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Quarterly Results of Operations
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations

20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The quarterly results of operations for 2018 and 2017 are summarized below.

 

THREE MONTHS ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

 

March 31

 

 

June 30

 

 

Sept. 30

 

 

Dec. 31

 

Total revenues

 

$

1,091.5

 

 

$

1,133.4

 

 

$

1,166.6

 

 

$

1,102.8

 

Income from continuing operations

 

$

50.5

 

 

$

82.4

 

 

$

104.0

 

 

$

2.1

 

Net income

 

$

67.7

 

 

$

99.3

 

 

$

100.4

 

 

$

123.6

 

Income from continuing operations per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.19

 

 

$

1.94

 

 

$

2.45

 

 

$

0.05

 

Diluted

 

$

1.17

 

 

$

1.91

 

 

$

2.41

 

 

$

0.05

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.59

 

 

$

2.34

 

 

$

2.36

 

 

$

2.92

 

Diluted

 

$

1.57

 

 

$

2.31

 

 

$

2.33

 

 

$

2.88

 

Dividends declared per share (1)

 

$

0.54

 

 

$

0.54

 

 

$

0.54

 

 

$

5.35

 

 

 

THREE MONTHS ENDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

March 31

 

 

June 30

 

 

Sept. 30

 

 

Dec. 31

 

Total revenues

 

$

1,036.2

 

 

$

1,053.3

 

 

$

1,085.9

 

 

$

1,092.5

 

Income from continuing operations

 

$

28.4

 

 

$

56.3

 

 

$

59.5

 

 

$

71.9

 

Net income

 

$

45.2

 

 

$

78.4

 

 

$

11.1

 

 

$

51.5

 

Income from continuing operations per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

1.32

 

 

$

1.40

 

 

$

1.69

 

Diluted

 

$

0.66

 

 

$

1.32

 

 

$

1.38

 

 

$

1.67

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.06

 

 

$

1.84

 

 

$

0.26

 

 

$

1.21

 

Diluted

 

$

1.05

 

 

$

1.83

 

 

$

0.26

 

 

$

1.20

 

Dividends declared per share

 

$

0.50

 

 

$

0.50

 

 

$

0.50

 

 

$

0.54

 

 

(1)

As a result of the sale of Chaucer, (see Note 2 – “Discontinued Operations”), on December 30, 2018 the Board of Directors declared a special dividend of $4.75 per share (see Note 12 – “Earnings Per Share and Shareholders’ Equity Transactions”).

Due to the use of weighted average shares outstanding when calculating earnings per common share, the sum of the quarterly per common share data may not equal the per common share data for the year.

In accordance with ASU No. 2016-01, changes in fair value of equity securities are now reflected in income from continuing operations; whereas previously these changes were captured in AOCI. The fourth quarter of 2018 reflects $50.1 million of losses related to such changes in fair value.

Additionally, during the fourth quarter of 2018, the Company recognized $26.3 million of prepayment fees related to its FHLB advance (see Note 6 – “Debt and Credit Arrangements”).