The Company has set forth certain quarterly unaudited financial data for the past two years in the tables below:



	For the 2019 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30⁽¹⁾			June 30		March 31		December 31
Total revenues	$	11,279.6		$	7,873.0	$	7,192.2	$	6,552.2
Cost of sales of physical commodities	10,992.7			7,589.6		6,921.1		6,287.5
Operating revenues	286.9			283.4		271.1		264.7
Transaction-based clearing expenses	45.0			45.7		42.7		50.1
Introducing broker commissions	27.7			29.6		24.8		32.6
Interest expense	40.8			42.5		38.4		33.0
Net operating revenues	173.4			165.6		165.2		149.0
Compensation and benefits	105.2			100.9		97.9		89.1
Bad debts	1.0			0.5		0.7		0.3
Bad debt on physical coal ⁽¹⁾	(10.0		)	—		—		(2.4		)
Other expenses	43.2			42.6		41.1		37.6
Total compensation and other expenses	139.4			144.0		139.7		124.6
Other gains⁽²⁾	0.1			—		5.4		—
Income before tax	34.1			21.6		30.9		24.4
Income tax expense	6.9			5.3		7.5		6.2
Net income	$	27.2		$	16.3	$	23.4	$	18.2
Net basic earnings per share	$	1.42		$	0.85	$	1.23	$	0.96
Net diluted earnings per share	$	1.40		$	0.84	$	1.21	$	0.94



	For the 2018 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30,		June 30,		March 31,		December 31,
Total revenues	$	6,078.8	$	7,118.3	$	6,507.0	$	7,918.6
Cost of sales of physical commodities	5,835.6		6,858.5		6,246.8		7,706.0
Operating revenues	243.2		259.8		260.2		212.6
Transaction-based clearing expenses	43.1		49.0		50.7		36.9
Introducing broker commissions	32.4		34.1		36.2		31.1
Interest expense	25.3		22.1		19.0		14.3
Net operating revenues	142.4		154.6		154.3		130.3
Compensation and benefits	85.4		86.9		88.2		77.2
Bad debts	1.2		1.6		0.2		0.1
Bad debt on physical coal ⁽¹⁾	—		—		—		1.0
Other expenses	35.3		35.2		36.4		33.4
Total compensation and other expenses	121.9		123.7		124.8		111.7
Other gains⁽²⁾	—		2.0		—		—
Income before tax	20.5		32.9		29.5		18.6
Income tax expense	4.8		8.9		6.8		25.5
Net income (loss)	$	15.7	$	24.0	$	22.7	$	(6.9	)
Net basic (loss) earnings per share	$	0.83	$	1.27	$	1.20	$	(0.37	)
Net diluted (loss) earnings per share	$	0.81	$	1.25	$	1.18	$	(0.37	)

⁽¹⁾ During the fourth quarter ended September 30, 2019, the Company recorded a recovery on the bad debt on physical coal received through an insurance policy claim related to the matter. During the first quarter ended December 31, 2018, the Company recorded recoveries on the bad debt on physical coal realized through settlements with clients, paying less than the accrued liability for the transactions recorded during fiscal 2017 and fiscal 2018. During the first quarter of fiscal 2018, the Company recorded charges to earnings of $1.0 million to record an allowance for doubtful accounts related to the bad debt on physical coal. See Note 18 for additional information.

⁽²⁾ During the second quarter ended March 31, 2019, the Company recorded a bargain purchase gain of $5.4 million related to the acquisition of INTL FCStone Credit Trading, LLC (formerly GMP Securities LLC). During the third quarter ended June 30, 2018, the Company recorded a gain of $2.0 million related to a judgment received in final settlement of our claim in the Sentinel Management Group Inc. bankruptcy proceeding.