| Summary of Quarterly Financial Information |
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Three Months Ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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(in thousands of dollars except per share information) |
2019: |
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Total revenues |
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$ |
19,765 |
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$ |
25,230 |
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$ |
17,603 |
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$ |
21,923 |
Total operating costs and expenses |
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14,182 |
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14,461 |
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16,137 |
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14,127 |
Operating income |
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5,546 |
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6,370 |
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1,501 |
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7,776 |
Income (loss) from continuing operations |
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830 |
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(871) |
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(3,858) |
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1,051 |
Income (loss) from discontinued operations |
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5,671 |
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(162) |
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(61) |
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(37) |
Net income (loss) |
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6,501 |
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(1,033) |
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(3,919) |
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1,014 |
Basic net income (loss) per share |
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$ |
0.10 |
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$ |
(0.01) |
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$ |
(0.07) |
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$ |
0.02 |
Diluted net income (loss) per share |
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$ |
0.10 |
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$ |
(0.01) |
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$ |
(0.07) |
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$ |
0.02 |
Basic income (loss) from continuing operations per share |
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$ |
0.01 |
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$ |
(0.01) |
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$ |
(0.07) |
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$ |
0.02 |
Diluted income (loss) from continuing operations per share |
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$ |
0.01 |
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$ |
(0.01) |
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$ |
(0.07) |
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$ |
0.02 |
Deferred income tax expense (benefit) for the three months ended September 30, 2019 included a $4.8 million charge to increase the valuation allowances on US deferred tax assets and for the three months ended December 31, 2019 included $1.7 million benefit as a result of a decrease in valuation allowances on deferred tax assets.
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Three Months Ended |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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(in thousands of dollars except per share information) |
2018: |
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Total revenues |
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$ |
27,645 |
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$ |
24,426 |
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$ |
25,266 |
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$ |
27,606 |
Total operating costs and expenses |
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14,631 |
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19,017 |
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7,940 |
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12,433 |
Operating income |
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13,038 |
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5,723 |
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17,320 |
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15,206 |
Income from continuing operations |
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8,711 |
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887 |
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78,626 |
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10,504 |
Loss from discontinued operations |
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(52) |
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(343) |
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(21) |
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(80) |
Net income |
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8,659 |
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544 |
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78,605 |
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10,424 |
Basic net income per share |
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$ |
0.15 |
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$ |
0.02 |
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$ |
1.31 |
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$ |
0.17 |
Diluted net income per share |
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$ |
0.15 |
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$ |
0.02 |
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$ |
1.28 |
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$ |
0.17 |
Basic income from continuing operations per share |
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$ |
0.15 |
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$ |
0.02 |
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$ |
1.31 |
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$ |
0.17 |
Diluted income from continuing operations per share |
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$ |
0.15 |
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$ |
0.02 |
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$ |
1.28 |
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$ |
0.17 |
As discussed further in Note 8, deferred income tax expense (benefit) for the three months ended September 30 and December 31, 2018 included $(66.6) million and $9.0 million, respectively, related to the recognition of deferred tax assets as well as adjustments to valuation allowances.
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