SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2018

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 15. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents selected quarterly financial information for 2018 and 2017 (in thousands, except per share amounts):

	2018
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
Net revenues	$	56,268	$	59,909	$	64,359	$	59,779	$	240,315
Operating expenses		47,711		48,567		50,493		50,718		197,489
Income from operations		8,557		11,342		13,866		9,061		42,826
Net income		6,741		9,239		10,859		7,259		34,098
Income per share of common stock
Basic	$	0.38	$	0.52	$	0.61	$	0.40	$	1.91
Diluted	$	0.36	$	0.50	$	0.58	$	0.39	$	1.83

	2017
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter			Total
Net revenues	$	53,414	$	58,229	$	63,027	$	56,056		$	230,726
Operating expenses		45,688		46,676		49,777		47,919			190,060
Income from operations		7,726		11,553		13,250		8,137			40,666
Net income		4,872		7,239		9,030		4,397	(F1)		25,538
Income per share of common stock
Basic	$	0.28	$	0.41	$	0.51	$	0.25	(F1)	$	1.45
Diluted	$	0.27	$	0.40	$	0.49	$	0.23	(F1)	$	1.39
(F1) The enactment of the Tax Cuts and Jobs Act in 2017 resulted in a non-cash Deferred tax asset revaluation, which had a $1.5 million negative effect on Net income and $0.08 negative effect on the Basic and Diluted EPS.