Annual report pursuant to Section 13 and 15(d)

Note 19 - Selected Quarterly Financial Data - Unaudited

v3.19.3.a.u2
Note 19 - Selected Quarterly Financial Data - Unaudited
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
19.
Selected Quarterly Financial Data—UNAUDITED
 
Unaudited quarterly financial data are as follows (in thousands, except per share amounts):
 
   
1st Quarter
    
2nd Quarter
    
3rd Quarter
    
4th Quarter
  
Year Ended December 31, 2019
                                
Revenues
   $
116,080
     $
134,701
     $
132,221
     $
151,894
  
Operating (loss) income
    
(30,976
 )    
37,379
      
35,399
      
16,847
  
Net (loss) income (1)
    
(47,761
 )    
36,389
      
75,899
      
9,559
  
Basic and diluted (loss) earnings per common share
    
(0.34
 )    
0.25
      
0.53
      
0.07
  
                                 
Year Ended December 31, 2018
                                
Revenues
   $
134,213
     $
149,612
     $
153,459
     $
143,422
  
Operating income
    
38,739
      
48,467
      
57,147
      
102,674
  
Net income (1)
    
27,640
      
36,083
      
46,260
      
138,844
  
Basic and diluted earnings per common share
    
0.19
      
0.25
      
0.32
      
0.96
  
 
 
(
1
)
During
2019,
we recorded a derivative loss (gain) of
$48.9
million, (
$1.8
) million, (
$5.9
) million, and
$18.7
million in the first, second,
third
 and
fourth
quarters, respectively.   During
2019,
we recorded income tax expense (benefit) of
$0.2
million, (
$11.7
) million, (
$55.5
) million and (
$8.2
) million in the first, second,
third
 and
fourth
quarters, respectively.  During the
fourth
quarter of
2018,
we recorded a gain on debt transactions of
$47.1
million and a derivative gain of
$59.7
million.  See Note
2,
Note
9
and Note
13
for additional information.
 
 
(
2
)
The sum of the individual quarterly earnings (loss) per common share
may
not
agree with the yearly amount due to each quarterly calculation is based on income for that quarter and the weighted average common shares outstanding for that quarter.