tax benefit in prior period quarterly financial statements. The effect of the adjustment on basic and dilutive earnings (loss) per share is an increase of $0.01 per share.

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