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	)