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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE N – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

 

The tables below present unaudited quarterly financial information for 2016 and 2015. The restatements the Company made to certain previously reported interim operating segment data to conform to the presentation for the three months and year ended December 31, 2016 (see Note M) had no impact on the quarterly consolidated financial information presented in the tables within this Note.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

First

    

Second

    

Third

    

Fourth

 

 

    

Quarter

    

Quarter

    

Quarter

    

Quarter

 

 

 

(in thousands, except share and per share data)

 

Revenues

 

$
621,455

 

$
676,627

 

$
713,923

 

$
688,214

 

Operating expenses(1)

 

 
630,720

 

 
659,973

 

 
693,553

 

 
687,003

 

Operating income (loss)(1)

 

 
(9,265)

 

 
16,654

 

 
20,370

 

 
1,211

 

Other income (costs), net

 

 
(480)

 

 
(273)

 

 
185

 

 
(115)

 

Income tax provision (benefit)

 

 
(3,642)

 

 
6,150

 

 
7,615

 

 
(488)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)(1)

 

$
(6,103)

 

$
10,231

 

$
12,940

 

$
1,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
(0.24)

 

$
0.39

 

$
0.50

 

$
0.06

 

Diluted(1)

 

$
(0.24)

 

$
0.39

 

$
0.49

 

$
0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 
25,822,522

 

 
25,791,026

 

 
25,724,550

 

 
25,669,280

 

Diluted

 

 
25,822,522

 

 
26,246,868

 

 
26,211,524

 

 
26,272,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

 

First

    

Second

    

Third

    

Fourth

 

 

    

Quarter

    

Quarter

    

Quarter

    

Quarter

 

 

 

(in thousands, except share and per share data)

 

Revenues

 

$
613,276

 

$
696,115

 

$
709,380

 

$
648,134

 

Operating expenses

 

 
611,996

 

 
662,649

 

 
675,942

 

 
640,822

 

Operating income

 

 
1,280

 

 
33,466

 

 
33,438

 

 
7,312

 

Other income (costs), net

 

 
(368)

 

 
(557)

 

 
(1,392)

 

 
(445)

 

Income tax provision

 

 
167

 

 
12,942

 

 
12,892

 

 
1,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
745

 

$
19,967

 

$
19,154

 

$
4,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.03

 

$
0.76

 

$
0.73

 

$
0.19

 

Diluted

 

$
0.03

 

$
0.74

 

$
0.72

 

$
0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 
26,051,038

 

 
26,021,874

 

 
26,009,344

 

 
25,936,709

 

Diluted

 

 
26,588,518

 

 
26,593,451

 

 
26,508,482

 

 
26,415,839

 

(1)

Fourth quarter 2016 includes restructuring charges of $10.3 million (pre-tax), or $6.3 million (after-tax) and $0.24 per diluted share, related to the realignment of the Company’s corporate structure. See Note O.

(2)

The Company uses the two class method for calculating earnings per share. See Note L.