| Schedule of Quarterly Financial Information (Unaudited) |
The Company has set forth certain quarterly unaudited financial data for the past two years in the tables below: | | | | | | | | | | | | | | | | | | | | | | | | | For the 2020 Fiscal Quarter Ended | | (in millions, except per share amounts) | September 30 | | June 30 | | March 31 | | December 31 | | Total revenues | $ | 14,284.9 | | | $ | 8,243.4 | | | $ | 20,366.3 | | | $ | 11,245.0 | | | Cost of sales of physical commodities | 13,942.8 | | | 7,920.8 | | | 19,999.5 | | | 10,968.2 | | | Operating revenues | 342.1 | | | 322.6 | | | 366.8 | | | 276.8 | | | Transaction-based clearing expenses | 57.1 | | | 55.3 | | | 63.8 | | | 46.3 | | | Introducing broker commissions | 34.0 | | | 24.0 | | | 29.6 | | | 26.2 | | | Interest expense | 10.0 | | | 11.5 | | | 27.8 | | | 31.1 | | | Interest expense on corporate funding | 14.8 | | | 3.9 | | | 2.2 | | | 2.7 | | | Net operating revenues | 226.2 | | | 227.9 | | | 243.4 | | | 170.5 | | | Compensation and benefits | 145.5 | | | 132.5 | | | 136.7 | | | 104.0 | | | Bad debts, net of recoveries and impairment | 12.5 | | | 1.8 | | | 4.4 | | | — | | | Other expenses | 70.1 | | | 44.6 | | | 46.2 | | | 44.9 | | | Total compensation and other expenses | 228.1 | | | 178.9 | | | 187.3 | | | 148.9 | | Gain on acquisitions(1) | 81.8 | | | — | | | — | | | 0.1 | | | Income before tax | 79.9 | | | 49.0 | | | 56.1 | | | 21.7 | | | Income tax expense | 2.5 | | | 12.4 | | | 16.8 | | | 5.4 | | | Net income | $ | 77.4 | | | $ | 36.6 | | | $ | 39.3 | | | $ | 16.3 | | | Net basic earnings per share | $ | 4.00 | | | $ | 1.90 | | | $ | 2.03 | | | $ | 0.85 | | | Net diluted earnings per share | $ | 3.90 | | | $ | 1.87 | | | $ | 2.00 | | | $ | 0.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | For the 2019 Fiscal Quarter Ended | | (in millions, except per share amounts) | September 30, | | 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 | 37.2 | | | 39.4 | | | 35.2 | | | 30.2 | | | Interest expense on corporate funding | 3.6 | | | 3.1 | | | 3.2 | | | 2.8 | | | Net operating revenues | 173.4 | | | 165.6 | | | 165.2 | | | 149.0 | | | Compensation and benefits | 105.2 | | | 100.9 | | | 97.9 | | | 89.1 | | | Bad debts, net of recoveries | 1.0 | | | 0.5 | | | 0.7 | | | 0.3 | | Recovery of bad debt on physical coal (2) | (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 | | Gain on acquisitions (3) | 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 (loss) | $ | 27.2 | | | $ | 16.3 | | | $ | 23.4 | | | $ | 18.2 | | | Net basic (loss) earnings per share | $ | 1.42 | | | $ | 0.85 | | | $ | 1.23 | | | $ | 0.96 | | | Net diluted (loss) earnings per share | $ | 1.40 | | | $ | 0.84 | | | $ | 1.21 | | | $ | 0.94 | |
(1) During the fourth quarter ended September 30, 2020, the Company recorded a bargain purchase gain of $81.8 million related to the acquisition of Gain. See Note 21 for additional information. (2) 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. See Note 19 for additional information. (3) 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). See Note 21 for additional information.
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