Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

QUARTERLY RESULTS (Unaudited)

The following is a summary of quarterly results of operations (in thousands, except per share amounts):


	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2020 (1)
Revenues from continuing operations	$	389,277	$	377,794	$	404,146	$	399,358
Operating income from continuing operations	49,807		23,178		73,970		59,435
Net earnings (loss) from continuing operations	133,733		(105,162)		(5,745)		2,253
Net earnings from discontinued operations	3,772		236		154		2,874
Weighted average shares:
Basic	59,040		59,130		59,146		59,195
Diluted	67,947		59,130		59,146		70,074
Earnings (loss) per share from continuing operations
Basic	$	2.27	$	(1.78)	$	(0.10)	$	0.04
Diluted	$	0.84	$	(1.78)	$	(0.10)	$	0.03
2019 (2)
Revenues from continuing operations	$	348,183	$	334,576	$	366,073	$	403,351
Operating income from continuing operations	46,528		37,482		40,766		52,221
Net earnings (loss) from continuing operations	22,634		(26,632)		105,085		(41,104)
Net earnings (loss) from discontinued operations	31		31		243		914
Weighted average shares:
Basic	58,838		58,909		58,919		58,929
Diluted	60,437		58,909		68,718		58,929
Earnings (loss) per share from continuing operations
Basic	$	0.38	$	(0.45)	$	1.78	$	(0.70)
Diluted	$	0.25	$	(0.45)	$	0.19	$	(0.70)

1.During 2020, the Company recorded a $107.0 million gain, a $109.7 million loss, a $53.4 million loss and a $44.7 million loss on the remeasurement of financial instruments, primarily related to the warrants issued to Amazon for the quarters ended March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively. During 2020, the Company recorded an impairment charge of $39.1 million on aircraft and related assets for the quarter ended September 30, 2020. Also during 2020, the Company has recognized $9.8 million, $21.7 million and $15.7 million of the government grants pursuant to the payroll support program under the Coronavirus Aid, Relief and Economic Security Act into operating expenses for the quarters ended June 30, 2020, September 30, 2020 and December 31, 2020.

2.During 2019, the Company recorded a $4.5 million gain, a $35.9 million loss, a $92.0 million gain and a $72.9 million loss on the remeasurement of financial instruments, primarily related to the warrants issued to Amazon for the quarters ended March 31, 2019, June 30, 2019, September 30, 2019 and December 31, 2019, respectively.